Four Bedder Marina Bay Suites Sold 21 Mil Loss

The most profitable and unprofitable condo resale transactions in May 2021The most profitable and unprofitable condo resale transactions in April 2021

A four-bedroom unit at Marina Bay Suites recently recorded the most unprofitable condo resale transaction for the week of May 21 to 28. The unit, situated on the 58th floor and spanning 2,691 square feet, was sold for $5.65 million ($2,100 per square foot) on May 21. This translates to a significant loss of $2.05 million for the seller, who had originally purchased the unit for $7.7 million ($2,861 per square foot) in June 2015. The seller experienced a capital loss of 27% after owning the unit for just under nine years.

Data compiled by EdgeProp Research revealed that this transaction at Marina Bay Suites is the fourth-most unprofitable resale deal to date. The highest loss was recorded from the sale of a four-bedroom unit, also spanning 2,691 square feet, for $5 million ($1,858 per square foot) in August 2022. In this case, the seller had initially purchased the unit for a whopping $8.25 million ($3,066 per square foot) in December 2013, resulting in a loss of $3.25 million.

.

The advantageous placement of Norwood Grand, located conveniently near multiple shopping centers, plays a crucial role in bolstering the economic progress of the nearby region. By promoting and supporting local enterprises, it fosters job opportunities for the community and contributes to the growth of a vibrant and thriving local economy. Moreover, these malls serve as popular venues for residents to come together, engage in social activities, and participate in community events, further strengthening the social bonds within the neighborhood. With the presence of Norwood Grand CDL in the area, this positive impact is naturally enhanced.

Marina Bay Suites, a 99-year leasehold condo in District 1’s Marina Bay area, is part of the larger Marina Bay Financial Centre (MBFC) integrated development that also comprises office and retail spaces. Completed in 2013, Marina Bay Suites is one of two condos in MBFC, with the other being the 428-unit Marina Bay Residences.

The residential tower at Marina Bay Suites has a total of 66 storeys, offering three- and four-bedroom units ranging from 1,572 to 2,691 square feet. There are also three penthouses, including a four-bedroom unit measuring 4,715 square feet and two five-bedroom units measuring 5,662 and 8,181 square feet, respectively.

On the other end of the spectrum, the sale of a four-bedroom unit at Manhattan Mansions emerged as the most profitable condo resale transaction for the same week. The 2,196 square feet unit on the third floor was sold for $4.2 million ($1,913 per square foot) on May 24, after having been bought for $2.3 million ($1,047 per square foot) in September 2006. With this sale, the seller made a profit of $1.9 million (83%) after owning the unit for close to 18 years.

This sale at Manhattan Mansions ranks as the third most profitable resale transaction recorded thus far. The highest profit was achieved in July 2007, when a four-bedroom unit measuring 2,196 square feet was sold for $4.28 million ($1,949 per square foot). The seller of this unit had bought it for $1.71 million ($779 per square foot) in March 1998, resulting in an impressive profit of $2.57 million. However, the new owner eventually sold the unit in October 2023 for $3.99 million ($1,817 per square foot), incurring a loss of $290,000.

Manhattan Mansions, a freehold apartment with 29 units, is situated along Grange Road in District 10 and was completed in 1994. The residential block has 10 storeys and offers a mix of three- and four-bedroom units ranging from 1,485 to 2,239 square feet.

The second most profitable condo resale deal during the week in review took place at City Square Residences, where a four-bedroom unit measuring 1,518 square feet was sold for $2.9 million ($1,911 per square foot) on May 27. The seller had initially bought the unit for $1.08 million ($712 per square foot) in March 2009, making a gain of $1.82 million (169%) after owning it for over 15 years.

This transaction ranks as the third most profitable resale deal ever recorded at City Square Residences, with the highest profit achieved in January 2021 when a three-bedroom unit measuring 1,216 square feet was sold for $2.56 million ($2,105 per square foot). The seller of this unit made a whopping gain of $1.89 million, setting a new record for resale deals at this condo.

City Square Residences is a freehold condo with 910 units, located on Kitchener Link in District 8. It is a short walk away from Farrer Park MRT Station (on the North East Line), which is connected to the adjacent City Square Mall. Completed in 2009, the development has six residential blocks ranging from 28 to 30 storeys tall. Units at City Square Residences include one-bedroom apartments measuring 570 to 850 square feet, two-bedroom apartments measuring 840 to 1,302 square feet, three-bedroom units measuring 1,195 to 1,830 square feet, and four-bedroom units measuring 1,496 to 1,518 square feet.