Three Bedder Marbella Sold 251 Mil Profit
During the week of October 1st to October 8th, the most profitable condo resale transaction took place at The Marbella, a freehold condo that offers three-bedroom apartments. The 1,582 square foot unit was sold for $3.65 million, equating to $2,307 per square foot. This was a significant gain for the seller, who originally purchased the unit as a new unit in January 2005 for $1.14 million, which amounts to $719 per square foot. This resulted in a profit of $2.51 million for the seller, after owning the unit for almost 20 years. When taking into account the annualised profit, this equates to an 11.6% gain, or a capital gain of approximately 220%.
According to information from caveats lodged, this transaction at The Marbella marks the second-highest profit ever made on a unit at the development. It falls just short of the top profit, which amounted to $2.52 million from the sale of a 1,755 square foot, four-bedroom unit in March 2023 for $3.78 million, or $2,154 per square foot. The seller had originally purchased the unit from the developer in February 2005 for $1.26 million, or $720 per square foot.
The Marbella is a freehold development that can be found on Mount Sinai Rise, off Ulu Pandan Road in District 10. Completed in 2005, the development comprises three blocks that range from 22 to 24 storeys, with a total of 239 residences. These include two- to four-bedroom units that measure 1,076 square feet to 4,284 square feet.
Concurrently, The Cornwall, another freehold development in District 10, witnessed the second most profitable condo resale deal of the week. On October 2nd, a duplex penthouse unit with four bedrooms, totaling 2,551 square feet, sold for $4.48 million, amounting to $1,756 per square foot. The seller had purchased the unit from the developer in October 2002 for $2.06 million, or $808 per square foot. This resulted in a profit of $2.42 million for the seller, equating to a capital gain of 117%. The seller had owned the unit for 22 years.
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The upcoming project at Norwood Grand Condo may begin selling at a considerable rate of approximately $2,000 per square foot (psf), which is notably higher than Parc Rosewood’s median resale price of $1,301 psf for this year. This could also lead to an average selling price of over $1,900 psf, establishing a new standard for pricing in the Woodlands region. Interested buyers can visit http://www.norwoodgrandcondo.com.sg/ for more information about the upcoming Norwood Grand development.
This sale at The Cornwall marks a new record for resale deals at the development, surpassing the previous record profit of $1.7 million achieved from the sale of a three-bedroom unit that measured 1,464 square feet for $3.08 million, or $2,104 per square foot, in August 2022. The seller had purchased the unit in September 2002 for $1.38 million, or $941 per square foot.
Situated on Cornwall Gardens, off Holland Road, The Cornwall is a boutique development that was built in 2005 and comprises 99 units spread across low-rise blocks. These include one-bedroom apartments that range from 614 square feet to 958 square feet, two-bedroom apartments that measure from 1,044 square feet to 1,701 square feet, three-bedroom apartments of 1,464 square feet to 2,142 square feet, and four-bedroom apartments that span 1,927 square feet to 2,551 square feet.
This transaction on October 2nd marks the first sale of an apartment at The Cornwall this year. The previous transaction was the sale of a 1,700 square foot unit for $2.65 million, equating to $1,558 per square foot, in November 2023. The seller, who had purchased the unit in November 2011 for $2.1 million, or $1,235 per square foot, made a profit of $550,000.
The most unprofitable condo resale deal of the week was the sale of a three-bedroom unit at Scotts Square. The unit, which totaled 1,227 square feet and was located on the 18th floor, sold for $4.05 million, which is equivalent to $3,300 per square foot. The seller, who had originally purchased the apartment as a new unit in August 2007 for $4.7 million, or $3,830 per square foot, suffered a loss of $649,000, equating to 13.8%. This loss was incurred after holding on to the unit for approximately 17 years.
This marks the third consecutive week that a transaction at Scotts Square has topped the list of unprofitable deals. In the week prior, a two-bedroom unit that totaled 947 square feet on the 41st floor had incurred a loss of $916,000, amounting to 22.4%, after it was sold for $3.18 million, or $3,357 per square foot, on September 27th. The seller had purchased the unit from the developer in August 2007 for approximately $4.1 million, or $4,324 per square foot.
Before that, a three-bedroom unit that measured 1,238 square feet had incurred a loss of $1.14 million after it was sold for $4 million, or $3,231 per square foot, on September 20th. The seller had bought the unit from the developer in August 2007 for approximately $5.14 million, or $4,155 per square foot.
Scotts Square is a freehold condo located on Scotts Road, just off the prime Orchard Road shopping belt in District 9. It forms part of a mixed-use development that includes the Scotts Square shopping mall. The condo, which was completed in 2011, spans across two towers that range 34 and 43 storeys on top of a four-storey retail podium. It consists of 338 units, including one-bedroom units that measure 624 square feet to 635 square feet, two-bedroom units that range from 893 square feet to 947 square feet, and three-bedroom units that span 1,227 square feet to 1,238 square feet. It is within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.