Three Bedder Pebble Bay Sold 16 Mil Profit
on July 2
The condo resale market saw a highly profitable transaction during the week of July 2 to 9, with the sale of a three-bedroom unit at Pebble Bay fetching $3.5 million. The 2,336 sq ft apartment, sold on July 4, had a price per square foot of $1,498, resulting in a net gain of $1.62 million for the seller. Records show that the unit was last purchased in May 2007 for $1.88 million, with a price per square foot of $805. This means that the seller made an impressive capital gain of 86% after owning the unit for around 17 years.
Interestingly, this transaction follows closely on the heels of another profitable deal at Pebble Bay just two months prior. On May 16, a 2,336 sq ft unit was sold for $3.75 million, resulting in a gain of $2.19 million for the seller. The previous transaction for this unit was in August 1999, at a mere $1.56 million, which translates to a staggering capital gain of 141% after a holding period of nearly 25 years.
Norwood Grand, the latest addition to City Developments Limited’s (CDL) portfolio, has recently been launched at Champions Way. In a fierce bidding war for the site, CDL emerged as the highest bidder with an impressive offer of $294.889 million. This translates to a land rate of $904 per square foot per plot ratio (psf ppr). The bid by CDL surpassed the second-highest offer by a substantial 8.3%. The second-highest bid of $272.26 million was placed by TID, a joint venture between Hong Leong Group and Mitsui Fudosan, with a price of $835 psf ppr. With the capability to accommodate 350 units, the site garnered a total of six bids. To learn more about Norwood Grand Champions Way, visit their website at http://www.norwoodgrandcondo.com.sg/.
Located on Tanjong Rhu Road in District 15, Pebble Bay is a 510-unit waterfront condo that offers stunning views of the Kallang Basin. Completed in 2000, the 99-year leasehold development boasts a variety of unit types ranging from one to four bedrooms, with sizes from 850 to 3,154 sq ft. There are also four-bedroom penthouses that span an impressive 6,114 to 6,469 sq ft. The condo is conveniently located just a five-minute walk from Tanjong Rhu MRT Station on the Thomson-East Coast Line.
With its prime waterfront location and impressive array of facilities, Pebble Bay has seen a high proportion of profitable resale deals in recent years. In 2023, out of the 16 transactions that took place, 14 were sold above the purchase price, with sellers earning profits ranging from $373,000 to $4.7 million. In 2024, 10 out of 12 resale transactions have been profitable, resulting in gains between $620,000 and $2.56 million.
The second most profitable condo resale transaction during the week of July 2 to 9 was at Trevista. A four-bedroom unit of 1,561 sq ft was sold for $3.03 million on July 3, with a price per square foot of $1,939. The seller had bought the unit in September 2009 for $1.43 million, equating to a price per square foot of $919. As a result, they netted a gain of $1.59 million, which is an impressive 111% increase, after owning the unit for almost 15 years.
This is the second-highest profit made on a unit at Trevista so far. The record goes to a 1,733 sq ft unit that was sold for $3.22 million on May 9, with a price per square foot of $1,858. The seller had bought the unit from the developer in April 2010 for $1.57 million, resulting in a profit of $1.65 million.
Located along Lorong 3 Toa Payoh in District 12, Trevista is a 99-year leasehold condo that was completed in 2012. The development comprises three 39-storey blocks and offers 590 units in total. Apartments range from studio and one-bedroom units sized from 463 to 721 sq ft, to two-bedroom and two-bedroom-plus-study units from 861 to 1,442 sq ft. Three-bedroom units are sized from 1,098 to 1,507 sq ft, while four-bedders span 1,560 to 1,630 sq ft. The largest units are four-bedroom-plus-study apartments ranging from 1,776 to 1,809 sq ft. The condo is conveniently located just a five-minute walk from Braddell MRT Station on the North-South Line.
The condo resale market also saw an unfortunate transaction during this period. A three-bedroom unit of 1,916 sq ft at The Coast At Sentosa Cove was sold for $3.06 million on July 4, at a price per square foot of $1,597. The seller had purchased the unit in a sub-sale for $3.93 million in July 2007, with a price per square foot of $2,050. As a result, they incurred a loss of about $868,000, representing a 22% decrease in value after holding the unit for 17 years.
The Coast At Sentosa Cove is a 99-year leasehold condo located along Ocean Drive. Completed in 2009, the project comprises 249 units and boasts the longest coastal stretch in Sentosa Cove. Unit types include three-bedroom units of 1,916 to 2,121 sq ft, and four-bedroom units of 2,303 to 3,122 sq ft. There are also three- and five-bedroom penthouses of 3,477 to 4,855 sq ft. The area is known for its luxurious projects and stunning waterfront views.
Despite this unfortunate transaction, The Coast At Sentosa Cove has seen three other profitable deals so far in 2021. On April 5, a 2,357 sq ft unit was sold for $3.95 million, with a price per square foot of $1,676, netting a gain of $400,000. On May 3, a 2,024 sq ft unit changed hands for $3.25 million, with the seller making a gain of about $81,500. On May 30, another 2,357 sq ft unit was sold for $3.5 million, with a price per square foot of $1,485. This landlord netted a profit of $170,000.
In conclusion, condos in Singapore continue to see strong demand and high profitability, especially in prime waterfront locations such as Pebble Bay and The Coast At Sentosa Cove. With the launch of the new Thomson-East Coast Line, these developments are sure to benefit from increased connectivity and demand in the future.