Four Bedder Marina Bay Suites Sold 21 Mil Loss

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City Square Residences tower block sold for $206 milMarina Bay Suites penthouse going for $11.23 mil Marina Bay Suites in Marina Bay saw the most unprofitable resale condo transaction during the week of May 21 to 28. The unit, a four-bedroom residence measuring 2,691 sq ft, was sold for $5.65 million ($2,100 psf) on May 21. The previous owner had purchased the apartment in June 2015 for $7.7 million ($2,861 psf). As a result, the seller incurred a loss of $2.05 million, equivalent to a 27% drop in value after less than nine years of ownership.According to data from EdgeProp Research, this is the fourth-most unprofitable transaction recorded at Marina Bay Suites. The biggest loss recorded at the condominium was from the sale of a four-bedroom unit measuring 2,691 sq ft, which was sold for $5 million ($1,858 psf) in August 2022. The previous owner, who had purchased the apartment in December 2013 for $8.25 million ($3,066 psf), incurred a loss of $3.25 million.Marina Bay Suites is a 99-year leasehold condominium located on Central Boulevard in Marina Bay, District 1. Completed in 2013, it is part of the larger mixed-use development Marina Bay Financial Centre (MBFC), which also includes offices and retail spaces. The other condominium in MBFC is Marina Bay Residences, which has 428 units.Marina Bay Suites consists of a 66-storey residential tower, with units ranging from three to four bedrooms spanning between 1,572 and 2,691 sq ft. There are also three penthouses on the property, a four-bedroom unit measuring 4,715 sq ft and two five-bedroom units measuring 5,662 and 8,181 sq ft.Switching gears, the most profitable resale deal recorded during the week took place at Manhattan Mansions. A four-bedroom unit, measuring 2,196 sq ft, was sold for $4.2 million ($1,913 psf) on May 24. Previously, the unit was sold in 2006 for $2.3 million ($1,047 psf). This resulted in the seller making a profit of $1.9 million, or an 83% increase in value, after owning the unit for almost 18 years.This transaction is the third most profitable resale deal at Manhattan Mansions thus far. The record profit was set by a four-bedroom unit measuring 2,196 sq ft, which was sold for $4.28 million ($1,949 psf) in July 2007. The previous owner purchased the unit in March 1998 for $1.71 million ($779 psf) and thus made a profit of $2.57 million. Interestingly, the buyer of the unit resold it in October 2023 for $3.99 million ($1,817 psf), resulting in a $290,000 loss.Manhattan Mansions is a freehold apartment with 29 units located on Grange Road in District 10. Completed in 1994, it consists of a 10-storey apartment block with three-bedroom and four-bedroom units ranging from 1,485 to 2,239 sq ft.The second most profitable resale deal during the week was at City Square Residences. A four-bedroom unit, measuring 1,518 sq ft, was sold for $2.9 million ($1,911 psf) on May 27. The previous owner had acquired the apartment in March 2009 for $1.08 million ($712 psf). As a result, the seller made a profit of $1.82 million, or a 169% increase in value, after owning the unit for over 15 years.This is the third most profitable resale transaction at City Square Residences. It comes four months after a three-bedroom unit measuring 1,216 sq ft was sold for $2.56 million ($2,105 psf) on January 4. The previous owner made a profit of $1.89 million, setting a new record for the most profitable resale transaction at the condominium.Erected along Kitchener Link, City Square Residences is a freehold condominium with 910 units in District 8, next to City Square Mall. The property, which is a short walk away from Farrer Park MRT Station, has apartments ranging from one-bedroom units measuring 570 to 850 sq ft to four-bedroom units ranging from 1,496 to 1,518 sq ft. Completed in 2009, City Square Residences features six blocks of residences that span between 28 and 30 storeys. For more properties in the same areas, you can check out our listings for Marina Bay Suites, Manhattan Mansions, and City Square Residences.