Penthouse Orchid Mansion Amber Road Fetches Record Profit 258 Mil

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The sale of a three-bedroom penthouse unit at Orchid Mansion in District 15 had resulted in a whopping profit of $2.58 million on Dec 31. The freehold development, located on Amber Road, was first purchased in March 2009 for $2.3 million. The 2,842 sq ft unit on the 21st floor was sold for $4.88 million, translating to a profit of 112% or an annualized profit of 4.9% over a span of nearly 16 years. This transaction also sets a new record for the most profitable resale transaction at Orchid Mansion, surpassing the previous record of $1.15 million (72.6%) set in July 2022 when a 1,507 sq ft three-bedroom unit was sold for $2.73 million. This unit was originally bought for $1.58 million in June 2007.Read also: Resale four-bedder at The Arcadia records $3.25 mil profitA 20-year-old condo, Orchid Mansion has 21 floors and is located at 11 Amber Road. It offers a mix of two- and three-bedroom units ranging from 1,346 sq ft to 2,002 sq ft. It also boasts two penthouses measuring 2,842 sq ft and 2,734 sq ft each.Moving on, the second most profitable resale transaction during the week in review took place at Villa Marina on Jan 3, when a three-bedroom unit on the ground floor was sold for $2.35 million. This 99-year leasehold development, located at Jalan Sempadan in District 15, saw the seller pocketing a profit of $1.72 million or 273% from the previous purchase of $630,500 in September 2006. This translated to an annualized profit of 7.6% over a period of 18 years. Moreover, this sale set a new record for the most profitable resale transaction at Villa Marina, surpassing the previous record of $1.58 million (219%) set on July 16 last year when a 1,916 sq ft unit on the fourth floor was sold for $2.3 million. This unit previously changed hands for $720,416 in November 1998.Read also: JadeScape penthouse sold for $4.35 mil profitVilla Marina is a 432-unit condo development completed in 1999 and consists of 27 low-rise residential blocks. It offers a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The 460,685 sq ft site is located next to the Masjid Kampong Siglap mosque and is close to Siglap MRT station, East Coast Park, and various primary schools such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School, and Tao Nan School.On the other hand, the most unprofitable resale transaction of the week was the sale of a two-bedroom unit at Marina Bay Residences on Jan 2. The 1,130 sq ft unit on the 17th floor was sold for $2.1 million but had been previously bought for $2.49 million in November 2007. This resulted in a loss of $386,000 or 16%. This made it the most unprofitable resale transaction out of the 25 recorded transactions at Marina Bay Residences last year, with losses ranging from $43,600 to $1.25 million. The average resale price at Marina Bay Residences last month was $2,242 psf, which is higher than other condos in the vicinity such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf). Additionally, Marina Bay Residences, a 428-unit condo located on Marina Boulevard, recently underwent a $5 million facelift from January 2022 to September 2023 to improve its facilities and common areas. It is one of the two 99-year leasehold luxury condos in Marina Bay Financial Centre (MBFC), which also consists of three Grade-A office towers and Marina Bay Suites, a 221-unit integrated development.