Three Bedder Marbella Sold 251 Mil Profit

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The condo resale market is heating up, with the recent sale of a three-bedroom apartment at freehold development The Marbella for a record-breaking price. This sale has set a new benchmark for the most profitable resale transaction in the week of Oct 1 to Oct 8. The 1,582 sq ft unit was sold on Oct 7 for $3.65 million ($2,307 psf), making it a highly lucrative deal for the seller who had bought the apartment as a new unit in January 2005 for $1.14 million ($719 psf). The seller was able to pocket a gain of $2.51 million, equivalent to a capital gain of 220% or an annualised profit of 11.6%, after owning the unit for nearly 20 years. This transaction also marks the second-highest gain ever made on a unit at The Marbella, just a few thousand dollars shy of the top profit of $2.52 million made in March 2023 for the sale of a 1,755 sq ft four-bedroom unit. The seller had purchased this unit from the developer in February 2005 for $1.26 million ($720 psf).The Marbella is a freehold development situated on Mount Sinai Rise, off Ulu Pandan Road in District 10. This residential project was completed in 2005 and comprises three blocks between 22 and 24 storeys tall, with a total of 239 units. These units range from two- to four-bedroom apartments spanning 1,076 sq ft to 4,284 sq ft in size. The record-breaking sale at The Marbella highlights the continued demand for luxury homes in District 10, with the development being no exception. In fact, three other resale transactions this year at The Marbella have all resulted in profitable deals, with units selling at prices ranging from $2,228 psf to $2,293 psf, and sellers making gains from $613,000 to $890,000.Coming in second place for the most profitable condo resale transaction this week is The Cornwall, another freehold development in District 10. On Oct 2, a four-bedroom duplex penthouse unit measuring 2,551 sq ft was sold for $4.48 million ($1,756 psf). The seller had previously bought this unit from the developer in October 2002 for $2.06 million ($808 psf), allowing them to make a gain of $2.42 million, equivalent to a capital gain of 117%. This also marks a new record profit for resale transactions at The Cornwall, surpassing the previous top gain of $1.7 million made from the sale of a 1,464 sq ft, three-bedroom unit in August 2022 for $3.08 million ($2,104 psf). The seller had bought this unit in September 2002 for $1.38 million ($941 psf).The Cornwall is a low-rise boutique development on Cornwall Gardens, off Holland Road, also in District 10. Completed in 2005, this freehold development boasts 99 units, comprising one-bedroom apartments spanning 614 sq ft to 958 sq ft, two-bedroom apartments ranging from 1,044 sq ft to 1,701 sq ft, three-bedroom units measuring between 1,464 sq ft and 2,142 sq ft, and four-bedroom units ranging from 1,927 sq ft to 2,551 sq ft. Interestingly, this is the first transaction at The Cornwall this year, with the last unit being sold in November 2023. It is also worth noting that the most recent sale of a 1,700 sq ft unit in The Cornwall for $2.65 million ($1,558 psf) saw the seller making a $550,000 gain, having bought the unit back in November 2011 for $2.1 million ($1,235 psf).On the other hand, the most unprofitable condo resale deal this week was the sale of a 1,227 sq ft, three-bedroom unit at Scotts Square on Oct 8. This 18th-floor unit was sold for $4.05 million ($3,300 psf), resulting in a loss of approximately $649,000 (13.8%) for the seller who had bought the apartment as a new unit in August 2007 for $4.7 million ($3,830 psf), after holding it for about 17 years. This is the third consecutive week that a transaction at Scotts Square has topped the list of non-profitable deals. Just last week, a two-bedroom unit measuring 947 sq ft on the 41st floor was sold for $3.18 million ($3,357 psf), incurring a loss of about $916,000 (22.4%) for the seller who had purchased the unit from the developer in August 2007 for approximately $4.1 million ($4,324 psf). The week before that, a three-bedroom unit spanning 1,238 sq ft was sold for $4 million ($3,231 psf), resulting in a loss of $1.14 million for the seller who had previously bought the unit in August 2007 for about $5.14 million ($4,155 psf).Scotts Square is a freehold condo situated on Scotts Road, off the Orchard Road shopping belt in prime District 9. This residential project was part of a mixed-use development that includes the Scotts Square shopping mall which was completed in 2011. The residential component boasts two towers, 34 and 43 stories tall, on top of a four-storey retail podium. It has 338 units, ranging from one-bedroom apartments spanning 624 sq ft to 635 sq ft, two-bedroom units ranging from 893 sq ft to 947 sq ft, and three-bedroom units ranging from 1,227 sq ft to 1,238 sq ft. The area is highly sought-after due to its proximity to Orchard MRT Station on the North-South and Thomson-East Coast Lines, making it a convenient option for commuters.