Three Bedder Pebble Bay Sold 22 Mil Profit
A three-bedroom unit at Pebble Bay has been sold for $3.75 million, making it the most profitable condo resale transaction during the week of May 14 to 21. The 2,336 sq ft unit on the fourth floor was purchased on May 16 at a rate of $1,605 psf. The seller had bought the unit in August 1999 for $1.56 million, resulting in a profit of $2.19 million and a capital gain of 141% after holding onto the property for almost 25 years.
This sale ranks as the 10th most profitable deal ever at Pebble Bay, according to data compiled on EdgeProp Research. The highest record at the condo belongs to the sale of a 6,114 sq ft, four-bedroom penthouse in July 2023 for $9 million. The seller acquired the unit in September 2001 for $4.3 million, making a profit of $4.7 million.
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The 2,336 sq ft unit at Pebble Bay was sold for $3.75 million on May 16 (Picture: Albert Chua/)
Pebble Bay is a 99-year leasehold waterfront condo situated on Tanjong Rhu Road in District 15. Developed in 2000, the development consists of one- to four-bedroom units ranging from 850 to 3,154 sq ft. There are also four-bedroom penthouses measuring between 6,114 and 6,469 sq ft. The condo is a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line, which is set to launch on June 23.
In addition to this transaction on May 14, there have been 10 other units at Pebble Bay changing hands this year. Based on caveats lodged with URA, eight of these deals were profitable. These units measured between 947 and 2,766 sq ft with prices ranging from $1.47 million to $4.22 million, or between $1,522 psf and $1,978 psf. The sellers pocketed gains ranging from $620,000 to $2.56 million.
The second most profitable condo resale transaction during the week of May 14 to 21 took place at Mandarin Gardens. A 2,034 sq ft, three-bedroom unit on the 16th floor was sold for $2.82 million at $1,386 psf. The seller last purchased the unit in July 2006 for $910,000, which means they accrued a profit of $1.91 million (210%) over their 18-year ownership.
This is the third most profitable resale transaction recorded at Mandarin Gardens. The highest record belongs to a 3,068 sq ft, four-bedroom unit that was sold for $4.1 million ($1,336 psf) in September 2021. The seller acquired the unit in August 2001 for $1.4 million ($456 psf), netting a profit of $2.7 million.
A 2,034 sq ft unit at Mandarin Gardens was sold for $2.82 million on May 21, making a profit of $1.91 million (Picture: Samuel Isaac Chua/)
Mandarin Gardens is a 99-year leasehold condo located on Siglap Road in District 15’s Marine Parade area. Completed in 1986, the development comprises 1,006 units across a sprawling 1.08 million sq ft site. Its units range from one- to four-bedders spanning from 732 to 3,800 sq ft. The condo is within walking distance of Siglap MRT Station, which is opening in June on the Thomson-East Coast Line.
Meanwhile, the most unprofitable condo resale transaction during the week of May 14 to 21 took place at Helios Residences. This occurred with the sale of a 1,281 sq ft, two-bedroom-plus-study unit on the 11th floor for $3.2 million at $2,498 psf on May 17. The seller bought the unit for $3.81 million at $2,976 psf in August 2007, resulting in a loss of about $612,000. This represents a capital loss of 16% for the seller, who held onto the unit for just under 17 years.
Helios Residences is a freehold condo with 140 units that was completed in 2011. It is located on Cairnhill Circle in prime District 9, close to the Orchard Road shopping belt. The development comprises blocks with two- to three-bedroom units measuring 1,281 to 2,002 sq ft. There are also four-bedroom penthouses measuring 3,993 to 4,629 sq ft.
In addition to the unit sold on May 17, Helios Residences has seen two other units changing hands so far this year. On Jan 10, a 1,916 sq ft, two-bedroom apartment was sold for $4.6 million at $2,401 psf. The seller had bought the unit from the developer in July 2007 for $6.3 million at $3,290 psf, which means they made a loss of $1.7 million on the sale.
On Feb 20, a 1,313 sq ft, two-bedroom unit at Helios Residences was sold for $3.3 million, or $2,513 psf. The seller purchased the unit in February 2021 for $2.75 million at $2,094 psf, earning a gain of $550,000 on the sale.
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