The recent sale of a three-bedroom penthouse at Orchid Mansion in District 15 has made headlines, as it resulted in a profit of $2.58 million (112%). This transaction, which took place on Dec 31, was the most profitable resale deal from Dec 31, 2024, to Jan 7, 2025.
The spacious 2,842 sq ft unit, located on the 21st floor, fetched a price of $4.88 million ($1,717 psf). This was a significant increase from its previous purchase price of $2.3 million ($809 psf) in March 2009. The annualized profit from this sale is approximately 4.9% over a period of almost 16 years. This also makes it the most profitable resale deal to date at Orchid Mansion, surpassing the previous record of $1.15 million (72.6%) for a 1,507 sq ft three-bedroom unit on the seventh floor, which was sold for $2.73 million ($1,812 psf) in July 2022. This unit was originally purchased for $1.58 million ($1,050 psf) in June 2007.
Another noteworthy resale transaction from the week in review took place at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. The ground floor three-bedroom unit was bought for $630,500 ($388 psf) in September 2006, resulting in a profit of $1.72 million (273%). This translates to an annualized profit of 7.6% over 18 years. This sale also broke the previous record at Villa Marina for the most profitable deal, which was $1.58 million (219%) for a 1,916 sq ft unit on the fourth floor, sold for $2.3 million ($1,200 psf) in July 16 last year. This unit was previously bought for $720,416 ($376 psf) in November 1998.
Villa Marina, a 99-year leasehold development located at Jalan Sempadan in District 15, was completed in 1999 and consists of 27 low-rise residential blocks with a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The project is situated near Siglap MRT station on the Thomson-East Coast Line and East Coast Park, and is surrounded by several primary schools within 1km, including Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.
In contrast, the most unprofitable resale transaction of the week was recorded at Marina Bay Residences, where a 1,130 sq ft unit was sold for $2.1 million ($1,858 psf) on Jan 2. This resulted in a loss of $386,000 (16%) for the seller, who had bought the unit for $2.49 million ($2,200 psf) in November 2007. This translates to an annualized loss of 1% over 17 years.
Marina Bay Residences, a 428-unit development situated on Marina Boulevard, had 25 resale transactions last year, with 13 of them resulting in losses ranging from $1.25 million to $43,600. The most significant unprofitable resale transaction involved a 1,227 sq ft unit sold for $2.8 million ($2,282 psf) on March 22, 2024.
The average resale price at Marina Bay Residences in December 2024 was $2,242 psf, which is higher than the average prices at surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).
Marina Bay Residences, a 15-year-old 99-year leasehold luxury condo, recently underwent a $5 million revamp from Jan 2022 to Sept 2023 to enhance its resident facilities and common spaces. The condo is one of two luxury condos in Marina Bay Financial Centre (MBFC), a mixed-use development that includes three Grade-A office towers, Marina Bay Residences, and the 221-unit Marina Bay Suites.