Four-bedder at Marina Bay Residences sold at $2.4 mil loss

November 3, 2023

The sale of a four-bedroom unit at Marina Bay Residences was the most unprofitable condo resale transaction recorded during the week of Oct 17 to 24, based on caveats lodged as of Oct 31. The 2,368 sq ft unit located on the 30th floor changed hands for $6.9 million ($2,914 psf) on Oct 18. It was purchased by the seller in March 2014 for $9.29 million ($3,923 psf). This means the seller incurred a loss of $2.39 million on the transaction, which works out to a 26% loss over a holding period of about 9 years.

This is the second most unprofitable resale transaction to occur at Marina Bay Residences, according to data compiled on EdgeProp Research. The most unprofitable transaction was the sale of a 4,435 sq ft, four-bedroom unit on the 52nd floor for $9.4 million ($2,120 psf) in May 2022. The seller, who bought the unit from the developer in July 2007 for $11.98 million ($2,701 psf), made a loss of $2.58 million.

Located in District 1, Marina Bay Residences is a development by Keppel Land, Hongkong Land and CK Asset Holdings (formerly Cheung Kong Property Holdings) which was completed in 2010. The 99-year leasehold project has 428 units. Units range from one- to four-bedroom apartments of 710 to 2,379 sq ft. There are also nine penthouse units of 3,606 to 4,672 sq ft, as well as a triplex penthouse unit measuring 11,011 sq ft which comes with a roof terrace and private pool.

Marina Bay Residences has seen 12 other resale transactions to date this year, out of which eight have been unprofitable, based on caveats lodged. Data on EdgeProp Research shows that the units, measuring from 710 to 1,981 sq ft, were sold at between $1.45 million and $5.23 million, or between $1,981 and $2,641 psf. The respective sellers netted losses from around $45,000 to $510,000.

On the other hand, the most profitable transaction recorded during the week in review took place at Tiara. A three-bedder measuring 1,346 sq ft changed hands for $3.13 million ($2,326 psf) on Oct 20. The seller, who purchased the unit in October 2000 for $1.58 million ($1,174 psf), netted a gain of $1.55 million. This works out to a 98% gain for the seller after holding the property for slightly over 23 years.

Tiara is a freehold condo located along Kim Seng Walk in District 9s River Valley area. Completed in 1995, it has 264 units comprising twoand three-bedders with sizes ranging from 893 to 1,561 sq ft. The development is located across the road from the Great World mixed-use development that includes a six-storey shopping mall, two 18-storey office towers and a 35-storey serviced apartment tower. Great World MRT Station on the Downtown Line is within walking distance of Tiara.

Apart from the unit transacted on Oct 20, there has been only one other resale transaction to date this year at Tiara. On June 30, a 1,507 sq ft unit on the fifth floor was sold for $3.38 million ($2,243 psf).

Claremont saw the second most profitable transaction during the week in review. This was achieved with the sale of a 1,367 sq ft, three-bedroom unit on the first floor for $2.43 million ($1,778 psf) on Oct 19. The unit was purchased by the seller in July 1999 for $1.04 million ($762 psf). Thus, they made a gain of $1.39 million (133%) on the property after holding it for slightly more than 24 years.

This is the first resale transaction at Claremont since May 2022. It is also the most profitable resale transaction to occur at the development, based on caveats lodged. It beats the previous record gain of $1.31 million netted by the seller of a 1,724 sq ft unit in June 2018. The unit had fetched $2.38 million ($1,724 psf).

Claremont is a freehold condo located along Killiney Road in District 9. It has 67 units and was completed in 2000 by Allgreen Properties. Units comprise a mix of two-, three- and four-bedders between 850 and 2,637 sq ft.

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