Three Bedder Marbella Sold 251 Mil Profit
The sale of a three-bedroom apartment at The Marbella, a freehold condo, made headlines as it was the most profitable condo resale transaction during the week of October 1 to October 8. The 1,582 square foot unit was sold for $3.65 million, which translates to $2,307 per square foot, on October 7. The seller originally purchased the unit as a new development in January 2005 for $1.14 million or $719 per square foot. This resulted in a gain of $2.51 million for the seller after owning the unit for nearly 20 years. In other words, the seller earned a capital gain of approximately 220% or an annualized profit of 11.6%.
Based on the caveats lodged, this is the second-highest profit ever recorded on a unit at The Marbella, coming in just a few thousand dollars shy of the top profit of $2.52 million from the sale of a four-bedroom unit measuring 1,755 square feet in March 2023 for $3.78 million or $2,154 per square foot. The seller had purchased the unit from the developer in February 2005 for $1.26 million or $720 per square foot.
The freehold development is situated on Mount Sinai Rise in District 10 and was completed in 2005. It consists of three blocks with 22 to 24 storeys and a total of 239 units ranging from two to four bedrooms and sizes between 1,076 square feet and 4,284 square feet.
So far this year, there have been three other resale transactions at The Marbella, all of which have been profitable. These units were sold at prices between $2,228 and $2,293 per square foot, and the sellers made gains ranging from $613,000 to $890,000.
The second most profitable condo resale deal in the same week took place at The Cornwall, another freehold development in District 10. On October 2, a four-bedroom, duplex penthouse measuring 2,551 square feet was sold for $4.48 million or $1,756 per square foot. This unit was originally purchased from the developer in October 2002 for $2.06 million or $808 per square foot, resulting in a profit of $2.42 million for the seller, a capital gain of approximately 117%. The seller had held onto the unit for 22 years.
This is now the highest profit recorded for a resale transaction at The Cornwall, surpassing the previous record of $1.7 million earned from the sale of a three-bedroom unit measuring 1,464 square feet in August 2022 for $3.08 million or $2,104 per square foot. The seller had bought this unit in September 2002 for $1.38 million or $941 per square foot.
The Cornwall is a low-rise boutique development situated on Cornwall Gardens off Holland Road, built in 2005. It consists of 99 units ranging from one-bedroom apartments measuring 614 to 958 square feet, two-bedroom apartments measuring 1,044 to 1,701 square feet, three-bedroom apartments measuring 1,464 to 2,142 square feet, and four-bedroom apartments measuring 1,927 to 2,551 square feet.
The unit sold on October 2 is the first to change hands this year, with the last transaction taking place in November 2023 when a 1,700 square foot unit was sold for $2.65 million or $1,558 per square foot. The seller had bought the unit in November 2011 for $2.1 million or $1,235 per square foot, resulting in a gain of $550,000.
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On the other hand, the most unprofitable condo resale deal for the week was the sale of a 1,227 square foot, three-bedroom unit at Scotts Square. It was sold for $4.05 million or $3,300 per square foot on October 8. The seller had originally bought the apartment as a new development in August 2007 for $4.7 million or $3,830 per square foot, resulting in a loss of approximately $649,000 (13.8%) after holding the unit for 17 years.
This marks the third consecutive week where a transaction at Scotts Square has topped the list of non-profitable deals. In the week before, a 947 square foot, two-bedroom unit on the 41st floor was sold for $3.18 million or $3,357 per square foot on September 27, resulting in a loss of around $916,000 (22.4%) for the seller, who had bought the unit from the developer for $4.1 million or $4,324 per square foot in August 2007. Prior to that, a three-bedroom unit measuring 1,238 square feet had incurred a loss of $1.14 million when it was sold for $4 million or $3,231 per square foot on September 20. The seller had bought the unit from the developer in August 2007 for $5.14 million or $4,155 per square foot.
Scotts Square is a freehold condo situated on Scotts Road, off Orchard Road in District 9. It is part of a mixed-use development that includes the Scotts Square shopping mall. The condo was completed in 2011 and consists of 338 units spread across two towers with 34 and 43 storeys on top of a four-storey retail podium. Units comprise one-bedroom apartments measuring 624 to 635 square feet, two-bedroom apartments measuring 893 to 947 square feet, and three-bedroom apartments measuring 1,227 to 1,238 square feet. It is within walking distance of Orchard MRT Station on the North-South and Thomson-East Coast Lines.