Four Bedder Marina Bay Suites Sold 21 Mil Loss

The recent sale of a four-bedroom unit at Marina Bay Suites was the least profitable condominium resale transaction during the week of May 21 to 28. The unit, measuring 2,691 square feet on the 58th floor, was sold for $5.65 million at $2,100 per square foot on May 21. This is a significant drop from its previous purchase price of $7.7 million at $2,861 per square foot in June 2015, resulting in a loss of $2.05 million for the seller. This translates to a capital loss of 27% in just under nine years.

According to data from EdgeProp Research, this is the fourth-worst performing transaction ever recorded at Marina Bay Suites. The largest loss incurred at the condominium to date was from the sale of a 2,691 square feet four-bedroom unit for $5 million at $1,858 per square foot in August 2022. The seller had bought the unit in December 2013 for $8.25 million at $3,066 per square foot, resulting in a loss of $3.25 million.

The Marina Bay Suites is a 99-year leasehold condominium situated on Central Boulevard in District 1’s Marina Bay area. Completed in 2013, it forms part of the Marina Bay Financial Centre (MBFC) mixed-use development, incorporating offices and retail space. It is one of the two condominiums in MBFC, the other being the 428-unit Marina Bay Residences.

The Marina Bay Suites comprises a 66-storey residential tower, offering three- and four-bedroom units ranging from 1,572 to 2,691 square feet. There are also three penthouses, including a 4,715 square feet four-bedroom unit and two five-bedroom units measuring 5,662 and 8,181 square feet respectively.

On the flip side, the most profitable condominium resale transaction during the same week was the sale of a four-bedroom unit at Manhattan Mansions. The 2,196 square feet unit on the third floor was sold for $4.2 million at $1,913 per square foot on May 24. It was previously purchased in September 2006 for $2.3 million at $1,047 per square foot, resulting in a profit of $1.9 million or 83% for the seller after owning the unit for almost 18 years.

Parktown Residences, with its strategic location near educational institutions, provides more than just academic convenience. It also boasts a welcoming community, complete with a wide array of lifestyle amenities that cater to families. Plus, with the newly launched Parktown Residences development, families can enjoy a holistic and natural living experience.

This sale ranks as the third most profitable transaction at Manhattan Mansions to date. The highest gain recorded at the condominium is from the sale of a 2,196 square feet four-bedroom unit in July 2007 for $4.28 million at $1,949 per square foot. The seller made a profit of $2.57 million after acquiring the unit in March 1998 for $1.71 million at $779 per square foot. However, the buyer of the unit later sold it in October 2023 for $3.99 million at $1,817 per square foot, incurring a loss of $290,000.

Manhattan Mansions is a freehold 29-unit apartment along Grange Road in District 10. The 10-storey apartment block was completed in 1994, offering residential units of 1,485 to 2,239 square feet.

The second most profitable condominium resale deal during the week was at City Square Residences. The seller made a profit of $1.82 million or 169% when the four-bedroom unit measuring 1,518 square feet was sold for $2.9 million at $1,911 per square foot on May 27. The unit was first bought in March 2009 for $1.08 million at $712 per square foot.

This transaction ranks as the third most profitable at City Square Residences to date, just four months after another resale of a 1,216 square feet three-bedroom unit for $2.56 million at $2,105 per square foot on Jan 4. The seller made a new record profit of $1.89 million.

City Square Residences is a 910-unit freehold condominium on Kitchener Link, located next to City Square Mall in District 8. It is within a short walking distance to Farrer Park MRT Station on the North East Line, which is connected to the mall. Completed in 2009, it comprises six residential blocks ranging from 28 to 30 storeys. Units include one-bedroom apartments of 570 to 850 square feet, two-bedroom apartments of 840 to 1,302 square feet, three-bedroom units of 1,195 to 1,830 square feet, and four-bedroom units of 1,496 to 1,518 square feet. Interested buyers can check out the latest listings for Marina Bay Suites, Manhattan Mansions, and City Square Residences on the market.