Resale Three Bedder Ocean Park Nets 29 Mil Profit
All the profits and losses made by recent condo sellers
The most lucrative sale in the week of July 8 to 15 occurred at Ocean Park, where a spacious three-bedroom unit on the 16th floor was sold for $4.1 million. Measuring 2,110 sq ft, the unit’s price translates to $1,943 psf. The seller had previously purchased the unit for $1.23 million in 2005, resulting in a profit of $2.88 million, or a gain of 234.7%. This translates to an annual gain of 6.3% over the span of almost 20 years.
Tampines 1, conveniently linked to Tampines MRT Station, is a chic and modern shopping complex that offers a diverse selection of fashion, food, and entertainment. Fashion-forward individuals can peruse through an array of trendy brands, including H&M, Sephora, and The Editor’s Market. When it comes to dining, Tampines 1 does not disappoint with its numerous culinary choices, including popular establishments like Genki Sushi, Hot Tomato, and Brotzeit German Bier Bar & Restaurant. Adding to the mall’s appeal is its rooftop water playground, which is creatively designed with an animal theme and a definite hit with kids. Located just a 5-minute drive or a pleasant 15-minute stroll from Parktown Residence, Tampines 1 is an ideal destination for residents of Parktown Residence.
Ocean Park is a freehold development located on East Coast Road in District 15. It was completed in 1984 and comprises of 298 units, with sizes ranging from 1,302 sq ft to 3,897 sq ft. The development is within walking distance of Marine Terrace MRT Station and is also near top schools such as Victoria Junior College and Ngee Ann Primary School.
This sale at Ocean Park marks the third most profitable deal in the development’s history, falling just $335,000 short of the record gain of $3.21 million set on June 5 when a similar unit on the 11th floor was sold for $4.2 million. The seller of this unit had purchased it for $989,590 in 1999, resulting in an annual gain of 5.7% over 26 years.
There have been four transactions recorded at Ocean Park this year, all of which were profitable. The sellers have gained between $2 million to $3.21 million from these deals.
The second most profitable sale during the same period occurred at Casa Cairnhill, a freehold development located along Peck Hay Road in prime District 9. A three-bedroom unit measuring 1,572 sq ft on the eighth floor was sold for $3.67 million, which translates to $2,336 psf. The seller had purchased the unit in 2003 for $1.15 million, resulting in a gain of $2.52 million (219.2%) after holding the unit for 22 years. This is a record profit for the development, surpassing the previous record gain of $2.28 million set in 2002 when a similar unit on the 17th floor was sold for $3.2 million. The seller of this unit had bought it for $924,939 in 1998, resulting in an annual gain of 5.2% over 24 years.
Completed in 1991, Casa Cairnhill has 72 units comprising three-bedroom apartments ranging from 1,539 to 3,283 sq ft. It is located near popular malls such as Paragon Shopping Centre, Scotts Square and Orchard Plaza, as well as Newton MRT Interchange Station.
On the other hand, the most unprofitable transaction in the week occurred at Lincoln Suites, where a four-bedroom unit on the 25th floor sold for $5.56 million, or $1,769 psf. The seller had purchased the unit in December 2009 for $6.29 million, resulting in a loss of $510,000 (8.4%) after holding the unit for over 15 years. This is a record loss for the development, surpassing the previous record of $242,801 set in 2024 when a one-bedroom unit measuring 484 sq ft was sold for $1.18 million. The seller of that unit had bought it for $1.43 million in 2012, resulting in an annualised loss of 1.5% over 12 years.
Lincoln Suites was completed in 2014 and has 175 units, featuring one- to four-bedroom apartments with sizes ranging from 463 to 3,143 sq ft. It is located near Novena MRT Station, popular malls such as United Square, Goldhill Plaza, Velocity @ Novena Square and Square 2, as well as St Joseph’s Institution Junior.