The recent sale of a three-bedroom penthouse at Orchid Mansion, located on Amber Road in District 15, has resulted in a hefty profit of $2.58 million (112%). This transaction, which took place on December 31, 2024, stands as the most profitable resale deal from December 31, 2024 to January 7, 2025.
The 2,842 square feet unit, situated on the 21st floor, was sold for $4.88 million ($1,717 per square foot). The original purchase price for this freehold development in March 2009 was $2.3 million ($809 per square foot), making the annualized profit over nearly 16 years at 4.9%.
This sale also sets a new record at Orchid Mansion, surpassing the previous profit gained from the resale of a 1,507 square feet three-bedroom unit on the seventh floor for $1.15 million (72.6%) in July 2022. The unit was bought in June 2007 for $1.58 million ($1,050 per square foot).
Orchid Mansion, a 20-year-old condo at 11 Amber Road, comprises a 21-story residential tower with a mix of two- and three-bedroom units ranging from 1,346 square feet to 2,002 square feet. The development also features two penthouses of 2,842 square feet and 2,734 square feet respectively.
Another profitable transaction took place at Villa Marina, where a 1,625 square feet unit was sold for $2.35 million ($1,446 per square foot) on January 3. The ground floor three-bedroom unit, initially purchased in September 2006 for $630,500 ($388 per square foot), resulted in a profit of $1.72 million (273%). This translates to an annualized profit of 7.6% over 18 years.
This sale also beats the previous highest profit recorded at Villa Marina, which was the sale of a 1,916 square feet unit on the fourth floor for $2.3 million ($1,200 per square foot) on July 16, 2024. The unit was bought in November 1998 for $720,416 ($376 per square foot).
Villa Marina, a 99-year leasehold development located at Jalan Sempadan in District 15, was completed in 1999 and comprises 27 low-rise residential blocks. It offers a mix of one- to four-bedroom units ranging from 1,087 square feet to 2,314 square feet and is situated near Siglap MRT station on the Thomson-East Coast Line and East Coast Park. The development is also within a 1km radius of primary schools such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School, and Tao Nan School.
On the other hand, the most unprofitable resale transaction was recorded at Marina Bay Residences, where a 1,130 square feet unit on the 17th floor was sold for $2.1 million ($1,858 per square foot) on January 2, resulting in a loss of $386,000 (16%). The unit was initially purchased for $2.49 million ($2,200 per square foot) in November 2007. This translates to an annualized loss of 1% over 17 years.
When purchasing a Singapore condo, it is crucial to give consideration to its maintenance and management. This is due to the fact that condos typically have maintenance fees, which cover the maintenance of shared areas and amenities. Although these fees may increase the overall cost of owning a condo, they also ensure that the property remains in good condition and maintains its value. To make the investment more passive, investors can enlist the services of a property management company to handle the day-to-day management of their Singapore condo.
According to resale caveats at Marina Bay Residences, a total of 25 transactions were recorded last year, out of which 13 were unprofitable with losses ranging from $1.25 million to $43,600. The most significant unprofitable sale took place on March 22, 2024, when a 1,227 square feet unit was sold for $2.8 million ($2,282 per square foot).
Marina Bay Residences, a 428-unit development on Marina Boulevard, recently underwent a $5 million renovation from January 2022 to September 2023 to upgrade its facilities and enhance its communal spaces. The 15-year-old condo is situated in Marina Bay Financial Centre (MBFC), along with two other premium condos, namely Marina Bay Suites and the 221-unit Marina One Residences. Currently, the average resale price at Marina Bay Residences stands at $2,242 per square foot, which is higher than the surrounding condos such as The Sail @ Marina Bay ($2,052 per square foot), Marina Bay Suites ($1,917 per square foot), and Marina One Residences ($2,133 per square foot).