The sale of a first-floor unit at Parc Stevens, a 48-unit freehold condo located off Stevens Road in prime District 10, was the most profitable condo resale transaction recorded during the week of April 4 to 11 based on caveats lodged. The 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf) on April 10, netting a profit of $2.65 million (51%) after 16 years and marking the highest psf-price ever recorded at the development.
The most profitable transaction previously registered at Parc Stevens was last May after a 3,305 sq ft unit on the fourth floor changed hands for $6.23 million ($1,885 psf). The seller had purchased the unit for $4.23 million ($1,059 psf) in July 2005 and made a gain of $2.73 million.
The second most profitable transaction during the week in review occurred at Yong An Park, a freehold condo in the River Valley area. On April 6, a four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf. The seller had bought the unit for $6.02 million ($1,753 psf) in March 2012, clocking a gain of $2.08 million (35%) over a 11-year holding period. Completed in 1986, Yong An Park consists of 288 residences comprising one- to four-bedders between 1,023 and 3,552 sq ft, penthouse units and townhouse units.
Meanwhile, the most unprofitable transaction recorded during the week in review was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009, resulting in a loss of $1.14 million (18%) over a holding period of over 13 years. Marina Bay Suites is a 99-year leasehold development on Central Boulevard with 221 units, comprising three- and four-bedders between 1,572 and 2,691 sq ft. Since January 2021, 24 resale transactions have taken place at the development, with 23 of them occurring below the purchase price according to caveats lodged.
Overall, Singapore’s condo resale market has seen its fair share of lucrative deals, as well as underperforming transactions. These serve as a reminder to prospective buyers and sellers to consider their investments carefully and factor in long-term objectives when making these decisions.
