Sale of three-bedder at The Marbella sees $2.2 mil profit

and Marina Bay Interchange on EdgeProp.sg

The most profitable resale transaction during the week of Jan 24 to 31 was for a three-bedroom unit at The Marbella which sold for $3.45 million ($2,123 psf). In 2004, the same unit had cost $1.24 million ($766 psf), amounting to a profit of $2.21 million (177%) for the seller – translating to an annualised profit of 5.7% in more than 18 years!

Situated off Ulu Pandan Road in Singapore’s prime District 10, The Marbella is a freehold condominium completed in 2005. Neighboring large-sized residential developments include the 660-unit Pine Grove and the 1,006-unit Pandan Valley.

To date in 2021, the condo has seen three resale transactions occur, the most profitable being the Jan 27 sale of the aforementioned 1,625 sq ft unit. On Jan 13, a 1,367 sq ft unit that had been bought for $1.16 million ($976 psf) was sold for $2.75 million ($2,011 psf), earning the seller a $769,000 (39%) profit and an annualised profit of 3% over 10 years. Just eight days prior, a 1,582 sq ft unit changed hands for $3.38 million ($2,139 psf), translating to a $1.25 million (58%) profit for the seller and an annualised profit of 3.8% over 12 years.

The Marbella is located in close proximity to several primary schools such as Henry Park Primary School, Clementi Primary School, Fairfield Methodist Primary School, Methodist Girls’ Primary School and Nan Hua Primary School. As well as higher educational institutions like Anglo-Chinese Junior College, the Singapore Institute of Technology and Yale-NUS College.

The 99-year leasehold The Sail @ Marina Bay, located on Marina Boulevard downtown in District 1, boasted the second most profitable resale of the week. On Jan 26, a 1,184 sq ft three-bedroom unit fetched $2.6 million ($2,196 psf). Bought for $1.16 million ($976 psf) in November 2004, the seller earned a profit of $1.44 million (125%), which translates to an annualised profit of 4.6% over 18 years.

The 1,111-unit condo first completed in 2008, is in close proximity to the Downtown MRT Station on the Downtown Line as well as Raffles Place Interchange and Marina Bay Interchange. Last year, the most profitable resale transaction at the development saw a 1,798 sq ft unit sold for $3.6 million ($2,003 psf). The unit had previously been bought for $1.86 million ($1,032 psf) in November 2004; the seller earned a profit of $1.75 million (94%) and an annualised profit of Tengah EC 3.8% over 18 years.

Meanwhile, the most unprofitable resale transaction during the week of Jan 24 to 31 happened at Marina Bay Suites – adjacent to The Sail @ Marina Bay. On Jan 27, a 1,625 sq ft unit was sold for $3.28 million ($2,018 psf); the unit had been bought for $3.78 million ($2,329 psf) in October 2011 resulting in a $505,000 (13%) loss for the seller and an annualised loss of 1.3% over 11 years.

Marina Bay Suites is a 99-year leasehold project that was completed in 2013. The condo has 221 units of three- and four-bedroom units ranging from 1,572 to 2,691 sq ft. Unfortunately, the development has seen a dramatic decrease in its sale returns; data compiled by EdgeProp Singapore show 27 transactions ending in a loss, while only nine were profitable.

The record loss at Marina Bay Suites came from the sale of a 2,691 sq ft, four-bedroom unit which was sold for $5 million ($1,858 psf) on Aug 16 last year. The unit had previously cost $8.25 million ($3,066 psf) in December 2013, resulting in a $3.25 million loss (39%) for the seller and an annualised loss of 5.6% over eight years.