Three-bedder at The Marbella sold for $2.51 mil profit

The sale of a three-bedroom apartment at freehold condo The Marbella was the most profitable condo resale transaction during the week of Oct 1 to Oct 8. The 1,582 sq ft unit changed hands for $3.65 million ($2,307 psf) on Oct 7. The seller had bought the apartment as a new unit in January 2005 for $1.14 million ($719 psf). As a result, the seller netted a gain of $2.51 million after owning the unit for almost 20 years. This works out to a capital gain of about 220% for the seller or an annualised profit of 11.6%. Based on caveats lodged, this is the second-biggest gain ever made on a unit at The Marbella. It is just a few thousand dollars short of the top profit of $2.52 million made from the sale of a 1,755 sq ft, four-bedroom unit in March 2023 for $3.78 million ($2,154 psf). The seller purchased the unit from the developer in February 2005 for $1.26 million ($720 psf). The Marbella is a freehold development located on Mount Sinai Rise, off Ulu Pandan Road in District 10. Completed in 2005, it has three blocks of between 22 and 24 storeys. It has a total of 239 residences, comprising two- to four-bedroom units between 1,076 sq ft and 4,284 sq ft. Read also: The best of both worlds Advertisement Advertisement The development has seen three other resale transactions this year, all of which have been profitable. The units sold at prices ranging from $2,228 psf to $2,293 psf, with the sellers making gains ranging from $613,000 to $890,000. The second most profitable condo resale deal during the week occurred at The Cornwall, another freehold development in District 10. On October 2, a four-bedroom, duplex penthouse unit measuring 2,551 sq ft fetched $4.48 million ($1,756 psf). The seller bought the unit from the developer in October 2002 for $2.06 million ($808 psf). This means the seller made a gain of $2.42 million on the transaction, representing a capital gain of about 117%. The seller had owned the unit for 22 years. This marks a new record profit for resale deals at The Cornwall. It trumps the previous top gain of $1.7 million made on the sale of a 1,464 sq ft, three-bedroom unit for $3.08 million ($2,104 psf) in August 2022. The seller had bought the unit in September 2002 for $1.38 million ($941 psf). Situated on Cornwall Gardens, off Holland Road, The Cornwall is a boutique development built in 2005. It has 99 units spread across low-rise blocks. Units consist of one-bedroom apartments from 614 sq ft to 958 sq ft, two-bedroom apartments from 1,044 sq ft to 1,701 sq ft, three-bedroom apartments from 1,464 sq ft to 2,142 sq ft, and four-bedroom apartments from 1,927 sq ft to 2,551 sq ft. The unit sold on Oct 2 is the first apartment at The Cornwall to change hands this year. The last transaction before that was the sale of a 1,700 sq ft unit for $2.65 million ($1,558 psf) in November 2023. The seller, who bought the unit in November 2011 for $2.1 million ($1,235 psf), made a gain of $550,000. On the other hand, the sale of a 1,227 sq ft, three-bedroom unit at Scotts Square was the most unprofitable condo resale deal this week. The 18th-floor unit sold for $4.05 million ($3,300 psf) on Oct 8. The seller, who bought the apartment as a new unit in August 2007 for $4.7 million ($3,830 psf), incurred a loss of around $649,000 (13.8%) on the transaction after holding the unit for about 17 years. Read also: ANALYSIS: The impact of the Federal rate cut on the housing market Advertisement Advertisement This is the third week in a row a transaction at Scotts Square has topped the list of non-profitable deals. The week before, a 947 sq ft, two-bedroom unit on the 41st floor had incurred a loss of around $916,000 (22.4%) after it sold for $3.18 million ($3,357 psf) on Sept 27. The seller had bought the unit from the developer in August 2007 for about $4.1 million ($4,324 psf). Before that, a three-bedroom unit measuring 1,238 sq ft had incurred a loss of $1.14 million upon its sale for $4 million ($3,231 psf) on Sept 20. The seller had bought the unit from the developer in August 2007 for about $5.14 million ($4,155 psf). Scotts Square is a freehold condo on Scotts Road, just off the Orchard Road shopping belt in prime District 9. It is part of a mixed-use development that includes the Scotts Square shopping mall. Residences are spread across two towers spanning 34 and 43 storeys on top of the four-storey retail podium. The condo was completed in 2011 and has 338 units. The units comprise one-bedroom units ranging from 624 sq ft to 635 sq ft, two-bedroom units ranging from 893 sq ft to 947 sq ft, and three-bedroom units ranging from 1,227 sq ft to 1,238 sq ft. It is within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines. 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