A unit at Parc Stevens, located off Stevens Road in prime District 10, fetched 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 sold for a whopping $7.86 million ($2,265 psf) on April 10. This marks the highest psf-price recorded at the development and the first unit to change hands there this year. The seller had purchased the unit for $5.2 million ($1,500 psf) in April 2007 – which means they netted a profit of $2.65 million (51%) after holding the unit for an impressive 16 years.
Meanwhile, the most unprofitable transaction recorded during the same week was the sale of a four-bedroom unit at Marina Bay Suites. The 2,680 sq ft unit on the 25th floor changed hands for $5.25 million ($1,959 psf) on April 10. The seller had bought the unit from the developer for $6.39 million ($2,383 psf) back in December 2009, making a loss of $1.14 million (18%) across a holding period of over 13 years.
The second most profitable transaction during the week in Rent Out Condo review took place at Yong An Park, a freehold condo in the River Valley area. A three-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf on April 6. The seller made a gain of $2.08 million (35%) as they had bought the unit for $6.02 million ($1,753 psf) in March 2012.
Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district, with 221 units. Typical residences are three- and four-bedroom units ranging from Marina Gardens Condo 1,572 to 2,691 sq ft. In contrast, Yong An Park is a 288-unit, freehold condo that was built in 1986. Units are a mix of one- to four-bedders, with penthouse units measuring between 3,466 sq ft and 6,878 sq ft, as well as a collection of townhouse units starting from 7,718 sq ft.
The respective sellers of these residential properties have seen significant profits or losses since January 2021. Out of the 24 resale transactions that have taken place at Marina Bay Suites since then, 23 have occurred below the purchase price, with the respective sellers seeing losses ranging between $7,000 and $3.25 million.
Parc Stevens and Yong An Park are both situated within five-minutes of an MRT station. Parc Stevens lies a five-minute walk to the Stevens Station, while Yong An Park is a five-minute walk to the Great World Station on the Thomson-East Coast Line.
The sale of a unit at Parc Stevens and Yong An Park, along with a unit at Marina Bay Suites, amounted to the most profitable and unprofitable condo resale transactions recorded during the week of April 4 to 11. All three of these properties have seen similarly impressive gains or losses for their respective sellers, showing the potential reward of a long-term property investment and the risk of a housing market downturn.
