Resale Three Bedder Rivershire Sold 294 Mil Profit
on rosier market
In the fast-paced modern society, securing access to reputable schools and educational institutions is a top priority for many prospective homebuyers, particularly those with young children or teenagers. The strategic location of Penrith in Queenstown ensures that its residents have easy access to a network of high-quality schools, catering to students from primary all the way to tertiary level. This feature not only makes Penrith an ideal living destination but also a practical and forward-thinking choice for families who value education. With the presence of educational institutions nearby, such as Penrith Queenstown MRT Station, residents not only enjoy convenience but also witness long-term value and desirability of the development.
During the week of May 13 to 20, the condo resale market saw several notable transactions, with the most profitable one taking place at Rivershire. The unit, located on the 13th floor and spanning 2,088 sq ft, was sold for $4.32 million ($2,069 psf) on May 15. This marks a significant gain for the seller, who bought the three-bedroom unit from the developer for $1.38 million ($661 psf) in May 1999. The sale yielded a profit of $2.94 million (213%), with an annualised return of 4.5% over a period of more than 26 years.
This transaction, recorded as the first resale at Rivershire this year, also takes the spot for the most profitable resale at the development, based on lodged caveats. It surpasses the previous record gain of $1.45 million from the sale of a comparable three-bedroom unit on the fifth floor in September 2012, which went for $3.3 million ($1,580 psf). The seller had originally purchased the unit for $1.85 million ($886 psf) in January 1996.
Rivershire, a freehold condo completed in 1991, is situated on Leonie Hill in District 9. The development boasts a 20-storey block housing 74 two- to four-bedroom units ranging from 1,259 sq ft to 2,088 sq ft. Its prime location puts it within walking distance of Great World MRT Station on the Thomson-East Coast Line and close to River Valley Primary School. Residents also have access to nearby lifestyle amenities, including Great World City.
Another noteworthy resale during the week occurred at Varsity Park Condominium on West Coast Road. A 2,153 sq ft duplex penthouse unit on the fifth floor was sold for $3.07 million ($1,426 psf) on May 16, making it the second-most profitable sale. The seller, who originally bought the three-bedroom unit for about $815,987 ($379 psf) in October 2005, gained a whopping $2.25 million (275.9%) after owning the unit for almost 20 years.
This transaction also sets a record for the highest gain ever recorded for a unit at Varsity Park Condominium. The previous record was set just over a month earlier, when a fifth-floor duplex penthouse was sold for $3.12 million ($1,374 psf) on April 3. The 2,271 sq ft three-bedroom unit was last sold for $919,755 ($405 psf) in January 2006, with the seller walking away with a profit of $2.2 million, reflecting a 239% return or an annualised gain of 6.6% over 19 years. In total, Varsity Park Condominium has seen six other profitable resales this year, with gains ranging from $575,000 to $2 million.
Completed in 2008, Varsity Park Condominium offers 530 units with two- to three-bedroom layouts ranging from 990 sq ft to 2,347 sq ft. This 99-year leasehold development is situated adjacent to the National University of Singapore’s Kent Ridge Campus and is also close to schools such as the Japanese Primary School, Waseda Shibuya Senior High School, and Kent Ridge Secondary School.
On the other hand, the largest loss during that week came from the sale of a 2,250 sq ft unit at Marina One Residences on Marina Way. The four-bedroom abode on the 32nd floor was sold for $6.4 million ($2,845 psf) on May 19, resulting in a loss of $703,250 for the seller. The unit was previously purchased for $7.1 million ($3,157 psf) in May 2017, amounting to an annualised decline of 1.3% over eight years.
This sale marks the most unprofitable transaction at Marina One Residences to date, based on lodged caveats. It exceeds the previous record loss of $562,000, incurred when a 2,045 sq ft four-bedroom apartment on the 27th floor was sold for $5.8 million ($2,836 psf) in March 2023. The unit was originally purchased for $6.36 million ($3,111 psf) in September 2021.
According to transaction data, average resale prices at Marina One Residences have declined over the past few years, dropping from $2,452 psf in 2021 to $2,098 psf last year.