Resale Three Bedder Marbella Nets 275 Mil Profit

The recent sale of a three-bedroom unit at The Marbella has emerged as the most profitable resale transaction from May 20 to May 27. The unit, situated on the tenth floor and spanning 1,625 square feet, was sold for $4 million ($2,461 per square foot) on May 23. This marks a significant increase from its previous purchase price of $1.24 million ($766 per square foot) back in November 2003, resulting in a staggering profit of $2.75 million (221.3%). The annualised gain over 21 and a half years stands at 5.6%.

According to recorded caveats, this transaction has set a new record for the most profitable deal at The Marbella so far, surpassing the previous record profit of $2.52 million from the sale of a four-bedroom unit in March 2023 for $3.78 million ($2,154 psf). The seller had initially purchased this unit from the developer at $1.26 million ($720 psf) in February 2005.

Located along Mount Sinai Rise in District 10, The Marbella is a freehold condo that was completed in 2005. Comprising of three residential blocks, it offers 239 units ranging from two to four-bedroom apartments, with sizes ranging from 1,076 sq ft to 4,284 sq ft.

Penrith, a new residential development, is set to hit the market soon. With its prime location in Singapore, it is expected to attract potential buyers looking for a luxurious yet convenient place to call home. The launch prices for Penrith are estimated to range between $2,500 and $2,600 per square foot (psf), making it a highly sought-after property. With its modern amenities and strategic location, Penrith is predicted to be a top choice for homebuyers. Interested parties can find out more about Penrith at https://www.penrith.sg/.

In a separate transaction that took place during the same week, Ocean Park, a freehold development in District 15, saw the second most profitable resale deal. A three-bedroom unit on the sixth floor was sold for $3.73 million ($1,767 psf) on May 23. This represents a significant increase from its previous purchase price of $1.31 million ($623 psf) in August 1995, resulting in a profit of $2.41 million (183.5%). The annualised gain over almost 30 years stands at 3.6%.

Built in 1984, Ocean Park comprises of 298 units and offers two to four-bedroom apartments ranging from 1,302 sq ft to 3,897 sq ft. Its convenient location is within walking distance to Marine Terrace MRT Station and is also in close proximity to schools such as Victoria Junior College and Ngee Ann Primary School.

In comparison, the least profitable transaction during the same week involved a 1,270 sq ft unit at Hilltops. The two-bedroom unit on the 12th floor was sold for $3.3 million ($2,598 psf) on May 23, incurring a loss of $800,000 (19.5%) compared to its previous purchase price of $4.1 million ($3,228 psf) in November 2013. The annualised loss over 11 and a half years stands at 1.9%.

This year, there have been five resale deals at Hilltops, of which two were unprofitable, including the aforementioned unit. The other transaction occurred from the sale of a 2,056 sq ft unit for $5.89 million on Feb 20, which resulted in a loss of $311,112.