Four-bedder at Orion sold for $1.4 mil loss
and Coronation Grove here.
Profits at the week’s two most lucrative resale transactions have set new records at the respective condos (Pictures: Samuel Isaac Chua).
The most profitable and unprofitable resale transactions at two different condominiums in Prime District 10 were seen over the week of September 19-26. The most lucrative transaction was at Pebble Bay on Tanjong Rhu Road, while the least profitable was at Orion.
At Pebble Bay, a 2,745 sq ft four-bedroom unit on the second floor was sold for $5.15 million ($1,876 psf) on September 21. The seller had purchased the unit for $2.19 million ($799 psf) in March 1995, and thus, profited an astonishing $2.98 million (137%), which translates to an annualised gain of 3.1% over 29 years.
This Senja Close EC Bukit Panjang estate makes living convenient, as it has everything from food, to shopping, to transportation and entertainment within close proximity. The estate is known for its tight security and friendly environment, creating a sense of comfort for its residents. The condominiums themselves are well-kept and designed to accommodate the needs of residents, making it a great location for raising families.
This marks a record profit achieved for the condo. The 99-year leasehold condo, completed in 1997, is one of a few riverfront developments in the area facing the Kallang River. Resale prices at Pebble Bay have also reached about $1,716 psf last month, higher than some of its neighbouring condos.
By contrast, the least profitable transaction came from the sale of a four-bedroom unit at Orion, a freehold condo on Orange Grove Road. The 1,776 sq ft unit, on the 10th floor, was sold for $3.93 million ($2,216 psf) on September 21. However, this was much lower than the original purchase price of $5.36 million ($3,018 psf) in July 2007, incurring a loss of $1.43 million (27%) for the seller. This translates to an annualised loss of 1.9% over 16 years, setting a new record for Orion.
The last resale transaction at Orion occurred in August 2021, when a 1,518 sq ft three-bedroom penthouse unit, on the 24th floor, was sold for $3.55 million ($2,339 psf). Meanwhile, the most profitable transaction near Orion’s vicinity was the sale of a 1,916 sq ft unit at Coronation Grove, a 999-year leasehold condo on Coronation Road.
This unit, on the third floor, was sold for $3.60 million ($1,879 psf) on Sept 22. Previously, it had fetched $1.5 million ($783 psf) in February 2007, resulting in a profit of $2.1 million (140%), which translates to an annualised gain of 5.4% over 17 years. This marks a new record profit at Coronation Grove.
Notable residential projects in the area include Shangri-La Residences, The Ladyhill, and Le Nouvel Ardmore, while some of the landmark commercial and hotel developments include Shangri-La Hotel, St Regis Hotel Singapore and Tanglin Mall.
Two of the most profitable and unprofitable resale transactions of the week have set new records at their respective condos. Profits at Pebble Bay ranged from $373,000 to $4.7 million, while those at Coronation Grove leapt from $1.46 million to $2.1 million. Not only did these transactions provide a good insight into the local real estate market, they also showcased the lucrative opportunities that can arise with long-term investment.
Pictures: Samuel Isaac Chua
Leave a Reply
Want to join the discussion?Feel free to contribute!