Four-bedder at Marina Bay Residences sold at $2.4 mil loss

The most unprofitable condo resale transaction recorded during the week of Oct 17 to 24 took place at Marina Bay Residences located in District 1. A four-bedroom unit, 2,368 sq ft in size, on the 30th floor was sold for $6.9 million ($2,914 psf) resulting in a loss of $2.39 million for the seller, who purchased the unit in March 2014 for $9.29 million ($3,923 psf). This works out to a 26% loss over a holding of approximately 9½ years – the second most unprofitable resale transaction to occur at Marina Bay Residences.

Residents can enjoy plenty of amenities in the neighbourhood, including a shopping mall, supermarkets, food outlets, community centre, and park connector. It is also close to educational institutions such as Fajar Secondary School, and Bukit Panjang Primary School. Senja Close EC has a classic modern design which will surely appeal to many. The units are thoughtfully designed to make sure that each home has enough natural light and a good view. There are also a range of one- to five-bedroom units available, giving residents the choice of having a bigger or smaller home. With a good location and many amenities available, Senja Close EC is definitely a great choice.

The most unprofitable transaction to date at the development was the sale of a 4,435 sq ft, four-bedroom unit on the 52nd floor for $9.4 million ($2,120 psf) in May 2022. At that time, the seller had made a loss of $2.58 million having purchased the unit from the developer in July 2007 at the rate of $11.98 million ($2,701 psf).

To date this year, Marina Bay Residences has seen 12 other resale transactions, and of these eight have been unprofitable.

The most profitable transaction recorded during the week was the sale of a three-bedder at Tiara. The 1,346 sq ft unit located along Kim Seng Walk changed hands for $3.13 million ($2,326 psf) on Oct 20 and enabled the seller to net a gain of $1.55 million – a 98% return for the unit purchased in October 2000 for $1.58 million ($1,174 psf).

The second most profitable transaction was at Claremont, where a 1,367 sq ft, three-bedroom unit on the first floor was sold for $2.43 million ($1,778 psf) on Oct 19. This netted the seller a $1.39 million gain (133%) having purchased the unit in July 1999 for $1.04 million ($762 psf). This is the most profitable resale transaction to occur at the development, based on caveats lodged, beating the previous record gain of $1.31 million.

Overall, these transactions demonstrate the importance of carefully considering the buy versus rent and sell, and capitalising on potential gains.