Four-bedder at Pebble Bay sold for $2.2 mil profit

The 2,982 sq ft four-bedder at Hills Apartment was sold for $6 million ($2,012 psf) on April 13.

SINGAPORE (EDGEPROP) - The most profitable deal in the week of April 12 to 19 was the sale of a 2,982 sq ft, four-bedroom unit at Hills Apartment. It was sold for $6 million ($2,012 psf) on April 13. The third-floor unit was initially purchased for $2.5 million ($850 psf) in July 2004. Thus, the seller reaped a profit of $3.5 million (137%), equivalent to an annualised profit of 5% over 17 1⁄2 years.

Completed in 1975, Hills Apartment is a 10-unit freehold condominium project located on Goldhill Avenue in Novena, in the prime District 11. Shopping malls in the vicinity include United Square, Goldhill Shopping Centre and Velocity @ Novena Square. Newton Food Centre is within walking distance.

Educational institutions found nearby include the prestigious St Joseph’s Institution, Singapore Chinese Girls’ School and Anglo-Chinese School (Primary).

Thomson Medical Centre is nearby, as well as the Novena medical cluster that includes Tan Tock Seng Hospital, Novena Medical Centre and Mount Elizabeth Novena Hospital.

The development is a 10-minute drive to Orchard Road and the CBD. The latest transaction is the second most profitable transaction recorded for the development. The most profitable resale deal happened in December 2021, when a 3,638 sq ft unit was sold for $6.3 million ($1,732 psf). The unit had been purchased for $2.7 million ($735 psf) in April 2004. The seller earned a profit of $3.6 million (136%), translating to an annualised profit of 5% over 17 1⁄2 years.

The second most profitable resale deal for the week was the sale of a 2,626 sq ft, four-bedroom apartment at Pebble Bay for $4.4 million ($1,676 psf) on April 18. The unit was previously purchased for $2.2 million ($835 psf) in June 1996. Thus, the seller earned a profit of $2.2 million (101%), equivalent to an annualised profit of 2.7% over a period of 26 years.

Pebble Bay is a 510-unit development located in Tanjong Rhu (in District 15). Built in 1997, the 99-year leasehold condominium is close to the Singapore Sports Hub, Kallang Wave Mall, Bay East Garden and East Coast Park. It is also a five-minute walk to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.

The most profitable deal at Pebble Bay occurred in March 2019, when a 2,809 sq ft, five-bedroom apartment was transacted at $5.1 million ($1,815 psf). The unit was previously purchased for $2.3 ($804 psf) in March 1995. Thus, the seller earned a profit of $2.9 million (or a 127% profit), translating to an annualised profit of 3.5% over 24 years.

On the other hand, the most un- profitable deal transacted for the week was the sale of a 4,467 sq ft, four-bedroom unit at Silversea. The unit was sold at $9.5 million ($2,127 psf) on April 18, and had been previously purchased for $12 million ($2,686 psf) in April 2014. Hence, the deal clocked a loss of $2.5 million (21%), translating to an annualised loss of 2.9% over eight years.

The latest transaction is also the most unprofitable deal recorded for this development. It breaks the previous record set in March this year with the sale of a 2,530 sq ft, three-bedroom unit for $4.2 million ($1,641 psf). The unit was previously purchased for $5.9 million ($2,340 psf) in November 2011. The seller made a loss of $1.77 million (30%), translating to an annualised loss of 3.7% over 9 1⁄2 years.

Silversea is a 383-unit, 99-year leasehold private condominium located in Marine Parade (in District 15). It is within walking distance of Parkway Parade shopping mall and East Coast Park. It is a redevelopment of the former Amberville privatised HUDC estate by giant developer Far East Organization.

Check out the latest listings near Pebble Bay, Hills Apartment, Silversea, Tanjong Rhu MRT Station, St Joseph’s Institution, Singapore Chinese Girls’ School, Anglo-Chinese School (Primary)