Three-bedder at Pebble Bay sold at $2.1 mil profit

SINGAPORE (EDGEPROP) - The sale of a 1,894 sq ft unit at Pebble Bay, a 99-year leasehold development on Tanjong Rhu in District 15, was the most profitable transaction recorded during the week of Nov 1 to 8. The three-bedroom unit, which changed hands for $3.6 million ($1,900 psf) on Nov 7, had been purchased by the seller for $1.48 million ($781 psf) in November 2006, translating to a gain of $2.12 million, or 143%, over the 16-year holding period.

Pebble Bay is a 510-unit development located in Kallang, fronting the Kallang Basin. Built in 1997, the condominium developed by CapitaLand is close to the Singapore Sports Hub, Kallang Wave Mall, Bay East Garden and East Coast Park. It is a five-minute walk to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.

The unit sold on Nov 7 clocked the highest psf price transacted at the development. The most profitable deal at Pebble Bay occurred in July, when a 2,626 sq ft unit on the 13th floor was transacted for $4.89 million ($1,862 psf). The unit was previously purchased for $1.82 million ($693 psf) in July 2002. Thus, the seller earned a profit of 3.07 million (169%), which works out to an annualised profit of 5.1% over a holding period of around 20 years.

The second- and third-most profitable transactions for the week both occurred at Pandan Valley. On Nov 7, a three-bedroom unit measuring 2,131 sq ft on the fifth floor was sold for $2.8 million ($1,314 psf). The seller had purchased the unit for $860,000 ($404 psf) in August 2004, which means they raked in a $1.94 million (225.6%) profit on the transaction after holding the property for 18 years.

Separately, a 2,088 sq ft, three-bedroom unit at Pandan Valley was transacted on Nov 2 for $2.95 million ($1,413 psf). The seller purchased the fifth-floor unit for $1.16 million ($555 psf) in January 2000, which means they netted a profit of $1.79 million (154.3%) over almost 23 years.

Pandan Valley was completed in 1979 and has 605 units. The 14-storey freehold condominium is located off Ulu Pandan Road in District 21. It was developed by the former DBS Realty (now CapitaLand).

The development is located near Pine Grove (Parcel A), a 242,564 sq ft, 99-year leasehold government land sale site that was sold to a joint venture between UOL Group and Singapore Land Group for $671.5 million ($1,318 psf per plot ratio) in June. A new condominium of about 520 units is expected to be developed on the site.

The most unprofitable transaction recorded for the week was the sale of a four-bedroom unit at The Orchard Residences, located above Ion Orchard in prime District 9. On Nov 1, a unit measuring 2,852 sq ft on the 34th floor fetched $9.1 million ($3,190 psf). The seller had purchased the unit for $10 million ($3,506 psf) in March 2010. Hence, they incurred a loss of 9% or $900,000 over a holding period of about 12½ years.

The apartment was one of several resale units to be sold below their purchase prices in the last two years, according to data compiled by the EdgeProp Research tool. The most unprofitable transaction at the development occurred in July 2020, when another 2,852 sq ft unit was sold for $9.68 million ($3,394 psf), with the seller incurring a loss of $3.3 million.

The Orchard Residences is the residential component of the integrated retail and residential development jointly developed by CapitaLand and Hong Kong property developer Sun Hung Kai Properties. The 99-year leasehold project comprises the eight-level Ion Orchard and The Orchard Residences.

Fifty-six storeys tall, The Orchard Residences was completed in 2010 and has 175 apartments. Units at The Orchard Residences range from 1,808 sq ft for three-bedders to 2,465 sq ft for four-bedders. Penthouse units start from 4,273 sq ft.

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