Three-bedroom-plus-study unit at Martin Place Residences sold for $2.3 mil profit

The sale of a three-bedroom-plus-study unit at Martin Place Residences was the most profitable condo resale transaction during the week of April 9 to 16. The 1,722 sq ft unit on the 26th floor fetched $4.78 million ($2,775 psf) on April 11. The seller had bought the unit from the developer for $2.45 million ($1,423 psf) in June 2009, which means they made a profit of $2.33 million. This works out to a capital gain of 95% for the seller after holding the unit for almost 15 years.

The transaction is the second most profitable resale deal that has taken place at the condo. It is just $50,000 short of the record profit of $2.38 million that was reaped by the seller of a 2,002 sq ft unit in June 2022. The seller purchased the unit in June 2009 for $2.72 million ($1,359 psf) and later sold it for $5.1 million ($2,547 psf).

The April 11 transaction also marks a new psf-price high at Martin Place Residences, beating the previous high of $2,613 psf registered in October 2021 with the sale of a 1,722 sq ft unit for $4.5 million.

Martin Place Residences is a freehold condo located along Martin Place, off Kim Yam Road and River Valley Close in prime District 9. Completed in 2011, it has 302 units. The condo is part of a large private residential enclave that surrounds River Valley Road and the nearby Robertson Quay area. Neighbouring developments include the 450-unit Martin Modern, the 130-unit Oleanas Residence and the 88-unit Martin No 38.

The second most profitable condo resale transaction during the week in review was the sale of a 1,453 sq ft unit at One Amber. The three-bedroom-plus-study unit changed hands for $3.2 million ($2,202 psf) on April 11. The seller, who purchased the unit from the developer in November 2006 for $1.09 million ($751 psf), netted a gain of $2.11 million (193%) after owning the unit for nearly 17½ years.

This is the third highest gain recorded to date at One Amber. The most profitable transaction was the sale of a 1,701 sq ft unit for $3.75 million ($2,205 psf) last August, with the seller making a profit of $2.43 million (84%) after holding the unit for more than 17 years.

One Amber is a freehold condo built in 2010. It comprises four 23-storey towers with a total of 562 units. The condo has a mix of one- to four-bedroom units of 570 to 3,100 sq ft. There are also four-bedroom penthouses of 2,659 to 3,541 sq ft. The condo has seen two other resale transactions this year so far, both of which were profitable. On March 15, a 1,302 sq ft unit fetched $2.88 million ($2,211 psf), with the seller making a gain of $1.33 million. On March 27, a 1,335 sq ft apartment was sold for $3 million ($2,248 psf), netting the seller a $1 million gain.

On the other hand, the least profitable condo resale transaction during the week in review was the sale of a four-bedder at luxury development The Marq on Paterson Hill. The 3,057 sq ft unit on the fifth floor changed hands for $13 million ($4,253 psf) on April 12. It was purchased by the seller from the developer in September 2011 at $13.9 million ($4,547 psf). Hence, the seller suffered a loss of $900,000 on the deal.

Located on Paterson Hill, off Grange Road in District 9, The Marq on Paterson Hill is a 66-unit ultra-luxury condo that was completed in 2011. The units are spread across two 24-storey towers. One tower comprises four-bedders from 3,057 sq ft, while the other tower houses five-bedders from 6,232 sq ft.

The project set a benchmark for luxury condos when it was launched in 2007: it became the first development where unit prices crossed the $5,000 psf threshold. It later set a new record following its completion in 2011, when unit prices surpassed $6,000 psf.

Check out the latest listings for Martin Place Residences, One Amber, The Marq On Paterson Hill properties