Duplex penthouse at Marina Collection incurs $2.65 mil loss

By Hailey Yu / EdgeProp Singapore | November 25, 2022 8:30 AM SGT
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SINGAPORE (EDGEPROP) - The sale of a duplex penthouse unit at Sentosa Cove condominium Marina Collection was the most unprofitable transaction recorded for the week of Nov 8 to 15. The four-bedroom, 3,412 sq ft apartment on the fourth floor was sold on Nov 10 for $5.05 million ($1,480 psf). The seller had purchased the unit for $7.7 million ($2,257 psf) in May 2010. Hence, the loss incurred was 34.4% or $2.65 million, over a holding period of 12½ years.
The transaction is the most unprofitable one recorded at Marina Collection to date, based on data compiled by the EdgeProp Research tool. Previously, the most unprofitable transaction at the development was the sale of a 2,788 sq ft unit for $5.1 million ($1,830 psf) in July 2021, with a loss of $2.38 million.
Marina Collection - EDGEPROP SINGAPORE
The duplex penthouse at Marina Collection fetched $5.05 million ($1,489 psf) on Nov 10 (Picture: The Edge Singapore)
Marina Collection is a luxury sea-facing condominium developed by Indonesian property developer Lippo Group. The 99-year leasehold project comprises a total of 124 units across three low-rise blocks. The development was completed in 2011.
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The most profitable transaction recorded during the week was the sale of a 1,819 sq ft, three-bedroom unit at The Sixth Avenue Residences, a freehold development along Sixth Avenue off Bukit Timah Road, in prime District 10. The ground-floor unit, which changed hands for $3.15 million ($1,732 psf) on Nov 10, had been purchased by the seller for $1.65 million ($904 psf) in January 2007. The sale translates into a gain of $1.5 million, or 91%, over a holding period of nearly 16 years. The Sixth Avenue Residences was completed in 2009 with a total of 175 units across seven 5-storey blocks. Units comprise a mix of two-, threeand four-bedroom apartments, starting from 969 sq ft and going up to 3,810 sq ft. The condominium was developed by a joint venture between Keppel Land and Singapore Land Group.
A three-bedroom unit at The Sixth Avenue Residences was sold for $3.15 million, at a $1.5 million profit, on Nov 10 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sixth Avenue Residences is within walking distance of the Sixth Avenue MRT Station on the Downtown Line. Holland Village, The Grandstand at Turf Club Road, Bukit Timah Plaza and Coronation Shopping Plaza are within a 10-minute drive.
The second most profitable transaction for the week occurred at Hillview Park. It was for the sale of a 1,249 sq ft, three-bedroom unit on the 12th floor for $1.78 million ($1,426 psf), according to a caveat lodged on Nov 8. The seller had purchased the unit for $465,000 ($372 psf) in June 2003, which means a capital gain of $1.32 million (282.8%) after holding the property for close to two decades.
The recent transaction is the most profitable one at the development. The second most profitable transaction at Hillview Park was for a 1,342 sq ft, three-bedroom unit on the ninth floor that changed hands for $1.7 million ($1,284 psf) in May last year. The seller reaped a profit of $1.09 million, translating to an annual gain of 7.5% over a period of 14 years.
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Hillview Park - EDGEPROP SINGAPORE
The seller made a $1.32 million profit when a three-bedroom unit at Hillview Park was sold on Nov 8 (Picture: Samuel Isaac Chua/The Edge Singapore)
Hillview Park was completed in 1995 and has 184 units. The freehold condominium is located off Hillview Avenue in Bukit Panjang, which is in District 23. It is within walking distance of the Hillview MRT Station on the Downtown Line.

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