Four-bedder at The Ritz-Carlton Residences reaps $4.9 mil profit

/ EdgeProp Singapore |

January 26, 2024 1:12 PM SGT

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The sale of a four-bedroom unit at The Ritz-Carlton Residences Singapore Cairnhill was the most profitable condo resale transaction during the week of Jan 9 to 16. The 3,057 sq ft unit located on the 33rd floor changed hands for $16.5 million ($5,397 psf) on Jan 9. Caveats lodged with URA show that the seller had purchased the unit for $11.6 million ($3,795 psf) in February 2016. This means that they raked in a gain of $4.9 million on the transaction, which works out to a capital gain of 42% after owning the unit for just under eight years.

The unit is one of two adjacent apartments that were sold on Jan 9 to a couple who are Singapore permanent residents. The other unit also measures 3,057 sq ft and was sold at the same price of $16.5 million. The price paid by the seller when they acquired the apartment cannot be ascertained as no prior caveats were lodged for the unit with URA. The sale of the two units marks a new record in terms of psf prices at The Ritz-Carlton Residences since its launch in December 2007.

Based on available caveats, data compiled on EdgeProp Research shows the Jan 9 transaction is one of two profitable resale transactions that have taken place to date at the development. The other was the sale of a 3,057 sq ft unit for $15 million ($4,907 psf) in October 2021. The seller, who acquired the unit in Jan 2018 for $11.48 million ($3,755 psf), netted a gain of $3.52 million on the transaction.

Read also: Four-bedder at Parvis sold for $1.9 mil profit

The 3,057 sq ft unit at The Ritz-Carlton Residences Singapore Cairnhill was sold for $16.5 million on Jan 9 (Picture: Samuel Isaac Chua/The Edge Singapore)

The Ritz-Carlton Residences is a 58-unit luxury condo located at 65 Cairnhill Road. It was completed in 2011 and includes three-bedroom apartments of 2,831 sq ft and four-bedroom apartments of 3,057 sq ft. On the 34th floor are two junior penthouses of 3,574 sq ft each, while the 35th and 36th floors are occupied by two duplex penthouses of 6,501 sq ft each.

The second most profitable condo resale transaction during the week in review took place at The Waterina. A 1,313 sq ft, three-bedroom unit on the seventh floor was sold for $2.5 million ($1,904 psf) on Jan 11. The seller, who purchased the unit from the developer in May 2002 for about $767,000 ($584 psf), made a profit of $1.73 million (226%) on the sale. They had owned the apartment for nearly 22 years.

This is the most profitable resale transaction at The Waterina so far. It beats the previous record established in July 2023 when a 1,346 sq ft unit was sold for $2.48 million ($1,843 psf). It had been purchased by the seller from the developer in May 2002 for about $855,000 ($636 psf). Hence, they seller made a profit of $1.62 million on the sale. The unit sold on Jan 11 also marks a new psf-price high for the development.

A 1,313 sq ft unit at The Waterina fetched $2.5 million ($1,904 psf) on Jan 11, netting the seller a profit of $1.73 million (Picture: Samuel Isaac Chua/The Edge Singapore)

The Waterina is a 398-unit freehold condo on Lorong 40 Geylang, off Guillemard Road in District 14. Built in 2005, it consists of 12 blocks of one- to four-bedders measuring 635 to 2,142 sq ft.

On the other hand, The Rochester Residences saw the sole unprofitable condo resale transaction during the week in review. A one-bedroom loft unit measuring 1,281 sq ft fetched $1.64 million ($1,279 psf) on Jan 12. The seller bought the unit from the developer in August 2007 for $1.82 million ($1,420 psf). Thus, they made a loss of around $181,000 or 10% after holding the apartment for nearly 16½ years.

This is the second consecutive week a unit at The Rochester Residences has topped the list of unprofitable condo resale transactions. During the previous week (covering caveats lodged between Jan 2 and 9), the condo saw the sale of a three-bedroom-plus-study penthouse unit for $4.15 million ($1,105 psf) on Jan 5. The seller of the 3,757 sq ft unit, who bought it for $4.7 million ($1,250 psf) in December 2007, made a loss of around $546,000.

The sale of a 1,281 sq ft unit at The Rochester Residences (tallest building in picture) for $1.64 million ($1,279 psf) on Jan 12 made a loss of around $181,000 (Picture: Samuel Isaac Chua/The Edge Singapore)

The Rochester Residences is a 366-unit condo on Rochester Drive in District 5. Built in 2011, it consists of a single 37-storey tower located above Rochester Mall. Units at the 99-year leasehold development include one-bedders from 840 to 1,281 sq ft, two-bedders from 1,206 to 1,625 sq ft, and three-bedroomplus-study units of 1,679 to 2,120 sq ft. There are also penthouses of 2,411 and 5,210 sq ft.

Check out the latest listings for The Ritz-carlton Residences Singapore Cairnhill, The Waterina, The Rochester Residences properties

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