Seller at St Martin Residence reaps $2.07 mil profit
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The sale of a 1,744 sq ft, three-bedroom unit at St Martin Residence was the most profitable resale transaction during the week of Feb 17 to 24.
The first-floor unit was sold for $4.05 million ($2,323 psf) on Feb 23 after previously changing hands for $1.98 million ($1,135 psf) in November 2001. As a result, the seller reaped a profit of $2.07 million (104.7%), which translates to an annualised profit of 3%, after holding onto the unit for more than 24 years.
A 1,744 sq ft unit at St Martin Residence was sold for $4.05 million ($2,323 psf) on Feb 23 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
This marks the second resale deal at the development this year, according to lodged caveats. Prior to this, a 1,270 sq ft unit on the third floor transacted for $3.18 million ($2,504 psf) on Jan 30. The seller, who bought the unit for $2.3 million ($1,811 psf) in July 2009, made a gain of $880,000 (38.3%) on the transaction.
Completed in 2001, St Martin Residence is a freehold condo located along Saint Martin’s Drive, off Tanglin Road in prime District 10. The 82-unit development comprises a mix of one- to three-bedroom units spanning 549 to 2,982 sq ft. The condo is within walking distance of Tanglin Mall, and is also close to amenities on the Orchard Road shopping belt.
Meanwhile, the sale of a three-bedroom unit at Amber Point was the second most profitable resale during the week. The 1,690 sq ft unit on the 23rd floor was sold for $4.12 million ($2,439 psf) on Feb 19. It had previously fetched $2.2 million ($1,302 psf) back in July 2017. As a result, the seller took home a profit of $1.92 million (87.3%), which translates to an annualised profit of 7.6% over almost nine years.
The most recent deal marks the second most profitable transaction at Amber Point to date. The record profit of $1.94 million belongs to a similar 1,690 sq ft unit, which was sold for $3.82 million ($2,260 psf) in June last year after changing hands for $1.88 million ($1,112 psf) in October 2010. Hence, the seller reaped an annualised profit of 5% after a holding period of almost 15 years.
A three-bedder at Richmond Park came in third on the list of most profitable transactions of the week. The 1,550 sq ft unit on the 19th floor sold for $5.1 million ($3,290 psf) on Feb 20. It had previously changed hands for $3.3 million ($2,129 psf) in March 2007, resulting in the seller realising a gain of $1.8 million (54.5%) after a holding period of almost 19 years.
On the other hand, the sale of a three-bedroom unit at Seascape was the most unprofitable transaction during the period in review. The 2,174 sq ft unit changed hands for $4.05 million ($1,863 psf) on Feb 20. Located on the seventh floor, it was purchased for $5.92 million ($2,724 psf) in December 2010, which means the seller incurred a loss of $1.87 million (31.6%). This translates to an annualised loss of 2.5% over slightly more than 15 years.
The 2,174 sq ft unit at Seascape changed hands for $4.05 million ($1,863 psf) on Feb 20 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Completed in 2011, Seascape is a condo along Cove Way. It is among a handful of 99-year leasehold seafront developments in the exclusive Sentosa Cove enclave, which includes Cape Royale, The Oceanfront and The Coast.
The 151-unit Seascape consists of two eight-storey residential blocks, offering a mix of three- and four-bedroom units of 2,164 to 4,069 sq ft. It also houses 18 four-bedroom penthouses of 3,380 to 4,252 sq ft, as well as two five-bedroom villas spanning 9,665 and 6,631 sq ft, respectively.
Based on lodged caveats, the development saw a total of six resale deals in 2025, three of which were unprofitable. The units, which ranged from 2,164 to 2,680 sq ft, incurred losses of $308,000 to $2.67 million.
The second greatest loss incurred over the week was from the resale of a 1,238 sq ft unit at the freehold Scotts Square in prime District 9.
A unit at Scotts Square was sold for $4.08 million ($3,296 psf) on Feb 20 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The three-bedroom unit sold for $4.08 million ($3,296 psf) on Feb 20 after having been previously bought for $5.26 million ($4,245 psf). The seller bore a loss of $1.17 million (22.4%) after 18½ years.
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