Seller at The Waterside reaps $3.38 mil profit
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The sale of a four-bedder at The Waterside was the most profitable condo resale transaction recorded during the period of March 22 to 31. The 2,433 sq ft unit on the 23rd floor changed hands for $5.78 million or $2,376 psf on March 25. The apartment was purchased for $2.4 million, or $987 psf, in February 1997. Thus, the seller made a profit of $3.38 million (140.7%), representing an annualised gain of 3.1% over more than 29 years.
A four-bedder was sold for $5.78 million on March 25 at The Waterside, with the seller netting $3.38 million in profit (Photo: Samuel Isaac Chua/EdgeProp Singapore)
To date, the transaction is the second most profitable resale deal at The Waterside. The top gain comes from a transaction on Feb 25, when a 2,411 sq ft, three-bedroom apartment was sold for $5.5 million ($2,281 psf). The seller bought the unit for $1.69 million ($700 psf) in April 1998, which means they fetched $3.81 million in profit. This translates to an annualised gain of 4.3% over nearly 28 years.
There have been five resale deals at The Waterside so far this year. Based on available caveats, three of the deals were profitable, with sellers netting gains from $1.19 million to $3.81 million. Last year, the condo recorded six profitable resale transactions, with profits ranging from $650,000 to $3.13 million.
Completed in 1993, The Waterside is a freehold condo on Tanjong Rhu Road with 502 units spread across seven 23-storey blocks. The apartments have three- and four-bedroom layouts of 2,142 to 2,433 sq ft. The condo is opposite the Katong Park MRT Station on the Thomson-East Coast Line, as well as Dunman High School.
Another freehold condo, Tiara, recorded the second-highest gain during the period in review. A 1,507 sq ft three-bedder on the 25th floor was sold for $3.76 million, or $2,495 psf, on March 23. It was previously transacted at $1.16 million, or $770 psf, in 1999. Hence, the seller garnered $2.6 million in profit (224.0%), or 4.4% in annualised gains across roughly 27 years.
On March 23, a three-bedroom unit at Tiara changed hands for $3.76 million, recording a profit of $2.6 million for the seller (Photo: Samuel Isaac Chua/EdgeProp Singapore)
This is the most profitable resale transaction at Tiara to date, topping the previous record deal that occurred in September 2022, when a 1,507 sq ft, three-bedroom unit on the 13th floor changed hands for $3.3 million ($2,190 psf). The seller, who bought the unit for $1.18 million ($786 psf), netted a $2.6 million gain and an annualised profit of 5.2% over 20 years.
Located along Kim Seng Walk, Tiara is a 264-unit condo with units ranging from two- to three-bedrooms with sizes from 893 to 1,561 sq ft. The condo is next to Great World mall and the Great World MRT Station on the Thomson-East Coast Line. Within 1km of the condo are two schools, Alexandra Primary School and River Valley Primary School.
On the other hand, the most unprofitable condo resale deal during the period in review occurred at Reflections at Keppel Bay, where a 1,539 sq ft, three-bedroom apartment on the 11th floor was sold for $2.5 million, or $1,624 psf, on March 30. The seller had purchased the unit for $3.36 million ($2,185 psf) in 2012. Thus, the transaction incurred a loss of $863,379 (25.7%), or an annualised loss of 2.2% over nearly 13½ years.
The owner of a three-bedroom unit at Reflections at Keppel Bay incurred a loss of $863,379 upon selling their unit for $2.5 million on March 30 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Reflections at Keppel Bay is a 99-year leasehold condo in District 4. It is one of the iconic projects designed by renowned architect Daniel Libeskind, and marked his first residential project in Asia.
Units are a mix of one- to five- bedroom apartments as well as penthouses, with sizes ranging from 775 to 13,300 sq ft.
The project is within walking distance of the Telok Blangah MRT Station (Circle Line). Nearby is also VivoCity, Singapore’s largest mall.
To date, the most unprofitable resale transaction at the condo was a deal brokered in September 2021, when a 7,050 sq ft penthouse on the 40th floor was sold for $11 million ($1,560 psf). The unit was previously purchased in 2007 for $17.98 million ($2,550 psf). As a result, the seller sustained a $6.98 million loss, or an annualised loss of 3.4% over 14 years.
According to data from EdgeProp Research, Reflections at Keppel Bay saw 30 unprofitable transactions last year, with the losses ranging from around $14,000 to $1.38 million.
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