Three-bedder at Hawaii Tower reaps $3.2 mil profit
/ EdgeProp Singapore |
The sale of a three-bedroom unit at Hawaii Tower was the most profitable condo resale transaction during the week of Jan 30 to Feb 6. The 2,239 sq ft unit located on the seventh floor changed hands for $4 million ($1,787 psf) on Feb 2. The seller had purchased the unit for $775,000 ($346 psf) in April 1999. This means that they raked in a gain of $3.23 million on the transaction, which works out to a capital gain of 416% for the seller after owning the unit for nearly 25 years.
This is the most profitable resale transaction at Hawaii Tower to date, based on caveats lodged. It beats the previous record gain of $2.26 million netted by the seller of another 2,239 sq ft unit. The seller bought the unit in May 2004 for $1.2 million ($536 psf) and sold it in July 2019 for $3.46 million ($1,545 psf).
The 2,239 sq ft unit at Hawaii Tower changed hands for $4 million ($1,787 psf) on Feb 2 (Picture: Samuel Isaac Chua/The Edge Singapore)
Hawaii Tower is a 135-unit freehold condo located on Meyer Road in District 15. It was completed in 1984 and comprises primarily three-bedroom apartments of 2,239 sq ft. There are also penthouses between 4,370 and 4,390 sq ft.
Owners at Hawaii Tower have made four collective sales attempts in the last 15 years. In 2007, two attempts were made, with the first attempt priced at $800 million failing to obtain the required 80% consent from owners. A second try in late 2007 at the same price failed to find a buyer. In 2010, the site was launched for tender with a reserve price of $700 million. In 2017, a fourth collective sale attempt was initiated but did not materialise.
The second most profitable condo resale transaction during the week in review took place at The Cosmopolitan. This follows the sale of a 1,679 sq ft, four-bedroom unit on the seventh floor for $4.6 million ($2,739 psf) on Feb 2. The seller, who had bought the unit from the developer in April 2005 for about $1.62 million ($967 psf), made a profit of $2.98 million (183%) on the sale. They had owned the apartment for nearly 19 years.
This is the most profitable resale transaction at The Cosmopolitan thus far. It beats the previous record established in April 2021 when a 1,679 sq ft unit was sold for $4.03 million ($2,399 psf). That unit had been purchased by the seller in February 2007 for $2.18 million ($1,298 psf). Hence, they made a profit of $1.85 million on the sale.
The seller of a 1,679 sq ft unit at The Cosmopolitan made a profit of $2.98 million after it fetched $4.6 million ($2,739 psf) on Feb 2. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Cosmopolitan is a 228-unit freehold condo on Kim Seng Road in prime District 9 that is within walking distance of the Great World MRT Station on the Thomson-East Coast Line. Built in 2008, it consists of two blocks with units comprising two- to four-bedders measuring 1,141 to 1,679 sq ft.
On the other hand, Marina Bay Suites saw the most unprofitable condo resale transaction during the week in review. A four-bedroom unit measuring 2,680 sq ft fetched $5 million ($1,866 psf) on Jan 31. The seller bought the unit from the developer in December 2009 for $6.29 million ($2,346 psf). Thus, they made a loss of around $1.29 million or 20% after holding the apartment for slightly over 14 years.
A 2,680 sq ft at Marina Bay Suites sold for $5 million ($1,866 psf) on Jan 31, netting the seller a loss of around $1.29 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The 66-storey residential tower was completed in 2013 and has 221 units. Typical residences are three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.
The development has seen several resale transactions that have occurred below their respective purchase prices in the past year. Data compiled by EdgeProp Research based on available caveats show that of the eight condos that changed hands at Marina Bay Suites in 2023, seven were unprofitable transactions. The units, measuring between 1,572 and 2,680 sq ft, were sold for between $2.81 million and $5.25 million, with the respective sellers netting losses between $185,000 and $1.14 million.
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