Unit at Marina Bay Residences turns in $5.47 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Marina Bay Residences on Marina Boulevard made the top gain of $5.47 million over the week of Sept 5 to 14. The 4,489 sq ft unit on the 51st floor was bought for $13.88 million ($3,092 psf) in October 2013 and sold for $19.35 million ($4,311 psf) on Sept 7. The seller therefore made a 39% profit, or an annualised profit of 4% over almost eight years.

Read also: Corner one-bedroom unit at Marina Bay Residences going for $1.7 mil

Located in District 1, Marina Bay Residences was completed in 2010 and has 428 units on a 99-year leasehold. It is a four-minute walk to Downtown MRT Station on the Downtown Line.

The second top gain made over the week — a 106% profit of $1.8 million — was at Grand Duchess at St Patrick’s, on St Patrick’s Road. The 2,573 sq ft unit on the fifth floor was purchased for $1.7 million ($661 psf) in October 2008 and sold for $3.5 million ($1,360 psf) on Sept 14. This means that the seller made an annualised profit of 6% over 13 years.

Grand Duchess at St Patrick’s, in District 15, comprises 121 freehold units and was completed in 2010. It is a two minute walk to the upcoming Marine Terrace MRT Station on the Thomson-East Coast Line.

A unit sold at Aspen Heights, on River Valley Road in District 9, made the third largest gain over the week, netting a 138% profit of $1.72 million for the seller. The 1,324 sq ft unit on the eighth floor was bought in July 2002 for $1.25 million ($944 psf), and sold for $2.97 million ($2,243 psf) on Sept 13. The seller therefore made an annualised profit of 5% over 19 years.

Aspen Heights comprises 606 units on a 999-year leasehold and was completed in 1998. It is an eight-minute walk to Fort Canning MRT Station on the Downtown Line.

On the other hand, the most unprofitable deal of the week was the resale of a 7,050 sq ft unit at Reflections at Keppel Bay in District 4. Having sold the property for $11 million ($1,560 psf) on Sept 10, the seller suffered a 39% loss of $6.95 million. The unit was purchased in May 2007 for $17.95 million ($2,550 psf). Over a holding period of more than 14 years, this translates into an annualised loss of 3%.

Reflections at Keppel Bay, located on Keppel Bay View, comprises 1,129 units on a 99-year leasehold and was completed in 2011. It is a seven-minute walk to Telok Blangah MRT Station on the Circle Line.