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Five-bedder at Parc Stevens sold for $2.65 mil profit

The most profitable condo resale transaction recorded during the week of April 4 to 11 was the sale of a first-floor unit at Parc Stevens, a condo on Stevens Drive, off Stevens Road in prime District 10. A 3,466 sq ft, five-bedroom unit was sold for $7.86 million ($2,265 psf) on April 10, 16 years after it was bought for $5.2 million ($1,500 psf). This means the seller netted a profit of $2.65 million (51%) and it marks the highest psf-price recorded at Parc Stevens and the second most profitable transaction ever recorded at the development.

It is also the first unit to change hands this year at the 48-unit freehold condo which was completed in 2000. It comprises three lowrise blocks spanning four storeys each and consists of a mix of three- to five-bedders ranging from 1,722 to 3,466 sq ft. The condo is a five-minute walk to the Stevens MRT Station, which is an interchange for the Downtown and Thomson-East Coast Lines.

Meanwhile, the second most profitable transaction recorded during the week in review took place at Yong An Park, a freehold condo in the River Valley area. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf on April 6. The seller had bought the unit for $6.02 million ($1,753 psf) in March 2012, making a gain of $2.08 million (35%) after a 11-year holding period.

Completed in 1986, Yong An Park has a total of 288 residences and consists of one- to four-bedders between 1,023 sq ft and 3,552 sq ft, penthouse units ranging from 3,466 sq ft to 6,878 sq ft, and a collection of townhouse units starting from 7,718 sq ft. It is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

The most unprofitable transaction recorded during the week in review was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009, incurring a loss of $1.14 million (18%) across a 13-year holding period.

Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The 66-storey residential tower was a joint-venture project between Keppel Land, Cheung Kong Holdings and Hongkong Land, and was completed in 2013. Among the 221 units, typical residences are three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.

Since January 2021, 24 resale transactions have taken place at the development, of which 23 have taken place below the purchase price. The largest loss reported was $3.25 million.

Overall, the data indicated that despite the pandemic, people are still willing to take a leap of faith with their property investments, and those investing in Singapore remain confident in the sector. This is particularly so for Marina Gardens Condo condos that are close to MRT stations and in prime Districts, or are freehold and offer luxury living.