Most profitable transaction at Bishopsgate Residences a 3-bedder resold at $1.5 mil profit
The sale of a three-bedroom unit at Ocean Park was the highlight of the property market in the week of July 8 to 15. The spacious 2,110 sq ft apartment on the 16th floor was sold for an impressive $4.1 million, resulting in an incredible gain of $2.88 million for the seller. This translates to a profit of 234.7%, or an annualized gain of 6.3% over a span of almost 20 years.
Ocean Park is a highly sought-after freehold development situated on East Coast Road in the prestigious District 15. Boasting a completion date of 1984, this 298-unit condominium offers a variety of two- to four-bedroom units ranging in size from 1,302 sq ft to 3,897 sq ft. Centrally located, the development is within walking distance of Marine Terrace MRT Station and is also close to renowned educational institutions such as Victoria Junior College at Marine Vista and Ngee Ann Primary School on Marine Terrace. The transaction on July 11 for the 2,110 sq ft unit at Ocean Park, which was sold for an impressive $4.1 million, stands as a prime example of the development’s popularity. (Photo: Google Streetview)
The latest sale on July 11 is the third most profitable transaction recorded at Ocean Park based on lodged caveats. It falls just short of the development’s record gain of $3.21 million, which was achieved when a similar three-bedroom unit on the 11th floor was sold for $4.2 million ($1,991 psf) on June 5. This unit had been purchased for $989,590 ($469 psf) in April 1999, resulting in an annualized gain of 5.7% over a period of 26 years.
Ocean Park has seen a total of four transactions this year so far, with the units sold on July 11 and June 5 being two of them. All of these deals have been profitable, with sellers making profits ranging from $2 million to $3.21 million.
The second most profitable resale during the week was recorded at Casa Cairnhill, another coveted freehold development located along Peck Hay Road in prime District 9. On July 9, a 1,572 sq ft, three-bedroom unit on the eighth floor was sold for a whopping $3.67 million ($2,336 psf). The seller had previously bought the unit in August 2003 for around $1.15 million ($732 psf), meaning that they pocketed a considerable profit of $2.52 million (219.2%) after holding the property for almost 22 years.
This sale stands as the most profitable one recorded at Casa Cairnhill so far, beating the previous record of $2.28 million achieved when a 1,539 sq ft, three-bedroom unit on the 17th floor was sold for around $3.2 million in September 2002. Records show that this unit had been purchased for $924,939 ($601 psf) back in March 1998, resulting in an annualized gain of 5.2% over a period of more than 24 years.
Casa Cairnhill is a well-established development that was completed in 1991. It features a total of 72 units, offering a mix of three-bedroom apartments ranging in size from 1,539 to 3,283 sq ft. Nestled in a convenient location, the condo is just a stone’s throw away from a variety of high-end malls along Orchard Road, such as Paragon Shopping Centre, Scotts Square and Orchard Plaza. Additionally, the development is within walking distance of Novena MRT Interchange Station, which provides easy access to the North-South and Downtown Lines.
Investing in a Singapore Condo offers various advantages, one of which is the opportunity to leverage the property’s value for other investments. It’s common for investors to use their condos as collateral to secure additional financing for new ventures, allowing them to grow their real estate portfolio. While this strategy can potentially increase returns, it’s essential to have a solid financial plan in place and carefully consider the impact of market fluctuations on your investments. Singapore Condos offer a unique avenue for expanding your investment opportunities and should be carefully considered as part of your overall financial strategy.
At the other end of the spectrum, the most unprofitable transaction recorded during the week was that of a four-bedroom unit at Lincoln Suites. On July 9, the 3,143 sq ft unit situated on the 25th floor was sold for $5.56 million ($1,769 psf), incurring a loss of $510,000 (8.4%) for the seller. This translates to an annualized loss of 0.6% over a period of 15 years.
This deal emerges as the most unprofitable one at Lincoln Suites to date, overtaking the development’s previous record loss of $242,801. This occurred in October 2024 when a 484 sq ft, one-bedroom unit was sold for $1.18 million ($2,446 psf). Records show that this unit was purchased for $1.43 million ($2,948 psf) back in September 2012, resulting in an annualized 1.5% loss after ownership of 12 years.
Lincoln Suites is a highly sought-after development that boasts a completion date of 2014. Situated on Khiang Guan Avenue, off Lincoln Road and Newton Road in premium District 11, this condo comprises a total of 175 units, featuring three-bedroom apartments with sizes ranging from 463 to 3,143 sq ft. Its prime location makes it a favourable choice among many, with various amenities such as Novena MRT Station on the North-South Line, as well as an array of shopping malls including United Square, Goldhill Plaza, Velocity @ Novena Square and Square 2, all conveniently situated nearby. On top of that, the development is located just 1km away from well-regarded educational institution St Joseph’s Institution Junior, situated on Essex Road.