Parc Stevens in District 10 was the site of the most profitable condo resale transaction recorded during the week of April 4 to 11 according to caveats lodged. On April 10 a first-floor unit spanning 3,466 sq ft with five bedrooms sold for the impressive sum of $7.86 million, a significant increase from the price of $5.2 million it had been purchased for in April 2007. This resulted in a massive profit of $2.65 million or 51% after a 16 year holding period.
This sets the highest psf-price ever seen at Parc Stevens, composed of three lowrise blocks spanning four storeys each, and marks the first unit sold at the development this year as well as the second most profitable transaction ever recorded. Last May, a 3,305 sq ft unit on the fourth floor changed hands at an astounding $1,885 psf or a gain of $2.73 million.
The second most profitable transaction took place at Yong An Park, a freehold condo in the River Valley area. On April 6 a four-bedroom unit measuring 3,434 sq ft on the 10th floor was sold for $8.1 million, resulting in a 35% profit of $2.08 million over an 11 year period for the seller.
The most unprofitable transaction was recorded at Marina Bay Suites. The 2,680 sq ft four-bedroom on the 25th floor, purchased from the developer for $6.39 million in December 2009, sold for $5.25 million on April 10 resulting in a loss of $1.14 million or 18% for the seller. This development is a 99-year leasehold, with 221 three- and four-bedroom homes ranging in size from 1,572 to 2,691 sq ft.
Since the beginning of 2021, with the exception of the unit sold in March, all units at Marina Bay Suites have sold below the purchase price. Losses range from $7,000 to $3.25 million.
The week in review showed sizeable profits at Parc Stevens, Yong An Park and even large losses at Marina Bay Suites, despite its location in the Marina Financial District. It is clear that the success of any resale transaction hinges on many factors, including the location and length of the holding period.