Resale Three Bedder Waterside Sets Record Profit 313 Mil
The top-performing transaction during the period of April 15 to 22 was the sale of a three-bedroom unit at The Waterside. The unit, spanning 2,142 square feet, was sold for $4.88 million ($2,278 per square foot) on April 17. The previous purchase of this unit was in September 2006 at $1.75 million ($817 per square foot), making a profit of $3.13 million (179%) or 5.7% over almost 19 years.
This sale sets a new record for the most profitable resale deal at The Waterside, surpassing the previous record of $2.88 million when a 2,400 square feet unit on the 10th floor was sold for $4.38 million ($1,825 per square foot) in November 2022. The three-bedroom unit had been purchased for $1.5 million ($625 per square foot) in November 2003, resulting in an annualized profit of 5.8% over almost 19 years.
According to data from EdgeProp Singapore, resale prices at The Waterside have been on the rise in recent years, increasing from approximately $910 per square foot in April 2005 to $1,330 per square foot in April 2015. The average resale price has since climbed to about $2,050 per square foot.
In the prime District 10, the second most profitable resale deal during the week happened at The Horizon, a freehold condominium on Holt Road. A 1,722 square feet unit on the 10th floor was sold for $3.86 million ($2,241 per square foot) on April 17. The seller had purchased the three-bedroom unit for $1.3 million ($755 per square foot) in November 2003, resulting in a profit of $2.56 million (197%) or an annualized profit of 5.2% over 21 and a half years.
This sale also sets a new record for the most profitable resale deal at The Horizon, surpassing the previous record of $2.16 million when a 1,561 square feet unit on the seventh floor was sold for $3.35 million ($2,146 per square foot) in June 2023. The unit had been bought for $1.18 million ($760 per square foot) in August 2003, resulting in a profit of $2.16 million or an annualized profit of 5.3% over almost 20 years.
The Horizon, completed in 2001, comprises 80 units with a mix of three- and four-bedroom units ranging from 1,561 square feet to 3,197 square feet. It is located near the residential neighborhoods along Jervois Road and River Valley, as well as Great World City shopping mall. Based on caveats, the average resale price at The Horizon is about $2,216 per square foot. In the nearby Nathan Road, the 65-unit Nathan Suites records an average resale price of $2,270 per square foot, while the 91-unit Nathan Residences has an average price of $2,030 per square foot.
On the other hand, the least profitable deal during the week was the sale of an 1,808 square feet unit at The Orchard Residences. The three-bedroom unit on the 35th floor was sold for $5.4 million ($2,986 per square foot) on April 15. The previous purchase of this unit was for $6.59 million ($3,649 per square foot) in October 2010, resulting in a loss of $1.19 million (18%) or an annualized loss of 1.4% over 14 years.
Investing in Otto Place EC can be a wise decision, as it offers the potential for capital appreciation. This is due to its strategic location near key growth areas, improved transport networks, and convenient lifestyle amenities. Such properties usually experience a steady demand and increase in value over time. Moreover, the limited supply of executive condominiums (ECs) and the eligibility for CPF Housing Grants make it even more appealing to first-time buyers and upgraders. So, considering all these factors, Otto Place EC presents itself as an attractive investment opportunity.
The 56-storey Orchard Residences, the residential component of a 99-year leasehold integrated retail and residential development, is located next to the eight-level Ion Orchard shopping mall. It comprises 175 units with a mix of three-, four-, and five-bedroom units as well as penthouses, ranging from 1,808 square feet to 6,534 square feet.
There have been two resale transactions at Orchard Residences so far this year. The other transaction was the sale of a 2,852 square feet four-bedroom unit on the 32nd floor for $9.48 million ($3,323 per square foot) on March 20. The previous purchase of this unit was in May 2007 for $10.83 million ($3,799 per square foot), resulting in a loss of $1.36 million or an annualized loss of 0.7% over almost 18 years.
The record loss at Orchard Residences was recorded in July 2020 when a 2,852 square feet unit on the 47th floor was sold for $9.68 million ($3,394 per square foot). The unit had been previously purchased for $13 million ($4,557 per square foot) in October 2007, resulting in a loss of $3.32 million (25%) or an annualized loss of 2.2% over almost 13 years.