Four-bedroom home in Orchard Bel Air sold for $2.6 million profit

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Marina View Residences site

A four bedroom condo in Orchard Bel Air was the most profitable condo resale in the period June 6 to 13 in accordance with caveats that were filed with URA. The 3,229 square foot unit located on the 15th floor was sold at $5 million ($1,548 per square foot) the 6th of June. It was bought from the vendor in March of 1996 at $2.39 million ($740 per sq ft) that is, they earned an income in the amount of $2.61 million. This amounts to the capital increase of 109% over a period that was around 27 years.

Marina View Residences site is along Union Street and Shenton Way, putting the future residents at a stone’s throw distance from the Shenton MRT station that links to the Thomson East-Coast Line.

The first time a resale deal in Orchard Bel Air since December 2020 when a 3,240 square foot unit was purchased to a buyer for $4.76 million ($1,469 per square foot). This is the fourth-highest-profit sold-out transaction that was recorded during the building’s development. The most profitable sale took place during January 2013 when a sole penthouse measuring 6,512 square feet sold for $8.3 million ($1,275 per square foot). The seller earned an income of $5.5 million after having bought the penthouse at $2.8 million ($434 per sq ft) in the past ten years.

Orchard Bel Air is a 99-year leasehold condominium built in 1984 by UOL Group and completed in 1984. The 25-storey building contains 70 apartments that range from 3,208 to 3,251 square feet in addition to a penthouse measuring 6,512 square feet. It is located along Orchard Boulevard in District 10 It is located near the Orchard Boulevard MRT Station on the Thomson East Coast Line.

The residents of Orchard Bel Air had put the tower on collective auction in July 2022 at a cost at $587.5 million. In January the tower was put up to sell collectively with the same price as the guide. The tender ended on March 1 with no buyer.

The second-highest profit resale deal during the week under review occurred at another condominium located in District 10 -District 10 – The Ladyhill is a freehold development located on Lady Hill Road, close to the exclusive Nassim Road residential enclave. A 3,261 square foot, three-bedroom apartment on the first floor was offered for sale at $7.5 million ($2,300 per square foot) on 13 June. The unit was bought at $5.38 million ($1,650 per square foot) in August 2006. The seller thus made an income that was $2.12 millions (39%) over a time period of about 17 years.

It was developed in collaboration with SC Global Developments, The Ladyhill is a boutique condominium which was completed in 2002. It is comprised of 55 units over a four-story building, which includes three- and four-bedders ranging between 2,239 to 4,499 sq feet. It is the Ladyhill was the site of three units go under the hammer in the past year each of which was profitable. This includes the most profitable deal for resales recorded in the site – selling a 2 411 square foot three-bedroom apartment in the amount of $7.28 million ($3,019 per square foot) on the 13th of April. The seller purchased the property at the expense of developer on March 3, 2003, at $3.81 million. That’s an income in the amount of $3.47 million. Another unit sold on the 13th of April netted the seller $2.78 million, which makes it the second highest-profit resale deal in the history of The Ladyhill. The 3,200 square feet unit brought $7.58 million ($2,154 per square foot).

In the meantime, Marina Bay Suites saw the worst deal to be recorded in the week-long the review. The 1,572 square feet apartment on the 31st floor was sold to the value of $2.88 million ($1,833 per square foot) in June. The buyer, who bought the three-bedroom apartment at the request of developer developer at the end of December, 2009 $3.54 million ($2,254 per sq ft) was able to recover the loss of $662,000. This amounts to 19% loss over a time duration of thirteen and a half years, or an annualized losses that was 1.5%.

Marina Bay Suites is a 99-year leasehold development located on Central Boulevard in the Marina Bay financial district. The 66-story residential tower was a joint venture project of Keppel Land, Cheung Kong Holdings and Hongkong Land. The tower was completed in 2013 and comprises 221 apartments. The typical residences comprise three and four bedroom homes that range from 1,572 to 2,691 square feet.

The project has resulted in six resales transactions in the last year five of which been sold at prices below their respective price of purchase, as per information compiled by EdgeProp Research. The units, which range between 1,572 and 2,680 square feet were sold at prices ranging from $2.81 million to $5.25 million which is between $1,752 and $2,018 per square foot. The sellers suffered losses of between $185,000 and $1.14 million