A unit at Parc Stevens in prime District 10 has recorded the most profitable resale transaction in the week of April 4 to 11. The 3,466 sq ft, five-bedroom unit sold for $7.86 million ($2,265 psf) on April 10, a staggering profit of $2.65 million (51%) for the seller. After buying the unit for $5.2 million ($1,500 psf) in April 2007, the successful sale marks 16 years of holding the unit.
This was the highest psf-price recorded at Parc Stevens, and the second most profitable transaction ever recorded at the development. Spanning four storeys, the 48-unit freehold condo consists of a mix of three- to five-bedders, ranging in size from 1,722 to 3,466 sq ft. It is conveniently located within a five-minute walk of the Stevens MRT Station.
The second most profitable transaction during the week in review occurred at Yong An Park, conveniently located within a five-minute walk of the Great World MRT Station. A four-bedroom unit measuring 3,434 sq ft sold for $8.1 million (2,359 psf) on April 6, a 35% gain in 11 years for the seller, who had bought the unit for $6.02 million ($1,753 psf).
The most unprofitable transaction of the week was the sale of a four-bedroom unit at Marina Bay Suites, a 99-year leasehold residential tower with 66 storeys. 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 bought the unit from the developer for $6.39 million ($2,383 psf) in December 2009, resulting in a loss of $1.14 million (18%).
This was not an isolated case as, since January 2021, 23 out of 24 resale transactions at Marina Bay Suites have occurred at a loss below the purchase price. The respective sellers saw losses ranging from between $7,000 and $3.25 million.
Overall, four- and five-bedroom units at Parc Stevens, Yong An Park and Marina Bay Suites all saw resale transactions in the past week in which the seller made sizable gains or losses. The respective profits or losses, along with their respective holding periods, demonstrate the value of carefully researching the real estate market before purchasing an asset.