Four-bedder at Marina Bay Residences sold at $2.4 mil loss

The sale of a four-bedroom unit at Marina Bay Residences was the most unprofitable condo resale transaction recorded during the week of Oct 17 to 24. Data shows that the unit, measuring 2,368 sq ft and located on the 30th floor, changed hands for $6.9 million ($2,914 psf), resulting in a loss of $2.39 million (or a 26% loss) for the seller over a period of 9 ½ years.

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On the other hand, the most profitable transaction recorded during the week of Oct 17 to 24 took place at Tiara. A three-bedder measuring 1,346 sq ft was purchased by the seller for $3.13 million ($2,326 psf), netting a gain of $1.55 million, or 98% after holding the property for slightly over 23 years. Tiara is a freehold condo located along Kim Seng Walk in District 9’s River Valley area and completed in 1995.

Claremont saw the second most profitable transaction during the week, with a 1,367 sq ft, three-bedroom unit on the first floor sold for $2.43 million ($1,778 psf). The unit was purchased by the seller in July 1999 for $1.04 million ($762 psf), resulting in a gain of $1.39 million (133%) after holding the property for slightly more than 24 years. This is the most profitable resale transaction to occur at Claremont, based on caveats lodged.

With units ranging from one- to four-bedroom apartments of 710 to 2,379 sq ft, Marina Bay Residences has seen 12 other resale transactions to date this year. Out of these, eight have been unprofitable, with respective sellers netting losses from around $45,000 to $510,000. This proves that successful real estate investments need to be carefully researched and chosen.