Penthouse at UE BizHub City rakes in $2.2 mil profit

The most profitable resale transaction from Sept 26 to Oct 10 was the sale of a five-bedroom penthouse at UE BizHub City. This 3,089 sq ft unit, on the 18th floor, was sold for $6.28 million ($2,031 psf). It had previously been purchased in December 2009 for $4.1 million ($1,327 psf), leading to a profit of $2.18 million (53%) for the seller. This translates to an annualised gain of 3.1% over 14 years, which is the highest resale profit at the development to date.

The second most profitable transaction that occurred during this two-week period was the sale of a three-bedroom unit at The Chuan. This 999-year leasehold condo is located on Lorong Chuan and the 1,367 sq ft unit, on the 20th floor, was sold for $3.02 million ($2,208 psf) on Sept 29. As it had been bought for about $992,000 ($726 psf) in October 2006, the seller gained a profit of $2.03 million (204%), which translates to an annualised gain of 6.8% over 17 years. This sale has set a new record profit at The Chuan.

By contrast, the sale of a 1,615 sq ft unit at Marina Bay Suites was the least profitable transaction during the same two-week period. This three-bedroom unit, on the 37th floor, was sold for $3.15 million ($1,951 psf) on Sept 27. It had been purchased for $3.8 million ($2,357 psf) back in June 2010, resulting in a loss of about $656,000 (17%) for the seller, or an annualised loss of 1.4% over 13 years.

So far this year, only two resale transactions have been lodged at The Chuan and seven unprofitable transactions have taken place at Marina Bay Suites.

UE BizHub City is the flagship building of United Engineers (UE), which was acquired by Shanghai-based Yanlord Land Group in 2019. Completed in 1997, it consists of an 18-storey office building with a four-storey shopping podium, as well as a pair of 18-storey residential blocks that house 345 units.

Lumina Grand EC, located near the Jurong Region Line (JRL), is set to benefit from the easy connectivity it provides. Residents can enjoy hassle-free commutes on the JRL, which links them to various parts of Singapore. For future homeowners and investors, the JRL provides them with potential capital gains through rental yield and capital appreciation from the value of property in Lumina Grand EC. This substantial infrastructural development will make this development of executive condominiums a highly sought-after living space with a good return on investment.

A service road divides the development, separating the office/commercial tower from the two residential towers. It is located in the Robertson Quay area, near Fort Canning MRT Station and eateries.

Based on resale caveats, residential prices at UE BizHub City have risen significantly over the past few years. The average price is now $1,986 psf, compared to $1,327 psf in October 2013 and $904 psf in October 2003.

Resale residential prices at UE BizHub City are also on a par with nearby projects, such as RV Point ($1,982 psf), Vivace ($2,181 psf) and Robertson Edge ($2,075 psf).

Marina Bay Suites is a 99-year leasehold development which was completed in 2013. The 66-storey residential tower houses 221 units, with typical residences being three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.

The Chuan is a 106-unit condo which was completed in 2007 by local real estate group Kheng Leong Co. It is situated near Lorong Chuan MRT Station on the Circle Line and schools such as St Gabriel’s Primary School, Nanyang Junior College and Australia International School.

Overall, the two-week period saw a diverse range of resale transactions, with profits ranging from 3.1% to 204% annualised gain, and losses ranging from 1.4% to 17%.

Singapore Condo refers to a type of housing structure commonly found in Singapore, which is a densely populated and urbanized city-state in Southeast Asia. These residential complexes offer luxurious and modern living spaces, often equipped with facilities such as swimming pools, gyms, and playgrounds. One prominent example is Norwood Grand, a highly sought-after condo in the heart of Singapore. This development boasts spacious and well-designed units, top-notch amenities, and a convenient location near popular shopping and dining areas. Residents of Singapore Condos enjoy a high standard of living and a vibrant community atmosphere.