Three Bedder Palm Spring Sets Record Profit 319 Mil

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Rewritten:A three-bedroom unit at Palm Spring has made headlines for its record-breaking resale transaction. The unit, which is located on the fourth floor and spans 1,884 sq ft, was sold for $4.4 million on January 20. According to caveats lodged, this translates to $2,336 per square foot (psf).The unit was originally purchased for $1.21 million ($642 psf) in August 2005. With a profit of $3.19 million (264%), the seller has achieved the most profitable resale transaction at Palm Spring to date. This equates to an annualised profit of 6.8% over a nearly 20-year period. Previously, the record was held by another unit at Palm Spring, a 1,970 sq ft unit on the first floor that sold for $3.94 million ($2,000 psf) in April 2023. This unit was bought for $1.38 million ($701 psf) in January 2003.AdvertisementAccording to data from EdgeProp Singapore, prices at Palm Spring have been consistently increasing over the past 20 years. The average transacted price in January 2021 was approximately $2,342 psf, up from around $1,439 psf in January 2015. In January 2005, the average price was only about $973 psf.Last year, there were two other profitable transactions at Palm Spring. In September, a 947 sq ft unit was sold for $2.19 million ($2,312 psf), resulting in a profit of $990,000. In October, a 1,496 sq ft unit was sold for $3.36 million ($2,246 psf), resulting in a profit of $2.24 million.Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10. The development, which consists of 167 units, was completed in 1997 and is currently 28 years old. It is conveniently situated near Stevens MRT Interchange, which connects the Downtown Line (DTL) and Thomson-East Coast Line, as well as Newton MRT Interchange, which connects the North-South Line and DTL.Meanwhile, the second most profitable resale transaction during the same period was the sale of a four-bedroom unit at Orchard Bel Air. The unit, which spans 3,229 sq ft and is located on the 12th floor, was sold for $4.65 million ($1,440 psf) on January 15. This transaction resulted in a profit of $3 million (182%). The unit was originally purchased for $1.65 million ($511 psf) in May 2001, which equates to an annualised profit of 4.5% over a 24-year period.AdvertisementAdditionally, this sale has also set a record at Orchard Bel Air. The previous record was held by a penthouse unit on the 25th floor, which sold for $8.3 million ($1,275 psf) in January 2013. This unit was originally bought for $3.83 million ($588 psf) in March 2006.The only other 99-year leasehold condominium within the vicinity is the neighbouring Cuscaden Reserve, a luxury development with 192 units that was completed in 2023. Transaction records show that the average price at Cuscaden Reserve is about $3,043 psf.Orchard Bel Air is a 99-year leasehold condominium situated on Orchard Boulevard in prime District 10. Built in 1984, it has about 54 years remaining on its land tenure. Next to Orchard Bel Air is a government land sale (GLS) site on Orchard Boulevard that was awarded to a UOL-SingLand joint venture in February 2020. The winning bid for this site was $428.28 million, which equates to a land rate of $1,617 psf per plot ratio.On the other hand, the most unprofitable transaction during this period took place at Marina Bay Suites. On January 24, the seller of a 1,625 sq ft unit on the 58th floor incurred a loss of $1.15 million (27%) when it was sold for $3.1 million ($1,907 psf). The unit was originally sold for $4.25 million ($2,614 psf) back in May 2012. This equates to an annualised loss of 27% over a nearly 13-year period.The transaction at Marina Bay Suites is the most recent in a series of unprofitable deals at the development, with the last 14 consecutive transactions resulting in losses over the past nine months. During this period, losses ranged from $40,000 to $2.5 million.Marina Bay Suites is a 99-year leasehold condominium located within the Marina Bay Financial Centre mixed-use development, which consists of six towers located at Central Boulevard and Marina Boulevard. The condominium, which comprises 221 units, was completed in 2010 and is currently 11 years old.According to data from EdgeProp Singapore, the average selling price at Marina Bay Suites has fallen from $2,502 psf in January 2015 to $1,921 psf as of January 2021. Other 99-year leasehold condominiums in the vicinity command higher resale prices, such as The Sail @ Marina Bay ($2,047 psf), Marina Bay Residences ($2,242 psf), Marina One ($2,103 psf), and V on Shenton ($2,027 psf).