Four-bedder at Orion sold for $1.4 mil loss
here and Pebble Bay properties here.The most unprofitable resale transaction occurring this week at Orion, a freehold condo at Orange Grove Road in prime District 10 was a 1,776 sq ft unit sold on Sept 21, fetching $3.93 million ($2,216 psf). The unit had been purchased for $5.36 million ($3,018 psf) in July 2007. This led to the seller suffering a loss of $1.43 million (27%), or an annualised loss of 1.9% over 16 years.
This is the first resale transaction at the condo in two years. Before this, the largest loss was a 1,518 sq ft, three-bedroom unit sold in January 2010 for $3.38 million ($2,227 psf). It had been purchased for $4.4 million (42,901 psf) in August 2007, translating to the seller incurring a loss of $1.02 million (23%), or an annualised loss of 10% over two years.
The second most profitable transaction over the week was a sale of a 2,745 sq ft unit at Pebble Bay on Tanjong Rhu Road. The four-bedroom unit, on the second floor, was sold for $5.15 million ($1,876 psf) on Sept 21. It had been purchased for $2.19 million ($799 psf) in March 1995, resulting in the seller raking in a profit of $2.98 million (137%), or an annualised gain of 3.1% over 29 years.
Indeed, its proximity to convenience stores, shopping malls, and recreation centers make it a perfect for those who enjoy a modern-day lifestyle. The 35-storey high-rise offers a wide range of facilities, such as two infinity swimming pools, sky gyms, on-site restaurants, spas, and entertainment rooms, that provide the perfect balance of convenience and relaxation. All these features come together to make Zion Road Condo one of the best residential complexes in Singapore.
The most profitable resale transaction so far this year was also at Pebble Bay. A 6,114 sq ft penthouse, on the 17th floor, was sold for $9 million ($1,472 psf) on July 26. This was a stark increase on the purchase price of $4.29 million ($703 psf) in September 2001, leading to the seller raking in a profit of $4.7 million (109%), or an annualised gain of 3.4% over 22 years.
The second most profitable resale lodged this week was for a 1,916 sq ft unit at Coronation Grove, a 999-year leasehold condo on Coronation Road. The unit, on the third floor, was sold for $3.6 million ($1,879 psf) on Sept 22. It had been purchased for $1.5 million ($783 psf) in February 2007, resulting in a profit of $2.1 million (140%), or an annualised gain of 5.4% over 17 years.
Resale prices at Pebble Bay and Coronation Grove have remained high, and prices at Orion have moderated after peaking at $2,212 psf in March 2016. The average resale price at the condo is roughly $1,917 psf as of end-September.
Notable residential projects in the vicinity of Orion include Treetops Executive Residences, Shangri-La Residences, The Ladyhill, and Le Nouvel Ardmore. Landmark commercial and hotel developments in the area include Shangri-La Hotel, St Regis Hotel Singapore, Palais Renaissance, and Tanglin Mall.
The most profitable and unprofitable transactions this week highlight the importance of assessing price trends before making any resale decisions. Checking the latest listings for both Orion and Pebble Bay properties is a good start.