The most unprofitable transaction taking place recently was at Marina Bay Suites, where a 1,625 sq ft unit, on the 58th floor, incurred a loss of $1.15 million. (Picture: Samuel Isaac Chua/) The most profitable resale transaction in the period between Jan 14 to 28 was that of a three-bedroom unit at Palm Spring, which sold for a record-breaking price of $4.4 million ($2,336 psf) on Jan 20, according to data from caveats lodged. This marks a significant increase from its purchase price of $1.21 million ($642 psf) back in August 2005. The seller earned a remarkable profit of $3.19 million (264%) on the sale, equivalent to an annualised profit of 6.8% over the past 20 years. This transaction also sets a new record for being the most profitable resale deal at Palm Spring to date, surpassing the previous record profit of $2.56 million (185%) earned when a 1,970 sq ft unit on the first floor was sold for $3.94 million ($2,000 psf) in April 2023. The previous owner had bought the unit for $1.38 million ($701 psf) in January 2003. According to a compilation of resale transactions by EdgeProp Singapore, prices at Palm Spring have seen a steady increase over the past two decades. In January 2021, the average transacted price at the condominium was approximately $2,342 psf, up from around $1,439 psf in January 2015. This marks a significant jump from the average sale price of only $973 psf back in January 2005.AdvertisementAdvertisementLast year, there were two resale transactions at Palm Spring. The first was a 947 sq ft unit that sold for $2.19 million ($2,312 psf) in September, resulting in a significant profit of $990,000. The other was a 1,496 sq ft unit that changed hands for $3.36 million ($2,246 psf) in October, earning its seller a profit of $2.24 million. Additionally, Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10 and was completed back in 1997, making it 24 years old. Its proximity to Stevens MRT Interchange on the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and DTL, makes it highly desirable and convenient for residents. In comparison to its neighbouring 99-year leasehold condominium, the 192-unit luxury condo Cuscaden Reserve, which was completed in 2023, the average price at Palm Spring is around $3,043 psf. The second most profitable resale transaction in the same period was the sale of a four-bedroom unit at Orchard Bel Air, earning its seller a profit of $3 million (182%). It was sold on Jan 15 for $4.65 million ($1,440 psf), in contrast to its purchase price of $1.65 million ($511 psf) back in May 2001. This translates to an annualised profit of 4.5% over the course of 24 years. The highest recorded profit at Orchard Bel Air to date is from the sale of a 6,512 sq ft penthouse unit on the 25th floor, which sold for $8.3 million ($1,275 psf) in January 2013. The previous owner had acquired it for $3.83 million ($588 psf) in March 2006. The only other 99-year leasehold condominium in the vicinity is the neighbouring Cuscaden Reserve, which has an average transacted price of around $3,043 psf, according to transaction data.Orchard Bel Air is situated on Orchard Boulevard in prime District 10 and is a 99-year leasehold condo that was completed in 1984. The condo currently has around 54 years left on its land tenure. An adjacent government land sale (GLS) site on Orchard Boulevard was awarded to a UOL-SingLand joint venture last February at a price of $428.28 million, or a land rate of $1,617 psf per plot ratio (ppr).On the other hand, the most unprofitable transaction during the period in review was at Marina Bay Suites, where 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 on Jan 24. The unit was sold for $3.1 million ($1,907 psf) after originally being purchased for $4.25 million ($2,614 psf) back in May 2012. As a result, the seller experienced an annualised loss of 27% over the period of 13 years. The sale is the latest in a string of unprofitable deals at Marina Bay Suites, with 14 consecutive loss-making transactions in the past nine months, ranging in losses of $40,000 to $2.5 million per sale.AdvertisementMarina Bay Suites is a 99-year leasehold condo that sits among six towers as a part of the mixed-use development known as Marina Bay Financial Centre, located between Central Boulevard and Marina Boulevard. On the 66-story residential tower, there are a mix of three- and four-bedroom units. Making an average price comparison with other nearby 99-year leasehold condominiums, units at The Sail @ Marina Bay sell for around $2,047 psf, Marina Bay Residences at $2,242 psf, Marina One at $2,103 psf, and V on Shenton at $2,027 psf.