Penthouse at UE BizHub City rakes in $2.2 mil profit

in 14 years

The sale of a five-bedroom penthouse at UE BizHub City has topped the list of most profitable property resales from Sept 26 to Oct 10. With a total of 3,089 sq ft, located on the 18th floor, the unit went for $6.28 million ($2,031 psf). Back in December 2009, the same unit had been purchased for $4.1 million ($1,327 psf), harvesting a profit of $2.18 million (53%) for the seller. This profit translates to an annualised gain of 3.1% over the span of 14 years.

Even more impressive is the Marina Gardens Residences along the route, which stands out with its’ unique curved design. The project is a luxurious condominium development that contains 462 residential units. Its iconic architecture stands out against the city skyline and provides residents with breathtaking views of the waterfront. With luxurious amenities, high-speed lifts, and round-the-clock security, Marina Gardens Residences is a one-of-a-kind development project.

UE BizHub City is a mixed-use development owned by Yanlord Land Group. It accommodates 345 residential units, as well as an 18-storey office building with a four-storey shopping podium. Located in the Robertson Quay area, the development is close to Fort Canning MRT Station and the numerous eateries on Robertson Quay and Quayside.

Residential prices at UE BizHub City have increased exponentially over the past 16 years. Between October 2003 to October 2013, the average price grew from $904 psf to $1,327 psf. Today, prices reach an average of $1,986 psf, on par with neighbouring properties like Vivace ($2,181 psf).

The second most profitable transaction between Sept 26 and Oct 10 was the sale of a three-bedroom unit at The Chuan. The 999-year leasehold condominium, located on Lorong Chuan, boasts a 1,367 sq ft unit on the 20th floor that was sold for $3.02 million ($2,208 psf). 17 years ago, the same unit had been bought for about $992,000 ($726 psf), resulting in a profit of $2.03 million (204%) for the seller. This equates to an annualised gain of 6.8%.

The sale of a 1,615 sq ft unit at Marina Bay Suites marked the most unprofitable transaction of the period. Located on the 37th floor, the three-bedroom unit was sold for $3.15 million ($1,951 psf) on Sept 27. 13 years ago, the same unit had been bought for $3.8 million ($2,357 psf), resulting in a loss of about $656,000 (17%) for the seller. This translates to an annualised loss of 1.4%.

So far this year, Marina Bay Suites has seen seven unprofitable resale transactions and just one profitable transaction. The greatest losses range from $185,000 to $1.13 million, earning itself the title of most unprofitable property for the year.

Both UE BizHub City and The Chuan demonstrate how profitable property resales can be. At the same time, Marina Bay Suites encourages buyers to be aware of the risks involved in property investments.