Five-bedder at Parc Stevens sold for $2.65 mil profit

The sale of a first-floor unit at Parc Stevens in prime District 10 in Singapore was the most profitable condo resale transaction recorded during the week of April 4 to 11. This 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf), making it the highest psf-price recorded at Parc Stevens. It had been purchased by the seller for $5.2 million ($1,500 psf) in April 2007, clocking a profit of $2.65 million (51%) after 16 years.

This marks the second most profitable transaction ever recorded at the development of Parc Stevens. Last May, a 3,305 sq ft unit on the fourth floor changed hands for $6.23 million ($1,885 psf). The seller had bought the unit for $4.23 million ($1,059 psf) in July 2005, amassing a gain of $2.73 million.

Parc Stevens is a 48-unit freehold condo that was completed in 2000. Its units are a mix of three- to five-bedders ranging from 1,722 to 3,466 sq ft and the development is a five-minute walk to the Stevens MRT Station.

The second most profitable transaction recorded during the week in review took place at Yong An Park, a freehold condo in the River Valley area. A four-bedroom unit measuring 3,434 sq ft on the 10th floor sold for $8.1 million, or $2,359 psf on April 6. The seller had bought it for $6.02 million ($1,753 psf) in March 2012, pocketing a gain of $2.08 million (35%) across a holding period of 11 years.

Yong An Park has seen two units change hands this year. In March, a 1,808 sq ft unit on the seventh floor went for $4.25 million ($2,350 psf), while a 1,023 sq ft unit on the ninth floor fetched $2.4 million ($2,347 psf) last December. Completed in 1986, the development has a total of 288 residences consisting of one- to four-bedders within 1,023 sq ft and 3,552 sq ft, as well as a collection of townhouse units starting from 7,718 sq ft.

The most unprofitable transaction recorded during the week was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009, incurring a loss of $1.14 million (18%) over a holding period of more than 13 years.

Marina Bay Suites is a 99-year leasehold development on Central Boulevard. Completed in 2013, the 66-storey tower has 221 units with typical residences being three- and four-bedroom dwellings ranging from 1,572 to 2,691 sq ft. Since January 2021, 24 resale transactions have taken place at the development, out of which 23 have gone at a lower price than what it was purchased for. The respective sellers have seen losses that range between $7,000 and $3.25 million.