Penthouse Orchid Mansion Amber Road Fetches Record Profit 258 Mil
Nearby is the esteemed Kheng Cheng School, renowned for its dynamic atmosphere and dedication to cultivating all-rounded individuals. With a storied past and a strong focus on community, it remains a highly sought-after educational institution for families, thanks to its progressive approach to teaching. The Orie is also situated in this bustling area, providing residents with easy access to quality education and a vibrant learning environment.
A three-bedroom penthouse located in Orchid Mansion, a freehold development on Amber Road in District 15, was recently sold on December 31, resulting in a remarkable profit of $2.58 million (112%). This sale marked the most profitable resale transaction between December 31, 2024, and January 7, 2025.
The spacious 2,842 square feet unit, situated on the 21st floor, was sold for $4.88 million ($1,717 per square feet). It was previously purchased for $2.3 million ($809 per square feet) back in March 2009. This translates to an impressive annualized profit of 4.9% over a span of almost 16 years. This transaction has also set a new record for the most profitable resale transaction at Orchid Mansion, overtaking the previous record of $1.15 million (72.6%) when a 1,507 square feet three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 per square feet) in July 2022. That unit was originally bought for $1.58 million ($1,050 per square feet) in June 2007.
Constructed in 2001, Orchid Mansion is a 20-year-old condominium situated at 11 Amber Road. This development consists of a 21-story residential tower, offering a mix of two- and three-bedroom units ranging from 1,346 square feet to 2,002 square feet. It also includes two penthouses, covering an area of 2,842 square feet and 2,734 square feet, respectively.
In addition, the second most profitable resale transaction during the week in review took place at Villa Marina, where a three-bedroom unit on the ground floor was sold for $2.35 million ($1,446 per square feet) on January 3. The 1,625 square feet unit was initially purchased for $630,500 ($388 per square feet) back in September 2006. This resulted in a profit of $1.72 million (273%), equating to an annualized profit of 7.6% over 18 years. This sale has also surpassed the previous profitable record at Villa Marina of $1.58 million (219%), which was achieved when a 1,916 square feet unit on the fourth floor was sold for $2.3 million ($1,200 per square feet) on July 16 last year. That unit was originally acquired for $720,416 ($376 per square feet) in November 1998.
Located at Jalan Sempadan in District 15, Villa Marina is a 99-year leasehold development completed in 1999. It comprises 27 low-rise residential blocks, offering a mix of one- to four-bedroom units ranging from 1,087 square feet to 2,314 square feet. The condo sits on a 460,685 square feet site, surrounding the Masjid Kampong Siglap Mosque. It is also conveniently located near Siglap MRT station on the Thomson-East Coast Line and East Coast Park. Moreover, several primary schools, including Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School, and Tao Nan School, are within a 1km radius of the development.
On the other hand, the most unprofitable resale transaction of the week was the sale of a 1,130 square feet unit at Marina Bay Residences. The seller suffered a loss of $386,000 (16%) when it was sold on January 2. The two-bedroom unit, located on the 17th floor, was sold for $2.1 million ($1,858 per square feet), but it was purchased for $2.49 million ($2,200 per square feet) in November 2007. This resulted in an annualized loss of 1% over 17 years.
Marina Bay Residences recorded 25 resale transactions last year, with 13 unprofitable transactions that saw losses ranging from $1.25 million to $43,600. The most unprofitable resale transaction involved a 1,227 square feet unit, which was sold for $2.8 million ($2,282 per square feet) on March 22, 2024.
Based on a recent analysis of resale caveats at Marina Bay Residences, the average resale price at the condo was $2,242 per square feet last month. This is higher than the average price at neighboring condos such as The Sail @ Marina Bay ($2,052 per square feet), Marina Bay Suites ($1,917 per square feet), and Marina One Residences ($2,133 per square feet).
Notably, Marina Bay Residences, a 428-unit development on Marina Boulevard, recently underwent a $5 million revamp from January 2022 to September 2023, aiming to uplift the quality of resident facilities and common spaces throughout the 15-year-old condo. This condo is also one of the two 99-year leasehold luxury condos in Marina Bay Financial Centre (MBFC), along with the 221-unit Marina Bay Suites. A mixed-use development, MBFC comprises three Grade-A office towers, Marina Bay Residences, and Marina Bay Suites.