Marina Collection resale resulted in a $2.59 million loss

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Hillock Green Lentor Central floor plan

The unprofitable sale transactions for resales in the Marina Collection in Sentosa Cove continues, with the most recent which amounted to the equivalent of a $2.59 million (35%) loss when the 2,788 square feet unit was sold at $4.8 million ($1,728 per sq ft) the 14th of July. The sale was also the lowest-profitable sale during the week from July 11-18. The unit previously sold for $7.4 million ($2,657 per sqf) in the first time that it was purchased on January 11, 2008. The transaction translates into an annual losses that is 2.7% over 15 1/2 years.

Hillock Green Lentor Central floor plan covering an impressive site area of 13,444.3 square meters, this non-landed residential property promises comfort, convenience, and modernity all at once.

This is the fifth time that Marina Collection has resold in the history of Marina Collection so far this year. All recorded transactions have brought losses for the sellers. The losses been ranging between $1.6 million to new record $4.65 million. This record-breaking loss occurred from the fact that a 3,272 sq ft unit was sold at $4.65 million ($1,421 per square foot) the 3rd of April, this year. It was previously sold for $9.3 million ($2,841 per sq ft) in March of 2008. The seller had to endure an annual cost that was 4.5% over 15 years.

Marina Collection is a 99-year leasehold condo located in an exclusive Sentosa Cove enclave. The condo of 124 units was built through the Indonesian group Lippo Group and completed in the year 2011. The low-rise complex is comprised of three blocks, each with a four-story structure. an assortment of three- to five-bedroom apartments ranging from 1,873 sq ft up to 4,725 sq feet.

According to a table of resale-related caveats provided by EdgeProp Singapore, unprofitable sales at Marina Collection outnumber the meagre amount of sales that are profitable, with at the very least 17 unprofitable sales, compared to only two sales that are profitable.

In addition the prices have been falling in the leasehold 99 year condominium at a rate of $2,830 psf back in March 2011 to $1728 psf this month.

Marina Collection’s poor performance in price Marina Collection contrasts with its neighbors, 99-year leasehold condominiums that offer views of the sea including The Oceanfront @ Sentosa Cove ($1,870 per sq. ft.), Cape Royale ($2,208 per square foot) as well as Seascape ($1,997 per square foot). The only exception is Turquoise one of the other marina-facing condos located in Sentosa Cove, has recorded an average selling price that is lower of $1,518 per square foot.

On the other hand the most profitable deal of the week was on Ardmore Park in District 10’s prime area. A 2,885 square foot unit located on the 10th floor purchased to the buyer for $12.8 million ($4,437 per square foot) on the 17th of July after it was bought at $8.8 million ($3,051 per sq ft) during July of 2017. In the end, the seller made an income that was $4 millions (45%), which amounts to an annualized increase that was 6.5% over six years.
The most profitable resale of Ardmore Park so far this year was for a 2,885 sq ft apartment, on the fourth floor that was purchased at $13 million ($4,510 per square foot) in July 14. Prior to that, the unit was sold at $4.85 million ($1,681 per sq ft) at the end of December. This means that the seller earned an amount that was $8.16 millions (168%), which amounts to an annualized increase that was 4.5% over 22 years.

Ardmore Park is one of the luxurious condos located in the highly sought-after Ardmore Park neighbourhood in prime District 10. Other luxurious condos in the Ardmore Park area are Sculptura Ardmore, Ardmore II and Ardmore III as well as Le Nouvel Ardmore. Close by in Nassim Road is the ultra-luxury project Les Maisons Nassim by Hong Hong Kong-listed Shun Tak Holdings. The project was completely sold last month, two years since its debut and racked up an eye-watering average selling cost of $5,559 per square foot.

Even even though Ardmore Park was completed 22 years ago, the park still has one of the highest values for sale within the Ardmore Park area with units being sold at prices ranging of $4,437-$4,510 psf during the period from April to July 2023.

The second highest-profitable deal in the week was the sale the 2,992 square feet unit in Gallop Green, which is a freehold condominium located in Woollerton Park in prime District 10. The property sold for $7.22 million ($2,414 per square foot) the 14th of July, and it was bought at $4.19 million ($1,400 per square foot) during July of 2009. In the end, the seller earned profits in the amount of $3.04 millions ($72%), translating to a profit per year in the range of 4% over the course of 14 years.

The transaction of July 14 is at the top of the list of the most profitable resales of Gallop Green, superseding the previous record of $1.54 million (20%). It was the result of selling a 4402 square feet unit, which was purchased to $9.25 million ($2,101 per sq ft) in September of last year. The unit was purchased at $7.7 million ($1,750 per sq ft) in March of 2011.

Gallop Green is one of several condos within Gallop Green, which is located in the Woollerton Park area that is dominated by the Gallop Road/Woollerton park and Cluny Hill Good-Class Bungalow areas. Other condominiums in the area are Gallop Gables along with Spanish Village on Farrer Road and also in Farrer Drive, Sommerville Park, Pollen & Bleu and Somerville Grand.

This 53-unit Gallop Green was completed in 2002. It consists of two- and five-bedroom apartments ranging from 2,917 sq ft to 5,102 square feet. Prices have risen somewhat for Gallop Green from about $1,417 per square foot in July 2009 to $2,414 per square foot this month, based upon URA caveats compiled from EdgeProp Singapore.

One unit at Gallop Green was offered through the secondary market between 2022, and in 2021- a 4,402 square feet unit that was sold in September of last year and a 3,563 sq. ft unit that sold for $7.54 million ($2,116 per sq ft) on May 27, 2021.