Orion’s four-bed unit sold for a $1.4 million loss

The least profitable resale deal that took place during the period of September 19 to 26, was selling a 1 776 square foot unit in Orion Orion, which is a freehold condominium on Orange Grove Road in prime District 10.

Watten House condominium a luxurious condominium complex tucked away in Bukit Timah’s quaint and tranquil neighborhood.

The four-bedroom apartment, located on the 10th level, sold for $3.93 million ($2,216 per sq ft) on the 21st of September. The unit was bought at $5.36 million ($3,018 per square foot) on July 7, 2007. The seller incurred an expense in the amount of $1.43 millions (27%), which amounts to an annualised loss that was 1.9% over 16 years.

This sale has resulted in records for losses at the condominium. A previous record-breaking loss for Orion was derived from the purchase of a 1,518 sq feet, three bedroom unit located on the 23rd level, in the amount of $3.38 million ($2,227 per square foot) in January of 2010. The unit was bought at $4.4 million (42,901 per square foot) during August 2007. In the end, the seller lost $1.02 millions (23%), which is equivalent to a loss per year in the range of 10% over a period of two years.

The four-bedroom unit that was sold on September 21 is the first time that a resale has been completed at the condo in more than two years. The last resale at Orion occurred on the 10th of August 2021. A 1,518 sq ft three-bedroom penthouse unit situated on the 24th floor was purchased for $3.55 million ($2,339 per square foot).

Orion is a boutique development that was completed in 2008. The development is located near the exclusive residential areas located along Nassim Hill, Nassim Road, Orange Grove Road, and Ardmore Park. The condominium is near Tanglin Road and the Orchard Road shopping belt.

The most notable residential developments located in the vicinity are Treetops Executive Residences Shangri-La Residences, The Ladyhill, and Le Nouvel Ardmore. The most notable hotel and commercial developments in the region include Shangri La Hotel, St Regis Hotel Singapore, Palais Renaissance, and Tanglin Mall.

According to the resale caveats that were tabulated from EdgeProp Singapore, the resales prices at Orion have slowed down after a peak at $2,212 per square foot in March 2016. The median resale cost for the condominium was $1,917 psf at the time of writing.

The neighboring D’Grove Villas located at Orange Grove Road lists an average of $2,544 per square foot and the luxury condominium Ardmore 3 on Ardmore Road has an average of $3,742 per square foot. This is one of the most expensive in the region.

On the other hand the most profitable deal of this week was the sale of a 2,745 square feet apartment at Pebble Bay on Tanjong Rhu Road. A four-bedroom apartment, located situated on the second floor was purchased at $5.15 million ($1,876 per square foot) on the 21st of September. Prior to that, the unit sold for $2.19 million ($799 per square foot) on March 15, 1995. In the end, the seller made profits that was $2.98 millions (137%), which amounts to an annualized increase that was 3.1% over 29 years.

Pebble Bay is a 99-year leasehold condominium which was completed in 1997. It is also among a few riverfront developments that face towards the Kallang River. Other riverfront condos in that area include Casuarina Cove, Camelot-by-the-water, and Costa Rhu. Pebble Bay’s riverfront location gives residents a clear views of Singapore’s Singapore Sports Hub and National Stadium.

Based on the resale caveats There have been ten Resales transactions in Pebble Bay so far this year, and all of them were profitable. Profits ranged from $373,000 up to $4.7 million.

The most profitable resale purchase in the first quarter of this year is the sale of an 6,114 square foot penthouse apartment, located on the 17th floor at $9 million ($1,472 per square foot) on the 26th of July. The unit was bought at $4.29 million ($703 per sq ft) at the end of September. This resulted profits in the amount of $4.7 millions (109%), which amounts to an annualized increase that was 3.4% over close to 22 years.

Prices for resales in Pebble Bay reached about $1,716 per sq. ft. last month. This is more that Casuarina Cove ($1,444 per sq ft) as well as Costa Rhu ($1,519 psf) however, it is lower than Camelot-by the-water (about $1,822 per psf).

The second highest-profitable sale to be made over the course of a week was the 1,916 square feet unit in Coronation Grove, an 999-year leasehold condominium situated on Coronation Road. The property, which is situated on the third floor was auctioned off at $3.6 million ($1,879 per square foot) on September 22. The property was bought at $1.5 million ($783 per sq ft) on February 7, 2007. This resulted in an income in the amount of $2.1 millions (140%), which is equivalent to an annual increase in the range of 5.4% over 17 years.

This is a record-breaking profit made by Coronation Grove. It is a leap past the record previous set at $1.46 million. The record was set by a 1,249 square foot unit, located on the top floor auctioned off at $2.32 million ($1,858 per square foot) on the 18th of July. The unit was bought for $860,600 ($689 per square foot) during July of 1999. The seller thus earned an income that translated to an annualized increase that was 4.2% over 24 years.

Coronation Grove is a boutique condo that is comprised of 24 units which span from 1,044 up to 2,217 sq feet. The building is one of the few low-rise condominiums in the semi-detached housing estate on Coronation Road. There are several Good Class Bungalow (GCB) areas like Victoria Park, Rebecca Park, Bin Tong Park along with Belmont Park are in the area. Coronation Grove is also close to Hwa Chong Institution, Raffles Girls’ Primary School as well as National Junior College.