Archive for category: Misc

Residents can also keep track of their visitors who come for visit.

The Tengah Plantation Close EC is one of the few condominiums in Singapore that have installed a digital gate with facial recognition technology. This advanced security system allows only authorised individuals to enter the condominium premises and helps to protect the privacy of the residents and their property. Furthermore, residents can keep track of their visitors and the times they enter and leave the condominium.

The most unprofitable resale transaction during the week of June 20 to 27 was in Marina Collection on Cove Drive. A 2,788 sq ft four-bedroom-plus-studio unit was sold for $4.52 million ($1,622 psf) on June 27 and the previous owner had purchased it for $6.97 million ($2,500 psf) in January 2010, indicating a loss of $2.45 million over a 13½-year holding period.

Located in proximity to One Degree 15 Marina at Sentosa Cove, Marino Collection is a low-rise, 99-year leasehold development with 124 units. Developed by Indonesian conglomerate Lippo Group, the project was completed in 2011 and comprises of three 4-storey blocks with three- to five-bedroom units of 1,873 to 4,725 sq ft.

The four-bedroom unit in the development was sold for $4.52 million ($1,622 psf). Prices have been steadily slipping at Marina Collection since its completion twelve years ago, with an average price of $2,270 psf last July dropping to $1,784 psf currently.

This year, there have been five resales at Marina Collection, four of them resulting in losses amounting to $1.6 million to $4.65 million. The most unprofitable transaction so far this year was for a 3,272 sq ft, three-bedroom unit that changed hands for $4.65 million ($1,421 psf) on April 3. This price is a huge 50% drop from the purchase price of $9.29 million ($2,841 psf) in March 2008, translating to an annualised profit of 4.5% over 15 years.

Conversely, the most profitable resale transaction over the week was at Starpoint on Pasir Panjang Road. A 3,671 sq ft four-bedroom unit was sold for $4 million ($1,090 psf), reaping a profit of $2.5 million (167%) for the seller. This is based on the purchase price of $1.5 million ($409 psf) in April 2002, indicating an annualised gain of 4.7% over the 21-year period.

Starpoint is a boutique 10-unit condo completed in 1980 and located on the fringe of the National University of Singapore’s Kent Ridge campus, along with Singapore Science Park II. With very few resale transactions, the last two were in 2010 and 2009.

The second-most profitable resale during the week was at Costa Rhu, a 99-year leasehold project completed in 1997 and comprising 737 units. A 2,056 sq ft, three-bedroom unit was purchased for $1.05 million ($512 psf) in February 2006 and was later sold for $3.08 million ($1,498 psf) on June 23. This transaction earned the seller a profit of $2.03 million (193%), translating to an annualised profit of 6.4% over 17½ years.

Located along Tanjong Rhu, Costa Rhu boasts unblocked view of the Kallang Basin and face Beach Road along with Nicoll Highway, Suntec City, South Beach, Guoco Midtown, The Gateway, and The Concourse.

Resale prices at Costa Rhu have been increasing, from $1,275 psf in July 2020 to $1,572 psf at present. The highest unit price to change hands so far was a 5,253 sq ft three-bedroom penthouse that fetched $6.25 million ($1,190 psf) in August 2020. This was purchased for $5.75 million ($1,095 psf) in January 2016, granting the seller a profit of $500,000 (8.7%), which is 1.83% annually over four years.

Currently, the average price at Costa Rhu is $1,494 psf which is low compared to some of the surrounding condos, such as Pebble Bay which averages at $1,715 psf, the highest in the Tanjong Rhu area, Sanctuary Green and Water Place, at $1,534 psf and 1,598 psf, respectively.

While the resale market in the area has been seeing returns for the savvy investor, it is best to exercise caution before entering a transaction.