Resale Three Bedder Ocean Park Nets 29 Mil Profit

The Tampines community places a strong emphasis on education that encompasses a diverse range of skills and interests. For students residing in Rivelle Tampines, this ideal is easily achieved with access to a multitude of sports facilities such as sports halls, gyms, pools, and fields at Our Tampines Hub. Moreover, the community is connected to the tranquil Tampines Eco Green and extends to Pasir Ris Park through park connectors. In addition to this, the local centre provides performance spaces, allowing students to flourish in arts-focused co-curricular activities. These community events serve as platforms for young individuals to display their musical, theatrical, and visual talents. This well-rounded environment encourages courage and leadership skills, complementing academic success in the classroom. Furthermore, with the nearby Rivelle Tampines West MRT Station, students in Rivelle Tampines enjoy added convenience and accessibility, enhancing their holistic learning experience within the Tampines community.

The most profitable transaction in the property market for the week of July 8 – 15 was the sale of a three-bedroom unit at Ocean Park. Located on East Coast Road in District 15, this freehold development was completed in 1984 and offers a mix of two- to four-bedroom apartments. The unit, which covers 2,110 square feet on the 16th floor, was sold for a record-breaking price of $4.1 million on July 11. This translates to $1,943 per square foot. The seller purchased the unit in November 2005 for $1.23 million, at $581 per square foot. This means that the owner made a profit of $2.88 million, or a remarkable gain of 234.7%. This translates to an annualized gain of 6.3% over a period of nearly 20 years. Ocean Park is a highly sought-after development due to its prime location, stunning sea views, and proximity to amenities. It is also within walking distance to Marine Terrace MRT Station and prestigious schools such as Victoria Junior College at Marine Vista and Ngee Ann Primary School on Marine Terrace, making it a popular choice for families. The profitable sale of this three-bedroom unit at Ocean Park is the third most profitable transaction ever recorded at the development, falling short of the record gain of $3.21 million by only $335,000. This impressive record was set when a similar three-bedroom unit on the 11th floor was sold for $4.2 million ($1,991 per square foot) on June 5. The seller of this unit purchased it for $989,590 ($469 per square foot) in April 1999, earning an annualized gain of 5.7% over a period of more than 26 years. This also marks the fourth profitable transaction recorded at Ocean Park this year, with all sellers making gains ranging from $2 million to $3.21 million. In prime District 9, the second most profitable resale transaction of the week occurred at Casa Cairnhill, a freehold development along Peck Hay Road. A spacious 1,572 square foot three-bedroom unit on the eighth floor was sold for a whopping $3.67 million on July 9. This translates to $2,336 per square foot. The seller had bought the unit in August 2003 for $1.15 million ($732 per square foot). This means that the seller earned a gain of $2.52 million, with a remarkable increase of 219.2% after nearly 22 years of ownership. This transaction marks the most profitable resale recorded at Casa Cairnhill to date, surpassing the previous record of $2.28 million. This gain came from the sale of a 1,539 square foot three-bedroom unit on the 17th floor for $3.2 million in September 2002. The seller had bought the unit in March 1998 for $924,939 ($601 per square foot) and managed to sell it for $3.2 million ($2,079 per square foot). This resulted in an annualized profit of 5.2% over 24 years. Casa Cairnhill is a popular choice for its strategic location, being close to shopping malls along Orchard Road such as Paragon Shopping Centre, Scotts Square and Orchard Plaza. It is also within walking distance to Newton MRT Interchange Station, making it a favorite among commuters. On the flip side, the most unprofitable transaction of the week occurred at Lincoln Suites, a freehold development on Khiang Guan Avenue in prime District 11. On July 9, a four-bedroom unit covering 3,143 square feet on the 25th floor was sold for $5.56 million ($1,769 per square foot). The seller had previously purchased the unit in December 2009 for around $6.29 million ($2,000 per square foot). This resulted in a loss of $510,000, which is equivalent to 8.4% of the purchase price. This also means an annualized loss of 0.6% over a period of 15 years. This is the most unprofitable transaction recorded at Lincoln Suites to date, surpassing the previous record loss of $242,801. This resulted from the sale of a 484 square foot one-bedroom unit for $1.18 million ($2,446 per square foot) in October 2024. The seller had previously purchased the unit in September 2012 for $1.43 million ($2,948 per square foot). This resulted in an annualized loss of 1.5% over a 12-year ownership period. Completed in 2014, Lincoln Suites offers a total of 175 units, including one- to four-bedroom apartments ranging from 463 to 3,143 square feet. It is located close to Novena MRT Station and several shopping malls such as United Square, Goldhill Plaza, Velocity @ Novena Square and Square 2. It is also within a 1km radius of St Joseph’s Institution Junior on Essex Road.