Penthouse at UE BizHub City rakes in $2.2 mil profit

of $2.18 million (53%), the sale of a five-bedroom penthouse at UE BizHub City (formerly known as UE Square) topped the list for most profitable resale transactions from Sept 26 to Oct 10. The 3,089 sq ft unit, on the 18th floor, was purchased for $4.1 million ($1,327 psf) back in December 2009 and sold for $6.28 million ($2,031 psf) on Oct 6. This translates to an annualised gain of 3.1% over 14 years.

The Holland Village MRT Condo also ensures that students can easily access the campus while enjoying the convenience and vibrancy of the surrounding district. This fusion between education and lifestyle creates a unique learning environment, able to provide students with the best of both worlds.

The sale of the penthouse at UE BizHub City is the most profitable resale at the development to date. It leaps over the previous record which was set by a 2,196 sq ft unit on the fourth floor. In June 2018, the unit fetched $4 million ($1,822 psf), after being purchased for $1.86 million ($849 psf) in April 2009. This resulted in a profit of $2.14 million (114%), or an annualised gain of 8.6% over nine years.

The flagship building of United Engineers (UE), UE BizHub City is a mixed-use development that comprises of an 18-storey office building with a four-storey shopping podium and a pair of 18-storey residential blocks that house 345 units. UE BizHub City is located in the Robertson Quay area, near eateries and near Fort Canning MRT Station.

Residential prices at UE BizHub City have increased significantly over the past few years. Currently, the average price is $1,986 psf, compared to $1,327 psf in October 2013 and $904 psf back in October 2003. Prices are on a par with nearby residential projects such as RV Point ($1,982 psf), Vivace ($2,181 psf) and Robertson Edge ($2,075 psf).

The second most profitable transaction worth noting that occurred between Sept 26 and Oct 10 was the sale of a three-bedroom unit at The Chuan. The 1,367 sq ft unit, on the 20th floor, was purchased for about $992,000 ($726 psf) in October 2006, and sold for $3.02 million ($2,208 psf) on Sept 29. This resulted in a whooping profit of $2.03 million (204%), or an annualised gain of 6.8% over 17 years. This sale was a new record profit for The Chuan, and surpasses the previous record set by a 2,594 sq ft unit, sold for $3.6 million ($1,388 psf) back in November 2020.

On the flip side, the sale of a 1,615 sq ft unit at Marina Bay Suites, was the most unprofitable transaction during the period in review. The three-bedroom unit, on the 37th floor, was sold for $3.15 million ($1,951 psf) on Sept 27. The unit had been bought for $3.8 million ($2,357 psf) back in June 2010. This resulted in a loss of about $656,000 (17%), or an annualised loss of 1.4% over 13 years. So far this year, seven out of eight resale transactions at Marina Bay Suites have been unprofitable.

Overall, the most profitable resale transactions for the period between Sept 26 and Oct 10 underscores the need to study the market closely and familiarise with its trends. This helps to determine which properties may yield good returns when it comes to reselling, and which ones might incur losses in the long run.