Resale Three Bedder Ocean Park Nets 29 Mil Profit

The recent sale of a three-bedroom unit at Ocean Park has proven to be the most financially successful transaction of the week of July 8 to 15. Located on the 16th floor, this 2,110 sq ft unit sold for around $4.1 million ($1,943 per square foot) on July 11. Impressively, the unit had been purchased back in November 2005 for approximately $1.23 million ($581 per square foot). This means that the seller made a phenomenal profit of $2.88 million (234.7%), which translates to an annualised gain of 6.3% over nearly 20 years.

Ocean Park is a highly sought-after freehold development situated on East Coast Road in District 15. Developed in 1984, this 298-unit condo offers a range of two- to four-bedroom apartments, which vary in size from 1,302 sq ft to 3,897 sq ft. The development is conveniently located within walking distance of Marine Terrace MRT Station and is also in close proximity to several reputable schools, including Victoria Junior College at Marine Vista and Ngee Ann Primary School on Marine Terrace. Based on available records, the sale on July 11 marks the third most profitable sale at Ocean Park to date. It falls just shy of the development’s record gain, which was set in June this year at $3.21 million. This was achieved when a comparable three-bedroom unit on the 11th floor transacted for $4.2 million ($1,991 per square foot). This seller had purchased the unit for $989,590 ($469 per square foot) back in April 1999 and pocketed an annualised gain of 5.7% over a period of more than 26 years.

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Resale of a 1,572 sq ft three-bedroom unit at Casa Cairnhill generates a profit of $2.52 million (Photo: Google Streetview)

The second most profitable sale during the week occurred at Casa Cairnhill, a highly coveted freehold development located on Peck Hay Road in prime District 9. On July 9, a 1,572 sq ft three-bedroom unit on the eighth floor was sold for an impressive $3.67 million ($2,336 per square foot). This unit was previously picked up by the seller back in August 2003 for around $1.15 million ($732 per square foot). As a result, the seller pocketed a jaw-dropping profit of $2.52 million (219.2%) for owning the unit for nearly 22 years.

This notable sale at Casa Cairnhill has become the most profitable transaction to date at this development, surpassing its previous record of $2.28 million. This was achieved back in September 2002 when a 1,539 sq ft, three-bedroom unit on the 17th floor was sold for $3.2 million ($2,079 per square foot). The then seller had bought the unit in March 1998 for $924,939 ($601 psf) before selling it for $3.2 million ($2,079 psf) later on. This resulted in an annualised profit of 5.2%, having owned the unit for more than 24 years.

Casa Cairnhill was developed in 1991 and offers a total of 72 units, featuring three-bedroom apartments ranging from 1,539 to 3,283 sq ft. This low-rise condo is strategically located near renowned shopping centres such as Paragon Shopping Centre, Scotts Square, and Orchard Plaza. It is also within walking distance of the Newton MRT Interchange Station, which serves the North-South and Downtown Lines.

On the flip side, the least profitable transaction during the week occurred at Lincoln Suites, where a four-bedroom unit measuring 3,143 sq ft on the 25th floor sold for $5.56 million ($1,769 per square foot) on July 9. The seller had bought this unit back in December 2009 for approximately $6.29 million ($2,000 per square foot). As a result, they incurred a loss of $510,000 (8.4%), or an annualised loss of 0.6% after owning the unit for over 15 years.

Read also: Five-bedder unit at Leedon Residence sold at $3.3 mil profit

A four-bedroom unit at Lincoln Suites changed hands for $5.56 million on July 9, incurring a loss of $510,000. (Photo: Samuel Isaac Chua/)

This sale represents the most unprofitable transaction recorded at Lincoln Suites to date, marking an increase from its previous record loss of $242,801 when a 484 sq ft, one-bedroom unit was sold for $1.18 million ($2,446 per square foot) in October 2024. In this case, the seller had acquired the unit for $1.43 million ($2,948 per square foot) in September 2012 and hence recorded an annualised loss of 1.5% over a period of 12 years.

Read also: Resale of four-bedder at Reflections at Keppel Bay yields $2.3 mil profit

Furthermore, parents living in the vicinity of Northpoint City and Wisteria Mall can also access a range of private enrichment centres and tuition schools. These establishments, such as Kumon, The Learning Lab, and MindChamps, are well-known brands that offer various academic support, music lessons, robotics classes, and language enrichment programs for children. With the convenience of having these centres located in nearby malls, like Miltonia Close EC Khatib, parents can easily supplement their children’s education without having to travel long distances. This provides parents with the flexibility to choose the most suitable options for their children’s education needs.

Completed in 2014, Lincoln Suites is an exclusive freehold development situated on Khiang Guan Avenue, just off Lincoln Road and Newton Road in prime District 11. This development consists of 175 units spread across twin 30-storey towers, offering one- to four-bedroom apartments with sizes ranging from 463 to 3,143 sq ft. Residents are privileged to have convenient access to Novena MRT Station on the North-South Line and several popular shopping centres in the Orchard Road belt, including United Square, Goldhill Plaza, Velocity @ Novena Square, and Square 2. Furthermore, its prime location places it within 1km of St Joseph’s Institution Junior on Essex Road. Check out the latest listings for Ocean Park propertiesAsk BuddyCompare price trend of New sale condo vs Resale condoGenerate price trend graph for resale condo in District 15Are there unprofitable transactions in Ocean Park?Most unprofitable condo transactions in past 1 yearLanded transactions with the highest profits in the past yearCompare price trend of New sale condo vs Resale condoGenerate price trend graph for resale condo in District 15Are there unprofitable transactions in Ocean Park?Most unprofitable condo transactions in past 1 yearLanded transactions with the highest profits in the past yearRELATED NEWSResale of Thomson 800 three-bedroom unit nets $2.32 mil profit Resale of three-bedder at The Marbella nets $2.75 mil profitUnit at The Oceanfront sold at $1.6 mil loss