Sale of four-bedder at Leonie Gardens condo rakes in profit of $2.93 mil
The substantial long-term gain signals resilient value for spacious prime-district homes, while Marina Collection’s continuing losses highlight sharply divergent performance across luxury residential submarkets.
A 2,540 sq ft Leonie Gardens four-bedder sold for $4.2 million, generating a $2.93 million profit and 230.7% gain after nearly 28 years.
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A four-bedroom unit at Leonie Gardens condo in prime District 9 was the best-performing property in condo resale transactions during the week of June 16 to 23.
On June 18, the 2,540 sq ft unit on the eighth floor changed hands for $4.2 million ($1,653 psf). The seller had purchased it in October 1998 for $1.27 million ($500 psf). The transaction works out to a profit of $2.93 million (230.7%) and an annualised return of 4.4% over nearly 28 years.
The deal marks the second highest profitable transaction at Leonie Gardens to date.
The top transaction occurred in 2021. Then, a 4,295 sq ft penthouse on the 22nd floor fetched $9.5 million. The seller, who bought it for $5.6 million in 2007, profited $3.9 million.
Read also: Seller at Rivergate condo in District 9 scores $2.35 mil profit
Situated along Leonie Hill, Leonie Gardens is a 99-year leasehold condo that was completed in 1993. It features 138 units in spacious three- to five-bedroom layouts, alongside penthouses, ranging from 1,733 to 4,306 sq ft. Nearby amenities include the Orchard Road shopping belt and Great World, which is connected to Great World MRT Station.
In May 2018, owners at the development attempted a collective sale at a reserve price of $800 million, but the tender closed without any bids. The development was relaunched for sale in December 2018 at the same reserve price, again failing to attract a buyer.
Since then, Leonie Gardens has seen 32 resale deals. This year, the condo recorded three transactions, including the recent sale on June 18. The other two units — sold for $3.1 million and $4.2 million — netted $670,000 and $1.1 million in profit, respectively.
Second on the week’s list of profitable condo resale transactions was the sale of a three-bedroom unit at The Esta, a freehold condo in Marine Parade.
The apartment was acquired from the developer for $924,610 in January 2006. On June 18, the eighth-floor, 1,346 sq ft unit was sold for around $3.39 million ($2,519 psf).
Thus, the seller made $2.46 million in profit, scoring a 266.5% gain, annualised at 6.6% over almost 20½ years.
Read also: Duplex penthouse at Nassim Park Residences sold for $4.15 mil profit
The transaction is the most profitable resale deal at The Esta. It beats the previous profit-high of $2.44 million from the sale of a 1,593 sq ft, four-bedder for $3.6 million in 2024. The seller had bought the unit from the developer for $1.16 million in 2006.
Excluding the recent deal, the development has seen six other resale transactions this year, all of which were profitable. These units fetched prices ranging from $2.52 million to $3.8 million, netting profits between $715,388 and $1.83 million.
Completed in 2008, The Esta is a 400-unit condo located along Amber Gardens. It features two- to four-bedroom apartments from 1,001 to 1,711 sq ft, as well as penthouses ranging from 2,368 to 3,477 sq ft.
The steepest loss for the week was from the sale of a three-bedroom unit at Marina Collection, a condo along Sentosa Island’s waterfront.
It was bought for $4.95 million in January 2008, and sold for $2.78 million on June 17. The seller incurred a loss of $2.17 million, or 43.8%, equivalent to an annualised loss of 3.1% over nearly 18½years.
However, this was not the steepest loss seen at Marina Collection. That record belongs to a 3,272 sq ft, four-bedroom unit that changed hands for $4.65 million in April 2023. The seller, who bought the unit for $9.3 million in March 2008, posted a $4.65 million loss.
Read also: Resale condo unit at Butterworth 8 scores $2.32 mil in profit
Marina Collection is a 99-year leasehold, low-rise development comprising 124 spacious apartments across four storeys. Most of the units range from around 1,800 to 2,400 sq ft, with penthouses going up to 4,725 sq ft. The development features 40 private yacht berths, with many units enjoying direct marina views.
There have been seven resale transactions at Marina Collection since 2025, all of which were in the red. Sold for $2.8 million to $6.8 million, the sellers sustained losses of between $1.32 million and $3.68 million.
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