A penthouse unit in Marina Bay has recently changed hands for S$12 million, resulting in a loss of around S$3.6 million for the seller after nearly two decades of ownership. Based on current records, the transaction stands as the largest condo capital loss seen so far in the broader District 1 (Boat Quay / Raffles Place / Marina).
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Marina Bay Residences penthouse resold for S$12M
The S$12 million penthouse sale within Marina Bay Residences took place in early May 2026. The 5-bedroom unit, located on the 48th floor of 18 Marina Boulevard, was sold at around S$2,680 psf based on its expansive 4,478 sqft size.
Records show that the seller had originally acquired the unit on the subsale market in April 2007 for S$15.58 million, or approximately S$3,480 psf.
Based on the resale price alone, the seller is estimated to have incurred a capital loss of around 23% after holding the property for more than 19 years. The actual loss would likely be higher after factoring in additional ownership expenses, such as legal fees, maintenance fees, property taxes, and financing costs.
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Transacted above the project’s average
Despite the steep loss, the transacted price still reflects a premium within the Marina Bay market. The S$2,680 psf achieved for the penthouse is around 8% above the project’s current average resale price.
So far in 2026, only three resale deals have been recorded at Marina Bay Residences, with transactions averaging about S$2,486 psf. Notably, the other two resale transactions, which involved 2- and 3-bedders, were all profitable.
The most recent resale deal also stands roughly 34% above the average resale price for leasehold condominiums across the wider Marina Bay area, which currently sits at around S$1,995 psf, based on the 2026 transactions.
In other words, while the seller exited at a sizeable loss, the buyer was still willing to pay above-market rates for a large-format penthouse in the district.
Large-format penthouses in the area remain relatively scarce. However, this resale transaction also highlights how some luxury homes purchased pre-2008 financial crisis continue to face pricing pressure.
Marina Bay Residences’ penthouse layout
Based on the floor plan, the Marina Bay Residences penthouse is configured more like a landed-style luxury home in the sky rather than a typical city apartment. The layout includes a private lift lobby, five bedrooms, separate family and entertainment zones, dry and wet kitchens, utility spaces, and multiple balconies overlooking the Marina Bay skyline.
Two subsale transactions within 3 months in 2007
Interestingly, the same penthouse unit had already changed hands twice on the subsale market back in 2007, during the peak of Singapore’s pre-Global Financial Crisis property boom.
| Date | Selling Price (S$) | PSF (S$) | Type |
| 08/05/26 | 12M | 2,680 | Resale |
| 12/04/07 | 15.6M | 3,480 | Subsale |
| 11/01/07 | 14.5M | 3,238 | Subsale |
The first subsale transaction took place in January 2007, when the unit was sold for S$14.5 million, or around S$3,238 psf. Just three months later, in April 2007, it was resold again for S$15.6 million, or approximately S$3,480 psf, allowing the seller to pocket an estimated S$1.1 million gain within a remarkably short holding period.
At the time, Marina Bay Residences was among the developments that saw a surge in speculative subsale activity before completion, with some owners reportedly securing profits of up to S$3 million within months. These eye-popping capital gains, however, are far less likely today due to stricter Seller’s Stamp Duty (SSD) rules introduced in 2025.
The most unprofitable condo resale in District 1
The recent S$3.6 million loss recorded at Marina Bay Residences has now become the largest condominium resale loss ever recorded in District 1 in absolute dollar terms. The transaction overtook the previous district record set just last year, which also came from the same development.
That earlier deal involved a 4-bedroom unit that was sold at a S$3.2 million loss in 2025. As a result, Marina Bay Residences now holds all three of the district’s largest unprofitable condo resale transactions.
| Date | Project | Unit Type | Selling Price (S$) | Loss (S$) | Years Held |
| 08/5/26 | Marina Bay Residences | 5BR (PH) | 12,000,000 | 3,583,440 | 19 |
| 15/8/25 | Marina Bay Residences | 4BR | 5,100,000 | 3,226,500 | 3 |
| 18/10/23 | Marina Bay Residences | 4BR | 6,900,000 | 2,390,000 | 9 |
While the newly transacted penthouse involved a holding period of nearly 20 years, the 2025 resale loss was particularly striking because it happened over a much shorter timeframe. The seller of the 4-bedroom unit had owned the property for only about three years before exiting at a significant loss.
The 2,379 sqft apartment, located on the 17th floor, was sold in August 2025 for S$5.1 million, translating to around S$2,144 psf. Records show that the seller had originally purchased the unit in June 2022 for S$8.327 million, or roughly S$3,500 psf — close to 54% above the project’s average psf at the time.
Read more: 4-bedder condo in Marina Bay lost over S$3 million in just 3 years
The sharp premium paid during the purchase likely contributed to the sizeable resale loss later on, especially as the wider luxury condo market in the Marina Bay area remained relatively volatile compared to other parts of Singapore.
Condo resale price trend in the Marina Bay area
Given that Marina Bay Residences now accounts for several of District 1’s largest resale losses, it may appear at first glance that the project has underperformed relative to neighbouring developments. However, longer-term resale data paints a more nuanced picture.
Over the past decade, Marina Bay Residences has actually recorded stronger resale price growth than both the wider District 1 market and comparable leasehold projects in the Marina Bay precinct. Since 2016, the development’s average resale psf has risen by more than 15%, outperforming the broader District 1 resale market, where prices increased by around 9% over the same period.
The contrast becomes even more noticeable when compared against similar leasehold condominiums within the Marina Bay area itself. Across the same timeframe, surrounding developments saw relatively muted resale growth, with average psf gains staying below 2%.
That said, the price movement at Marina Bay Residences has historically been more volatile than the wider market. Luxury projects often experience sharper swings because a small number of high-value deals can significantly influence average psf figures from year to year.
Even with that volatility, Marina Bay Residences has generally maintained pricing above both District 1 and Marina Bay area averages. The main exception came during 2020, when the luxury residential market slowed considerably amid the COVID-19 pandemic. That year, the project recorded six resale transactions at an average of S$2,019 psf, marking its weakest resale performance since completion in 2010.
Homebuyer focus: Marina Bay Residences vs District 1 new launches
In 2026 so far, Marina Bay Residences has recorded an average resale price of around S$2,486 psf. This places it roughly 26% above the wider District 1 resale condominium average, which currently stands at about S$1,970 psf. The widening pricing gap suggests that buyers are still willing to pay a premium for Marina Bay Residences.
However, the landscape becomes more competitive when compared to the new launch segment. Newly launched projects such as One Marina Gardens and Union Square Residences have already crossed the S$3,000 psf mark during launch phases, reflecting how sharply pricing expectations have shifted.
This creates an increasingly clear divide between older luxury developments and brand-new projects entering the market. By the time these new launches obtain TOP, Marina Bay Residences will likely be close to two decades older than its newer counterparts.
Larger layouts and quantum prices
For some buyers, the age difference may not necessarily be a dealbreaker. One of Marina Bay Residences’ key advantages lies in its larger layouts, a feature that has become increasingly rare in today’s new launch market, despite the GFA harmonisation.
Even the project’s typical 2-bedroom units exceed 1,000 sqft in size, whereas newer District 1 developments often allocate only around 600 to 700 sqft for a similar configuration.
The larger floor plates, however, also mean buyers are still looking at hefty overall purchase prices. In some cases, the total quantum for a resale unit at Marina Bay Residences can be comparable to — or even exceed — the pricing of newer launch units nearby, despite the project’s older age profile.
See available units at Marina Bay Residences
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Marina Bay Residences is a 428-unit, 99-year leasehold condominium located within walking distance of four MRT stations: Downtown, Marina Bay, Shenton Way, and Bayfront. Its strongest appeal continues to be its prime central location, strong connectivity, and direct access to the CBD office cluster.
However, while the project remains attractive to investors and affluent city buyers, one limitation is the relatively limited access to nearby primary schools, which may reduce appeal among family buyers prioritising school proximity.
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Enjoying this in-depth analysis? 99.co Condo Cash or Crash covers notable transactions in Singapore’s private property market.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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