Another loss at Cliveden at Grange
By Esther Hoon
/ The Edge Property |
In 2015, the first resale transaction at Cliveden at Grange registered a loss. Last month, another seller at the 110-unit freehold condo in district 10 suffered the same plight. The seller, who had held his unit for nine years, incurred a $2.6 million loss, or an annualised loss of 5%, from the sale of his 2,153 sq ft unit. The fifth-floor property was sold for $4.5 million or $2,090 psf on Oct 20, the lowest recorded at the project.
The seller paid the developer $3,286 psf for the unit in July 2007, a price in the bottom-five percentile. Similarly, the first seller at the project made a loss of $2.6 million in November 2015. He, too, had purchased his unit from the developer in 2007, reflecting an annualised loss of 5% over eight years.
A 2,153 sq ft unit at Cliveden at Grange was sold for $4.5 million or $2,090 psf last month.
The seller, who paid $3,286 psf for it in 2007, suffered a loss of $2.6 million.
Cliveden at Grange was launched in 2007 at an average price of $3,684 psf. Parkview Eclat, which is the vicinity, crossed the $3,000 psf mark that year. Apart from these two projects, new sale prices of similar projects in the area averaged $2,403 psf then. There have been only two resale transactions at Parkview Eclat from 2012 to date, and both their sellers suffered losses.
Separately in district 9, two sellers profited by over $1 million each at Rivergate on Oct 20. Both purchased their units from the developer 11 years ago and had held on to them since. The bigger 1,561 sq ft unit on the 39th floor fetched a profit of $1.3 million. The unit was sold at $3.1 million, or $2,004 psf — 75% higher than its purchase price of $1,144 psf in May 2005. The 1,496 sq ft unit on the 12th floor made a profit of $1.2 million. It was purchased in July 2005 at $1,111 psf and sold for $2.9 million, or $1,928 psf.
The annualised gain works out to 5% for both deals. Rivergate is a 545-unit freehold apartment fronting the Singapore River on Robertson Quay in district 9. The project was completed in 2009.
In the landed housing segment, a detached house on Holland Grove Walk in prime district 10 changed hands on Oct 21 at a profit of $2.5 million. The freehold property with a land area of 4,295 sq ft fetched $7.5 million, or $1,747 psf on land area, after being held for nine years. The seller had purchased it in July 2007 at $1,164 psf, which translates to an annualised gain of 4%. The computed price gain for landed properties, however, excludes any renovation or refurbishment costs incurred by the seller.
Meanwhile, a 99-year leasehold terraced house in Kew Vale, off Upper East Coast Road, was resold at a profit of $1.8 million, or 10% annualised gain over 10 years, on Oct 24. The property sits on 4,263 sq ft of land on Kew Crescent and has a remaining lease of 77 years. It fetched $3 million, or $695 psf on land, more than double its purchase price of $267 psf in August 2006.
This is the second most profitable deal at the estate historically, after a terraced house transaction in 2015 that reaped a $2 million profit, based on URA caveat records of previous transactions that could be traced. Apart from this, there were two other transactions at the estate this year and both yielded profits of over half a million dollars for the sellers.
This article appeared in The Edge Property Pullout, Issue 753 (Nov 7, 2016) of The Edge Singapore.
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