Condo unit sold twice at a loss
By Esther Hoon
/ The Edge Property |
Last month, a 1,324 sq ft, two-bedroom unit at Latitude on River Valley Road was sold at a loss for the second time. The unit changed hands two months after its four-year seller’s stamp duty period expired for $2.3 million ($1,737 psf), a price last seen during the global financial crisis in 2009. The seller purchased the unit in February for $2.9 million ($2,200 psf). The deal resulted in a $613,000 loss.
The loss was heftier than the $389,000 loss sustained by the previous seller, who purchased the unit from the developer in November 2007 for $3.3 million ($2,494 psf). Latitude is a freehold condominium comprising 127 units that was completed in 2010.
Once again, a 1,324 sq ft, two-bedroom unit at Latitude was resold at a loss, this time amounting to $613,000
Besides Latitude, three other non-landed homes were sold recently at a loss of more than $500,000. An 893 sq ft, two-bedroom unit at Scotts Square was purchased for $3.64 million ($4,078 psf) in September 2007 and sold for $2.75 million ($3,078 psf) last month.
Despite holding on to the unit for almost nine years, the seller suffered a loss of about $900,000. Scotts Square is a 338-unit freehold apartment located above the Scotts Square shopping mall in prime District 9. The development was completed in 2011. Incidentally, all the transactions in the development this year, where their previous caveats could be traced, were unprofitable.
--thisisapagebreak
Also in District 9, a 1,023 sq ft, two-bedroom apartment at Paterson Linc was sold at a $633,000 loss in April. The unit was purchased from the developer for $2.8 million ($2,722 psf) in September 2007 and sold for $2.2 million ($2,103 psf) last month. All the transactions in the project, where their previous caveats can be traced, were in the red.
Based on the latest caveats published by URA on April 29 and May 3, the most profitable home sold accrued to a semi-detached house along Thomson Ridge, which netted a $3.7 million profit, or an annualised gain of 9%. The property was purchased for $2.5 million ($507 psf) in February 2006 at the nascent of the property upcycle and sold for $6.2 million ($1,258 psf) last month.
Separately, three condos in prime Districts 10 and 11 fetched profits above $1 million last month. The units were held for a long period. Two of the transactions were from Park Infinia At Wee Nam.
The first was a 1,582 sq ft, three-bedroom unit that was purchased for $1.4 million ($907 psf) from the developer in September 2005 and sold for $2.8 million ($1,770 psf) last month. The seller profited close to $1.4 million, or an annualised gain of 7%. The second was a 1,442 sq ft, three-bedroom unit, which yielded an annualised gain of 7%, or a gross profit of $1.2 million. The unit was bought from the developer in July 2006 for $1.2 million ($849 psf). It was sold for $2.5 million ($1,706 psf) last month.
Meanwhile, a 2,056 sq ft, three-bedroom unit at Beaverton Court netted the seller a $1.3 million profit. The seller had held the unit for 16 years, having purchased it for $1.5 million ($720 psf) in March 2000 and sold it last month for $2.8 million ($1,362 psf). Beaverton Court is a freehold development on Holland Road that was completed in 1984.
This article appeared in The Edge Property Pullout, Issue 728 (May 16, 2016) of The Edge Singapore.
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