Strata house at Estrivillas sold at loss of close to $1 mil
By Esther Hoon
/ The Edge Property |
Another semi-detached house on Jalan Lim Tai See in District 10 was sold at a loss this year. This time, the loss amounted to $959,337. The 5,156 sq ft strata house was held for more than six years. It was purchased in April 2010 at $652 psf and resold at $465 psf this month, reflecting an annualised loss of 5%.
This marks the second unprofitable transaction in Estrivillas. Last month, a 5,188 sq ft semi-detached house was sold at a loss of $155,713. The houses sit on a freehold site and were purchased from the developer in 2010.
At The Solitaire, a freehold apartment on Balmoral Park in District 10, a 1,625 sq ft unit changed hands this month at a loss of $973,080. The seller, who bought the unit from the developer at $2,186 psf in April 2007, sold the unit at $1,587 psf this month. All but one of the seven apartments sold at the project since 2012 were unprofitable.
In the week of July 12 to 19, two units at Varsity Park Condominium were sold at a profit exceeding $700,000 each. The larger profit of $891,534 accrued to a 1,421 sq ft unit on the third floor. It was purchased in June 2006 at $499 psf and sold at twice the price, or $1,126 psf. The transaction yielded an annualised gain of 8% over 10 years.
The smaller profit of $725,000 was traced to a 2,379 sq ft penthouse. The unit was purchased in May 2009 at $662 psf and resold at $967 psf, or an annualised gain of 5%. All six transactions concluded at Varsity Park Condominium so far this year have been profitable. Of the lot, the least profitable transaction accrued to a 1,636 sq ft unit, which fetched a profit of $440,000 in April, or an annualised gain of 3.8%. Varsity Park Condominium is a 99-year leasehold residential development comprising 530 units on West Coast Road in District 5. The project was completed in 2008.
The most profitable home sold in the week of July 12 to 19 was a 1,733 sq ft unit at The Imperial. The seller, who had held the unit for 12 years, reaped a profit of $1.8 million. He had purchased the unit from the developer at $880 psf in September 2003 and resold it at $1,904 psf, more than double its purchase price. Of the 177 resale transactions in the development, only four were unprofitable. The Imperial is a freehold condo project comprising 187 units and is located on Jalan Rumbia in prime District 9.
This article appeared in The Edge Property Pullout, Issue 739 (Aug 1, 2016) of The Edge Singapore.
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