On Nov 6, a four-bedroom, 2,411 sq ft unit on the fifth floor of Turquoise was sold for $3.7 million ($1,535 psf). The price is 41% lower than the $6.27 million ($2,600 psf) that the previous owner paid in October 2007. This translates into a $2.57 million loss, the most unprofitable deal for condos sold in the week of Oct 31 to Nov 7.
Based on the matching of URA caveat data, there have been 11 unprofitable transactions at Turquoise, a 91-unit condo in Sentosa Cove that was completed in 2010. The average loss is $2.66 million, or 41%. The sole profitable transaction was in September 2015, when a 2,185 sq ft unit fetched a $800,000, or 28%, profit. The previous owner bought it for $2.9 million ($1,327 psf) in July 2015 and sold it for $3.7 million ($1,693 psf) two months later. Owing to the short holding period, the sale incurred a 16%, or $592,000, seller’s stamp duty. After accounting for SSD, the net profit was $208,000, or 7%.
The first owner of the 2,185 sq ft unit bought it from the developer at $6.04 million ($2,763 psf) in October 2007 and incurred a $3.14 million, or 52%, loss when it changed hands in July 2015 at $1,327 psf, the lowest transacted price psf at Turquoise, according to URA caveat data. The transaction resulted in the third-largest loss at Turquoise on record.
The largest loss at Turquoise involved a 2,777 sq ft unit that changed hands in June 2016 for $3.8 million ($1,368 psf). It resulted in a $3.36 million, or 47%, loss to the seller, who paid $7.16 million ($2,580 psf) for it in November 2007.
The unprofitable transactions notwithstanding, prices at Turquoise seem to have stabilised. Last year, three units changed hands at $1,368 psf, $1,400 psf and $1,521 psf. The two units that changed hands this year fetched $1,417 psf and $1,535 psf respectively.
The most profitable deal in the week of Oct 31 to Nov 7 was at Regency Park, a freehold condo in prime District 10. The seller of a 2,260 sq ft, three-bedroom unit made a $2 million, or 93%, profit on Nov 2, when it was sold for $4.15 million ($1,836 psf). He paid $2.15 million ($951 psf) for it in August 2006 and realised a 6% annualised gain from the sale.
Based on the matching of URA caveat data, there have been seven profitable transactions at Regency Park this year. The average profit is $1.48 million, or 61%. In September, a 3,649 sq ft unit changed hands at $6.35 million ($1,740 psf) in the sole unprofitable transaction at the condo this year. The previous owner paid $6.88 million ($1,885 psf) for it in July 2012 and incurred a $530,000, or 8%, loss.
The same unit fetched a $2.83 million, or 70%, profit when it was sold in July 2012. According to URA caveat data, it was first purchased for $4.05 million ($1,110 psf) in April 2006.
At Pebble Bay, a 2,626 sq ft, four-bedroom unit was sold for a $1.74 million, or 84%, profit on Nov 6. The previous owner bought it from the developer for $2.09 million ($795 psf) in May 1997 and sold it for $3.83 million ($1,458 psf).
Pebble Bay is a 510-unit condo on Tanjong Rhu Road. It has a 99-year lease tenure and was completed in 1997. Based on the matching of URA caveat data, 22 units were sold at a profit at Pebble Bay this year, and two units were sold at a loss. The average profit is $754,862, or 42%.
The most profitable deal at Pebble Bay this year was the sale of a 2,809 sq ft unit at $4.65 million ($1,655 psf). The previous owner, who paid $2.05 million ($730 psf) for it in September 2001, made a $2.6 million, or 127%, profit.
This article appeared in EdgeProp Pullout, Issue 806 (Nov 20, 2017).
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