The seller of a 2,336 sq ft, three-bedder at Seascape in Sentosa Cove incurred a $3.17 million loss when the unit was sold on May 23. This was the most unprofitable transaction during the week of May 21 to 28.
The ground-floor unit was one of the first to be purchased when the seafront condo in Sentosa’s residential enclave was first launched for sale in March 2010. At the time, the owner paid $6.27 million ($2,682 psf) for the property. The unit was sold for $3.1 million ($1,327 psf) after a holding period of about nine years. The May sale translates to an annualised loss of 7% for the seller.
The sale of a three-bedder at Seascape was the most unprofitable transaction during the May 21-28 week (Picture credit: Samuel Isaac Chua/ EdgeProp Singapore)
Based on the matching of Realis caveats, Seascape has seen a streak of unprofitable sales ranging from $1.47 million to $6.6 million over the last eight years, with no profitable deals on record. The most unprofitable transaction at Seascape was the sale of a 4,069 sq ft, four-bedroom unit which changed hands for $6.2 million ($1,524 psf) in February 2017. The seller had initially purchased it for $12.8 million ($3,146 psf) in June 2010.
On the other hand, the most profitable transaction during the week was the sale of a unit at the 999-year leasehold Allsworth Park, located on Holland Road near Pandan Valley. A 1,959 sq ft, four-bedroom unit there was sold for $3.45 million ($1,761 psf) on May 27. The property had been bought for $1.18 million ($602 psf) in September 2001. The seller made a profit of $2.27 million (21%), or an annualised profit of 6% over a 17.7-year holding period. This was also the most profitable transaction to date at the condo.
The sale of a four-bedroom unit at Allsworth Park was the week’s most profitable transaction (Picture credit: EdgeProp Singapore)
The second most profitable sale to date at the 170-unit, 34-year-old development was that of a similar-sized, four-bedroom unit. It changed hands for $3.3 million ($1.684 psf) on March 28. The unit was first purchased for $1.26 million ($643 psf) in April 2001. The seller made a $2.04 million profit on the transaction.
Meanwhile, the second most profitable deal during the week was at Pebble Bay condo on Tanjong Rhu Road. The seller of a 2,336 sq ft, three-bedder sold the property for $3.3 million ($1,413 psf) on May 23, having bought it for $1.7 million ($723 psf) in 1996. The seller thus walked away with a profit of $1.61 million, or an annualised profit of 3% over the 23-year holding period.
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