SINGAPORE (EDGEPROP) - The sale of a unit at Belle Vue Residences in District 9 was the most unprofitable transaction over the week of March 8 to 15. The seller incurred a loss of $2.7 million after a 3,552 sq ft unit on the fifth floor changed hands for $4.7 million ($1,324 psf) on March 9.
The unit was purchased in September 2012 for $7.4 million ($2,083 psf). As a result, the seller suffered a 36% loss over a holding period of 9½ years, or an annualised loss of 5%.
Belle Vue Residences is a low-rise, freehold condominium on Oxley Walk that comprises nine 5-storey blocks with 176 units and 36 private lifts. It was developed by Wing Tai Holdings and completed in 2010.
Located between Orchard Road and River Valley, it is a 15-minute walk from the Dhoby Ghaut Interchange which serves the North-East, North-South and Circle Lines. It is also close to Fort Canning Park, as well as the lifestyle areas around Robertson Quay and Clarke Quay.
The unit at Belle Vue Residences was sold for $4.7 million on March 9 (Photo: Samuel Isaac Chua/The Edge Singapore)
Meanwhile, the seller of a unit at Goodwood Residence along Bukit Timah Road made the top gain of $2.21 million over the week. The 3,907 sq ft unit on the first floor was bought for $6.89 million ($1,763 psf) in April 2010 and sold for $9.1 million ($2,329 psf) on March 11. The seller therefore made a 32% profit, or an annualised profit of 2% over nearly 12 years.
The freehold, 210-unit Goodwood Residence was developed by GuocoLand and completed in 2013. Designed by acclaimed architect Woha, the District 10 project is a redevelopment of the former Casa Rosita on Bukit Timah Road, which GuocoLand had purchased for $280 million in 2006.
A unit at Goodwood Residence was sold for $9.1 million on March 11, reaping a $2.21 million gain for the seller (Photo: Samuel Isaac Chua/The Edge Singapore)
A unit sold at Ardmore Park made the second top gain — of $1.89 million, or 21% — over the week. The 2,885 sq ft unit on the second floor changed hands for $10.89 million ($3,774 psf) on March 10. It was purchased for $9 million ($3,120 psf) in January 2011. The seller therefore made an annualised profit of 2% over 11 years.
Ardmore Park is a freehold luxury development that was completed in 2001. There are 330 four-bedroom units of 2,885 sq ft and six duplex penthouses of 8,740 sq ft.
To date this year, two units at Ardmore Park have been sold, including the latest transaction. The previous transaction was recorded last month for another 2,885 sq ft unit located on the 11th floor. It was sold for $10.5 million ($3,640 psf), netting the seller a $1.4 million profit.
A unit at Ardmore Park sold for $10.89 million ($3,774 psf) on March 10 (Photo: Samuel Isaac Chua/The Edge Singapore)
A unit at Costa Rhu in District 15 changed hands for $2.85 million ($1,386 psf) on March 14 netting its seller an 81% profit of $1.28 million. The 2,056 sq ft unit on the 12th floor was bought in October 1995 for $1.57 million ($765 psf). The seller earned an annualised profit of 2% over 26½ years.
Costa Rhu is a 99-year leasehold development by Amcol Gardens. It was completed in 1998 and comprises 737 units spread over four 17-storey buildings. The waterfront project is within walking distance of the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.