Despite holding the property for about nine years, the seller of a 1,776 sq ft unit at The Oceanfront @ Sentosa Cove incurred the second-biggest loss for the week of June 13 to 20. The seller bought the unit in a subsale for about $2.84 million ($1,600 psf) in June 2008. On June 19, the unit changed hands for $2.43 million ($1,368 psf) — the lowest selling price for units with a 1,776 sq ft area within the project since its launch in 2006. The $411,600 loss, the second-highest at The Oceanfront @ Sentosa Cove so far this year, translates into 14%, or 2% over a holding period of about nine years.
A 1,776 sq ft unit at The Oceanfront @ Sentosa Cove was sold at a $411,600 loss on June 19. Find the most affordable listing in the project here
URA caveat data also showed that the unit had changed hands at a $521,920 profit in June 2008. The profit earned translated into 22%, or 12.5% a year over 1.7 years. The profit realised was the secondlowest fetched by a 1,776 sq ft unit since The Oceanfront @ Sentosa Cove was launched. The unit was bought from the developer, City Developments, at $2.31 million ($1,309 psf) in September 2006.
The highest unit price at The Oceanfront @ Sentosa Cove was lodged in November 2010, when a 3,025 sq ft unit changed hands for $2,843 psf. This year, the project has seen five unprofitable and two profitable transactions, with unit prices ranging from $1,315 psf for a 4,865 sq ft unit to $1,742 psf for a 2,067 sq ft unit. Completed in 2010, the 264-unit The Oceanfront @ Sentosa Cove is a 99-year leasehold condominium located near Quayside Isle on Sentosa Island.
Another property that had a holding period of more than nine years — a unit at The Grange in prime District 10 — saw the biggest loss of the week. The seller of the 2,293 sq ft unit incurred a loss of $688,000. In October 2007, the seller bought the unit in a sub-sale at $5.38 million ($2,350 psf). The unit changed hands on June 19 for $4.7 million ($2,050 psf), which translates into a 13% loss, or 1.4% over a holding period of 9.7 years.
The last unprofitable transaction at The Grange was in October 2015, when a 2,303 sq ft unit was sold for a loss of $657,500. Since then, the only other transaction at The Grange has been a profitable one. A 1,744 sq ft unit changed hands on May 18 for a profit of $174,800. The Grange is a freehold condo by MCL Land and Wing Tai Holdings. The 95-unit project was completed in 2008 and is located in the vicinity of Wheelock Place and the Orchard MRT station.
Chiltern Park is a 99-year leasehold development located opposite the Lorong Chuan MRT station on the Circle Line. Find the most affordable listing in the project here
On a brighter note, two condo units within walking distance of the Lorong Chuan MRT station in Serangoon fetched the largest and fourth-largest profit in the same week. A 1,668 sq ft unit at Amaranda Gardens garnered an $882,400 profit — the largest in the week — when it was sold on June 16. The previous owner bought the unit from Keppel Land for $917,600 ($550 psf) in December 2001 and sold it for $1.8 million ($1,079 psf). This translates into a 96% gain, or 4% over 15½ years.
All five transactions at Amaranda Gardens this year have been profitable. The transaction on June 16 is also the most profitable sale at the project since November 2015, when a 1,464 sq ft unit changed hands for a $931,200 profit. The 189-unit freehold condo, which is located within walking distance of the Serangoon MRT station and NEX, was completed in 2004.
Meanwhile, a 1,249 sq ft unit at Chiltern Park that was purchased in October 2005 for $445,000 ($356 psf) was sold on June 16 for $1.2 million ($961 psf). The seller made a 170% profit, or a 9% annualised profit over a holding period of 11.7 years. Completed in 1995, the 99-year leasehold condo located opposite Nanyang Junior College has 500 residential units.
This article appeared in The Edge Property Pullout, Issue 786 (July 3, 2017) of The Edge Singapore.