Loss of $2.7 mil at Helios Residences

The most unprofitable deal in the week of May 23 to 30 was the sale of a 2,002 sq ft, four-bedroom unit at Helios Residences in prime District 9. The seller suffered a $2.7 million loss on May 26. He purchased the unit for $7.01 million ($3,502 psf) in July 2012 and sold it for $4.3 million ($2,148 psf) — a 39% loss over a five-year holding period, or an annualised loss of 10%.

Helios Residences is located within walking distance of the Orchard Road shopping belt. Find the most affordable listing in the project here

This transaction marks the biggest loss at Helios Residences so far. Based on URA caveat data, there have been seven unprofitable transactions and one profitable transaction at the development. The profitable transaction was a subsale in February 2008 that fetched a $607,885 profit. The 1,701 sq ft, three-bedroom unit was purchased from the developer for $5.43 million ($3,193 psf) in June 2007 and sold for $6.04 million ($3,550 psf) in February 2008. The seller made an 11% profit over a holding period of eight months. Helios Residences is a freehold project with 140 units. It was completed in 2011 and is located within walking distance of the Orchard Road shopping belt.

Also on May 26, a 2,013 sq ft, four-bedroom unit at Tanglin View in District 3 was sold for a $1.04 million loss. The previous owner purchased the unit for $3.27 million ($1,626 psf) in October 2012 and sold it for $2.23 million ($1,108 psf). He incurred a 32% loss, or an 8% annualised loss over a 4.6-year holding period.

There have been 226 profitable transactions with an average profit of $333,741 at Tanglin View. Find the most affordable listing in the project here

The sale of this unit marks the second unprofitable transaction at Tanglin View this year. It is also the biggest loss at Tanglin View so far. Based on URA caveat data, there have been 226 profitable transactions with an average profit of $333,741 (36%) and 42 unprofitable transactions with an average loss of $190,649 (15%) at Tanglin View. The 384-unit Tanglin View is a leasehold condo completed in 2001 and located about 300m from the Redhill MRT station.

Meanwhile, there were seven deals with more than $1 million in profit each in the week of May 23 to 30. The most profitable deal was the sale of a 2,174 sq ft, four-bedroom unit at Villa Des Flores that fetched a $1.51 million profit on May 23. The seller purchased the unit for $1.19 million ($546 psf) in December 2003 and sold it for $2.7 million ($1,242 psf). He recognised a 127% gain, or an annualised gain of 6% over 13.4 years.

Based on URA caveat data, the unit previously changed hands at a $330,000 loss in December 2003. The previous seller purchased it for $1.52 million ($698 psf) in August 1997 — a 22% loss, or 4% annualised loss over six years. The 41-unit Villa Des Flores is a freehold condo completed in 1985 and located adjacent to Catholic Junior College. There have been no unprofitable transactions at Villa Des Flores since 2008.

The other deals with more than $1 million in profit each in the week involved units at the freehold Rivergate and Rivershire in District 9, freehold Proximo in District 10, freehold Newton One in District 11, and the freehold Casa Meyfort and leasehold Riveredge in District 15.