On Aug 18, a duplex penthouse at Volari on Balmoral Road was sold at a $1.63 million (22%) loss, according to URA caveat data as at Aug 29. The penthouse has a total floor area of 3,950 sq ft and comes with a private lift, four bedrooms and a study, as well as a private pool and private enclosed space of 1,453 sq ft. It enjoys views of the colonial Black & White bungalows at Goodwood Hill.
The property did not receive any bids when it was offered for sale by the mortgagee in Knight Frank’s auction on Jan 18 at an opening price of $6.45 million ($1,633 psf), which is almost $1 million below the previous owner’s purchase price of $7.33 million ($1,856 psf) in November 2009. It was put on mortgagee sale for a second time at Edmund Tie & Co’s auction on March 29 at the same price and again did not receive any bids. According to Joy Tan, head of auction at ET&Co, the penthouse is the first mortgagee sale at Volari. The mortgagee subsequently offered it for sale by private treaty and sold it on Aug 18.
Volari is a freehold condominium with 85 units. It is located in prime District 10 and was completed in 2012. All four transactions at Volari so far this year have resulted in losses for the previous owners. The $1.63 million loss involving the penthouse is the biggest loss on record at the project. The next biggest was when a 2,282 sq ft unit was sold at a $467,720 (10%) loss on April 19. The previous owner bought the unit for $4.72 million ($2,067 psf) in August 2009 and sold it for $4.25 million ($1,862 psf).