Another seller at Scotts Square suffers loss of over $1 mil

By Esther Hoon / The Edge Property | July 2, 2016 8:00 AM SGT
In January, a 1,249 sq ft unit at Scotts Square was sold at a $1.2 million loss. In June, another 1,249 sq ft unit in the project booked a $1.2 million loss. The second transaction appeared among the caveats uploaded by URA on June 17 and 21.
The seller had held the unit for close to nine years. He purchased the property in November 2007 at $4,006 psf and resold it last month at $3,043 psf. This marked the third transaction in the project with a loss of over $1 million.
In June, a 1,249 sq ft unit at Scotts Square booked a $1.2 million loss
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Separately, the first transaction at Ardmore II this year resulted in a loss of $381,480. The 2,024 sq ft unit on a high floor was purchased in a sub-sale at $2,771 psf in September 2010 and resold at $2,582 psf in June.
At least three properties were flipped within the four-year seller’s stamp duty (SSD) period. In District 15, a 1,528 sq ft unit at Aalto was flipped at a loss of $520,000, including SSD. The unit was purchased in December 2012 at $1,910 psf, but resold at $1,636 psf in June.
At Eastpoint Green, a 1,302 sq ft unit was held for less than three years and flipped at a loss of $377,200, including SSD. The property was purchased in October 2013 at $883 psf and resold at $645 psf in June.
The third property was a 1,216 sq ft unit at Flamingo Valley. It was held for less than four years and sold at a loss of $337,570, including SSD. The seller purchased the property in November 2012 at $1,452 psf and resold it at $1,223 psf in June.
The top profit of $1.25 million, for caveats uploaded by URA on June 17 and 21, accrued to a 2,745 sq ft unit at The Balmoral. The seller had held the unit for close to 16 years, having purchased it at $911 psf in October 2000. The unit changed hands at $1,366 psf in June, which translates into an annualised gain of 3%.