Losses mount at Turquoise; four-bedder incurs $2.3 mil loss
By Timothy Tay
/ EdgeProp Singapore |
The four-bedroom unit at Turquoise in Sentosa Cove changed hands for $4.61 million ($1,720 psf) on Oct 31. .
The seller of a four-bedroom unit at Turquoise in Sentosa Cove suffered a loss of $2.34 million (34%) when they sold the property for $4.61 million ($1,720 psf) on Oct 31. The 2,680 sq ft unit, on the ground floor, had been purchased from developer Ho Bee Land for $6.95 million ($2,592 psf) back in October 2007. This translates to an annualised loss of 2.5% over 16 years, and is the most unprofitable transaction recorded during the week of Oct 31 to Nov 7.
The 91-unit Turquoise is one of 10 luxury condos with a total of 1,766 units in the waterfront residential enclave of Sentosa Cove.
However, the transaction on Oct 31 pales in comparison to the $5.13 million (53%) loss suffered by a seller who offloaded a 3,746 sq ft, four-bedroom penthouse at Turquoise in September 2018. The sale price was $4.4 million ($1,175 psf), compared to the purchase price of $9.53 million ($2,545 psf) in November 2007.
Based on URA caveats, there were 26 recorded loss-making resale deals compared to one profitable one to date.
The four-bedroom unit at Turquoise in Sentosa Cove changed hands for $4.61 million ($1,720 psf) on Oct 31. (Picture: Samuel Isaac Chua/The Edge Singapore)
Including the recent transaction on Oct 31, only three units changed hands in Turquoise this year. On Jan 12, a 2,680 sq ft unit was sold for $4.6 million ($1,720 psf), while a 2,174 sq ft unit was sold for $3.15 million ($1,449 psf) on Feb 27. However, no previous caveat was lodged for each of these two units.
The luxury St Regis Residences Singapore on Tanglin Road also saw a notable loss. The 999-year leasehold condo recorded the sale of a 1,507 sq ft, three-bedroom unit for $3.9 million ($2,588 psf) on Nov 1. The unit, on the 16th floor, was purchased for $5.5 million ($3,654 psf) in July 2007. As a result, the seller incurred a loss of $1.6 million (29%), which translates to an annualised loss of 2.1% across more than 16 years. This was the second most unprofitable resale of the week.
St Regis Residences has twin 23-storey residential towers and was completed in 2008.
According to URA caveats, there have been seven resale transactions so far this year at St Regis Residences, with three unprofitable deals and four profitable ones. Losses this year have ranged from $250,000 to $1.6 million.
The seller of a three-bedroom unit at St Regis Residences Singapore suffered a loss of $1.6 million on Nov 1. (Picture: Samuel Isaac Chua/The Edge Singapore)
St Regis Residences also borders Cuscaden Road, which features some of the most prestigious and exclusive high-rise luxury condos in Singapore. Prominent condos along Cuscaden Road include 3 Orchard by-the-Park, Cuscaden Residences, Park Nova and Boulevard 88.
Based on a tabulation of caveats by EdgeProp Singapore, resale units at St Regis Residences fetch an average price of $2,477 psf. This is markedly lower compared to the ultra-luxury condos in its vicinity. For example, 3 Orchard by-the-Park commands $3,787 psf, Cuscaden Residences $2,558 psf, Park Nova $4,101 psf, and Boulevard 88 $4,133 psf.
On the other hand, the most profitable resale during the week occurred at King’s Mansion, a freehold condo on Tanjong Katong Road. A 1,808 sq ft, three-bedroom unit fetched $3.5 million ($1,935 psf) on Nov 3. Previously, the unit had been purchased for $1.14 million ($629 psf) in March 1995. Thus, the seller earned a $2.36 million (208%) profit on the resale, which translates to an annualised gain of 4% over nearly 29 years.
This is also a new record for the District 15 condo, leaping over the previous record profit of $2.1 million. That was from the sale of a 1,604 sq ft unit for $2.95 million ($1,839 psf) on June 12. The unit was bought for about $855,000 ($533 psf) in July 2007. Hence, the transaction resulted in an annualised gain of 8.1% over nearly 16 years.
King’s Mansion was completed 41 years ago and is within the highly desirable Amber Road residential enclave. It is near East Coast Park, shopping malls such as Parkway Parade, and popular schools. The upcoming Tanjong Katong MRT Station, slated for completion next year, on the Thomson-East Coast Line will have an entrance beside King’s Mansion.
There have been five resale transactions at King’s Mansion this year, up from two each in 2022 and 2021. The other resale transactions this year include another 1,808 sq ft unit sold for $3.35 million ($1,853 psf) on June 27. The unit had previously fetched $2.2 million ($1,217 psf) in July 2017. Thus, it raked in a profit of $1.15 million (52%), which is an annualised gain of 7.2% over six years.
Check out the latest listings for Turquoise, King's Mansion properties
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