Penthouse at The Edge on Cairnhill sold at $2.2 mil loss

Updated, Aug 25, 2017, 3:50 p.m., to include developer of The Edge on Cairnhill.
On Aug 15, a 5,673 sq ft penthouse at The Edge on Cairnhill in prime District 9 was sold at a $2.22 million loss, according to caveats lodged with URA. The two-storey penthouse with a roof terrace was put up for mortgagee sale at JLL’s auction on June 22 at an opening price of $7.7 million ($1,357 psf) — $1.8 million, or 19%, below its purchase price. It received no bids and was subsequently put up for sale by private treaty.
The unit was bought in June 2007 at $9.5 million ($1,675 psf), before the subprime mortgage crisis in the US developed into a global financial crisis. The final selling price of the unit was $7.28 million, or $1,283 psf.
The transaction marks the biggest loss at The Edge on Cairnhill since its launch. The property has seen four unprofitable transactions so far. Earlier this year, on March 30, however, a 1,550 sq ft unit on the second floor was sold at a $470,000 (23%) profit, after a holding period of close to 15 years.
The Edge on Cairnhill is a freehold condo located within walking distance of the Newton MRT Interchange. Find the most affordable listing in the project here
Between 2013 and 2016, The Edge on Cairnhill saw seven profitable deals and only one unprofitable transaction. These transactions occurred after property cooling measures such as an increased additional buyer’s stamp duty (ABSD) took effect in January 2013. The loss incurred amounted to $162,700 — for a unit on the 15th floor sold in April 2016 — while the other units, located between the third and 16th floors, fetched profits ranging from $308,888 to $1.6 million.
The Edge on Cairnhill is a freehold condominium by developer Sembcorp Industries that is located within walking distance of the Newton MRT Interchange and 1km from Anglo-Chinese School (Junior).
At The Cosmpolitan — another freehold condo in prime District 9 — the previous owner of a 1,399 sq ft unit sold it for a $1.2 million (63%)...