Penthouse at Volari sold at $1.63 mil loss

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September 2, 2017 8:00 AM SGT
On Aug 18, a duplex penthouse at Volari">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.
--thisisapagebreak
The second-highest loss for private condo units sold in the week of Aug 15 to 22 was for the sale of a 1,249 sq ft unit at