Resale at Leonie Parc View sees $2.05 mil loss

By
/ EdgeProp Singapore
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September 4, 2020 6:00 AM SGT
SINGAPORE (EDGEPROP) - The owner of a 3,853 sq ft unit at Leonie Parc View sold his property for $7.38 million ($1,915 psf) on Aug 24. According to URA caveats, the four-bedroom unit was purchased for $9.43 million ($2,448 psf) in April 2007. Thus, the sale resulted in a loss of $2.05 million (22%), which translates to an annualised loss of 2% over 13 years. It is also the most unprofitable transaction during the week in review.
Leonie Parc View is a freehold development along Leonie Hill Road in prime District 9. The project is centrally located, and it is close to the Orchard Road shopping belt. The condominium was completed in 2009 and comprises a 28-storey tower with 44 units. Units comprise four-bedroom apartments and a penthouse.
LEONIE PARC VIEW - EDGEPROP SINGAPORE
Leonie Parc View is a freehold development along Leonie Hill Road. (Picture: Samuel Isaac Chua/The Edge Singapore)
There have been at least three resale transactions at Leonie Parc View so far this year, including the sale on Aug 24. A 2,013 sq ft unit went for $4.43 million ($2,200 psf) on May 4 after it was bought for $6.55 million ($3,254 psf) in August 2007. The seller made a $2.12 million (32%) loss on the sale, which is an annualised loss of 3% over close to 13 years.
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Another 2,013 sq ft unit at Leonie Parc View changed hands for $4.17 million (2,072 psf) on April 6. It was bought for $6.06 million ($3,009 psf) in July 2007. The seller made a $1.89 million (31%) loss on the sale, which translates to an annualised loss of 3% over close to 13 years.
Gains and Losses August 18 to 25 - EDGEPROP SINGAPORE
The week in review saw another notable loss-making transaction at The Sail @ Marina Bay. A 2,282 sq ft unit changed hands for $4.1 million ($1,797 psf) on Aug 24. The four-bedroom unit had been bought for $5.68 million ($2,489 psf) in January 2013. Thus, the transaction resulted in a loss of $1.58 million (28%), which translates to an annualised loss of 4% over 7½ years.
The Sail is a 99-year leasehold development along Marina Boulevard in the CBD. There are 1,111 units across the two residential towers — the 70-storey Tower 1 and the 63-storey Tower 2 — which connect to an eight-storey podium that comprises retail shops, a carpark, and facilities including a tennis court, a gym, and a swimming pool.
There have been at least 23 resale transactions at The Sail so far this year, including 13 unprofitable sales. The most unprofitable deal so far this year occurred when a 1,432 sq ft unit changed hands for $2.55 million ($1,781 psf) on April 6. It had been bought for $4.3 million ($3,001 psf) in October 2007. The sale resulted in a $1.75 million (41%) loss, which is an annualised loss of 4% over seven years.
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BLD THE SAIL SIC - EDGEPROP SINGAPORE
The sale of a 2,282 sq ft unit at The Sail @ Marina Bay resulted in a $1.58 million loss. (Picture: Samuel Isaac Chua/The Edge Singapore)
On the other hand, the most profitable sale during the week involved a 1,755 sq ft unit at Botanic Gardens Mansion that changed hands for $3.15 million ($1,795 psf) on Aug 18. The three-bedroom unit previously fetched $1.66 million ($946 psf) in December 2006. Thus, the seller earned $1.5 million (90%), which translates to an annualised profit of 5% over close to 14 years.
The freehold Botanic Gardens Mansion was completed in 1970 and is off Nassim Hill in prime District 10. The 112-unit development comprises three-bedroom apartments of 1,399 to 1,755 sq ft. The latest resale at Botanic Gardens Mansion is the only one so far this year, but over the past five years at least seven units have changed hands and all resulted in profitable deals. The most profitable transaction during this period involved a 1,399 sq ft unit that fetched $2.7 million ($1,930 psf) on Aug 14, 2019. The seller had bought the property for $9.4 million ($672 psf) in October 1999. As a result, he made $1.76 million (187%) or an annualised profit of 5.5% over 20 years.
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For price trends, recent transactions, other project info, check out these projects' research page:Leonie Parc View, The Sail @ Marina Bay, Botanic Gardens Mansion
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