Sale of three-bedder at The Lumos results in $1.86 mil loss

By
/ EdgeProp Singapore
|
March 12, 2021 5:30 AM SGT
SINGAPORE (EDGEPROP) - The sale of a 1,755 sq ft unit at The Lumos, off Grange Road in prime District 9, was the most unprofitable resale transaction for the week of Feb 23 to March 2. The three-bedroom unit, which is on the eighth floor, was sold for $3.66 million ($2,089 psf) on Feb 25.
The unit had been bought from the developer for $5.53 million ($3,150 psf) when the project was launched for sale in August 2007. As a result, the seller made a $1.86 million (34%) loss on the sale of the property, which translates to an annualised loss of 3% over 13½ years.
The Lumos is a freehold, boutique luxury development that was completed in 2011. The 53-unit development comprises a single 36-storey residential tower. The condominium comprises one- to four-bedroom units of 699 sq ft to 2,432 sq ft, as well as three- and four-bedroom duplex units of 2,496 sq ft to 3,422 sq ft. There are also two penthouses of 5,714 sq ft and 5,929 sq ft.
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THE-LUMOS - EDGEPROP SINGAPORE
The 1,755 sq ft unit at The Lumos was sold for $3.66 million on Feb 25. (Picture: Samuel Isaac Chua/The Edge Singapore)
Sales at The Lumos have faced headwinds ever since the project was launched during the peak of the 2007 property boom, and launch prices ranged from $3,074 psf for a 3,336 sq ft unit to a high of $3,984 psf for a 699 sq ft unit.
In 2017, 34 units remained unsold and were bought up by a private equity real estate fund. These included the two penthouses and a majority of the three- and four-bedroom units. In 2019, the fund was marketing this portfolio of units with prices starting from $2,310 psf.
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A 1,755 sq ft unit on the fourth floor was sold for $4.4 million ($2,509 psf) in March 2019, followed by the sale of another 1,755 sq ft unit on the seventh floor for $3.15 million ($1,797 psf) in September 2019.
Top Gains and Losses - EDGEPROP SINGAPORE
Elsewhere, the highest resale profit of the week was for a 1,679 sq ft unit at Faber Garden Condominium. The three-bedroom unit changed hands for $2.52 million ($1,505 psf) on March 1. The seller bought the unit for $894,907 ($533 psf) back in June 1999. Thus, the seller made a profit of $1.63 million (182%), which translates to an annualised profit of 4.9% over nearly 22 years.
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This also makes it the second most profitable resale transaction recorded at the development so far. The top ranked resale deal at Faber Garden Condominium occurred when a 2,766 sq ft unit was sold for $2.88 million ($1,044 psf) in February 2013. The unit had been bought for $898,950 ($325 psf) in October 1998. Thus, the seller earned a record $1.98 million (220%) profit on the sale. This is an annualised profit of 8% over 14 years.
Faber Gardens Condominium is a freehold development on Angklong Lane, off Upper Thomson Road in District 20. The sprawling 233-unit development in the Bishan-Ang Mo Kio neighbourhood sits on a 544,738 sq ft site. It is beside the upcoming Bright Hill MRT Station on the Thomson-East Coast Line, and close to the Bishan-Ang Mo Kio Park.
Faber Garden Condominium - EDGEPROP SINGAPORE
The most profitable deal of the week is the sale of a 1,679 sq ft unit at Faber Garden Condominium, which raked in a $1.63 million profit. (Picture: Samuel Isaac Chua/The Edge Singapore)
There are five blocks in the development: two high-rise blocks of 15 and 19 storeys, and three low-rise blocks — a 4-storey and two 6-storey blocks. Units comprise apartments, maisonettes, and penthouses.
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Faber Garden Condominium was one of the big-ticket collective sale deals launched during the most recent en bloc wave in 2018. In April 2018, the owners launched their first collective sale attempt with a price tag of $1.18 billion. The price worked out to $1,414 psf per plot ratio.
Its first en bloc foray ended without securing a deal, and the collective sale committee relaunched a second attempt in October 2018 with the same reserve price. This also ended without any takers.
Resale transactions spiked in 2019, with seven resale transactions recorded that year. The record psf price of $1,591 was set when a 1,571 sq ft unit was sold for $2.5 million on Nov 15, 2019. The most recent resale transaction on March 1, 2021, achieved the second highest psf price to date at the freehold development.
Check out the latest listings near The Lumos, Faber Garden Condominium, Bright Hill MRT Station