Three-bedroom duplex at Orchard Scotts sees $1.03 mil loss

/ EdgeProp
April 1, 2018 7:30 AM SGT
A three-bedroom duplex at the 387-unit Orchard Scotts in Newton was sold for $3.45 million ($1,587 psf) on March 16, marking the first transaction at the development in 2018, according to caveats lodged as at March 27.
The seller made a $1.03 million (23%) loss, which translated into an annualised loss of 4% over a holding period of more than seven years. Bought in November 2010 for $4.5 million ($2,060 psf), the fourth-floor unit measures 2,174 sq ft.
In December 2015, an identical unit on the second floor was put up for mortgagee sale at an auction held by Knight Frank. It sold for $3.1 million ($1,407 psf), which is $1.2 million (28%) less than its purchase price of $4.2 million ($1,945 psf) in February 2011.
Completed in 2008, the 99-year leasehold Orchard Scotts comprises residences for sale and lease, as well as serviced residences. Find the most affordable listing in the project here (Credit: Samuel Isaac Chua/The Edge Singapore)
The last time Orchard Scotts saw a profitable transaction was in 2014, when a four-bedroom, 2,282 sq ft unit fetched a $700,000 (23%) profit. The 10th-floor unit was bought in August 2006 for $3 million ($1,315 psf), and sold for $3.7 million ($1,621 psf) 7½ years later.
Last year, there were seven unprofitable transactions at Orchard Scotts, according to the matching of URA caveat data as at March 27. The largest loss of $4.8 million (56%) involved a 2,336 sq ft unit on the 19th floor. This transaction also marked the largest loss on record at Orchard Scotts.
Bought at the peak of the property market in October 2013 for $8.46 million ($3,620 psf), the unit was sold at less than half its original price ($3.68 million, or $1,575 psf) in February 2017. According to caveats lodged, the first transaction for the unit was in July 2008. The first owner bought it from privately-held developer Far East Organization for $8 million ($3,431 psf) and made a profit of $442,523 (6%) after selling the unit in 2013.
Located near the luxurious Cairnhill enclave and the Orchard Road shopping belt, Orchard Scotts is within walking distance of the Newton MRT interchange and Anglo-Chinese School (Junior).
Completed in 2008, the 99-year leasehold Orchard Scotts was originally designed with residences for sale or lease. However, one of its towers was converted into a serviced residence after it was completed. The development is built on the site of the former 196-unit HUDC Anthony Garden. Its three towers occupy an 865,180 sq ft site flanked by Anthony Road, Peck Hay Road and Clemenceau Avenue North.
Prices at Ardmore Park have reached a five-year high of $3,605 psf. Find the most affordable listing in the project here (Credit: The Edge Singapore)
Meanwhile, in the Ardmore Park-Draycott Drive area, also near the Orchard Road shopping belt, a four-bedroom, 2,885 sq ft unit at the freehold, 330-unit Ardmore Park fetched a $2.2 million (27%) profit on March 19. This translates into a profit of 2% a year, over a holding period of more than 10 years.
Bought in August 2007 for $7.6 million ($2,617 psf), the 17th-floor unit was sold for $10.4 million ($3,605 psf). This marks the highest psf price seen at Ardmore Park since 2013, when two identical units on the 28th floor were sold at $3,640 psf.
The highest profit on record at Ardmore Park involves an 8,740 sq ft penthouse. It was sold at $30 million ($3,432 psf) in July 2010, $12.7 million (73%) higher than its purchase price of $17.3 million ($1,979 psf) in December 2006.
Completed in 2001, Ardmore Park was developed by listed property developer Wheelock Properties, a subsidiary of Hong Kong property, hotel and container port operations group Wheelock and Co. The development comprises three 30-storey towers. Each tower has 108 identical four-bedroom apartments sized at 2,885 sq ft, as well as two penthouses of 8,740 sq ft each.
This article appeared in EdgeProp Pullout, Issue 824 (April 2, 2018).