Unit at The Lumos incurs $1.88 mil loss

By Charlene Chin
/ EdgeProp |
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The sale of a three-bedroom unit at The Lumos, off Grange Road in District 9, topped losses for property resales for the week of July 3 to 10. The 1,755 sq ft unit on the 11th floor was sold for $3.75 million ($2,173 psf) on July 10. The seller purchased the unit for $5.63 million ($3,207 psf) in 2007. He sustained a 33% loss of $1.88 million, or an annualised loss of 4% over 10.9 years. This is the largest loss recorded at the freehold development.
The second highest loss for the week resulted from the sale of a four-bedroom unit at The Sail @ Marina Bay in District 1. The 1,647 sq ft unit on the sixth floor was sold for $2.8 million ($1,700 psf) on July 9. The seller incurred a 31% loss of $1.26 million, or an annualised loss of 7% after a 5.4-year holding period. It was purchased in 2013 for $4.1 million ($2,463 psf).
This transaction at The Sail @ Marina Bay marks the third time the unit has changed hands. It was purchased from the developer at $2.30 million ($1,398 psf) back in 2005, and sold for $2.67 million ($1,620 psf) almost two years later. From that transaction, the original seller reaped a 16% profit of $365,980, or an annualised profit of 10% over 1.6 years.
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It was, however, the unit’s second owner who made the biggest gains from the property. He reaped a 52% profit of $1.39 million, or an annualised profit of 8% after 5.7 years, after selling it at $4.1 million ($2,463 psf).
A sale at The Waterside made the highest gain over the period of July 3 to 10. The seller reaped a profit of $1.85 million over 8.9 years (Credit: Albert Chua/The Edge Singapore)
Meanwhile, the most profitable transaction for the week was the sale of a four-bedroom unit at The Waterside in District 15. The 2,400 sq ft unit on the 11th floor changed hands at $4.4 million ($1,833 psf) on July 4. The seller raked in a 73% profit of $1.85 million, or an annualised profit of 6% over 8.9 years. He purchased the home in 2009, at $2.55 million ($1,062 psf).
The Waterside is a freehold development along Tanjong Rhu Road, and is a short drive to shopping malls such as Leisure Park Kallang and Guillemard Village. It will be a five-minute walk to the upcoming Katong Park MRT Station on the Thomson-East Coast Link, slated for completion in 2023.
The second most profitable transaction was of a unit at The Shelford, off Dunearn Road in District 11. A two-bedroom unit on the fourth floor was sold for $1.94 million ($1,875 psf) on July 6. The seller purchased the unit in 2005 for $870,000 ($842 psf). He raked in a 123% gain of 1.1 million, or an annualised profit of 7%, over 12.7 years. The Shelford is a 12-minute walk to Tan Kah Kee MRT Station on the Downtown Line.
The third most profitable deal was at Bishan 8, where a three-bedroom unit changed hands for $1.72 million ($1,125 psf) on July 5. The seller made a 136% profit of $990,000, or an annualised profit of 4% over 19.5 years. The 1,528 sq ft unit is on the ground floor of the development, and was bought in 1999 for $730,000 ($478 psf).

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