Unit at The Lumos incurs $1.88 mil loss

The seller of a three-bedroom unit at The Lumos lost $1.88 million, the highest loss in the resale market over the week in review (Credit: Samuel Isaac Chua/The Edge Singapore)
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.
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...