Unit at Orchard Scotts incurs $2.5 mil loss

EDGEPROP SINGAPORE - Top gains and losses
SINGAPORE (EDGEPROP) - The top two losses during the week of June 16 to 23 were found at Orchard Scotts, a 99-year leasehold development by Far East Organization. A 2,282 sq ft unit on the 18th floor was purchased for $5.75 million ($2,520 psf) in May 2008 and sold for $3.25 million ($1,424 psf) on June 16. The seller thus incurred a 43% loss of $2.5 million on the sale, or an annualised loss of 5% over 12 years.
The second most unprofitable deal at Orchard Scotts was for a 2,228 sq ft unit on the fifth floor. This unit was purchased for $4.58 million ($2,056 psf) in November 2012 and sold for $3.1 million ($1,391 psf) on June 18. The seller thus made a 32% loss of $1.48 million. This translates to an annualised loss of 5% in about eight years.
EDGEPROP SINGAPORE - Orchard Scotts
The seller of the unit on the 18th floor of Orchard Scotts made a 43% loss after a holding period of 12 years (Photo: Samuel Isaac Chua/The Edge Singapore)
Completed in 2007, the 387-unit Orchard Scotts is located on Anthony Road, just off Clemenceau Avenue North, in prime District 9. It is close to Cairnhill and Orchard Road. The nearest MRT station is Newton, an interchange for the North-South Line and Downtown Line. It is a nine-minute walk from the property.
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The third most unprofitable deal of the week was a 1,001 sq ft, two-bedroom unit at L’Viv in District 11. The seller had purchased the unit on the 23rd floor in April 2012 for $2.26 million ($2,258 psf) and sold it on June 16 for $1.9 million ($1,898 psf). The seller made a 16% loss of about $360,000, or an annualised loss of 2% over eight years. L’Viv was developed by Wing Tai Holdings and completed in 2013. The 31-storey development has 147 units, and is located just off Newton Road.
On the other hand, the most profitable transaction in the same week involved a 1,894 sq ft, three-bedroom unit at Pebble Bay, a 99-year leasehold condominium at Tanjong Rhu Road. The 13-floor unit was bought for $2.5 million ($1,320 psf) in October 2010 and sold for $3 million ($1,584 psf) on June 16. The seller made a profit of $500,000 or 20% on the sale, translating to an annualised profit of 2% over almost 10 years.
EDGEPROP SINGAPORE - pebble bay condominium tanjong rhu road
The top gain made over the week was at Pebble Bay along Tanjong Rhu Road (Photo: Samuel Isaac Chua/The Edge Singapore)
Developed by CapitaLand, Pebble Bay is a condominium facing the Kallang River. The District 15 property has a total of 510 units and was completed in 1998. The nearest MRT station is Stadium on the Circle Line, which is a 12-minute walk away.
The second top gain made over the same week was at Park Green at Rivervale Link, off Sengkang East Avenue. The 1,356 sq ft, three-bedroom unit on the 10th floor was purchased for $540,000 ($398 psf) in October 2002 and sold for $1.03 million ($759 psf) on June 18. This means that the seller made a profit of close to $490,000 or 91%, translating to an annualised profit of 4% over close to 18 years.
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Developed by NTUC Choice Homes, Park Green is a 368-unit executive condo completed in 2005. It is near Punggol Park and the future Sengkang Grand Mall, which will be integrated with Buangkok MRT Station on the North-East Line.
The third top gain was by a seller at Prospero Ville, a freehold condominium at Lorong K Telok Kurau. The 2,174 sq ft unit on the fourth floor was bought for $1.05 million ($483 psf) in May 2011 and sold for $1.45 million ($667 psf) on June 16. It netted a 38% profit of $400,000 for the seller, who made an annualised profit of 4% over nine years. Prospero Ville is 1km from Kembangan on the East-West Line. The 20-unit boutique development by Hoi Hup Realty was completed in 2002.
EDGEPROP SINGAPORE - TOP GAINS & LOSSES JUNE 16 - 23
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