Unit at Reflections at Keppel Bay incurs $2.15 mil loss
By Valerie Kor
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The most unprofitable deal during the week of June 30 to July 7 occurred at Reflections at Keppel Bay, where a 2,260 sq ft four-bedroom unit was sold at a loss of $2.15 million. The seller purchased the 31st-floor unit in August 2010 for $6.15 million ($2,720 psf) and sold it on June 30 for $4 million ($1,770 psf), suffering a 35% loss or an annualised loss of 4% over almost 10 years.
Reflections at Keppel Bay is a 99-year condominium by developer Keppel Land, and designed by world-renowned architect, Daniel Libeskind. The District 4 property has a total of 1,129 units across six towers of between 24 and 41 storeys in height, as well as 11 six- to eight-storey villa apartment blocks. It is a five-minute drive to VivoCity and 10-minute drive to Sentosa. Nearby green spaces include Mount Faber Park and Telok Blangah Hill Park.
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The most unprofitable deal of the week occurred at Reflections at Keppel Bay, where a unit was sold for $4 million ($1,770 psf) on June 30 (Samuel Isaac Chua/The Edge Singapore)
The second highest loss incurred during the same period was the sale of a 2,088 sq ft, three-bedroom unit at Orchard Scotts. The fifth-floor apartment was purchased for $4.05 million ($1,939 psf) in October 2009 and sold for $3.46 million ($1,657 psf) on July 1, which translates to a loss of $590,000 (15%), or 1% a year in about 11 years.
Developed by Far East Organization, the 387-unit Orchard Scotts is located on Anthony Road, off Clemenceau Avenue North. It is a nine-minute walk from Newton MRT Station, which is an interchange for the North-South Line and Downtown Line. The District 9 property is close to Cairnhill Road and Orchard Road.
The third most unprofitable sale during the period was for a 1,055 sq ft, two-bedroom loft unit on the 13th floor at Fulcrum on Fort Road. It was purchased for $1.99 million ($1,889 psf) in April 2012 and sold for $1.72 million ($1,629 psf) on July 1. The loss was $274,930 (14%), or 2% a year over eight years.
Developed by CEL Development, Fulcrum is a 128-unit freehold condominium in District 15 with 23 storeys. It is within 10 minutes by car to the CBD via the East Coast Parkway (ECP), as well as to Kallang Wave Mall and Parkway Parade.
On the other hand, the most profitable deal during the week was the sale of a 1,518 sq ft, four-bedroom unit at The Sea View. The 18-floor unit reaped a 120% profit of $1.5 million, having been bought in October 2005 for $1.24 million ($820 psf) and sold on July 1 for $2.74 million ($1,804 psf). This translates to an annualised profit of 6% over almost 15 years.
The most profitable deal of the week was for a 1,518 sq ft, four-bedroom unit at The Sea View, which was sold for $1.5 million (Samuel Isaac Chua/The Edge Singapore)
The Sea View on Amber Road is a freehold development by Wheelock Properties comprising 23 storeys and 546 units. It is a seven-minute drive to CBD using ECP or Nicoll Highway.
The second most profitable deal in the same period was for a unit at Varsity Park Condominium on West Coast Road in District 5. Purchased for $769,000 ($380 psf) in March 2006, the 2,024 sq ft, three-bedroom unit on the fifth floor was sold for $2.07 million ($1,023 psf) on July 6, netting a 170% profit of $1.3 million or a 7% annualised profit over 14 years.
Varsity Park Condominium is a 99-year leasehold condominium developed by CapitaLand. Comprising 530 units, the development is a short drive to West Coast Plaza and The Clementi Mall. It is near the National University of Singapore and adjacent to West Coast Park.
The third top gain for the period was chalked up by a four-bedroom apartment measuring 2,422 sq ft on the 13th floor of Horizon Towers in prime District 9. It was bought for $2 million ($826 psf) in June 2009 and sold for $3.2 million ($1,321 psf) on July 1, earning the seller a 60% profit of $1.2 million, or an annualised profit of 4% over 11 years.
Horizon Towers is a 210-unit, 99-year leasehold development located on Leonie Hill Road in prime District 9. It’s near the Orchard Road premium shopping area, the Orchard MRT station and upcoming Great World City MRT station.
Check out the latest listings near The Sea View, Varsity Park Condominium, Horizon Towers, Reflections at Keppel Bay, Orchard Scotts, Fulcrum, Newton MRT Station, and Orchard MRT Station
For price trends, recent transactions, other project info, check out these projects' research page: The Sea View, Varsity Park Condominium, Horizon Towers, Reflections at Keppel Bay, Orchard Scotts, Fulcrum
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