Unit at The Ritz-Carlton Residences sees $1.9 mil loss

SINGAPORE (EDGEPROP) - The seller of a unit at The Ritz-Carlton Residences, on Cairnhill Road, incurred the top loss of $1.88 million over the week of Nov 26 to Dec 3. The 2,831 sq ft unit on the 20th floor was bought for $11.68 million ($4,128 psf) in October 2012 and sold for $9.8 million ($3,462 psf) on Nov 28. The seller therefore made a 16% loss, or an annualised loss of 2% over seven years.

Located in District 9, The Ritz-Carlton Residences was completed in 2011 and comprises 58 freehold units. It is an 11-minute walk to Newton MRT Interchange Station on the Downtown and North-South Lines.

The second biggest loss sustained over the week – a 13% loss of $1.4 million – was by another unit at The Ritz-Carlton Residences. Also located on the 20th floor, the 2,831 sq ft unit was purchased for $11.2 million ($3,956 psf) in January 2013 and sold for $9.8 million ($3,462 psf) on Nov 28. This means that the seller made an annualised loss of 2% over nearly seven years.

A unit sold at Reflections at Keppel Bay, along Keppel Bay View in District 4, incurred the third largest loss over the week, netting a 13% loss of $406,800 for the seller. The 1,528 sq ft unit on the 22nd floor was bought for $3.22 million ($2,109 psf) in July 2007, and sold for $2.82 million ($1,843 psf) on Dec 2. The seller therefore incurred an annualised loss of 1% over more than 12 years.

Reflections at Keppel Bay, completed in 2011, comprises 1,129 units on a 99-year leasehold. It is 14 minutes by foot to Telok Blangah MRT Station on the Circle Line.

On the other hand, the biggest profit made over the week was from the resale of a 2,885 sq ft unit at Ardmore Park in District 10. Having sold the property for $9.2 million ($3,189 psf) on Nov 29, the seller reaped a 35% profit of $2.4 million. The unit was purchased in March 2007 for $6.8 million ($2,357 psf). Over a holding period of nearly 13 years, this translates into an annualised profit of 2%.

Ardmore Park is a 330-unit, freehold project along Ardmore Park. Completed in 2001, it is a 14-minute walk to Orchard MRT Station on the North-South Line.