Unit at Soleil @ Sinaran incurs $2.26 mil loss
SINGAPORE (EDGEPROP) - The seller of a unit at Soleil @ Sinaran, located on Sinaran Drive in Novena, suffered the top loss of $2.26 million over the week of July 28 to Aug 4. The 4,930 sq ft unit on the 36th floor was bought for $9.76 million ($1,980 psf) in June 2011 but sold for $7.5 million ($1,521 psf) on July 29. The seller therefore incurred a 23% loss, or an annualised loss of 3% over nine years.
Located in District 11, Soleil @ Sinaran was completed in 2011 and comprises 417 units on a 99-year leasehold. It is a three-minute walk to Novena MRT Station on the North-South Line.
The second top loss sustained over the week — a 40% loss of $1.71 million — was at Helios Residences. The 1,281 sq ft unit on the first floor was purchased for $4.27 million ($3,337 psf) in February 2013 and sold for $2.56 million ($1,999 psf) on July 29. This means that the seller made an annualised loss of 7% over 7½ years.
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Helios Residences, located on Cairnhill Circle in District 9, was completed in 2011 and comprises 140 freehold units. It is a 14-minute walk to Newton Interchange Station on the Downtown and North-South Lines.
Meanwhile, a unit sold at The Azure, located along Ocean Drive in District 4, incurred the third largest loss over the week, netting a 26% loss of about $795,800 for the seller. The 1,701 sq ft unit on the third floor was bought in April 2008 for $3.1 million ($1,820 psf), and sold for $2.3 million ($1,352 psf) on Aug 3. The seller therefore made an annualised loss of 2% over 12 years.
The Azure, completed in 2008, comprises 116 units on a 99-year leasehold. It is located in the exclusive Sentosa Cove residential enclave on Sentosa Island. The condominium is a 13-minute drive to Harbourfront MRT Interchange Station on the North-East and Circle Lines.
On the other hand, the biggest profit made over the week was from the resale of a 2,540 sq ft unit at Leonie Gardens in District 9. Having sold the property for $3.92 million ($1,542 psf) on Aug 4, the seller reaped a 52% profit of $1.34 million. The unit was purchased in February 2007 for $2.58 million ($1,016 psf). Over a holding period of 13½ years, this translates into an annualised profit of 3%.
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Leonie Gardens, located along Leonie Hill, comprises 138 units on a 99-year leasehold. Completed in 1993, it is an 11-minute walk to the upcoming Great World MRT Station on the Thomson-East Coast Line, which is expected to open in 2021.
Check out the latest listings near Soleil @ Sinaran, Helios Residences, The Azure, Sentosa Cove, Leonie Gardens, Newton Interchange Station , Novena MRT Station listing and Harbourfront MRT Interchange Station
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