SINGAPORE (EDGEPROP) - The highest loss in the week of Oct 5 to 12 was from the sale of a 3,057 sq ft unit at The Marq on Paterson Hill. The four-bedroom unit was purchased for $13.95 million ($4,564 psf) in July 2007 and sold for $12.25 million ($4,007 psf) on Oct 7. The seller therefore made a loss of $1.7 million (12%), which translates to an annualised loss of 0.8% over nearly 14½ years.

Read also: Unit at The Marq on Paterson Hill sold for $29.5 mil

This latest resale is the fifth transaction at the development so far this year. Based on URA caveats, there have been four unprofitable resale deals there this year, with losses ranging from $1.5 million to $4.5 million.

On Aug 31, a 6,308 sq ft, five-bedroom unit was sold for $25.5 million ($4,043 psf). It was purchased for $30.37 million ($4,814 psf) in December 2007. The loss amounted to $4.8 million or 16%, which translated to an annualised loss of 1.2% over the past 13 years.

The only profitable resale transaction there this year occurred on Aug 20 when a 3,089 sq ft, four-bedroom unit was sold for $12.5 million (4,046 psf). It was bought for $11.63 million ($3,766 psf) in June 2007. Thus, the seller walked away with a profit of almost $865,000 (8%), or an annualised profit of 0.5% over nearly 14 years and where every unit comes with a 15m pool.

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Located in District 9, The Marq on Paterson Hill is an ultra-luxury freehold development that was completed in 2011. It features 66 units in two 24-storey towers: At the Premier Tower, a typical four-bedroom unit is over 3,000 sq ft, while at the Signature Tower, it is above 6,000 sq ft.

Developed by SC Global Developments and headed by its founder and chairman Simon Cheong, the project set the benchmark for luxury condominiums in 2007, when it became the first development where prices crossed the $5,000 psf threshold. In 2011, when it was newly completed, it set a new benchmark when prices broke though the $6,000 psf price level.

On the other hand, the seller of a unit at Kerrisdale made the top gain of $1.69 million during the week in review. The 2,379 sq ft, four-bedroom unit changed hands for $2.65 million ($1,114 psf) on Oct 5 but had been bought for just $956,358 ($402 psf) in December 2004. This seller therefore earned a 177% profit, or annualised profit of 6.2% over nearly 17 years.

This is also the most profitable resale transaction at the development, surpassing the previous record of a 2,540 sq ft unit that sold for $2.5 million ($984 psf) in January 2014. It was bought for $1.1 million ($434 psf) in September 2005. Thus, the seller walked away with a profit of $1.4 million (126%), or an annualised profit of 10.3% over eight years.

Completed in 2005, Kerrisdale is a 481-unit, 99-year leasehold condominium spread across three 30-storey towers. It consists of two- to four-bedroom units from 990 sq ft to 1,636 sq ft, as well as penthouses from 1,927 sq ft to 2,788 sq ft.

The second most profitable resale during the week in review was at Breeze by the East, located on Upper East Coast Road in District 16. The 2,885 sq ft, four-bedroom unit was purchased for $1.93 million ($668 psf) in October 2009 and sold for $3.45 million ($1,196 psf) on Oct 5. This means that the seller made a profit of $1.52 million (79%), or an annualised profit of 5% over 12 years.

This also makes it the most profitable resale transaction at the development so far. In August 2012, a 2,007 sq ft, three-bedroom unit was sold for $2.49 million; the same unit was purchased for $1.54 million ($770 psf) in June 2009. The seller made a gross profit of $947,304 (59%), or an annualised profit of 15% over three years.

Completed in 2011, Breeze by the East is a boutique, 88-unit freehold condominium with a mix of two- to four-bedroom apartments with sizes from 1,249 to 2,885 sq ft.

Check out the latest listings near The Marq on Paterson Hill, Kerrisdale, Breeze by the East

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