$1.6 million loss at Scotts Square
By Lin Zhiqin
/ The Edge Property |
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For private non-landed homes sold in the week of Jan 31 to Feb 7, the next biggest loss, after the Seascape unit, of $1.56 million occurred in the sale of a 1,249 sq ft unit at Scotts Square in prime District 9. The seller bought it at $5.2 million, or $4,171 psf, from the developer in August 2007 and sold it at $3.65 million, or $2,923 psf, on Feb 3. The loss works out to 30%, or 4% annualised over a holding period of 9.5 years.
Scotts Square has 338 freehold apartment units and is within walking distance of Orchard MRT station. Find the most affordable unit in the project here
This transaction marks the biggest loss at Scotts Square so far. All seven units at Scotts Square transacted last year, whose previous caveats could be traced, were sold at a loss. The sellers sustained losses ranging from $647,088 to $1.2 million, working out to an average loss of $910,579, or 24%.
The monthly rents for units of between 1,200 and 1,300 sq ft at Scotts Square averaged $7,682 in 2H2016, which implies a 3% gross rental yield for the recently transacted unit. Scotts Square is a mixed-use development completed in 2011. It comprises 338 freehold apartment units and is located within walking distance of Orchard MRT station.
This article appeared in The Edge Property Pullout, Issue 767 (Feb 20, 2017) of The Edge Singapore
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