$6.6 million loss at Seascape mortgagee sale
By Lin Zhiqin
/ The Edge Property |
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On Feb 7, a 4,069 sq ft at Seascape in Sentosa Cove was sold at a $6.6 million loss. The loss works out to 52% or 10% annualised over a holding period of 6.6 years.
The previous owner, a Russian national, bought the unit from the developer at $12.8 million or $3,146 psf in June 2010. The unit was put up for mortgagee sale at an auction in January 2017 at an opening price of $6.8 million but did not find a buyer. It was subsequently sold at $6.2 million or $1,524 psf, by private treaty. According to JLL head of auctions Mok Sze Sze, the buyer is an investor.
The transaction marks the biggest loss for condos at Sentosa Cove so far. Based on the matching of URA caveat data, the second and third biggest losses at Sentosa Cove were also traced to Seascape.
In May 2015, a 4,133 sq ft unit was sold at a $5.2 million loss. The unit was bought at $11 million or $2,661 psf in December 2011 and sold at $5.8 million or $1,403 psf. The loss works out to 47% or 17% annualised over a three-year holding period. The seller was also liable for a 4% or $232,000 Seller’s Stamp Duty.
The third biggest loss of $4.65 million accrued to a 4,241 sq ft unit that was bought at $11 million or $2,594 psf in December 2011 and sold at $6.35 million in October 2016. The loss works out to 42% or 11% annualised over a holding period of nearly five years. The 99-year leasehold Seascape was completed in 2011 and comprises 151 units.
15 condo units at Sentosa Cova were sold at a loss last year. The sellers sustained losses ranging from $80,010 to $4.65 million, with the average loss at $1.35 million or 23%.
Have you ever viewed, stayed or bought a unit at this condo? Review Seascape now.
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