Distressed sales at The Sail, Reflections at Keppel Bay
By Michael Lim
/ The Edge Property |
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At The Sail @ Marina Bay, a 1,076 sq ft, two-bedroom unit on the sixth floor of one of the twin towers changed hands for $1.75 million ($1,626 psf), according to a caveat lodged with URA Realis on March 23. The seller purchased the unit in October 2012 for $2.15 million ($1,999), which translates to a loss of $400,000. On top of that, the owner has to pay a 4% seller’s stamp duty, which means an additional loss of $70,000 on the sale. The seller is believed to be an Indonesian who wants to offload the unit and cut his losses.
A 1,076 sq ft, two-bedroom unit on the sixth floor of one of the towers
at The Sail @ Marina Bay was sold for $1.75 million, or a loss of $400,000
The other unit at The Sail that changed hands recently was a two-bedroom, 883 sq ft unit on the 50th floor of the tower that overlooks the bay. It fetched $2.16 million ($2,447 psf). The seller paid $1.54 million ($1,751 psf) for the unit in November 2006. The seller therefore made a 40% capital gain over the past decade. The unit was also sold with tenancy.
The difference in pricing achieved for the two units at The Sail is due to the floor it is located on as well as the view from the apartments. While the former looks directly at the One Raffles Quay office tower and is on a low floor, the latter is on a high floor with unobstructed views of the bay, says an agent who specialises in marketing units in the project.
Meanwhile, at Knight Frank’s auction last month, a 1,625 sq ft, three-bedroom-plus-study unit on the 67th floor of The Sail was sold for $3.55 million ($2,184 psf). The unit was a mortgagee sale and the previous owner was believed to be a foreigner who purchased it in December 2010 for $5 million ($3,076 psf).
The 1,111-unit, 99-year leasehold The Sail was the first residential project to be launched at Marina Bay and was completed in 2008.
At Reflections at Keppel Bay, an 872 sq ft, two-bedroom unit was sold for $1.48 million ($1,697 psf) at Knight Frank’s auction last month. The unit was purchased by the owner in February 2012 for $1.7 million ($1,950 psf). The seller, believed to be a Singaporean, therefore incurred a loss of $220,000. The unit was sold with an existing tenancy and at a monthly rent of $4,100, which will expire in June. The buyer is also said to be a Singaporean. The 1,129-unit Reflections at Keppel Bay is 99-year leasehold and was completed in 2013.
At Reflections at Keppel Bay, an 872 sq ft, two-bedroom unit was sold for
$1.48 million, or a loss of $220,000
This article appeared in the City & Country of Issue 723 (April 11, 2016) of The Edge Singapore.
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