Draycott Eight unit sees $1.1 mil loss
By Bong Xin Ying
/ EdgeProp |
Ask Buddy
A 2,863 sq ft unit in Draycott Eight that was sold on May 14 posted the highest loss of $1.1 million (16%) for the week of May 8 to 15, according to URA caveats.
A four-bedroom unit in Draycott Eight recorded the largest loss for the week when it was sold for $5.9 million (Source: The Edge Singapore)
The four-bedroom unit on the 12th floor changed hands for $5.9 million ($2,061 psf), compared with its purchase price of $7 million ($2,445 psf) in November 2007. This translates into an annualised loss of 2% over a holding period of 10.5 years.
Last year, seven out of a total of eight transactions at Draycott Eight were unprofitable, with losses ranging from $150,000 to $3.28 million. The average transaction price was $1,729 psf. The sole profitable transaction was for a 2,896 sq ft four-bedder, in which the seller made a gain of $402,580 (9%).
At The Draycott, a 132-unit freehold development near Draycott Eight, the average price of the three transactions last year was $1,633 psf. A 2,637 sq ft unit fetched $4.39 million ($1,665 psf) in November.
At nearby The Arc at Draycott, a 58-unit freehold development completed in 2008, the average transaction price last year was $2,192 psf. The highest psf price transacted there was for a 2,638 sq ft unit, at $6 million ($2,275 psf) in August 2007.
Also in close proximity to Draycott Eight is 1 Draycott Park, which was sold en bloc for $72 million to Champsworth Development, a subsidiary of Selangor Dredging. The sale price reflects a land rate of about $1,787 psf per plot ratio, inclusive of a development charge estimated at $15.3 million. The new 64-unit development, called One Draycott, is expected to be launched later this month.
Located in the prime Ardmore Park-Draycott Drive neighbourhood in District 10, Draycott Eight comprises three 24-storey blocks with a total of 136 units. Completed in 2005, the project by Wing Tai Asia has one block of two-bedroom apartments and lofts, with sizes ranging from 1,173 to 1,798 sq ft. The other two blocks comprise four-bedroom units of between 2,863 and 3,218 sq ft, as well as penthouses measuring 4,015 or 4,187 sq ft. The luxury condominium has 78 years left on its 99-year lease.
In September 2017, a fund managed by Alpha Investment Partners reportedly sold 22 units en bloc to US alternative investment manager Angelo Gordon for over $100 million, or at an average price of $1,700 psf.
Over at Astrid Meadows, also in District 10, a 2,056 sq ft unit that was sold on May 10 recorded the highest profit for the week, at $2.34 million (186%), according to caveats lodged.
The most profitable deal of the week was the sale of an Astrid Meadows unit (Source: Albert Chua/The Edge Singapore)
The seller bought the three-bedroom, third-floor unit in May 2004 for $1.26 million ($613 psf) and sold it for $3.6 million ($1,751 psf), or an annualised gain of 8% over a 14-year holding period.
Last year, eight transactions at Astrid Meadows saw profits ranging from $217,200 to $3.1 million. There was only one unprofitable transaction, in which the seller of a 2,433 sq ft unit suffered a loss of $63,000.
Astrid Meadows is a 208-unit freehold condo on Coronation Road West. Developed by Parkway Land, it was completed in 1990. It is a four-minute drive from the Holland Village MRT station.
Ask Buddy
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles