First resale transaction at DUO Residences sold at a loss
By The Edge Property
/ URA, theedgeproperty.com |
According to URA’s caveat data released on 7th April 2015, a 1,432 sq ft apartment at DUO Residences was sold in the secondary market in March at a loss of $534,050. This is the first resale transaction recorded for the project. The unit was first bought by its previous owner on 10 Dec 2013 from the developer at $2,934,050 ($2,049 psf) and was resold in slightly over a year on 18 March 2015 at $2,400,000 ($1,676 psf). The transaction is subjected to an additional $288,000 seller stamp duty (SSD) to be borne by the seller.
Duo Residences is the first project to be launched by M+S, a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional. Its initial launch was well-received by the public with 468 units or 87% out of the 540 units released initially sold. Based on developer sales figure reported for the month February 2015, DUO Residence has sold 94% of its total 660 units. All of its studio and 1-bedroom units have been sold.
With rising interest rates, more ‘fire sales’ can be expected from overstretched home owners. With the tightening of loan policies, larger units are likely to be affected, as seen from this unprofitable transaction as the absolute quantum of the property price has become the limiting factor. Based on caveats lodged, 86.6% of the total 11,325 transactions recorded in 2014 were $1.5m and below.
Transaction Volume of non-landed Private Residential Housings in 2014 by Price Range (excludes EC)
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