First transaction at St Regis Residences this year results in $2 mil loss
By Bong Xin Ying
/ EdgeProp |
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The first transaction at St Regis Residences this year turned out to be the most unprofitable deal in the week of March 6 to 13, as revealed by the matching of URA caveat data as at March 20. A 1,507 sq ft, three-bedroom unit on the 13th floor of the luxury project was sold for $3.68 million ($2,442 psf) on March 12, resulting in a $2.03 million (35%) loss for the previous owner, who purchased it for $5.68 million ($3,771 psf) in 2007.
Bought at $5.68 million, a 1,507 sq ft unit on the 13th floor at St Regis Residences was sold for $3.68 million on March 12 (credit: Samuel Isaac Chua/The Edge Singapore)
Completed in 2008, St Regis Residences is a 999-year leasehold project on Tanglin Road in prime District 10. It has 173 apartments and is located near the Orchard Road shopping belt, where the closest malls include Tanglin Shopping Centre and Tanglin Mall. The transaction on March 12 is the latest in a spate of unprofitable deals at the condominium. Last year, 10 units changed hands at an average loss of $1.13 million (20%). The only profitable transaction in 2017 was the sale of a 3,757 sq ft unit for $190,000 (2% profit) on Nov 28.
Also in the prime district is freehold condominium 8 Napier, where the seller of a 2,013 sq ft, three-bedroom unit incurred a $925,000 (13%) loss on March 8. The unit on the seventh floor was purchased in 2007 for $7.22 million ($3,589 psf) and sold for $6.3 million ($3,130 psf). There has been only one profitable transaction at 8 Napier on record: In 2017, a three-bedder fetched a profit of $93,945; it was bought at $7.24 million ($3,595 psf) in 2007 and sold for $7.33 million ($3,642 psf).
The most profitable transaction during the week under review was the sale of a four-bedroom unit at The Suites at Central for $4.05 million ($2,240 psf) on March 8. Having bought the 1,808 sq ft condo for $2.83 million ($1,568 psf) in 2006, the seller made a $1.21 million (43%) profit. This is the highest profit for units sold at the development since 2012. In 2017, there were four profitable transactions with an average profit of $734,735 (28%).
The Suites at Central recorded the highest profit since 2012 (credit: Samuel Isaac Chua/The Edge Singapore)
Located in prime District 9 within walking distance of the Somerset MRT station, The Suites at Central has seen only one unprofitable transaction since 2014, where the seller of a 1,475 sq ft unit suffered a $110,000 (4%) loss in September last year.
At the freehold Richmond Park in the same district, the previous owner of a 1,012 sq ft unit made the second-largest profit in the week under review. Bought at $1.66 million ($1,641 psf) in 2006, the property fetched a $1.14 million (69%) profit when it was sold for $2.8 million ($2,767 psf) on March 9.
All three transactions at the 159-unit Richmond Park this year have resulted in profit for the sellers. The most profitable one was on Feb 1, when the seller of a 1,550 sq ft unit made a $2.22 million (97%) profit. He paid $2.28 million ($1,471 psf) for it in 2001 and sold it for $4.5 million ($2,903 psf). Richmond Park was completed in 1996 and is adjacent to The Paragon mall.
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