Four-bedder at Cityvista Residences sold at $2.3 mil loss
/ EdgeProp Singapore |
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The sale of a four-bedroom unit at Cityvista Residences was the most unprofitable condo resale transaction recorded during the week of May 7 to 14. The 2,809 sq ft unit on the 19th floor changed hands for $5.8 million ($2,064 psf) on May 7. The seller bought the unit from the developer for $8.07 million ($2,874 psf) in July 2007. Hence, they incurred a loss of $2.27 million on the deal. This reflects a capital loss of 28% for the seller after owning the unit for nearly 17 years.
This marks the second most unprofitable condo resale transaction ever registered at Cityvisa Residences. The record belongs to the sale of a 2,809 sq ft, four-bedroom unit in June 2017 for $4.73 million ($1,683 psf). The seller, who had purchased the apartment as a new unit in July 2007 for $7.44 million ($2,648 psf), made a loss of $2.71 million on the transaction.
The 2,809 sq ft unit at Cityvista Residences changed hands for $5.8 million ($2,064 psf) on May 7 (Picture: Samuel Isaac Chua/The Edge Singapore)
Cityvista Residences is a freehold condo located on Peck Hay Road in prime District 9. Built in 2010, the 20-storey tower has 70 units comprising three- and four-bedders between 2,121 and 2,809 sq ft. There are also two duplex penthouses spanning 9,160 and 9,192 sq ft, respectively.
The unit sold on May 7 is the first resale deal logged at the condo to date this year. Last year, Cityvista Residences saw four units change hands, all of which occurred below purchase price. The units, measuring between 2,142 and 2,809 sq ft, were sold for between $4.08 million and $5.75 million, or between $1,905 psf and $2,047 psf. The respective sellers suffered losses ranging from $450,000 to $2.01 million.
On the flipside, the sale of a three-bedroom unit at The Ladyhill was the most profitable condo resale transaction during the week in review. The 2,271 sq ft unit on the third floor changed hands for $7.23 million ($3,182 psf) on May 7. The seller had purchased it in June 2009 for $5.2 million ($2,290 psf). Thus, they made a gain of $2.03 million. This works out to a capital gain of 39% for the seller after holding the unit for nearly 15 years.
A 2,271 sq ft unit at The Ladyhill fetched $7.23 million ($3,182 psf) on May 7, netting a gain of $2.03 million (Picture: Samuel Isaac Chua/The Edge Singapore)
The Ladyhill is a freehold development on Lady Hill Road, close to the exclusive Nassim Road residential enclave in prime District 10. The boutique condo was completed in 2002 and has 55 units housed in a four-storey building. Units comprise three- and four-bedders of between 2,239 and 4,499 sq ft.
The condo has seen a handful of profitable resale transactions in the past year. These include the most profitable deal at the condo to date: the sale of a 2,411 sq ft unit on April 13, 2023, for $7.28 million ($3,019 psf). The seller, who had purchased the unit in March 2003 for $3.81 million ($1,580 psf), reaped a gain of $3.47 million on the deal.
On that same day, another unit — a 3,520 sq ft apartment on the first floor — was sold for $7.58 million ($2,154 psf). The seller acquired the unit from the developer in November 2004 for about $4.8 million ($1,363 psf). Hence, they netted a gain of $2.78 million on the deal, making it the third most profitable resale transaction at The Ladyhill.
The sale of a 1,378 sq ft at Grand Duchess at St Patrick’s for $3 million ($2,177 psf) on May 10 made a gain of $1.84 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Grand Duchess at St Patrick’s saw the second most profitable condo resale deal during the week in review. This comes with the sale of a three-bedroom apartment spanning 1,378 sq ft on the seventh floor for $3 million ($2,177 psf) on May 10. The unit had last changed hands in April 2007 for $1.16 million ($840 psf). Therefore, the seller clocked a profit of $1.84 million (159%) on the transaction after holding the unit for just over 17 years.
This is the fourth most profitable resale transaction recorded at the condo to date. The top profit belongs to the sale of a 3,907 sq ft, five-bedroom unit for $5.2 million ($1,331 psf) in April 2021. The seller, who bought the unit in December 2006 for $2.6 million ($666 psf), netted a gain of $2.6 million.
Grand Duchess at St Patrick’s is a freehold condo on St Patrick’s Road, off East Coast Road in District 15. The 121-unit development was completed in 2010 and has two conservation buildings on the site — two pre-war, Victorian-style bungalows that were converted into the condo’s clubhouse, and a pair of 6,958 sq ft, five-bedroom units. Typical units at the development are two- to four-bedders from 1,044 to 3,907 sq ft
Check out the latest listings for Cityvista Residences, The Ladyhill, Grand Duchess At St Patrick's properties
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