Loss of $840,000 at The Oceanfront @ Sentosa Cove as prices dip below $1,300 psf
By Lin Zhiqin
/ The Edge Property |
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The seller of a 1,894 sq ft unit at The Oceanfront @ Sentosa Cove incurred the biggest loss for the week of June 20 to 27. He bought it in a subsale for $3.3 million ($1,742 psf) in January 2010. The three-bedroom- plus-study unit on the eighth floor was last put up for auction by ET&Co in May with an opening price of $2.65 million ($1,399 psf). But it was withdrawn, as there were no bids. On June 23, it was sold for $2.46 million ($1,299 psf) by private treaty. The $840,000 loss is the second-highest at The Oceanfront @ Sentosa Cove this year. It translates into a 25% loss, or 4% a year over a seven- year holding period.
Based on URA caveat data, the first owner of the unit bought it from the developer for $2.4 million ($1,271 psf) in August 2006. He made an $891,660 profit when he sold it for $1,742 psf in January 2010, after a 3½- year holding period. The profit was 37%, or 9% a year.
The 264-unit The Oceanfront @ Sentosa Cove was completed in 2010. Find the most affordable listing in the project here
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With the exception of a 1,647 sq ft unit that changed hands at $1,150 psf in March 2016, prices at The Oceanfront @ Sentosa Cove have not fallen below the $1,300 psf mark since 2009. Six of the eight units that changed hands at The Oceanfront @ Sentosa Cove this year were sold at a loss. The biggest loss of $1.25 million this year involved the sale of a 2,788 sq ft unit for $4.48 million ($1,607 psf) in June 2017. The previous owner bought it for $5.73 million ($2,055 psf) in April 2015 and incurred a 22% loss, or 11% a year over two years. The 264-unit Oceanfront @ Sentosa Cove was completed in 2010.
A 1,604 sq ft, three-bedroom unit at The Seafront on Meyer in District 15 was sold for the second-biggest loss of $517,400 in the week. The previous owner bought it for $2.97 million ($1,850 psf) in October 2011 and sold it for $2.45 million ($1,528 psf) on June 21. He made a loss of 17%, or 3% a year over a 5.6-year holding period. This transaction also marks the biggest loss of the three unprofitable transactions at the 327-unit The Seafront on Meyer this year. The freehold condominium is located near the upcoming Katong Park MRT station and was completed in 2010.
A 1,227 sq ft unit at Twin Regency was sold for a $1.18 million profit on June 27. Find the most affordable listing in the project here
Meanwhile, the seller of a 1,227 sq ft, three-bedroom unit at Twin Regency in District 3 reaped the largest profit for the week. He bought the unit from the developer for $868,000 ($707 psf) in June 2004 and sold it for $2.05 million ($1,671 psf) on June 27. The $1.18 million profit translates into 136%, or 7% a year over 13 years.
Based on URA caveat data, there have been 176 profitable transactions, with an average profit of $425,340 (44%), and four unprofitable transactions, with an average loss of $79,625 (7%) at Twin Regency so far. Located near Tiong Bahru MRT station, the 234-unit Twin Regency is a freehold condo developed by UOL Group and completed in 2007.
This article appeared in The Edge Property Pullout, Issue 787 (July 10, 2017) of The Edge Singapore.
Ask Buddy
Condo projects with most expensive average PSF
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Most unprofitable condo transactions in past 1 year
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Condo projects with most expensive average PSF
Compare price trend of New sale condo vs Resale condo
Most unprofitable condo transactions in past 1 year
Landed transactions with the highest profits in the past year
Condo transactions with the highest profits in the past year
https://www.edgeprop.sg/property-news/loss-840000-oceanfront-sentosa-cove-prices-dip-below-1300-psf
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