More houses sold at a loss in St Regis Residences Singapore
By The Edge Property
In a continuation of the downtrend at St Regis Residences Singapore, two more units were sold at a loss in April according to new URA caveat records as of 8 May 2015.
The two units are located between 16th and 20th floor in different stacks and were sold at a loss of 17% and 18%. The larger of the two units measuring 5,543 sq ft was previously bought from the developer at $14.38 million and was sold at a loss of $2.58 million on 16 April 2015. The other 4,069 sq ft unit was sold to its third owner at a loss of $1.72 million on 17 April 2015.
Out of six units sold from St Regis Residences Singapore this year, only five caveats could be matched with earlier transactions, of which all five were found to be sold at a loss. More than $13 million in losses has been recorded year-to-date from this development excluding transactions without caveat lodged such as the reported loss of $15.8 million for a penthouse unit sold in February this year by Japanese Tycoon Katsumi Tada.
In the current buyers’ market, we expect unprofitable transactions to continue outnumbering profitable transactions unless there is a change in the status quo, such as an adjustment of the cooling measures.
Table 1: Unprofitable transactions in 2015
Table 2: St Regis Residences transactions with caveats lodged
*Data accurate as of 8 May 2015
Source: URA, The Edge Property
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