Seller of Cityvista Residences unit incurs $1.99 mil loss
By Timothy Tay
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The seller of a four-bedroom unit at Cityvista Residences likely had a more sombre start to the month after the sale of his property resulted in a $1.99 million (30%) loss on April 1. It was the most unprofitable transaction for the week of March 31 to April 7.
The four-bedroom unit changed hands for $4.71 million ($1,795 psf), but it had been purchased for $6.69 million ($2,551 psf) in July 2007. This translates to an annualised loss of 3% over close to 13 years.
Cityvista Residences is a luxury freehold development on Peck Hay Road in prime District 9. The 20-storey residential condominium comprises 20 units. It has three- and four-bedroom units of 2,120 sq ft to 2,809 sq ft, as well as a pair of four-bedroom penthouses that are 9,192 sq ft each.
Cityvista Residences is a luxury development off Cairnhill Road, and is made up of just 20 units. (Picture: Samuel Isaac Chua/The Edge Singapore)
The latest transaction at Cityvista Residences is the second most unprofitable deal at the 10-year-old condo. Based on URA caveats, the most unprofitable sale so far occurred when the seller of a 2,809 sq ft unit incurred a $2.71 million (36%) loss in June 2017. That unit changed hands for $5.25 million ($2,000 psf), but had initially been purchased for $7.44 million ($2,648 psf) in July 2007. This is an annualised loss of 4% over close to 10 years.
Another notable unprofitable sale during the week occurred at The Azure. The seller of a three-bedroom unit sold his 1,894 sq ft unit for $2.29 million ($1,214 psf) on April 1. It had fetched $4.07 million ($2,149 psf) in April 2011. This translates into a $1.77 million (44%) loss, or an annualised loss of 6% over nine years.
The Azure is a 99-year leasehold development in Sentosa Cove, the prime residential enclave on Sentosa Island. The five-storey waterfront residence features 116 units, comprising a mix of two- to four-bedroom units of 1,313 sq ft to 2,454 sq ft; three- and four-bedroom penthouses of 2,121 sq ft to 3,175 sq ft; and a quartet of 4,532 sq ft sky villas.
The sale of a three-bedroom unit at The Azure resulted in a record $1.77 million loss on April 1. (Picture: Samuel Isaac Chua/The Edge Singapore)
This latest transaction at The Azure is also the most unprofitable deal ever recorded at the development so far. The record was previously held by the sale of a 2,271 sq ft unit which fetched $4.75 million ($2,091 psf) in January 2011, after it had been bought for $5.45 million ($2,400 psf) in March 2008. This translates into a $700,400 (12%) loss, or an annualised loss of 4.8% over just under three years.
Meanwhile at The Sail @ Marina Bay, the sale of two different units found their way into the top gains and losses for the week. The first is the sale of a 1,981 sq ft unit which topped the most profitable list, raking in $1.74 million (86%) for the seller when the unit changed hands on April 3.
The property fetched $3.75 million ($1,893 psf) when it was sold, but had been purchased for $2.01 million ($1,016 psf) in December 2008. This resulted in an annualised gain of 4% over 15 years.
However, a 1,432 sq ft unit was the third most unprofitable deal during the week. It went for $2.55 million ($1,781 psf) on April 6, after the property was bought for $4.29 million ($3,001 psf) in October 2007. Thus, the seller sustained a $1.75 million (41%) loss on the sale of the property, which translates into an annualised loss of 4% over 12 years.
Check out the latest listings near Cityvista Residences, The Azure, The Sail @ Marina Bay, MRT Stations and Schools
For price trends, recent transactions, other project info, check out these projects' research page: Cityvista Residences, The Azure, The Sail @ Marina Bay
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