Seller of Draycott Eight loft incurs $1.12 mil loss
By Angela Teo
/ EdgeProp |
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On Oct 23, the seller of a two-bedroom, 1,432 sq ft loft unit at Draycott Eight incurred a $1.12 million (31%) loss. Based on caveats lodged with URA Realis, this marked the highest loss among non-landed transactions between Oct 17 and 24. It translates into an annualised loss of 4% across a holding period of more than 10 years.
The buyer of the Draycott 8 unit is a foreigner, according to URA caveat data. Bought in May 2007 at $3.6 million ($2,515 psf), the 15th-floor unit changed hands on Oct 23 at $2.48 million ($1,732 psf).
In September, a fund managed by Alpha Investment Partners reportedly sold 22 units en bloc to a foreign investor for over $100 million, or an average of $1,700 psf.
Draycott 8, which comprises three 24-storey blocks, was completed in 2005. Find the most affordable listing in the project here
Located in the prime Ardmore Park-Draycott Drive neighbourhood, the 136-unit Draycott Eight comprises three 24-storey blocks completed in 2005. The development has one block of two-bedroom apartments and lofts with sizes ranging from 1,173 to 1,798 sq ft. The other two blocks are four-bedroom units sized between 2,863 and 3,218 sq ft, with penthouses measuring 4,015 or 4,187 sq ft. The luxury condo has 79 years left on its 99-year lease.
At Ocean Drive in Sentosa Cove, a 2,357 sq ft, four-bedroom unit on the second floor of The Coast was sold at a loss of $1.05 million (26%). The apartment was purchased in June 2011 for $4 million ($1,700 psf) and sold on Oct 23 to a Singapore permanent resident at $2.95 million ($1,251 psf). Developed by Ho Bee Land, the 249-unit The Coast was completed in 2009.
Over at Robertson Quay, a three-bedroom, 1,496 sq ft unit at Mirage Tower was sold for $2.45 million ($1,638 psf), according to a caveat lodged on Oct 19. The seller purchased the unit in April 2002 for $1.3 million ($869 psf). This works out to a profit of $1.15 million (88%), or 4% a year over 15.6 years.
Developed by City Developments (CDL), the freehold, 248-unit Mirage Tower was completed in 1996. Located along the Singapore River, the development sits between the 97-unit Centennia Suites and the 175-unit Tribeca, which is also developed by CDL.
A three-bedroom, 1,496 sq ft unit at Mirage Tower was sold at a $1.15 million profit on Oct 19. Find the most affordable listing in the project here
This article appeared in EdgeProp Pullout, Issue 804 (Nov 6, 2017).
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