Unit at 8 Napier incurs $969,000 loss
By Charlene Chin
/ W |
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The greatest loss incurred over the week in review was from the resale of a 2,013 sq ft, three-bedroom unit at 8 Napier in District 10. Having sold the property for $6.29 million ($3,124 psf) on June 10, the seller sustained a 13% loss of $969,000. The unit was purchased in December 2007 for $7.26 million ($3,605 psf). Over a holding period of 11.5 years, this translates into an annualised loss of 1%.
Located on Napier Road, 8 Napier is a freehold development comprising 46 units. Completed in 2010, it is a three-minute walk to the upcoming Napier MRT Station on the Thomson-East Coast Line, which is expected to be completed in 2021.
For price trends, recent transactions, other project info, check out the 8 Napier project details page
(Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the seller of a unit at 336 River Valley made the top gain of $2.72 million over the week of June 4 to 11. The 1,582 sq ft unit on the 11th floor was bought for $1.18 million ($746 psf) in May 1996, and sold for $3.9 million ($2,462 psf) on June 7. He reaped a 230% profit, or an annualised profit of 5% over 23 years.
Previously known as AA Centre, 336 River Valley is a 14-storey residential and commercial development on River Valley Road in District 9. It is an 11-minute walk to Somerset MRT Station on the North-South Line.
The second top gain made over the week – a 145% profit of $1.42 million – was at Katong Gardens, off East Coast Road in District 15. The 1,948 sq ft, three-bedroom unit on the 2nd floor was purchased for $980,000 ($503 psf) in April 2007, and sold for $2.4 million ($1,232 psf) on June 10. This means that the seller made an annualised profit of 8% over 12 years.
Completed in 1984, Katong Gardens is a freehold development comprising 80 units. The condo is a 13-minute walk to the upcoming Marine Parade MRT Station on the Thomson-East Coast Line, slated for completion in 2023.
A unit sold at The Makena, on Meyer Road in District 15, made the third most profitable transaction over the week, netting a 155% profit of $1.21 million for the seller. The 1,292 sq ft, three-bedroom unit on the 7th floor was bought in April 2005 for $775,000 ($600 psf), and sold for $1.98 million ($1,533 psf) on June 11. The seller therefore made an annualised profit of 7% over 14 years.
The Makena, completed in 1998, comprises 504 freehold units. It is a five-minute walk to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line, expected to be completed in 2023.
For the latest listings near 8 Napier, click here
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