Unit at Scotts Highpark sold at $1.16 mil loss
By Lin Zhiqin
/ EdgeProp |
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Scotts Highpark was sold for $5.78 million ($1,666 psf) on Nov 27. The previous owner bought it at $6.93 million ($2,000 psf) in a sub-sale in July 2007. The $1.16 million (17%) loss incurred by the seller is the biggest for condominium units sold in the week of Nov 21 to 28, based on the matching of URA caveat data.
The three biggest losses for condo units transacted in the week involved freehold projects in prime District 9. As it is with the one at Scotts Highpark, the units at Scotts Square and Riveria Gardens were bought in 2H2007 and sold after a 10-year holding period.
Scotts Highpark is a 73-unit luxury, freehold condo that was completed in 2009. It is located on Scotts Road and close to the Newton MRT station. Based on the matching of URA caveat data, there have been two profitable transactions at the condo this year. In September, a 1,744 sq ft unit on the fifth floor was sold for a $50,000 (2%) profit and a 3,466 sq ft unit on the 11th floor was sold for a $525,840 (9%) profit.
Scotts Highpark is a 73-unit luxury, freehold condominium located in prime District 9, close to the Newton MRT station. Find the most affordable listings in the project here
Meanwhile, all three unprofitable transactions at Scotts Highpark this year resulted in losses of more than a million. The largest loss involved a 4,209 sq ft unit on the 13th floor that was sold for $6.82 million ($1,620 psf). The previous owner, who paid $9 million ($2,138 psf) for the unit in September 2011, suffered a $2.18 million (24%) loss, the biggest loss at the development so far. According to URA caveat data, the unit changed hands at a $1.95 million profit in September 2011. It was originally purchased from the developer for $7.05 million ($1,675 psf) in September 2006.
At Scotts Square, a mixed-use development also located on Scotts Road, a 624 sq ft unit on the 28th floor was sold at a $592,720 (23%) loss on Nov 23. The previous owner bought it from the developer for $2.59 million ($4,153 psf) in October 2007 and sold it for $2 million ($3,204 psf).
This transaction adds to a spate of unprofitable deals at Scotts Square. Based on the matching of URA caveat data, the last time a unit changed hands at a profit was in September 2015, when a 1,227 sq ft unit on the 21st floor fetched a $295,650 (8%) profit. The unit was sold for $4.04 million ($3,291 psf), the second time it changed hands. Its first owner bought the unit from the developer for $4.77 million ($3,890 psf) in August 2007. He incurred a $1.03 million (22%) loss when he sold the unit at $3.74 million ($3,050 psf) in November 2008.
In the 15 unprofitable transactions at Scotts Square this year, the sellers incurred losses of $561,600 to $1.56 million. In 2016, seven units changed hands at losses ranging from $647,088 to $1.2 million.
Based on the matching of URA caveat data, all three units that have changed hands at the 49-unit Riveria Gardens so far have resulted in losses for the sellers. On Nov 23, a 969 sq ft unit on the eighth floor was sold for $1.78 million ($1,837 psf). This translates into a $523,840 (23%) loss for the previous owner, who bought the unit from the developer at $2.3 million ($2,378 psf).
The other two unprofitable transactions involved similar-sized units purchased at $2.32 million ($2,398 psf) in September 2007 and $2.25 million ($2,323 psf) in October 2012. The sellers incurred losses of $133,200 (6%) and $500,000 (22%) when the units were respectively sold at $2.19 million ($2,261 psf) in August 2014 and $1.75 million ($1,806 psf) in June 2015.
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