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13-01-23, 08:41
Four-bedroom penthouse at Sentosa’s Turquoise sold at $3.78 mil loss
January 13, 2023
https://i.imgur.com/gx0yxYr.jpg
The most unprofitable resale transaction that occurred in the week of Dec 27, 2022, to Jan 3 was the sale of a 3,283 sq ft, four-bedroom penthouse unit at Turquoise in Sentosa Cove. The unit changed hands for $4.63 million ($1,410 psf) on Dec 27 last year. In contrast, the unit had previously fetched $8.42 million ($2,564 psf) in November 2007. Thus, the seller suffered a $3.78 million loss (45%), which translates to an annualised loss of 3.9% over 15 years.
The transaction is the second most unprofitable to date at the 99-year leasehold condominium. The record loss remains the sale of a 3,746 sq ft, five-bedroom penthouse unit at $4.4 million ($1,175 psf) in September 2018. It had been previously purchased for $9.53 million ($2,545 psf) in November 2007. As a result, the seller incurred a record $5.13 million loss, which translates to an annualised loss of 6.8% over 10 years.
Turquoise is one of a handful of 99-year leasehold condos in the exclusive Sentosa Cove residential enclave. While most of the condos such as Seascape, Cape Royale, The Oceanfront @ Sentosa Cove, and The Coast @ Sentosa Cove have sea-facing views, most units at Turquoise and the nearby Marina Collection have views of the marina.
On the other hand, the most profitable resale transaction during the week in review was the sale of a 2,852 sq ft, four-bedroom unit at Nassim Mansion
in prime District 10. The unit was sold for $9.28 million ($3,253 psf) on Dec 29 last year. It had been bought for $5.89 million ($2,068 psf) in May 2007. Thus, the seller walked away from the sale with a $3.38 million profit (57%), which translates to an annualised gain of 2.9% over 15½ years.
The sale also marks a record psf-price high at the freehold development, leaping over the previous record set in June 2018 by the sale of a 3,412 sq ft unit at $10.6 million ($3,107 psf).
Nassim Mansion is in an exclusive residential neighbourhood that is close to the Orchard Road shopping belt and the Singapore Botanic Gardens.
There were at least four resale transactions at Nassim Mansion last year, based on the matching of URA caveats. At least three deals resulted in profits, including the sale on Dec 27. The other two deals were for a 2,852 sq ft unit for $8.45 million ($2,962 psf) on March 9, raking in a $87,000 profit for the seller; and another 2,852 sq ft unit for $8.19 million ($2,871 psf) on June 27, making a $2.4 million profit for the seller.
At Fifth Avenue Condominium, the sale of a 1,604 sq ft, two-bedroom unit on Dec 28 last year was the second most profitable deal for the period in review. The unit was sold for $3.38 million ($2,107 psf). It had fetched $1.05 million ($655 psf) in May 2004. Thus, the seller earned a $2.33 million profit (222%), which translates to an annualised gain of 6.5% over 18½ years.
More at: https://www.edgeprop.sg/property-news/four-bedroom-penthouse-sentosa%E2%80%99s-turquoise-sold-378-mil-loss
January 13, 2023
https://i.imgur.com/gx0yxYr.jpg
The most unprofitable resale transaction that occurred in the week of Dec 27, 2022, to Jan 3 was the sale of a 3,283 sq ft, four-bedroom penthouse unit at Turquoise in Sentosa Cove. The unit changed hands for $4.63 million ($1,410 psf) on Dec 27 last year. In contrast, the unit had previously fetched $8.42 million ($2,564 psf) in November 2007. Thus, the seller suffered a $3.78 million loss (45%), which translates to an annualised loss of 3.9% over 15 years.
The transaction is the second most unprofitable to date at the 99-year leasehold condominium. The record loss remains the sale of a 3,746 sq ft, five-bedroom penthouse unit at $4.4 million ($1,175 psf) in September 2018. It had been previously purchased for $9.53 million ($2,545 psf) in November 2007. As a result, the seller incurred a record $5.13 million loss, which translates to an annualised loss of 6.8% over 10 years.
Turquoise is one of a handful of 99-year leasehold condos in the exclusive Sentosa Cove residential enclave. While most of the condos such as Seascape, Cape Royale, The Oceanfront @ Sentosa Cove, and The Coast @ Sentosa Cove have sea-facing views, most units at Turquoise and the nearby Marina Collection have views of the marina.
On the other hand, the most profitable resale transaction during the week in review was the sale of a 2,852 sq ft, four-bedroom unit at Nassim Mansion
in prime District 10. The unit was sold for $9.28 million ($3,253 psf) on Dec 29 last year. It had been bought for $5.89 million ($2,068 psf) in May 2007. Thus, the seller walked away from the sale with a $3.38 million profit (57%), which translates to an annualised gain of 2.9% over 15½ years.
The sale also marks a record psf-price high at the freehold development, leaping over the previous record set in June 2018 by the sale of a 3,412 sq ft unit at $10.6 million ($3,107 psf).
Nassim Mansion is in an exclusive residential neighbourhood that is close to the Orchard Road shopping belt and the Singapore Botanic Gardens.
There were at least four resale transactions at Nassim Mansion last year, based on the matching of URA caveats. At least three deals resulted in profits, including the sale on Dec 27. The other two deals were for a 2,852 sq ft unit for $8.45 million ($2,962 psf) on March 9, raking in a $87,000 profit for the seller; and another 2,852 sq ft unit for $8.19 million ($2,871 psf) on June 27, making a $2.4 million profit for the seller.
At Fifth Avenue Condominium, the sale of a 1,604 sq ft, two-bedroom unit on Dec 28 last year was the second most profitable deal for the period in review. The unit was sold for $3.38 million ($2,107 psf). It had fetched $1.05 million ($655 psf) in May 2004. Thus, the seller earned a $2.33 million profit (222%), which translates to an annualised gain of 6.5% over 18½ years.
More at: https://www.edgeprop.sg/property-news/four-bedroom-penthouse-sentosa%E2%80%99s-turquoise-sold-378-mil-loss