New Reporter
07-07-23, 11:53
Resale of four-bedder at Marina Collection incurs $2.45 mil loss
July 7, 2023
https://i.imgur.com/3vGrJUq.jpg
The most unprofitable resale transaction during the week of June 20 to 27 was the sale of a 2,788 sq ft, four-bedroom-plus-studio unit at Marina Collection on Cove Drive. The unit was sold for $4.52 million ($1,622 psf) on June 27. The previous owner purchased it for $6.97 million ($2,500 psf) in January 2010. Hence, the latest transaction price is 35% lower, translating to a loss of $2.45 million over a 13˝-year holding period.
The 99-year leasehold, 124-unit Marina Collection is adjacent to the One Degree 15 Marina at Sentosa Cove, and most units have direct views of the marina. Some units have views of both the marina and the sea beyond.
Marina Collection was developed by Indonesian conglomerate Lippo Group, and the project was completed in 2011. The 124-unit, low-rise development comprises three 4-storey blocks with three- to five-bedroom units of 1,873 to 4,725 sq ft.
Prices have been slipping at Marina Collection since its completion 12 years ago. In July 2011, the average price was about $2,270 psf, but it has fallen to $1,784 psf this month.
There have been five resales at Marina Collection so far this year, and four have resulted in losses ranging from $1.6 million to $4.65 million. The most unprofitable transaction so far this year was for a 3,272 sq ft, three-bedroom unit that changed hands for $4.65 million ($1,421 psf) on April 3. The seller paid $9.29 million ($2,841 psf) for the unit in March 2008. As a result, they suffered a loss of $4.65 million (50%), which translates to an annualised profit of 4.5% over 15 years.
On the other hand, the most profitable resale transaction over the week was the sale of a 3,671 sq ft, four-bedroom unit at Starpoint on Pasir Panjang Road for $4 million ($1,090 psf). The unit had been purchased for $1.5 million ($409 psf) in April 2002. Thus, the seller raked in a profit of $2.5 million (167%), which translates to an annualised gain of 4.7% over around 21 years.
Starpoint is a boutique, 10-unit condo that was completed in 1980. The freehold development comprises a 10-storey apartment building. It is located on the fringe of the National University of Singapore’s Kent Ridge campus as well as Singapore Science Park II off Pasir Panjang Road.
More at: https://www.edgeprop.sg/property-news/resale-four-bedder-marina-collection-incurs-245-mil-loss
July 7, 2023
https://i.imgur.com/3vGrJUq.jpg
The most unprofitable resale transaction during the week of June 20 to 27 was the sale of a 2,788 sq ft, four-bedroom-plus-studio unit at Marina Collection on Cove Drive. The unit was sold for $4.52 million ($1,622 psf) on June 27. The previous owner purchased it for $6.97 million ($2,500 psf) in January 2010. Hence, the latest transaction price is 35% lower, translating to a loss of $2.45 million over a 13˝-year holding period.
The 99-year leasehold, 124-unit Marina Collection is adjacent to the One Degree 15 Marina at Sentosa Cove, and most units have direct views of the marina. Some units have views of both the marina and the sea beyond.
Marina Collection was developed by Indonesian conglomerate Lippo Group, and the project was completed in 2011. The 124-unit, low-rise development comprises three 4-storey blocks with three- to five-bedroom units of 1,873 to 4,725 sq ft.
Prices have been slipping at Marina Collection since its completion 12 years ago. In July 2011, the average price was about $2,270 psf, but it has fallen to $1,784 psf this month.
There have been five resales at Marina Collection so far this year, and four have resulted in losses ranging from $1.6 million to $4.65 million. The most unprofitable transaction so far this year was for a 3,272 sq ft, three-bedroom unit that changed hands for $4.65 million ($1,421 psf) on April 3. The seller paid $9.29 million ($2,841 psf) for the unit in March 2008. As a result, they suffered a loss of $4.65 million (50%), which translates to an annualised profit of 4.5% over 15 years.
On the other hand, the most profitable resale transaction over the week was the sale of a 3,671 sq ft, four-bedroom unit at Starpoint on Pasir Panjang Road for $4 million ($1,090 psf). The unit had been purchased for $1.5 million ($409 psf) in April 2002. Thus, the seller raked in a profit of $2.5 million (167%), which translates to an annualised gain of 4.7% over around 21 years.
Starpoint is a boutique, 10-unit condo that was completed in 1980. The freehold development comprises a 10-storey apartment building. It is located on the fringe of the National University of Singapore’s Kent Ridge campus as well as Singapore Science Park II off Pasir Panjang Road.
More at: https://www.edgeprop.sg/property-news/resale-four-bedder-marina-collection-incurs-245-mil-loss