Resale at Cityvista Residences incurs $2 mil loss

Resale at Cityvista Residences incurs $2 mil loss

March 3, 2023

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The sale of a 2,809 sq ft unit at Cityvista Residences on Feb 21 was the most unprofitable transaction during the week of Feb 14 to Feb 21.

The four-bedroom unit on the 12th floor changed hands for $5.69 million ($2,025 psf). It had previously fetched $7.7 million ($2,742 psf) in July 2007. As a result, the seller incurred a loss of $2.01 million (26%), which translates to an annualised loss of 1.9% over 15½ years.

Another resale at Cityvista Residences was the fourth most unprofitable transaction during the week in review.

This resale saw a 2,809 sq ft unit on the 10th floor sold for $5.75 million ($2,047 psf) on Feb 15, less than five years after it was purchased for $6.2 million ($2,207 psf) in October 2018. This transaction resulted in a loss of about $450,000 (7%), which translates to an annualised loss of 1.7% in over four years.

Cityvista Residences is a freehold condominium on Peck Hay Road in prime District 9. It is situated within the Cairnhill residential enclave between the Newton and Orchard Road areas. Nearby residential developments include Orchard Scotts, The Scotts Tower, and The Edge on Cairnhill.

Cityvista Residences comprises a 20-storey residential tower with just 20 units, with a mix of three- and four-bedroom units that range from 2,121 to 2,809 sq ft.

The Feb 21 transaction is the third most unprofitable deal at the condo so far. The top loss-incurring resale was the sale of a 2,809 sq ft unit on the 11th floor that fetched $4.73 million ($1,683 psf) in June 2017. The unit had been bought for $7.44 million ($2,648 psf) in July 2007. Thus, the seller suffered a $2.71 million (36%) loss, which works out to an annualised loss of 4.4% over nearly 10 years.

The average price at Cityvista Residences has been slipping from about $2,493 psf when it was launched in 2007, to about $2,047 psf last month. This puts it below its freehold neighbour, The Edge on Cairnhill, where the average price is about $2,346 psf. The nearby freehold development Vermont on Cairnhill commands an average price of approximately $2,477 psf.

On the other hand, the most profitable resale transaction during the week occurred at Ardmore Park, a luxury project on Ardmore Park in prime District 10.

A 2,885 sq ft unit on the 19th floor was sold for $11.1 million ($3,848 psf) on Feb 20. It had been bought for $8.3 million ($2,877 psf) in August 2007. Thus, the seller raked in a profit of $2.8 million (34%), which works out to an annualised profit of 1.9% over 15½ years.

More at: https://www.edgeprop.sg/property-new...urs-2-mil-loss