A few CCR transactions sold at a loss (reported in The Edge)

[hyenergix]

new record HIGH psf for 1 bedder:

$2.9m 635 sq ft 4566psf May-12.

presumably, this is a developer's unit?

Inhumane in terms of size and psf.

[kane]

Inhumane in terms of size and psf.

Size still ok lah but price is totally inhumane!

[CCR]

new record HIGH psf for 1 bedder:

$2.9m 635 sq ft 4566psf May-12.

presumably, this is a developer's unit?

London 12000 psf

[bargain hunter]

2012-05-28 #30-73 2,207sq ft 1,677psf 2007-08-06 1,905psf -503,196
2012-05-25 #16-72 1,528sq ft 1,531psf 2007-08-06 1,745psf -326,992
2012-05-25 #16-73 1,518sq ft 1,568psf 2007-08-06 1,688psf -182,160
2012-05-25 #25-72 1,485sq ft 1,616psf 2007-08-06 1,853psf -351,945
2012-05-23 #25-73 1,410sq ft 1,560psf 2007-08-06 1,792psf -327,120
2012-04-20 #07-53 4,747sq ft 1,591psf 2007-07-09 1,923psf -1,576,004
2012-03-12 #34-72 1,141sq ft 1,848psf 2007-08-20 2,102psf -289,814
2012-01-19 #03-70 1,012sq ft 1,399psf 2007-09-17 1,513psf -115,368
2012-01-04 #29-98 2,336sq ft 1,987psf 2007-05-03 2,134psf -343,392

[bargain hunter]

biggest loss is that biggie 4747 sq ft unit. absolute % and quantum loss is -17.3% over a period of just under 5 years. not quite the 50% that mr. b said but decent enough discount lah.

[Poloclub]

biggest loss is that biggie 4747 sq ft unit. absolute % and quantum loss is -17.3% over a period of just under 5 years. not quite the 50% that mr. b said but decent enough discount lah.

IIRC some taiwan lady bought the entire block at reflection. anyone know which block is that?

[bargain hunter]

SOLD 2012-06-08 #09-XX 1,281sq ft 2,208psf
BOUGHT 2011-07-08 2,225psf

since the buyer purchased after the seller's SSD, he's paying 16% sellers stamp duty?!!??!?!?!?!?!

[starrynight]

Ouch! Probably in financial straits...

OCBC said in today's BT that they feel high-end will drop 10 to 20% in FY2012 alone... that's a lot!!

SOLD 2012-06-08 #09-XX 1,281sq ft 2,208psf
BOUGHT 2011-07-08 2,225psf

since the buyer purchased after the seller's SSD, he's paying 16% sellers stamp duty?!!??!?!?!?!?!

[bargain hunter]

ocbc, dunno zhun or not leh.

but very strange to be selling, lose 16% to gahmen than to anybody is NOT WORTH IT!

Ouch! Probably in financial straits...

OCBC said in today's BT that they feel high-end will drop 10 to 20% in FY2012 alone... that's a lot!!

[Poloclub]

Ouch! Probably in financial straits...

OCBC said in today's BT that they feel high-end will drop 10 to 20% in FY2012 alone... that's a lot!!

what is highend? 3000-4000psf? 2000-3000psf?

[starrynight]

when you need the cash, you got no choice I guess... and imagine, to add insult to injury, may have to pay the bank the break fee for killing the loan. Average is 1.5% of the outstanding loan quantum

ocbc, dunno zhun or not leh.

but very strange to be selling, lose 16% to gahmen than to anybody is NOT WORTH IT!

[starrynight]

Beats me. Report is here. I would guess the ones which are more than SGD2,500 psf

what is highend? 3000-4000psf? 2000-3000psf?

[bargain hunter]

THE High Court yesterday rejected a bid by investors to have payments suspended on 10 apartments they bought in the high-end Grange Infinite condominium - the second defeat for such an application.

The court ruled that the investors must meet the outstanding repayment bill of $10.18 million by Saturday.

If the investors - a group of funds managed by ARA Asset Management - fail to pay, the sale and purchase agreements for the 10 units will be annulled, and developer Grange Properties can repossess the properties.
The case began last year when ARA took Grange Properties to court, claiming that the units were not as luxurious or elegant as had been promised.

The investors had bought 53 units for $388 million and since resold 16.
On April 9 this year, Grange issued a 21-day notice with respect to 10 of the units that ARA had bought.

The notice warned that if ARA did not make the necessary payments by the deadline, Grange would be entitled to exercise its right to resell the units.

The investors took out an injunction on April 24 asking for the remaining payments for the 10 units to be 'suspended, deferred and/or postponed until the disposal of the suit'.

They also claimed that they suffered losses of at least $46.1 million, which includes the cost of rectification works for certain defects in the building. Earlier this year, ARA lost a similar court battle to suspend payments on two of the units.

ARA argued in its application that Grange Properties might transfer the money from resold units, leaving it technically unable to pay any damages that might be awarded to ARA.

However, Grange Properties said that this argument was inconsistent with ARA's own pleaded case that it lost potential buyers and tenants because the units were poorly built and therefore difficult to sell.

Grange also argued that as an associated company of a financially sound listed firm, there was no evidence of a risk that it might transfer out money to deprive ARA of potential damages.

Following yesterday's High Court ruling, Grange Properties said it is 'considering its position in relation to the outstanding amounts for the other units purchased' by the investors.

Grange Properties is an associate of mainboard-listed Chip Eng Seng, which was represented by Senior Counsel Philip Jeyaretnam, managing partner of Rodyk & Davidson.

me no inside contacts.. so just referring to the caveats lodged...

http://www.ura.gov.sg/realEstateWeb/...ubmitSearch.do

but i think more or less ard 38 bah.. so, we need to start a 50m fund (40mil for downpayment and 10 mil to do makeover) to take over the remaining units at below 2k psf and resell above 3k psf!

juz dreaming nia..

[bargain hunter]

One Tree Hill Residence #06-xx, 1227sq ft:

Bought: 2007-05-03 2390psf,

Sold: 2010-02-03 1980psf

Sold again: 2012-07-18 1897psf.


Orion #06-xx 1507 sq ft:

Bought: 2007-07-03 2650psf


Sold: 2012-07-13 2024psf

[starrynight]

Yikes!

Thanks for the info though

One Tree Hill Residence #06-xx, 1227sq ft:

Bought: 2007-05-03 2390psf,

Sold: 2010-02-03 1980psf

Sold again: 2012-07-18 1897psf.


Orion #06-xx 1507 sq ft:

Bought: 2007-07-03 2650psf


Sold: 2012-07-13 2024psf

[gn108]

Gp to www.squarefoot.com.sg.
Good site for matching profitable/unprofitable transactions for developments. Eg Reflections@Keppel.

[bargain hunter]

The Berth by the cove, #04-xx, 1884 sq ft:

Bought 04/12/2010 1938psf
Sold 19/07/2012 1599psf

GROSS LOSS -$638,676

buy in 2010 also can lose so much?

[phantom_opera]

The Berth by the cove, #04-xx, 1884 sq ft:

Bought 04/12/2010 1938psf
Sold 19/07/2012 1599psf

GROSS LOSS -$638,676

buy in 2010 also can lose so much?

Seems like 99LH more prone to lose money if buy at peak, Reflection is another

[bargain hunter]

its more of the location, buyer profile and quantum i feel.

sentosa is for the rich. if not rich enough, leverage and buy, the result is the above. buy too high, can't rent out.

Seems like 99LH more prone to lose money if buy at peak, Reflection is another

[phantom_opera]

its more of the location, buyer profile and quantum i feel.

sentosa is for the rich. if not rich enough, leverage and buy, the result is the above. buy too high, can't rent out.

agree, depends on whether can pay bank loan if no rental for a long time

[kane]

The Berth by the cove, #04-xx, 1884 sq ft:

Bought 04/12/2010 1938psf
Sold 19/07/2012 1599psf

GROSS LOSS -$638,676

buy in 2010 also can lose so much?

Wah, sentosa also lose until so cham.

[bargain hunter]

logically, last dec's cooling measures should hit sentosa condos the hardest. so its already considered still holding up well. but i really wonder how much longer those who bought at the 2007 sentosa hype peak levels of 2800psf can continue holding.

Wah, sentosa also lose until so cham.

[kane]

logically, last dec's cooling measures should hit sentosa condos the hardest. so its already considered still holding up well. but i really wonder how much longer those who bought at the 2007 sentosa hype peak levels of 2800psf can continue holding.

Why hit sentosa the hardest?

[phantom_opera]

sometimes I just wonder buying this make more sense ... both for own stay and investment potential:

[kane]

sometimes I just wonder buying this make more sense ... both for own stay and investment potential:

This is mandarin gardens?

[bargain hunter]

big quantum units which are intended to be sold to foreigners (to realise capital appreciation) who now have to pay the 10% ABSD.

and when they can't sell, they try to but can't rent out. becoz sentosa is a place for the super rich to buy and keep as holiday homes, not as investment properties for rental income.

not many expats want to rent in sentosa and commute daily to work. also, the high rental required to support such big units are hard to come by these days.

So what do we have?

1) bought at the peak in 2007, hyped up prices.
2) capital appreciation which never came since then.
3) poor rental demand.

not = hit hardest?

Why hit sentosa the hardest?

[kane]

Right, the seller didn't manage to sell to the rich Australian.

[bargain hunter]

#12-01 4489 sq ft

Bought 02/07/2008 3716psf $16,678,797
Sold 15/06/2012 3743psf $16,800,000

Gross Profit: $121,203
Stamp Duty: -$494,963.91

[eng81157]

big quantum units which are intended to be sold to foreigners (to realise capital appreciation) who now have to pay the 10% ABSD.

and when they can't sell, they try to but can't rent out. becoz sentosa is a place for the super rich to buy and keep as holiday homes, not as investment properties for rental income.

not many expats want to rent in sentosa and commute daily to work. also, the high rental required to support such big units are hard to come by these days.

So what do we have?

1) bought at the peak in 2007, hyped up prices.
2) capital appreciation which never came since then.
3) poor rental demand.

not = hit hardest?

well, when you are feeling down, just pop by your neighbour who's a megachurch pastor for a quick counselling session and drink a cuppa 'China Wine', brewed personally by his pop-star wife

[bargain hunter]

2012-08-10 #23-XX 1098 sq ft 2110psf bought 2010-11-29 2029psf. really sold at 4% breakeven

lower floor not so lucky:
2012-08-10 #10-XX 1066 sq ft 1858psf bought 2007-02-08 (5 years ago launch!??!) 1904psf. Gross loss of 2.4%