Record $4.45 mil loss at Ritz-Carlton Residences

A four-bedroom unit at Ritz-Carlton Residences was sold for $11 million ($3,599 psf) on Dec 14 last year.

January 7, 2022



A 3,057 sq ft, four-bedroom unit on the 25th floor at Ritz-Carlton Residences was sold for $11 million ($3,599 psf) on Dec 14 last year. The unit was purchased for $15.4 million ($5,053 psf) in January 2008. Thus, the seller made a loss of $4.45 million (29%), rendering it the most unprofitable deal for the week of Dec 14 to 28 last year. This translates to an annualised loss of 2.4% over 14 years.

Based on URA caveats, this makes it the most unprofitable resale transaction recorded so far at Ritz-Carlton Residences. The previous record loss involved the sale of a 2,831 sq ft, three-bedroom unit on the 18th floor in March 2016. That unit was sold for $7.1 million ($2,508 psf) after it had been purchased for $10.8 million ($3,815 psf) in June 2013. Thus, the seller suffered a loss of $3.7 million (34%), which translates to an annualised loss of 14% over nearly three years.



While the unit at Ritz-Carlton Residences saw a record loss, three 3,057 sq ft, four-bedroom units in the development changed hands for more than $4,000 psf last year. This marked the first time units at Ritz-Carlton Residences crossed the $4,000 psf threshold. Last year, one unit fetched $13.2 million ($4,318 psf) on Jan 14, another was sold for $14 million ($4,580 psf) on Aug 13, while the third changed hands for $15 million ($4,907 psf) on Oct 15.

Read more at: https://www.edgeprop.sg/property-new...ton-residences