Seller meets a hefty loss despite holding the unit at Orchard Scotts for almost eight years. Said loss amounts to $1.6 million for a 1,647 square feet unit having a purchase price of $2,438 per square feet (approx. $4 million). The deal closes at only $1,438 per square feet (approx. $2.4 million) equivalent to 6% annual loss.
In June, another seller suffered a devastating price depletion when they sold the unit located at ninth floor of same residence with $2.4 million loss. All resale transactions in Orchard Scotts since the second half of 2014 turned out to be unprofitable. Orchard Scotts Residence is a 99-year old leasehold condominium project finished in 2008.
One of the units in Marina Bay Suites, a 99-year old leasehold condo experienced the same fate. The 2,680 square feet property was sold with $1 million loss. Another unit in same residential area got sold with a $1.8 million drop.
The most profitable sale made within the week of July 19 to 26 happened at [email protected] Its 2,271 square feet unit, held for nine years earned a profit of $1.1 million or 4% annual increase. [email protected] sits on Thomas Lane in District 11. The free hold, 273-unit development project was completed in 2010. Four out of five condo units sold in 2007 and 2009 earned more than $800,000. These profits do not include any construction cost or enhancements done to the property.
Meanwhile, losses from three strata houses sold range from $180,000 to $450,000 happened in the same week. The top loss of the three amounted to $450,000 which is a semi-detached property in District 23. The house sits on a 999-year old leasehold land bought in December 2007 for $724 per square feet and got sold $605 per square feet.
The second strata house can be found in Tagore Avenue, District 26 and the previous owner suffered a loss of $232,888. The third unsuccessful real estate deal lost $181,000 from the transaction.