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

[radha08]

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

can sing karaoke also..

[bargain hunter]

only 1 subsale so far:

SOLD 2012-07-17 #24-XX 592 sq ft 1,892psf
BOUGHT 2010-04-16 1,869psf
Gross Profit 1.23%. Loss incurred after stamp duty.

[bargain hunter]

SOLD 2012-06-11 #07-XX 2067 sq ft 2,000psf
BOUGHT 2007-08-02 2,500psf.

nice round numbers, swee swee lose 20%.

[Ringo33]

I think its about time that we put this thread six feet underground for awhile

[bargain hunter]

continue to keep a lookout, there are still big units which are legacy of 2007 boom being sold are bargain prices. Not necessarily only in CCR, for e.g., even in today's papers:

Published October 04, 2012

Freehold penthouses at Amber sold for $1,100 psf

Transacted price pales in comparison to the $1,600 psf quoted in May

ALL six penthouses at the freehold Amber Residences, which was completed early last year, are said to have been sold recently by its developer in separate transactions for $1,100 per square foot (psf).

As recently as May this year, potential buyers were being quoted a price of around $1,600 psf for the penthouses, with the qualification that the developer, Voda Land, was open to negotiations.

When the 21-storey project was previewed in November 2007 during the heyday of the high-end residential market, market indications were that the penthouses will be priced at around $1,900 psf.

Amber Residences was released amid much fanfare, with 74 of the total 114 units snapped up within hours during its private preview at an average price of $1,650 psf - setting a new benchmark for the area. Choice high-floor units (excluding penthouses) were sold for more than $1,800 psf.

Caveats data show that the project's developer achieved a price of $2,029 psf in December 2007 for a four-bedroom apartment of 2,217 sq ft on the 19th floor and $1,951 psf for a same-sized unit on the 18th floor in February 2008.

Amber Residences' six penthouses range from around 4,100 sq ft to 6,700 sq ft with each unit spanning three levels - levels 20 and 21 and a roof terrace with a swimming pool.

A caveat for only one of the six penthouses in Amber Residences sold recently has been lodged so far. This is for the biggest unit of 6,717 sq ft, which has five bedrooms. Options on the other five penthouses have probably not been exercised yet by their respective buyers.

The six penthouses add up to around 30,000 sq ft, which means Voda Land would have fetched around $33 million from selling them.

Market watchers say it made sense for Voda Land to clear the unsold units, given that this is its only residential project. The company's key shareholder is Expand Construction.

Earlier this year, Bukit Sembawang cleared 14 units at its Paterson Suites condo - completed in 2010 - at $2,500 psf. According to a report by Savills in August, 19 units in the development changed hands at an average price of $2,619 psf this year - 10 per cent below last year's $2,915 psf and 15 per cent off the peak price in 2007. Twelve units at Orchard View along Angullia Park, which was completed in Q2 2010, were sold at an average price of $2,604 psf this year, down 21 per cent from 2010's peak price.

I think its about time that we put this thread six feet underground for awhile

[dtrax]

Mr B is right afterall? No 50% drop in 2015 no buy. This one close to 40% drop if got 3-4mil to spare

[phantom_opera]

special cases .... said HDB

size too big ... way beyond affordability of HDB upgraders animal spirit

even Darth Vader cannot move these huge units at 1600psf

[Rysk]

Mr B is right afterall? No 50% drop in 2015 no buy. This one close to 40% drop if got 3-4mil to spare

This is not called drop..
Is developer was asking for sky high price in the first place..
In fact at 1.1k psf.. for such a big unit.. with lots of unusable space.. still abit steep at $4.5-mio ($1.1k x 4100sf) for the smallest PH

[kane]

$5-$6m for a ph there? Seriously I might as well buy the semi-d next door.

[Allthepies]

Top up 3mil buy Ardmore park

[kane]

Top up 3mil buy Ardmore park

Yeah, exactly. Ardmore is prime stuff. They should have maxed the size at 2500sqft thereabouts.

[dtrax]

BELLE VUE RESIDENCES 33 Oxley Walk #05-36 1 369 Strata 6,000,000 16260 1511 25-SEP-2012 Condominium Freehold 2010 Resale Private 09 23 238599 Central Region River Valley

[dtrax]

Sixth Avenue Residences has officially hit the 1800 psf mark for unit number 04-04:

THE SIXTH AVENUE RESIDENCES 162 Sixth Avenue #04-04 1 90 Strata 1,750,000 19444 1806 24-SEP-2012 Condominium Freehold 2009 Resale Private 10 27 276539 Central Region Bukit Timah

[bargain hunter]

Rivergate #10-09 good value buy leh at 1778psf.

Sold 2012-09-24 1744 sq ft 1778psf. bought 2009-07-25 1740psf. the profit is insufficient to cover stamp duty, let alone commissions.

[phantom_opera]

think the Rivergate seller will regret, may be migration so do a quick force sell

[dormer]

Rivergate #10-09 good value buy leh at 1778psf.

Sold 2012-09-24 1744 sq ft 1778psf. bought 2009-07-25 1740psf. the profit is insufficient to cover stamp duty, let alone commissions.

Your case still not as bad as the following Reflection's owner:-

Bought on 06th Aug 2007; #30-XX Size 2,207 for $1,905psf
Sold on 28th May 2012 for $1,677psf and loss $503,196

Then somebody flip his unit on 23rd July 2012 at $1,964psf and make $633,409 in 59 days

I guess must be foreign investor cheated by the agent.

[Laguna]

Your case still not as bad as the following Reflection's owner:-

Bought on 06th Aug 2007; #30-XX Size 2,207 for $1,905psf
Sold on 28th May 2012 for $1,677psf and loss $503,196

Then somebody flip his unit on 23rd July 2012 at $1,964psf and make $633,409 in 59 days

I guess must be foreign investor cheated by the agent.

No, u have not counted in stamp duty and SSD and agent commission
overall, it is the Govt make the money

[dormer]

No, u have not counted in stamp duty and SSD and agent commission
overall, it is the Govt make the money

Oh yes! If factor in 16% SSD this fellow did not enjoy the gain.

[bargain hunter]

i remembered seeing this. and calculated that the seller sold at swee swee around 16%. really gahmen made it all.

Oh yes! If factor in 16% SSD this fellow did not enjoy the gain.

[kane]

more of such transactions to come. with reduced leveraged, it's even harder to justify some of these price tags.

[phantom_opera]

that's why every CM launched, the hardest hit is CCR low end

u can say good bye to SH too

[kane]

that's why every CM launched, the hardest hit is CCR low end

u can say good bye to SH too

maybe buyers will have a chance to the SH if the prices get discounted leh?

[bargain hunter]

so hardest hit is CCR low end and RCR high end. no impact on OCR whatsoever.

that's why every CM launched, the hardest hit is CCR low end

u can say good bye to SH too

[dtrax]

all >6mil


RESIDENCES 21 Nassim Road #05-17 1 639 Strata 27,520,000 43067 4001 14-SEP-2012 Condominium Freehold 2011 Sub Sale Private 10 25 258462 Central Region Tanglin
THE MARQ ON PATERSON HILL 8A Paterson Hill #08-02 1 287 Strata 15,200,000 52962 4920 17-SEP-2012 Condominium Freehold 2011 New Sale Private 09 23 238568 Central Region River Valley
LEEDON RESIDENCE 2 Leedon Heights #11-02 1 651 Strata 14,416,000 22144 2057 18-SEP-2012 Condominium Freehold Uncompleted New Sale Private 10 26 266228 Central Region Bukit Timah
NASSIM PARK RESIDENCES 17 Nassim Road #04-11 1 322 Strata 11,300,000 35093 3260 07-SEP-2012 Condominium Freehold 2011 Sub Sale Private 10 25 258391 Central Region Tanglin
THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL 65 Cairnhill Road #09-02 1 263 Strata 11,029,859 41939 3896 25-SEP-2012 Apartment Freehold 2011 Resale Private 09 22 229721 Central Region Newton
STEVENS COURT 38 Stevens Road #05-02 1 464 Strata 9,500,000 20474 1902 25-SEP-2012 Condominium Freehold 1989 Resale Private 10 25 257845 Central Region Tanglin
ARDMORE PARK 11 Ardmore Park #10-02 1 268 Strata 9,050,000 33769 3137 10-SEP-2012 Condominium Freehold 2001 Resale Private 10 25 259957 Central Region Newton
STEVENS COURT 38 Stevens Road #02-01 1 449 Strata 9,000,000 20045 1862 14-SEP-2012 Condominium Freehold 1989 Resale Private 10 25 257845 Central Region Tanglin
PEBBLE BAY 130 Tanjong Rhu Road #17-12 1 568 Strata 8,050,000 14173 1317 17-SEP-2012 Condominium 99 Yrs From 09/03/1994 1997 Resale Private 15 43 436918 Central Region Kallang
LEEDON RESIDENCE 6 Leedon Heights #01-05 1 478 Strata 7,872,714 16470 1530 06-SEP-2012 Condominium Freehold Uncompleted New Sale Private 10 26 266215 Central Region Bukit Timah
BEVERLY HILL 61 Grange Road #22-03 1 351 Strata 7,800,000 22222 2064 05-SEP-2012 Condominium Freehold 1983 Resale Private 10 24 249570 Central Region Tanglin
LEEDON RESIDENCE 8 Leedon Heights #01-08 1 438 Strata 7,770,000 17740 1648 05-SEP-2012 Condominium Freehold Uncompleted New Sale Private 10 26 266216 Central Region Bukit Timah
BELLE VUE RESIDENCES 25 Oxley Walk #05-22 1 330 Strata 7,400,000 22424 2083 03-SEP-2012 Condominium Freehold 2010 Resale Private 09 23 238595 Central Region River Valley
AMBER RESIDENCES 50 Amber Road #21-01 1 624 Strata 7,388,414 11840 1100 05-SEP-2012 Condominium Freehold 2011 Resale Private 15 43 439888 Central Region Marine Parade
HELIOS RESIDENCES 15 Cairnhill Circle #10-02 1 186 Strata 7,069,500 38008 3531 05-SEP-2012 Apartment Freehold 2011 Resale Private 09 22 229815 Central Region Newton
GALLOP GREEN 19 Woollerton Park #01-20 1 332 Strata 6,790,600 20454 1900 04-SEP-2012 Condominium Freehold 2002 Resale Private 10 25 257537 Central Region Tanglin
REFLECTIONS AT KEPPEL BAY 25 Keppel Bay View #22-78 1 284 Strata 6,600,000 23239 2159 10-SEP-2012 Condominium 99 Yrs From 15/03/2006 2011 Sub Sale Private 04 09 098415 Central Region Bukit Merah
MARINA COLLECTION 13 Cove Drive #02-07 1 203 Strata 6,227,250 30676 2850 04-SEP-2012 Condominium 99 Yrs From 03/01/2007 2011 Resale HDB 04 09 098327 Central Region Southern Islands
MARINA COLLECTION 13 Cove Drive #03-10 1 203 Strata 6,227,250 30676 2850 07-SEP-2012 Condominium 99 Yrs From 03/01/2007 2011 Resale Private 04 09 098327 Central Region Southern Islands
GALLOP GREEN 19 Woollerton Park #03-19 1 300 Strata 6,135,100 20450 1900 10-SEP-2012 Condominium Freehold 2002 Resale Private 10 25 257537 Central Region Tanglin
HELIOS RESIDENCES 15 Cairnhill Circle #15-03 1 155 Strata 6,110,700 39424 3663 06-SEP-2012 Apartment Freehold 2011 Resale Private 09 22 229815 Central Region Newton
8 NAPIER 8 Napier Road #04-04 1 187 Strata 6,039,000 32294 3000 24-SEP-2012 Condominium Freehold 2010 Resale Private 10 25 258502 Central Region Tanglin
BELLE VUE RESIDENCES 33 Oxley Walk #05-36 1 369 Strata 6,000,000 16260 1511 25-SEP-2012 Condominium Freehold 2010 Resale Private 09 23 238599 Central Region River Valley

[Ringo33]

Been awhile since someone posted something on this thread. Has the market really turn around?

[bargain hunter]

not really right? don't really need to post. that wachovia deal for cliveden @ grange alone is enough proof that there are still loss making transactions in CCR.

definitely the number of loss making sales are decreasing but probably not till non-existent yet.

i just don't have access to squarefoot research any more and not so free to go through one by one to see who has been making losses.

Been awhile since someone posted something on this thread. Has the market really turn around?

[bargain hunter]

BOUGHT 2007-11-07 1249 sq ft 3981psf
SOLD 2012-11-15 1249 sq ft 3508psf

loss 591k gross over 5 years.

[bargain hunter]

Bought 2007-02-12 (pre mad CCR bull) 2113psf 2390 sq ft
Sold 2012-11-08 2000psf
Gross Loss 270k

[bargain hunter]

bought 2009-10-21 (post crisis!) 2691 sq ft 2300psf
sold 2012-12-10 2258psf
gross loss 113k

[bargain hunter]

bought 2006-12-28 2669psf 3897 sq ft
sold 2012-10-17 2284psf
gross loss 1.5m