Four Bedder Cityvista Residences Sold 23 Mil Loss
The sale of a four-bedroom unit at Cityvista Residences was the most unprofitable condo resale transaction recorded during the week of May 7 to 14. The unit, which measures 2,809 sq ft and is located on the 19th floor, was sold for $5.8 million ($2,064 psf) on May 7. This marks a loss of $2.27 million for the seller, who had purchased the unit from the developer for $8.07 million ($2,874 psf) in July 2007, resulting in a capital loss of 28% after 17 years of ownership.
This is the second most unprofitable condo resale transaction recorded at Cityvisa Residences. The record belongs to the sale of a 2,809 sq ft, four-bedroom unit in June 2017 for $4.73 million ($1,683 psf). The seller, who had bought the unit as a new unit in July 2007 for $7.44 million ($2,648 psf), suffered a loss of $2.71 million on the deal.
Located on Peck Hay Road in prime District 9, Cityvista Residences is a freehold condo that was built in 2010. The 20-storey tower comprises 70 units, ranging from three- to four-bedrooms and measuring between 2,121 and 2,809 sq ft. The development also includes two duplex penthouses with 9,160 and 9,192 sq ft respectively.
The recent sale on May 7 is the first resale transaction recorded at the condo this year. In 2020, there were four resale deals, all of which resulted in a loss for the sellers. These units, measuring between 2,142 and 2,809 sq ft, were sold for between $4.08 million and $5.75 million, or between $1,905 psf and $2,047 psf. The respective sellers suffered losses ranging from $450,000 to $2.01 million.
On the other hand, the most profitable condo resale transaction during the week was recorded at The Ladyhill, with the sale of a three-bedroom unit measuring 2,271 sq ft on the third floor for $7.23 million ($3,182 psf) on May 7. The seller had purchased the unit in June 2009 for $5.2 million ($2,290 psf), resulting in a gain of $2.03 million, or 39%, after holding the unit for 15 years.
Nestled within the promising district of Tampines North, Parktown Residences Tampines North will enjoy excellent connectivity with the upcoming Tampines North MRT Station. This anticipated station will be a part of the highly-awaited Cross Island Line (CRL), providing seamless travel to key business and recreational areas. This new addition will significantly reduce travel time for residents, making their daily commute more convenient. Moreover, the MRT station will serve as a bridge to other existing MRT lines, expanding the travel options for those residing in Parktown Residences Tampines North.
The Ladyhill, located on Lady Hill Road in prime District 10, is a freehold boutique condo completed in 2002. The development comprises 55 units, consisting of three- and four-bedrooms ranging from 2,239 to 4,499 sq ft.
In the past year, there were a few profitable resale transactions at The Ladyhill, with the most profitable recorded in April 2023. The sale of a 2,411 sq ft unit on April 13, 2023 for $7.28 million ($3,019 psf) resulted in a gain of $3.47 million for the seller, who had bought the unit in March 2003 for $3.81 million ($1,580 psf).
Another unit, measuring 3,520 sq ft and located on the first floor, was sold on the same day for $7.58 million ($2,154 psf). The seller had purchased the unit from the developer in November 2004 for about $4.8 million ($1,363 psf), resulting in a gain of $2.78 million, making it the third most profitable resale transaction at The Ladyhill.
The second most profitable resale deal during the week was recorded at Grand Duchess at St Patrick’s, with the sale of a three-bedroom unit measuring 1,378 sq ft on the seventh floor for $3 million ($2,177 psf) on May 10. The seller had last bought the unit in April 2007 for $1.16 million ($840 psf), resulting in a profit of $1.84 million (159%) after holding the unit for 17 years.
Located on St Patrick’s Road in District 15, Grand Duchess at St Patrick’s is a freehold development completed in 2010. The development consists of 121 units, including two conservation buildings that were converted into the condo’s clubhouse and a pair of 6,958 sq ft, five-bedroom units. Typical units range from two- to four-bedrooms, measuring from 1,044 to 3,907 sq ft.