Seller at D’Chateau @ Shelford suffers loss of $1.22 million

zhiqin.lin@bizedge.com

A 1,948 sq ft, three-bedroom unit at the freehold D’Chateau @ Shelford in prime District 11 changed hands for $1.83 million ($939 psf) on Feb 7. The transaction resulted in a $1.07 million (37%) loss for the seller, who purchased it for $2.9 million ($1,488 psf) in April 2015, as revealed from the matching of URA caveat data as at Feb 20. Owing to the holding period of 2.9 years, the previous owner is subject to an 8%, or $146,400 seller’s stamp duty on the sale price, which translates into total losses of $1.22 million (42%).

 

The freehold D’Chateau @ Shelford is located near Adam Road

 

This was the most unprofitable deal for private non-landed houses sold in the week of Feb 6 to 13, and also marks the first unprofitable transaction at D’Chateau @ Shelford. The next most recent transaction at the 31-unit development located near Adam Road was in May 2017, when an 893 sq ft unit fetched a $435,000 (46%) profit. The previous owner paid $950,000 ($1,063 psf) for the unit in March 2009 and sold it for $1.39 million ($1,550 psf).

The most profitable deal in the week of Feb 6 to 13 was the sale of a 2,239 sq ft, four-bedder at Bayshore Park, which is located opposite East Coast Park. The previous owner bought the unit for $930,000 ($415 psf) in April 2006 and sold it for $2.2 million ($983 psf) on Feb 7, thus enjoying a $1.27 million (137%) profit, which translates into 8% a year.

 

A 2,239 sq ft, four-bedder at Bayshore Park fetched a $1.27 million (137%) profit on Feb 7. Find the most affordable listing here

 

All eight transactions at the 99-year leasehold Bayshore Park so far this year have been profitable, as revealed from the matching of URA caveat data. On Feb 6, a 2,196 sq ft, four-bedder changed hands for $2.3 million ($1,047 psf). The sale resulted in a $340,000 (17%) profit for the previous owner, who bought the unit for $1.96 million ($893 psf) in April 2010. It is the second most profitable deal at the 1,083- unit Bayshore Park this year.

Also located in the east is the freehold Seaview Point, where a 1,389 sq ft, three-bedroom unit was sold for $2 million ($1,440 psf) on Feb 9. The transaction resulted in a $1.12 million (127%) profit for the seller, who paid $880,000 ($634 psf) for the unit in December 2000. The seller may have benefited from the collective sale of the former Amber Park, which is located opposite Seaview Point and was acquired City Developments for $906.7 million ($1,515 psf per plot ratio) in October 2017. The site is being redeveloped into The Opus. The sale price of $1,440 psf for the unit on the fifth storey of Seaview Point is the highest on record. It is also 21% higher than that of a similar-sized unit on the 16th floor that went for $1,188 psf in March 2017.

From the matching of URA caveat data, the last time an apartment at Seaview Point was sold for a loss was in March 2007. The seller incurred a $95,000 (10%) loss, having paid $1 million ($720 psf) for the unit in October 1997 and sold it for $905,000 ($652 psf).

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