SINGAPORE (EDGEPROP) - The most unprofitable resale transaction during the week of May 10 to 17 was that of a 1,701 sq ft, three-bedroom unit at Helios Residences. The 15th-floor unit changed hands for $3.95 million ($2,323 psf) on May 12. The property was purchased for $6.04 million ($3,550 psf) in February 2008. Thus, the seller suffered a $2.09 million (34.6%) loss, which translates to an annualised loss of 2.9% over a period of slightly more than 14 years.
The 15th-floor unit at Helios Residences changed hands for $3.95 million ($2,323 psf) on May 12 (Picture: Samuel Isaac Chua/The Edge Singapore)
Helios Residences is a 140-unit freehold development by Wing Tai Holdings that was completed in 2011. Located along Cairnhill Circle in prime District 9, it is close to the Orchard Road shopping belt and Newton area. The development comprises twoand three-bedroom units of 1,281 to 2,002 sq ft.
Based on caveats lodged, Helios Residences has seen three other transactions to date this year, all of which have been unprofitable. On March 18, a 1,668 sq ft unit on the 15th floor was sold at a $2.16 million loss; prior to that, a 1,281 sq ft unit on the 12th floor changed hands at a loss of $1.64 million on March 11. The first transaction of the year, on Jan 18, saw a 1,281 sq ft unit sold at a $2.06 million loss.
According to data by the EdgeProp Inspector tool, Helios Residences has seen a total of 29 unprofitable transactions to date. The most unprofitable transaction occurred in November 2020, after a penthouse unit measuring 4,629 sq ft changed hands for $8.4 million ($1,815 psf). The unit had been bought for $14.5 million ($3,133 psf) in May 2014, meaning the seller made a loss of $6.1 million.
Meanwhile, the most profitable resale transaction for the week was the sale of a 2,002 sq ft unit at Astridville for $3.15 million, or $1,573 psf, on May 12. The unit was purchased for $1.1 million ($549 psf) in November 2004. This means the seller reaped a gain of $2.05 million, or 186%, which translates to an annualised profit of 6.2% over a holding period of 17½ years. The transaction marks the most profitable deal for Astridville to date.
Astridville is an 18-unit freehold boutique development located along Jalan Ampang in District 10. Completed in 1985, the development comprises low-rise blocks housing a mix of three-bedroom and maisonnette units.
The second most profitable transaction for the week was for a four-bedroom, 1,798 sq ft unit at Rivergate. The unit, located on the 35th floor, was sold for $4.95 million ($2,754 psf) on May 10. It was purchased for $3.05 million ($1,697 psf) in January 2007, which means the seller netted a $1.9 million (62%) gain on the transaction. This works out to an annualised profit of 3.2% across a holding period of around 15 years.
A four-bedroom, 1,798 sq ft unit at Rivergate was sold for $4.95 million ($2,754 psf) on May 10. The seller reaped a profit of $1.9 million (Picture: Samuel Isaac Chua/The Edge Singapore)
The transaction marks the seventh most profitable deal at the development. The most profitable transaction at Rivergate was for the sale of a 3,100 sq ft penthouse unit at $7.28 million ($2,348 psf) last September. It was bought for $3.46 million ($1,115 psf) in June 2005. Thus, the seller walked away with a profit of $3.82 million. Located in Robertson Quay in District 9, Rivergate was completed in 2009 and has 545 freehold units across three 42-storey blocks. It is an 11-minute walk to the upcoming Havelock MRT Station on the Thomson-East Coast Line