13/08/2024
Singapore prime residential properties account for majority of loss-making resale deals in Q2
Excluding executive condos, the most profitable trades by percentage were from homes in the suburbs, with sellers pocketing profits of up to 89 per cent
SINGAPORE’S prime residential properties chalked up the biggest losses – losing between S$780,000 and S$2.1 million in value – and accounted for the majority of loss-making deals in the second quarter of 2024.
Still, the majority of resale transactions in the Core Central Region (CCR) – at 80 per cent – remained profitable in Q2, data crunched for The Business Times by Cushman & Wakefield showed.
The biggest money-making deal by quantum in Q2 was for a 2,885 square foot (sq ft) unit in Ardmore Park in the prime District 10.
The 22nd-floor unit in the freehold luxury development was sold for S$11.9 million or S$4,108 per square foot (psf) in May. The seller netted S$2.7 million in profit, or 29 per cent over the initial purchase price of S$9.2 million (S$3,189 psf) in January 2020.
Based on a holding period of 4.4 years, the seller made an annualised profit of 5.9 per cent.
The data also showed that the five biggest profit-makers in terms of absolute gain in Q2 were all sales for freehold properties, which tend to command a premium, said Cushman & Wakefield head of research Wong Xian Yang.
source:《Business Times》
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