Four Bedder Cityvista Residences Sold 23 Mil Loss
The most unprofitable resale transaction at Cityvista Residences during the week of May 7 to 14 was the sale of a four-bedroom unit. The unit, measuring 2,809 sq ft and situated on the 19th floor, was sold for $5.8 million or $2,064 psf, marking a loss of $2.27 million for the seller. This translates to a capital loss of 28% after owning the unit for nearly 17 years.
This recent sale is the second most unprofitable resale transaction ever recorded at Cityvista Residences. The top spot belongs to the sale of a 2,809 sq ft four-bedroom unit in June 2017 for $4.73 million or $1,683 psf. The seller had initially purchased the unit from the developer for $7.44 million or $2,648 psf in July 2007, resulting in a loss of $2.71 million on the transaction.
Cityvista Residences is a 70-unit freehold condo located on Peck Hay Road in prime District 9. Completed in 2010, the 20-storey tower comprises three- and four-bedroom units ranging from 2,121 to 2,809 sq ft, as well as two duplex penthouses spanning 9,160 and 9,192 sq ft.
The most unprofitable resale transaction at the condo so far this year, the recent sale is also the first resale deal logged at the development to date. In 2020, four units were sold at the condo, all below the purchase price. These units, which measured between 2,142 and 2,809 sq ft, were transacted at prices between $4.08 million and $5.75 million or $1,905 to $2,047 psf. The sellers suffered losses ranging from $450,000 to $2.01 million.
On the other hand, the most profitable condo resale transaction at Cityvista Residences during the week of May 7 to 14 was the sale of a three-bedroom unit at The Ladyhill. The 2,271 sq ft unit on the third floor was sold for $7.23 million ($3,182 psf) on May 7, resulting in a gain of $2.03 million for the seller. This reflects a capital gain of 39% after owning the unit for nearly 15 years.
The Ladyhill is a 55-unit freehold condo situated on Lady Hill Road close to the exclusive Nassim Road residential enclave in prime District 10. Completed in 2002, the boutique condo comprises three- and four-bedroom units ranging from 2,239 to 4,499 sq ft.
Over the past year, The Ladyhill has witnessed several profitable resale transactions, with the most profitable sale to date occurring on April 13, 2021. The 2,411 sq ft unit was sold for $7.28 million or $3,019 psf, resulting in a gain of $3.47 million for the seller. On the same day, another unit, measuring 3,520 sq ft and situated on the first floor, was sold for $7.58 million or $2,154 psf. The seller had purchased the unit from the developer in November 2004 for about $4.8 million or $1,363 psf, resulting in a gain of $2.78 million.
Norwood Grand, the newest project from reputable developer City Developments Limited (CDL), has officially launched at the prime location of Champions Way. This highly anticipated development has been generating buzz, thanks to CDL’s sterling reputation and the enviable site it sits on. CDL clinched the Champions Way site in Woodlands with a top bid of $294.889 million, translating to a land rate of $904 per square foot per plot ratio (psf ppr). This winning bid, which surpassed the second highest offer of $272.26 million from TID, a joint venture between Hong Leong Group and Mitsui Fudosan, by 8.3%, demonstrates the strong confidence CDL has in Norwood Grand’s potential. TID’s bid amounted to $835 psf ppr. The highly sought-after site, with a capacity for 350 units, drew a total of six competitive bids from various leading property developers. With the winning combination of Norwood Grand’s prime location at Champions Way and CDL’s impressive track record, this development is set to be a highly promising one. And with more information to be found on the project’s official website Norwood Grand Champions Way, interested buyers can stay updated on the project’s progress and make informed decisions.
The recent sale of a 1,378 sq ft unit for $3 million ($2,177 psf) on May 10 at Grand Duchess at St Patrick’s is the second most profitable condo resale transaction during the week in review. The seller had purchased the three-bedroom unit on the seventh floor in April 2007 for $1.16 million ($840 psf), making a gain of $1.84 million (159%) on the transaction after owning the unit for just over 17 years. This marks the fourth most profitable resale transaction recorded at the condo to date.
Grand Duchess at St Patrick’s is a 121-unit freehold condo situated in District 15 on St Patrick’s Road, off East Coast Road. Completed in 2010, the development has two conservation buildings on the site, two pre-war, Victorian-style bungalows converted into the condo’s clubhouse, and two 6,958 sq ft, five-bedroom units. Units at the condo range from two- to four-bedders measuring between 1,044 and 3,907 sq ft.
Check out the latest listings for Cityvista Residences, The Ladyhill, and Grand Duchess at St Patrick’s properties below to see if you can find a bargain!