Unit at The Marq sold at $4.9 mil loss

The highest recorded loss in the week of Dec 15 to 26, 2017 was from the sale of a four-bedroom unit at the ultra-luxury condominium The Marq on Paterson Hill. The seller bought the 3,089 sq ft unit from the developer for $15.2 million ($4,920 psf) in 2012. He sold it for $10.28 million ($3,328 psf) on Dec 20 and incurred a $4.92 million (32%) loss, or an annualised loss of 7% over a five-year holding period. According to a property agent who declined to be named, the seller is a Singaporean who has units in other ultra-luxury projects in Singapore.

The first tranche of units sold at The Marq when the project was launched in June 2007 was priced from $3,600 psf, but prices quickly escalated to $5,262 psf by September that year. The highest absolute price achieved at the luxury condo is $31.4 million ($5,100 psf), for a 6,157 sq ft unit transacted in July 2007. The Marq also holds the record for the highest price psf to date — $6,840 psf, for a 3,003 sq ft unit on the 20th floor, which was bought by a foreigner for $20.54 million.


The Marq on Paterson Hill.

Only one other unit changed hands at The Marq last year — a 6,232 sq ft mid-level unit at The Signature Tower, which went for $21.8 million ($3,498 psf), according to a caveat lodged in April 2017. The unit was last sold for $26.4 million ($4,242 psf) in July 2007.

Completed in 2011, The Marq offers 66 units in two 24-storey towers. At the Premier Tower, a typical four-bedroom unit is around 3,000 sq ft; at the Signature Tower, it is above 6,000 sq ft and comes with a 15m lap pool. The Marq on Paterson Hill was hailed as the foremost ultra- luxury condo when it was launched a decade ago. It was developed by SC Global Developments, which also developed Sculptura Ardmore, where a super penthouse of 10,300 sq ft sold for over $60 million, or $6,000-plus psf.

Over the past quarter, other freehold ultra- luxury condos such as The Nassim and The Ritz-Carlton Residences as well as Sculptura Ardmore have seen sales ranging from $3,171 to $4,171 psf, says Dominic Lee, PropNex Realty head of the luxury team. Even the 99-year leasehold luxury condos in integrated developments such as Wallich Residence at Tanjong Pagar have seen prices hit a high of $4,000 psf.

Lee is optimistic that the residential market will be more buoyant this year, but cautions that over-exuberance could lead to the recovery being short-lived. While local buyers account for the majority of the transactions in the luxury condo segment, he sees interest from foreign buyers returning, fuelling the rise in prices.

Meanwhile, the most profitable deal recorded in the week of Dec 15 to 26 was for the sale of a penthouse at the luxury condo Goodwood Residence, off Bukit Timah Road. The 9,666 sq ft unit on the 12th floor of one of the blocks was purchased for $15.08 million ($1,560 psf) in 2010 and sold for $17 million ($1,759 psf), according to a caveat lodged on Dec 21. The seller realised a gain of $1.92 million (13%). This was the most profitable transaction at Goodwood Residence last year. More than half of the units were sold at profit, with upside ranging from $44,000 to $1.92 million, according to data from URA Realis.


The seller of a penthouse unit at Goodwood Residence walked away with $1.92 million when the unit was sold on Dec 21, 2017.

Top 10 gains and losses from Dec 15 to 26

Adapted from : EdgeProp, 8 Jan 2018