Serious Properties Cheap Cheap Sold at Big Discount - Huat!

Five losses above $5 million

By Lin Zhiqin | February 23, 2017 3:00 PM MYT
On Feb 7, a 4,069 sq ft at Seascape in Sentosa Cove was sold at a $6.6 million loss. The loss works out to 52% or 10% annualised over a holding period of 6.6 years.



The previous owner, a Russian national, bought the unit from the developer at $12.8 million or $3,146 psf in June 2010. The unit was put up for mortgagee sale at an auction conducted by JLL in January 2017 at an opening price of $6.8 million but did not find a buyer. It was subsequently sold at $6.2 million or $1,524 psf by private treaty. According to JLL head of auctions Mok Sze Sze, the buyer is an investor.

So far, four other private non-landed homes have been sold at losses above $5 million, based on the matching of URA caveat data as at Feb 17.

In May 2015, a 4,133 sq ft unit at Seascape was sold at a $5.2 million loss. The unit was bought at $11 million or $2,661 psf in December 2011 and sold at $5.8 million or $1,403 psf. The loss works out to 47% or 17% annualised over a three-year holding period. The seller was also liable for a 4% or $232,000 Seller’s Stamp Duty.

In May 2009, a 3,757 sq ft unit at St Regis Residences Singapore in prime District 10 was sold at a $5.02 million loss. The unit was bought at $13 million or $3,461 psf in July 2007 and sold at $7.98 million or $2,124 psf. The loss works out to 39% or 24% annualised over a 1.8 year holding period.



In September 2001, two separate 8,740 sq ft units at Ardmore Park in prime District 10 were sold at losses of $8 million and $5.5 million. The larger loss accrued to the unit bought at $18.5 million or $2,117 psf in Feb 2000 and sold at $10.5 million or $1,201 psf. The smaller loss accrued to the unit bought at $16 million or $1,831 psf in December 1999 and sold at $10.5 million or $1,201 psf.

this is just the tip of the icebergs. There will be many such other losses, reported or reported. I think you will find such larger luxury units bottom out at $1500 psf or less. I never knew what was the attraction of Sentosa Cove.

Papsmearer said:

this is just the tip of the icebergs. There will be many such other losses, reported or reported. I think you will find such larger luxury units bottom out at $1500 psf or less. I never knew what was the attraction of Sentosa Cove.

Click to expand...

The above loss is nothing compared with Temasek loss. I very much suspect that the purpose of water price increase is to cover up the loss in Temasek investment

gingerlyn said:

The above loss is nothing compared with Temasek loss. I very much suspect that the purpose of water price increase is to cover up the loss in Temasek investment

Click to expand...

Water price increase already predicted by Moi in 2014 and again last year.

Papsmearer
Alfrescian (InfP) - Comp


Join DateNov 2008LocationOxley Rise, Con You is my roomatePosts16,683 My Reputation Points: 2382 / Power: 10


[h=2] Will NEWATER and Desalination Bankrupt S'pore?[/h]


U seem like someone who knows what they are talking about for newwater. In fact, in almost all countries that use the Newwater style water treatment process, they blend the water with their other supplies, hence watering it down. I am not aware of any place that will bottle the Newwater straight and sell it or give it as drinking water. except in singapore. U are right, there are many undisclosed costs and in addition, the costs will only get higher as the price of energy goes up. Just compare the price of fuel now to what it was last year when I started this thread. I estimated costs to be about Sgd $3 per 1000 gallons, instead of the 50 sen per 1000 gallons we could have been paying.

The other factor is the introduction of almost 2 million FTs into singapore. We could have reduce the number of desalination and new water plants if they were not here. Hence the production costs overall will be less for water. We got PAP MPs sponsoring FT "Water Festivals", limpeh cheebyes.

http://www.sammyboy.com/showthread....esalination-Bankrupt-S-pore&highlight=newater

Papsmearer
Alfrescian (InfP) - Comp


Join DateNov 2008LocationOxley Rise, Con You is my roomatePosts16,684 My Reputation Points: 2382 / Power: 10


[h=2] Water Treaty Malaysia: The tremendous financial costs imposed on S'pore by LKY's ego[/h] There is a recent news report by Shit Times bragging about the fact that singapore is achieving water independence soon. As part of this article, the shit times revealed the cost of the various sources of water. As you know there are 3 water sources. rainwater from Johore under the water treaty. Newater and Desalination water. It turns out that Newater cost 5000 times more to produce then the treated water from Johor!! And Desalination water costs 17,500 times more to produce then the Johor water!!! Holy fuck, we are going broke just trying to produce water for ourselves, thanks to Old Fart's bloody ego and pissing contest with Mahathir. One idiot does not seem to realize that the other idiot had him by his short hairs. Even if Malaysia wanted 10 times more money for the raw water then what we were currently paying at that time, it would have been well worth it. this is a scandal and no oppo seems to have wanted to find out at that time, and Old fart was made out to be the hero for standing up to Malaysia's "unreasonable" demands, when in actual fact, he was the big villain.

What did Malaysia want?

In 1998, They wanted financial loans from singapore to help them out during the Asian crisis. Old fart did not give them the loans but later on, gave large loans totalling $10 billion directly to Indonesia, bypassing the IMF. Immediately, this got Mahathir riled up. More and more items were added to the water negotiations resulting in an unwieldy package. For example, Singapore wanted to add the ability of the RSAF to overfly Malaysian airspace on its way to the training areas in the south china sea, while malaysia wanted to talk about developing the parcels of land they owned in malaysia and the relocation of the tanjong pagar railway station. As well, the malaysians felt that the water sales priced negotiated by the Brits before they left was too low and water to open up the contract again. mahathir also wanted the CPF board to allow western malaysians to withdraw their CPF from singapore. Also added to the package later was the replacement of the Causeway by a bridge or underground rail tunnel. All these points are reasonable.

Not allowing western malaysians to withdraw their CPF while other foreign workers can, is ridiculous and biased. this was a reasonable request on the part of the malaysians. Giving the malaysians more money for the current water contract is also fair in my opinion, provided that the water treaty was in exhange, renewed for another 100 years or something like that. But we are not privileged to what was discussed between Old fart and mahathir, however, we know the cost to us today.

I have posted in the past before how Newater and desalinization will bankrupt us. this is the first time I have seen the proof in the shit times. What kind of idiot leadership would engage in a battle of egos and cost singaporeans 5000-17500 times the price of water. This does not include the capital costs in the billions $ needed to start up the desalinization and newater plants. How much money could have been saved by the economy as a whole if we had just used or renewed the existing water agreements at that time? Now that old fart is dead, we may never know wha transpired. Thanks ah gong for screwing us over. You really were a gong kia.

Papsmearer said:

this is just the tip of the icebergs. There will be many such other losses, reported or reported. I think you will find such larger luxury units bottom out at $1500 psf or less. I never knew what was the attraction of Sentosa Cove.

Click to expand...

tits of the russian iceberg

Waiting for the first HDB flat to be sold at a loss.

Landlords desperate now. Lots of vacant units for rent OR sale. But many still looking for unrealistic prices. Guess it is mortgagee sales that will bring down the levels.

Pinkieslut said:

Five losses above $5 million

By Lin Zhiqin | February 23, 2017 3:00 PM MYT
On Feb 7, a 4,069 sq ft at Seascape in Sentosa Cove was sold at a $6.6 million loss. The loss works out to 52% or 10% annualised over a holding period of 6.6 years.



The previous owner, a Russian national, bought the unit from the developer at $12.8 million or $3,146 psf in June 2010. The unit was put up for mortgagee sale at an auction conducted by JLL in January 2017 at an opening price of $6.8 million but did not find a buyer. It was subsequently sold at $6.2 million or $1,524 psf by private treaty. According to JLL head of auctions Mok Sze Sze, the buyer is an investor.

So far, four other private non-landed homes have been sold at losses above $5 million, based on the matching of URA caveat data as at Feb 17.

In May 2015, a 4,133 sq ft unit at Seascape was sold at a $5.2 million loss. The unit was bought at $11 million or $2,661 psf in December 2011 and sold at $5.8 million or $1,403 psf. The loss works out to 47% or 17% annualised over a three-year holding period. The seller was also liable for a 4% or $232,000 Seller’s Stamp Duty.

In May 2009, a 3,757 sq ft unit at St Regis Residences Singapore in prime District 10 was sold at a $5.02 million loss. The unit was bought at $13 million or $3,461 psf in July 2007 and sold at $7.98 million or $2,124 psf. The loss works out to 39% or 24% annualised over a 1.8 year holding period.



In September 2001, two separate 8,740 sq ft units at Ardmore Park in prime District 10 were sold at losses of $8 million and $5.5 million. The larger loss accrued to the unit bought at $18.5 million or $2,117 psf in Feb 2000 and sold at $10.5 million or $1,201 psf. The smaller loss accrued to the unit bought at $16 million or $1,831 psf in December 1999 and sold at $10.5 million or $1,201 psf.

Click to expand...

The money used to buy were dirty money. So, it is not a loss to the seller because now he has access to clean cold cash.