31 Aug '17, 3am

Waterfront condo at Sentosa sold at $3.8m loss

Despite an uptick in interest over the last two months, property prices in Sentosa Cove remained depressed, with a 4,069 sq ft waterfront apartment at Seascape sold at a loss of almost S$4 million, reported The Straits Times. Bought in 2010 by Dyna-Mac Holdings chairman and chief executive Lim Tze Jong for around S$12.8 million, the luxury apartment went for S$9 million last month, showed Urban Redevelopment Authority (URA) data. It was sold to a foreigner after about six months on the market. The $2,212 psf price achieved for the unit was an improvement from $1,524 psf price achieved for a similar unit earlier in the year. Located at the higher level of Seascape, the apartment was sold for S$6.2 million, which translated to an eye-popping loss of S$6.6 million given that it was acquired for S$12.8 million in June 2010. SEE ALSO: Sentosa Cove properties no longer profitabl...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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