Whether you're checking the background of a property, or looking for a potentially undervalued unit, it helps to know the losers as well as the winners. It's unusual indeed for projects to see substantial losses in a bull market like 2023 — but there are a number of condos that have incurred bigger losses. Here's a rundown of these condos,...
Some of the following projects have repeated entries on the list. While there are many variables as to why condos may be unprofitable, we've tried to pinpoint the reasons as to why the following hasn't fared well even in a booming market:Paterson Suites and The Marq on Paterson HillThese properties share a common trait: they are private non-landed homes in Sentosa Cove.
Second, buyers who are locals or Permanent Residents tend to dislike the leasehold nature of Sentosa Cove condos. These buyers can, for a comparable or sometimes lower price, purchase freehold counterparts in equally prestigious locations like Orchard, Tanglin, etc. In the years to come, losses are likely to worsen or remain the same, with the ABSD now doubled for foreigners. But don't take this as a condemnation of Sentosa Cove condos: it's simply that these are properties to be enjoyed, rather than invested in.Reflections at Keppel Bay topped the list for losses in the month of January this year, so we're not surprised to see it on the list. There have been some other equally huge losses in subsequent months.
That said, we should also consider that 2007 — the year when Reflections went up for sale — was close to a former property peak. In subsequent years, a slew of cooling measures and loan curbs would kick in, making it hard to see strong resale gains. There's also a lot to be said about trying to sell 1,129 units at such prices, as of 2023 there were still some units left for sale by the developer., so the occasional unit can outperform.
The Marq on Paterson Hill saw an even bigger loss on a 3,089 square feet unit, recording a loss of $7.75 million around September of 2022. The Marq has generally been unprofitable overall: there are only four profitable transactions dating back to 2007 , with 13 unprofitable transactions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Best things to do in Singapore this long weekend (June 2-4)Fun for the whole family, whether you’re on school holidays or not.
Read more »
Top Chinese intelligence official visits Myanmar for 'cooperation' talksYANGON: A top Chinese intelligence official has visited Myanmar to discuss military 'cooperation' with the junta, Myanmar state media reported on Wednesday (May 31), the latest high-profile delegation sent by Beijing to its internationally isolated ally. Myanmar has been in turmoil since a 2021 coup that s
Read more »
UN says concerned about lack of women in China's top governmentHONG KONG - An absence of women among China's top leadership is concerning, the United Nations said in a report, as it recommended China adopt statutory quotas and a gender parity system to quicken equal representation of women in government. The recommendations for China by the UN Committee on the Elimination of Discrimination against Women, published on Tuesday (May 30),...
Read more »
Mexico telecoms sector says broader 5G coverage needed to attract top companiesMEXICO CITY : Better coordination between Mexico's government and telecoms companies is needed to ensure a faster roll-out of 5G services to meet the demand of major companies such as Tesla, executives and officials said on Wednesday. Tesla's planned factory in Nuevo Leon state, near the U.S.-Mexico bord
Read more »
Morning Briefing: Top stories from The Straits Times on June 1, 2023You are reading the Morning Briefing newsletter. Get the news that prepares you for the day ahead, delivered to your inbox. Subscribe to our newsletter. Read more at straitstimes.com.
Read more »
Philippines' top coal producer set to make second shipment to JapanMANILA : Top Philippine coal producer Semirara Mining and Power Corp. said on Thursday it will ship 50,000 tonnes of coal to Japan's Shikoku Electric Power Co Inc., as it diversifies its export markets and cuts reliance on China.Semirara's second trial shipment to Japan for Shikoku's 700-megawatt power st
Read more »