Seascape mortgage sale has a whopping $6.6 million loss

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Seascape is a luxury seafront Condominium located at Sentosa Cove. It covers an area of 4,069 sq ft. A recent transaction of Seascape showed a major setback. It made a loss of $6.6 million when it was sold in February 7. The loss is 52 percent of the actual value and 10 percent per year loss for the holding tenure of 6.6 years.

Seascape was previously owned by a Russian national, who purchased the EC in June 2010 at the rate of $3,146 psf, and paid $12.8 million in total. When the owner put the unit for sale in January, it had a starting price of $6.8 million, however, no one showed interest in the property. Later it found a buyer who purchased the unit for $6.2 million, with a rate of $1,524 psf.

Seascape @ Sentosa Cove

The reselling of Seascape is one of the major losses for Sentosa Cove ECs so far. Interestingly, the succeeding major losses at Sentosa Cove, second and third, also occurred in Seascape EC that is according to the caveat data form URA.

The second major loss at Sentosa Cove occurred in May 2015, when a unit having 4,133 sq ft area made a loss of $5.2 million. This Seascape was bought in 2011 for $11 million, with the rate of $2,661 psf. When it was sold, it could only fetch $1,403 psf or $5.8 million in total. The loss accounts for 47 percent of the actual, or 17 percent annual loss for the holding tenure of three years. The reseller also had to pay $232,000 (4 percent) Seller’s Stamp Duty.

The third biggest loss that occurred at Seascape was $4.65 million. When 4,241 sq ft unit that was purchases in 2011, the buyer paid $11 million at the rate or $2,594 psf and when the unit was sold in October 2016, it could fetch only $6.35 million. The resale of this EC accounted 42 percent total loss, or 11 percent annual loss  during the holding tenure of five years.

 Seascape  is 99-year leasehold project with 151 units. It was completed in 2011. In 2016, reselling 15 EC units at Sentosa Cova made loss. The loss accrued ranged between $80,010 – $4.65 million. The average loss for Seascape  units is $1.35 million, which accounts for  23 percent.

A classy, beyond compare executive condominium located at Choa Chu Kang Grove in District 23, Singapore are the Sol Acres @Choa Chu Kang. Grab one now and you'll be thankful in near future for having invested such an awesome, luxurious condominium. 

 

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