With housing costs growing for nearly three years now, it’s not shocking to see householders making features by promoting their properties.

On the identical time, amidst growing costs, there’s a handful who made a loss promoting their properties.

With assist from our information workforce, we’ve compiled an inventory of condominium items that had been offered at a loss in January 2023.

Greatest capital loss unit was from Reflections at Keppel Bay

The largest capital loss final month was S$1 million by the sale of a 2,464 sq ft unit at Reflections at Keppel Bay. Purchased for S$5.5 million in 2012, the unit was offered at S$4.5 million in January.

Apparently, the unit with the second-biggest capital loss at S$916,000 additionally got here from the identical growth. The 1,723 sq ft unit, purchased in 2013 for S$3.98 million, was offered for S$3.07 million final month. With a holding interval of round 10 years, it has the second-highest annualised loss at 2.58%.

However these aren’t the one items within the condominium that made a loss final month.

Reflections at Keppel Bay had the best variety of loss-making items within the month

One of many first issues that caught our eye is that Reflections at Keppel Bay had not one, not two, however 4 condominium items that had been offered at a loss in January.

All 4 items have fascinating attributes, comparable to being on a excessive flooring (from 18th to twenty eighth flooring) and having a big flooring space (starting from 1,421 sq ft to 2,464 sq ft).

On the identical time, we discover that every one the items had been purchased throughout the property booms in 2007 and 2011 to 2013.

However Reflections at Keppel Bay isn’t the one mission with a couple of loss-making transaction final month.

Marina Bay Residences had two items offered at a loss final month. Whereas the losses for each items had been round S$120,000, the smaller unit (743 sq ft) made a better annualised lack of 1.91% after a holding interval of round 4 years.

74% of the loss-making items had been held for a minimum of 10 years

One other notable commentary is that among the many 23 items that made a loss final month, 17 of them had been held for 10 years and longer.

4 items had the longest holding interval of 16 years, which implies that they had been all purchased throughout the 2007 property increase. This features a unit from (sure, you guessed it proper) Reflections at Keppel Bay. It made a lack of round S$700,000, or an annualised lack of 1.32%.

However amongst these 4 items, there’s a large distinction between their capital losses. Each items from Scotts Sq. and Reflections at Keppel Bay made losses from S$700,000 to S$749,000. These items are additionally positioned on a better flooring, with one on the fifteenth flooring and the opposite on the 18th flooring.

Compared, two items from Vida and Duchess Residences made a decrease lack of S$200,000 to S$298,000. They usually’re positioned on a decrease flooring, at fifth flooring and eleventh flooring.

Condos on the market

56.5% of the loss-making condos had been from the CCR

Among the many 23 condominium items that made a loss in January 2023, 13 of them got here from the Core Central Area (CCR). Six had been from the Remainder of Central Area (RCR), whereas the remaining 4 had been from Exterior Central Area (OCR).

Capital losses among the many CCR items ranged from as little as round S$78,000 (The Sail @ Marina Bay) to as excessive as S$749,000 (Scotts Sq.), with the bulk ranging between S$100,000 and S$300,000.

In the meantime, the RCR had the most important and lowest capital losers. The largest capital loss was S$1 million from the sale of a Reflections at Keppel Bay unit, whereas the bottom capital loss was S$9,000 from a sale at EiS Residences.

Over within the OCR, the best capital loss was S$132,000 from the sale of a unit at The Greenwich, whereas the bottom loss was S$19,300 for a unit at Kingsford Waterbay.

Planning to chop your losses and promote your property? Allow us to allow you to ease the method by connecting you with a property agent.

Should you discovered this text useful, 99.co recommends Reflections At Keppel Bay unit offered S$6.6m larger in simply over a 12 months and A evaluation of the 28 condominium items that offered at a loss in November 2022.