SINGAPORE (Mar 26): The first transaction at St Regis Residences this year turned out to be the most unprofitable deal in the week of March 6 to 13, as revealed by the matching of URA caveat data as at March 20. A 1,507 sq ft, three- bedroom unit on the 13th floor of the luxury project was sold for $3.68 million ($2,442 psf) on March 12, resulting in a $2.03 million (35%) loss for the previous owner, who purchased it for $5.68 million ($3,771 psf) in 2007.

Completed in 2008, St Regis Residences is a 999-year leasehold project on Tanglin Road in prime District 10. It has 173 apartments and is located near the Orchard Road shopping belt, where the closest malls include Tanglin Shopping Centre and Tanglin Mall. The transaction on March 12 is the latest in a spate of unprofitable deals at the condominium. Last year, 10 units changed hands at an average loss of $1.13 million (20%). The only profitable transaction in 2017 was the sale of a 3,757 sq ft unit for $190,000 (2% profit) on Nov 28.

Also in the prime district is freehold condominium 8 Napier, where the seller of a 2,013 sq ft, three-bedroom unit incurred a $925,000 (13%) loss on March 8. The unit on the seventh floor was purchased in 2007 for $7.22 million ($3,589 psf) and sold for $6.3 million ($3,130 psf). There has been only one profitable transaction at 8 Napier on record: In 2017, a three-bedder fetched a profit of $93,945; it was bought at $7.24 million ($3,595 psf) in 2007 and sold for $7.33 million ($3,642 psf).

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