First resale at DUO in Bugis was sold at a loss

Property

A URA’s caveat data were released on 7th of April in the year 2015, it is said that a 1,432 square feet at DUO Residences was sold in March at a loss of 534,050 dollars in a secondary market.  It was the first resale transaction that was recorded for this project.

The unit was first bought on 10th of December in the year 2013 of its previous owner from the developer at almost 3 million dollars ($2,049 psf) and was resold slightly over a year last 18th of March in the year 2015 at 2.4 million dollars ($1,676 psf).  It was subjected to an additional $288,000 SSD to bear by the seller.

This is the first project that will expectedly be completed on 2017 by the M+S Pte Ltd. It is a joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings. Its initial launch was a success for the developers as it sold for about 87% of its released units.

According to the developer sales figure reported for the month of February last year, it has already sold 94% of its total units including all of its 1-bedroom and studio apartments.

More “flash sales” or “fire sales” will be expected from home owners whose insufficient fund with rising interest rates. Larger apartment units are more likely to be affected with the tightening of loan policies as seen from abortive transaction as the absolute amount of property price were limited.

86.6% of the 11,325 transactions that were recorded in 2014 were 1.5 million dollars and below.

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