Four Bedder Cityvista Residences Sold 23 Mil Loss
The sale of a four-bedroom unit at Cityvista Residences became the most unprofitable condo resale transaction recorded for the week of May 7 to 14. The transaction, which took place on May 7, saw the 2,809 sq ft unit on the 19th floor change hands for $5.8 million ($2,064 psf). This marked a significant loss for the seller, who had purchased the unit from the developer for $8.07 million ($2,874 psf) in July 2007, incurring a loss of $2.27 million on the deal. This reflects a capital loss of 28% after holding the unit for nearly 17 years.
This was the second most unprofitable condo resale transaction ever registered at Cityvisa Residences, with the record belonging to the sale of another 2,809 sq ft, four-bedroom unit in June 2017 for $4.73 million ($1,683 psf). The seller, who had bought the unit as a new unit in July 2007 for $7.44 million ($2,648 psf), suffered a loss of $2.71 million.
Cityvista Residences is a freehold condo located on Peck Hay Road in prime District 9. Built in 2010, the 20-storey tower has 70 units consisting of three- and four-bedroom units between 2,121 and 2,809 sq ft. There are also two duplex penthouses measuring 9,160 and 9,192 sq ft, respectively.
The sale of the unit on May 7 is the first resale deal logged at Cityvista Residences this year. Last year, four units were sold at the condo, all of which were sold below the purchase price. These units, ranging from 2,142 to 2,809 sq ft, were sold for between $4.08 million and $5.75 million, or between $1,905 psf and $2,047 psf. The respective sellers suffered losses ranging from $450,000 to $2.01 million.
However, on the other hand, the sale of a three-bedroom unit at The Ladyhill was the most profitable condo resale transaction during the same week. The unit, measuring 2,271 sq ft on the third floor, was sold for $7.23 million ($3,182 psf) on May 7. The seller had previously bought the unit in June 2009 for $5.2 million ($2,290 psf), making a gain of $2.03 million. This equates to a capital gain of 39% after owning the unit for about 15 years.
The Ladyhill is a freehold development situated on Lady Hill Road, close to the exclusive Nassim Road residential enclave in prime District 10. The boutique condo, completed in 2002, has 55 units spread across a four-storey building. The units are made up of three- and four-bedroom units ranging from 2,239 to 4,499 sq ft.
The condo has seen a handful of profitable resale transactions in the past year, including the most profitable deal: the sale of a 2,411 sq ft unit on April 13, 2023, for $7.28 million ($3,019 psf). The seller, who had purchased the unit in March 2003 for $3.81 million ($1,580 psf), made a gain of $3.47 million on the deal.
Meanwhile, on the same day, another unit, consisting of a 3,520 sq ft apartment on the first floor, was sold for $7.58 million ($2,154 psf). The seller had acquired the unit from the developer in November 2004 for around $4.8 million ($1,363 psf), making a substantial gain of $2.78 million. This is the third most profitable resale transaction at The Ladyhill.
Moreover, the sale of a 1,378 sq ft apartment at Grand Duchess at St Patrick’s resulted in the second most profitable condo resale deal in the week. The sale, which occurred on May 10, saw a three-bedroom unit on the seventh floor being sold for $3 million ($2,177 psf). The unit had last changed hands in April 2007 for $1.16 million ($840 psf), resulting in a profit of $1.84 million (159%) for the seller after owning the unit for a little over 17 years.
This unit also takes the fourth spot for the most profitable resale transaction at the condo to date. The top profit goes to the sale of a 3,907 sq ft, five-bedroom unit for $5.2 million ($1,331 psf) in April 2021. The seller, who had bought the unit in December 2006 for $2.6 million ($666 psf), gained $2.6 million.
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Grand Duchess at St Patrick’s is a freehold condo situated on St Patrick’s Road, near East Coast Road in District 15. The 121-unit development, completed in 2010, has two conservation buildings on-site, two pre-war, Victorian-style bungalows that were converted into the condo’s clubhouse, and a pair of 6,958 sq ft, five-bedroom units. typical units at this development are two- to four-bedroom units measuring between 1,044 and 3,907 sq ft.