{"id":50960,"date":"2017-04-05T11:13:33","date_gmt":"2017-04-05T04:13:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-6-6m-loss\/"},"modified":"2017-04-05T11:22:26","modified_gmt":"2017-04-05T04:22:26","slug":"sentosa-cove-condo-sold-at-6-6m-loss","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-6-6m-loss\/","title":{"rendered":"Sentosa Cove condo sold at $6.6m loss"},"content":{"rendered":"


\nView of Seascape @ Sentosa Cove. (Photo: JLL)
\nA condominium unit at Seascape @ Sentosa Cove was auctioned off at a $6.6 million loss when a Singaporean buyer bought it for just $6.2 million \u2013 making it the standout deal in the auction market for Q1 2017, reported the Straits Times.
\nThe unit\u2019s former owner purchased the 4,069 sq ft property for about $12.8 million in June 2010. However, the bank auctioned off his property in February after he ran into repayment problems.
\nA record 177 properties were placed under the hammer in Q1 2017, of which 83 were mortgagee auctions, up 38.3 percent from the previous year and the highest since Knight Frank started monitoring the auction market in 2011.
\nThe consultancy noted that mortgagee auctions, which occur when property owners default on their mortgages and banks put their property up for sale, have been on the rise. It revealed that 63 units were put up for mortgagee sale in Q4 2016, the second-highest quarterly number behind this year\u2019s record. There were 62 units put up for sale in Q2 2016.
\nLooking ahead, Mok Sze Sze, Head of Auctions at JLL, expects mortgagee sales to increase by between 10 and 20 percent this year. More buyers are hunting for good deals, she said.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sentosa Cove condo sold at .6m loss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of Seascape @ Sentosa Cove. (Photo: JLL) A condominium unit at Seascape @ Sentosa...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-50960","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dfW","jetpack-related-posts":[{"id":81488,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-sold-at-2-4-million-loss\/","url_meta":{"origin":50960,"position":0},"title":"Sentosa Cove penthouse sold at $2.4 million loss","date":"March 1, 2018","format":false,"excerpt":"\r The four-bedroom unit at The Berth by the Cove was sold for $3.25 million, or $1,105 psf. (Photo: Edmund Tie)\u00a0 A two-level penthouse at Sentosa Cove\u2019s posh The Berth by the Cove was sold on mortgagee sale at an auction on Wednesday (28 Feb) for $3.25 million, which works\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-up-significantly-in-q4\/","url_meta":{"origin":50960,"position":1},"title":"Property auction sales up significantly in Q4","date":"December 15, 2016","format":false,"excerpt":"\r Q4 auction sales accounted for over half of total sales in 2016. (Photo: JLL) Property auction sales for the fourth quarter of 2016 exceeded expectations, with total sales at $47.2 million, or 51 percent of this year\u2019s tally, said property consultancy JLL. The figure is more than three times\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78941,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-up-for-auction\/","url_meta":{"origin":50960,"position":2},"title":"Sentosa Cove penthouse up for auction","date":"February 5, 2018","format":false,"excerpt":"\r The last owner paid $5.64 million, or $1,919 psf for the four-bedroom unit in 2011. (Photo: Edmund Tie and Co) A two-level penthouse on the sixth storey of The Berth by the Cove will be placed under the hammer on 28 February at The Amara Hotel Singapore, revealed Edmund\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107961,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seller-incurs-us2-3-million-50-per-cent-loss-on-unit-at-seascape-as-singapores-sentosa-cove-continues-to-struggle\/","url_meta":{"origin":50960,"position":3},"title":"Seller incurs US$2.3 million, 50 per cent loss on unit at Seascape as Singapore\u2019s Sentosa Cove continues to struggle","date":"June 10, 2019","format":false,"excerpt":"\r The loss-making deals continue at Sentosa Cove, a billionaire\u2019s playground in Singapore that has become a lesson about the pitfalls of property speculation.The seller of a 2,336 square foot, three-bedroom home at Seascape incurred a S$3.17 million (US$2.32 million) loss on May 23, the most unprofitable transaction in Singapore\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/waterfront-condo-at-sentosa-sold-at-3-8m-loss\/","url_meta":{"origin":50960,"position":4},"title":"Waterfront condo at Sentosa sold at $3.8m loss","date":"August 31, 2017","format":false,"excerpt":"\r \u00a0 Despite an uptick in interest over the last two months, property prices in Sentosa Cove remained depressed, with a 4,069 sq ft waterfront apartment at Seascape sold at a loss of almost S$4 million, reported The Straits Times. Bought in 2010 by Dyna-Mac Holdings chairman and chief executive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-surge-in-q4\/","url_meta":{"origin":50960,"position":5},"title":"Property auction sales surge in Q4","date":"October 31, 2016","format":false,"excerpt":"\r View of the vacant land plots within Swiss Club Estate, which were sold through an auction for $15.22 million. (Photo: JLL Singapore) Property auction sales in Singapore gained momentum during the last quarter of 2016, with transaction volume reaching $44.02 million even before the end of October, revealed a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/10\/2016-auction-sales.png?fit=495%2C260&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/50960"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=50960"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/50960\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=50960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=50960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=50960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}