Penthouse at Regency Park sold at new high of $8.6 mil profit

SINGAPORE (EDGEPROP) - The week of Aug 30 to Sept 6 saw a record profit at Regency Park in prime District 10. This was also the most profitable resale transaction during the week.

A 6,415 sq ft penthouse on the 24th floor was sold for $14.1 million ($2,200 psf) on Aug 31. The penthouse had previously fetched $5.5 million ($857 psf) in April 1998. Thus, the seller earned a record profit of $8.6 million (157%) on the resale, which translates to an annualised profit of 3.9% over 24 years.

This profitable resale transaction is above the previous record held by a 3,649 sq ft unit on the 12th floor that changed hands for $7.3 million ($2,014 psf) in April 2011. That unit had been bought for $2.8 million ($781 psf) in July 2003. As a result, this seller walked away with a $4.5 million profit, or an annualised profit of 13% over seven years.

The 6,415 sq ft penthouse at Regency Park was sold for $14.1 million ($2,200 psf) on Aug 31. (Picture: The Edge Singapore)

Regency Park is a freehold condominium along Nathan Road. The 292-unit development was completed in 1990. The condo is in the neighbourhood of Bishopsgate and Chatsworth Good Class Bungalow area, as well as close to Great World City shopping mall, and malls along Orchard Road.

The second most profitable transaction during the week was the sale of a 1,970 sq ft, four-bedroom unit at Rivergate. The unit changed hands for $5.7 million ($2,894 psf) on Sept 1. The unit was bought for $3.5 million ($1,800 psf) back in September 2009. Thus, the seller walked away with a $2.2 million (61%) profit, which translates to an annualised profit of 3.7% over 13 years.

Rivergate is a freehold condo that was completed in 2009. The 545-unit project comprises a mix of two- to four-bedroom units that range from 1,023 to 3,918 sq ft. Rivergate is located on Robertson Quay and is beside the Singapore River. Directly across from this development is the upcoming luxury condo, Riviere by Frasers Property.

So far this year, the most profitable resale transaction at Rivergate was the sale of a 1,894 sq ft four-bedder for $5.2 million ($2,739 psf) on June 6. Previously, the unit had fetched $2.6 million ($1,394 psf) in June 2009. Thus, the seller earned a profit of $2.5 million, which translates to an annualised profit of 5.3% over 13 years.

Rivergate is second only to Riviere in terms of the highest average selling psf prices in the area. (Map: URA, EdgeProp)

According to resale data compiled by EdgeProp Singapore, Rivergate commands one of the highest average psf prices in the vicinity. The condo recorded an average selling price of $2,734 psf last month. Only Rivere commands a higher average selling price of about $2,829 psf. In comparison, nearby freehold condos such as Roberson 100, Martin No38 and Starlight Suites recorded average selling prices of $1,973, $2,622 and $1,959 psf respectively.

On the other hand, the most unprofitable resale transaction during the week was that of a 947 sq ft, two-bedroom unit at Scotts Square. The unit changed hands for $3 million ($3,252 psf) on Aug 30. But it had been bought for $3.8 million ($3,969 psf) in August 2007. Thus, the seller suffered a loss of about $680,000 (18%), which translates to an annualised loss of 1.3% over 15 years.

Property research data by EdgeProp Singapore shows that prices at Scotts Square have not seen a significant uptrend in recent years. Prices at the condo initially slid from about $3,975 psf in August 2008 to a low of about $3,370 psf in August 2017. Prices have been stable in recent years and only increased marginally to $3,576 psf last month on an m-o-m basis.

The seller of a 947 sq ft two-bedder at Scotts Square suffered a loss of about $680,000 on Aug 30. (Picture: Samuel Isaac Chua/The Edge Singapore)

So far, the most unprofitable transaction at Scotts Square was the sale of a 1,249 sq ft, three-bedroom unit for $3.7 million ($2,923 psf) in February 2017. This unit had previously fetched $5.2 million ($4,171 psf) in August 2007. As a result, the seller suffered a loss of $1.6 million (29%), which translates to an annualised loss of 3.7% over nearly 10 years.

Scotts Square is a freehold condo on Scotts Road in prime District 9. The condo was completed in 2010. The 338-unit development contains a mix of one- to three-bedroom units that range from 624 to 1,249 sq ft.

The development is centrally located in the Orchard Road shopping belt. Nearby developments include Shaw House, Singapore Marriott Tang Plaza Hotel, Ion Orchard and Ngee Ann City-Takashimaya Shopping Centre.

Check out the latest listings near Regency Park, Rivergate, Scotts Square