Regency Park unit sold for $4.9 mil profit
/ EdgeProp Singapore |
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The sale of a unit at Regency Park was the most profitable condo resale transaction during the week of Aug 13 to 20. The 3,649 sq ft unit on the fourth floor changed hands for $7.84 million ($2,149 psf) on Aug 14. The seller, who bought the unit in February 2001 for $2.95 million ($808 psf), reaped a profit of $4.89 million. This reflects a capital gain of 166% for the seller, who owned the unit for 23½ years.
This is the second most profitable resale transaction ever registered at Regency Park. The record belongs to a 6,415 sq ft penthouse that fetched $14.11 million ($2,200 psf) in August 2022. The seller had bought the unit in April 1998 for $5.5 million ($857 psf), which means they raked in a gain of $8.61 million (156%). The deal also topped the list of most profitable condo resale transactions for 2022.
The 3,649 sq ft unit at Regency Park was sold for $7.84 million ($2,149 psf) on Aug 14 (Picture: The Edge Singapore)
Regency Park is a freehold condo along Nathan Road, off Grange Road and River Valley Road, in prime District 10. Completed in 1987, it has eight 25-storey residential blocks. The development comprises 292 apartments, including three-bedroom units from 2,250 sq ft and four-bedroom units from 3,649 sq ft. The condo is located near the Bishopsgate-Chatsworth Good Class Bungalow enclave. It is less than a five-minute drive to the Great World City shopping mall on Kim Seng Promenade and the Orchard Road shopping belt.
The second-biggest gain made on a resale transaction during the week in review was the sale of a 1,550 sq ft, four-bedroom unit at Haig Court. The sixth-floor unit fetched $3 million ($1,935 psf) on Aug 14. The seller acquired the unit from the developer in June 2004 for about $940,000 ($607 psf). Hence, they netted a gain of $2.06 million (219%) after owning the unit for roughly 20 years.
This is the fifth most profitable resale transaction logged thus far at Haig Court. The top gain on a unit at the development came from selling a 4,037 sq ft, five-bedroom unit in November 2007 for $4.8 million ($1,189 psf). The seller, who bought the unit in October 2005 for $1.87 million ($463 psf), made a profit of $2.93 million.
A 1,550 sq ft at Haig Court changed hands for $3 million ($1,935 psf) on Aug 14, netting a gain of $2.06 million (Picture: Google Maps)
Haig Court is a freehold condo along Haig Road in District 15. Built in 2004, it has 360 units spread across four blocks. Units comprise two-bedders of 1,076 sq ft, three-bedders of 1,399 sq ft to 1,474 sq ft and four-bedders of 1,550 sq ft to 1,582 sq ft. There are also penthouses of 2,486 sq ft to 4,349 sq ft.
In contrast, Seascape recorded the least profitable condo resale transaction during the week. This occurred with the sale of a four-bedroom unit on the sixth floor. The 2,680 sq ft unit was sold for $4.5 million ($1,679 psf) on Aug 14. The seller had purchased the unit from the developer for $7.03 million ($2,623 psf) in October 2010. As a result, they incurred a loss of $2.53 million (36%) after a holding period of nearly 14 years.
The sale of a 2,680 sq ft unit at Seascape for $4.5 million ($1,679 psf) on Aug 14 incurred a $2.53 million loss (Picture: Samuel Isaac Chua/The Edge Singapore)
Seascape is a 99-year leasehold condo along Cove Way in Sentosa Cove, completed in 2011. The 151-unit condo comprises two eight-storey residential blocks with a mix of three- and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft. There are also 18 four-bedroom penthouses ranging from 3,380 sq ft to 4,252 sq ft and two five-bedroom villas spanning 9,665 sq ft and 6,631 sq ft, respectively.
The development has seen two other resale transactions so far this year. On May 8, a 2,680 sq ft unit on the third floor fetched $5.05 million ($1,884 psf), with the seller netting a loss of $1.75 million on the deal. On May 31, a 2,164 sq ft unit on the seventh floor changed hands for $4.48 million ($2,071 psf). No prior caveats were lodged for the unit.
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