Regency Park Unit Sold 49 Mil Profit
The most profitable condo resale transaction during the week of Aug 13 to 20 was recorded at Regency Park, with a unit selling for $7.84 million ($2,149 psf) on Aug 14. The 3,649 sq ft unit on the fourth floor fetched a profit of $4.89 million for the seller, who had purchased it in February 2001 for $2.95 million ($808 psf). This resulted in a capital gain of 166% for the seller, who owned the unit for 23½ years.
This resale transaction at Regency Park is the second most profitable in the development’s history. The top spot belongs to a 6,415 sq ft penthouse that was sold for $14.11 million ($2,200 psf) in August 2022. The seller had bought the unit in April 1998 for $5.5 million ($857 psf), making a gain of $8.61 million (156%). This transaction also topped the list of most profitable condo resale transactions for 2022.
Regency Park is a freehold condo located in prime District 10, along Nathan Road off Grange Road and River Valley Road. Completed in 1987, the development consists of eight 25-storey residential blocks and 292 apartments. Units range from three-bedroom units of 2,250 sq ft to four-bedroom units of 3,649 sq ft. The condo is situated near the Bishopsgate-Chatsworth Good Class Bungalow enclave and is less than a five-minute drive to Great World City shopping mall and the Orchard Road shopping belt.
The second-highest gain on a resale transaction during the week was registered at Haig Court, where a 1,550 sq ft, four-bedroom unit on the sixth floor was sold for $3 million ($1,935 psf) on Aug 14. The seller had bought the unit from the developer in June 2004 for about $940,000 ($607 psf), making a profit of $2.06 million (219%) after owning the unit for approximately 20 years. This is the fifth most profitable resale transaction at Haig Court, with the top gain coming from the sale of a 4,037 sq ft, five-bedroom unit in November 2007 for $4.8 million ($1,189 psf). The seller had purchased the unit in October 2005 for $1.87 million ($463 psf), making a profit of $2.93 million.
Haig Court is a freehold condo located along Haig Road in District 15, completed in 2004 with 360 units spread across four blocks. Units range from two-bedders of 1,076 sq ft to 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.
The PIE, a significant expressway in Singapore, serves as a crucial link connecting the eastern and western regions of the island. This roadway plays a vital role in facilitating efficient transportation and promoting connectivity between different areas. Its strategic location and accessibility make it an essential element in enabling swift movement within the city. Furthermore, the recent introduction of Novo Place EC has further heightened the convenience of the PIE, providing easy access to various destinations across the island. With this new addition, commuters can now enjoy even greater ease in traveling to different parts of Singapore. Visit https://www.novo-place.com.sg/ for more information on Novo Place EC and its benefits for commuters.
In contrast, the least profitable condo resale transaction during the week was at Seascape, where a 2,680 sq ft, four-bedroom unit on the sixth floor 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, incurring a loss of $2.53 million (36%) after a holding period of almost 14 years.
Seascape is a 99-year leasehold condo located along Cove Way in Sentosa Cove, completed in 2011 with 151 units spread across two eight-storey residential blocks. Units range from three- and four-bedroom units of 2,164 sq ft to 4,069 sq ft, 18 four-bedroom penthouses of 3,380 sq ft to 4,252 sq ft, and two five-bedroom villas spanning 9,665 sq ft and 6,631 sq ft. The development has seen two other resale transactions this year, with the most recent on May 31 when a 2,164 sq ft unit on the seventh floor was sold for $4.48 million ($2,071 psf). No prior caveats were lodged for the unit.
In conclusion, the resale transactions at Regency Park, Haig Court, and Seascape highlight the potential for profitable gains in the current property market.