Regency Park Unit Sold 49 Mil Profit
The week in review: Most profitable condo resale transactionsAug 15, 2022 6:00 AM
Regency Park unit sees highest condo resale profit of $4.89 mil in Aug 13 to 20
A spacious unit at Regency Park has secured the top spot for 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 a whopping $7.84 million ($2,149 psf) on Aug 14. The seller, who purchased the unit in February 2001 for $2.95 million ($808 psf), gained a profit of $4.89 million. This equates to a significant capital gain of 166% over the 23 ½ years of ownership.
This sale was also the second most profitable resale transaction ever recorded at Regency Park, with the highest record belonging to a 6,415 sq ft penthouse that was sold for $14.11 million ($2,200 psf) in August 2022. The seller initially purchased the unit in April 1998 for only $5.5 million ($857 psf), which resulted in a gain of $8.61 million (156%). Moreover, this sale also tops the list of the most profitable condo resale transactions for the year 2022.
The URA has recently revealed an ambitious Master Plan for Tampines, aimed at revitalizing the region into a dynamic and sustainable regional hub. Being a vital planning area in Singapore, Tampines is set to undergo major improvements in terms of infrastructure, amenities, and overall quality of life. Nestled in the heart of Tampines North, Parktown Residence is poised to reap the rewards of these exciting developments. With its strategic location, Parktown Residence Tampines North is set to thrive from the planned upgrades.
The development, Regency Park, is a freehold condo that is situated along Nathan Road in the prime District 10 area. Completed in 1987, it consists of eight 25-storey residential blocks that form a total of 292 apartments. These units comprise three-bedroom apartments of 2,250 sq ft as well as four-bedroom apartments of 3,649 sq ft. Furthermore, it is located near the prestigious Bishopsgate-Chatsworth Good Class Bungalow enclave. It is less than a 5-minute drive to Great World City shopping mall situated along Kim Seng Promenade as well as the renowned Orchard Road shopping belt.
Besides this sale, there were other historical and remarkable transactions that took place during the week. The second most profitable resale deal was achieved by the sale of a 1,550 sq ft, four-bedroom unit at Haig Court. Located on the sixth floor, this particular unit managed to fetch $3 million ($1,935 psf) on Aug 14. The seller had initially purchased the unit from the developer in June 2004 for approximately $940,000 ($607 psf). Thus, they earned a total profit of $2.06 million (219%) after owning the unit for 20 years.
In comparison, this sale achieved the fifth-highest profit at Haig Court. The highest profit was achieved through the sales of a 4,037 sq ft, five-bedroom unit in November 2007 that was bought for $4.8 million ($1,189 psf). This resulted in a profit of $2.93 million for the seller, who initially purchased the unit in October 2005 for $1.87 million ($463 psf).
On the other hand, the least profitable condo resale transaction during the week took place at Seascape. This sale was for a four-bedroom unit on the sixth floor. The unit, which was 2,680 sq ft in size, was sold for $4.5 million ($1,679 psf) on Aug 14. The original purchaser had bought the unit from the developer in October 2010 for $7.03 million ($2,623 psf). As a result, they incurred a total loss of $2.53 million (36%) after owning the unit for nearly 14 years.
Seascape was built in 2011 and sits on a 99-year leasehold plot situated along Cove Way in Sentosa Cove. It comprises a total of 151 units that are spread out across two eight-storey residential blocks. The units consist of three-bedroom apartments that span 2,164 sq ft to 4,069 sq ft as well as four-bedroom apartments that span 2,680 sq ft to 1,580 sq ft. There are also 18 four-bedroom penthouses that span from 3,380 sq ft to 4,252 sq ft as well as two five-bedroom villas that are 9,665 sq ft and 6,631 sq ft, respectively.
As of 2022, there has only been two other resale transactions that have taken place at Seascape. The first transaction was logged on May 8, where a 2,680 sq ft unit was sold on the third floor for $5.05 million ($1,884 psf). However, this sale incurred a loss of $1.75 million for the seller. As for the second transaction, it took place on May 31, where a 2,164 sq ft unit situated on the seventh floor was sold for $4.48 million ($2,071 psf). However, no prior cavet has been lodged for that particular unit.