Regency Park Unit Sold 49 Mil Profit
The sale of a 3,649 sq ft unit at Regency Park has been the talk of the town, as it was the most profitable condo resale transaction during the week of August 13 to 20. The unit, located on the fourth floor, was sold for $7.84 million, at a price of $2,149 per square foot, on August 14. The seller, who had purchased the unit in February 2001 for $2.95 million at a price of $808 per square foot, made a whopping profit of $4.89 million. This reflects a staggering capital gain of 166% for the seller, who owned the unit for 23 and a half years.
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Interestingly, this is the second most profitable resale transaction ever registered at Regency Park. The record remains unbeaten by a 6,415 sq ft penthouse that was sold for $14.11 million at a price of $2,200 per square foot in August 2022. The seller of this unit had bought it in April 1998 for $5.5 million at a price of $857 per square foot, which means they raked in a profit of $8.61 million at a gain percentage of 156%. This sale also topped the list of most profitable condo resale transactions for the year of 2022.
Regency Park is a freehold condo located along Nathan Road, off Grange Road and River Valley Road, in prime District 10. It was completed in 1987 and has eight 25-storey residential blocks. The development comprises 292 apartments, including three-bedroom units ranging from 2,250 sq ft and four-bedroom units ranging from 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 the Great World City shopping mall on Kim Seng Promenade and the Orchard Road shopping belt.
In addition, the second most significant gain made on a resale transaction during the week was the sale of a 1,550 sq ft, four-bedroom unit at Haig Court. The unit on the sixth floor was sold for $3 million at a price of $1,935 per square foot on August 14. The seller had bought the unit from the developer in June 2004 for approximately $940,000 at a price of $607 per square foot. Hence, they took home a gain of $2.06 million at a gain percentage of 219%, after owning the unit for approximately 20 years.
This sale is the fifth most profitable resale transaction at Haig Court so far. The highest gain recorded for a unit at the development occurred from selling a 4,037 sq ft, five-bedroom unit for $4.8 million at a price of $1,189 per square foot in November 2007. The seller had bought the unit in October 2005 for $1.87 million at a price of $463 per square foot, making a profit of $2.93 million.
Haig Court is a freehold condo situated along Haig Road in District 15. Built in 2004, it has 360 units spread across four blocks. The units comprise two-bedders of 1,076 sq ft, three-bedders ranging from 1,399 sq ft to 1,474 sq ft, and four-bedders ranging from 1,550 sq ft to 1,582 sq ft. There are also penthouses ranging from 2,486 sq ft to 4,349 sq ft.
Conversely, 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 for $4.5 million at a unit price of $1,679 per square foot on August 14. The seller had initially bought the unit from the developer for $7.03 million at a price of $2,623 per square foot in October 2010. As a result, they incurred a loss of $2.53 million at a loss percentage of 36% after owning the unit for nearly 14 years.
The sale of a 2,680 sq ft unit at Seascape for $4.5 million at a price of $1,679 per square foot on August 14 incurred a loss of $2.53 million. Seascape is a 99-year leasehold condo located 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 this year so far. On May 8, a 2,680 sq ft unit on the third floor was sold for $5.05 million at a price of $1,884 per square foot, with the seller posting 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 at a price of $2,071 per square foot, with no prior caveats lodged for the unit.