SINGAPORE (EDGEPROP) - The sale of a 3,649 sq ft unit at Regency Park was the most profitable transaction over the week of March 9 to 16. The four-bedroom, 11th floor unit in one of the two tower blocks, was sold for $7.3 million ($2,001 psf) on March 12. The unit was bought for $3.99 million ($1,096 psf) in June 2006. Thus, the seller earned a profit of $3.3 million (83%), which translates to an annualised profit of 4.2% over nearly 15 years.
Regency Park is a freehold development on Nathan Road in prime District 10. It is close to the Chatsworth Park Good Class Bungalow (GCB) Area, as well as the upmarket residential neighbourhoods at One Tree Hill and River Valley. The development was completed in 1987 and comprises 292 apartments. Two unit types are available — three-bedroom units of 2,250 sq ft to 3,175 sq ft, and four-bedroom units of 3,649 sq ft.
The March 12 transaction is the second resale deal at Regency Park so far this year. Another four-bedroom unit was sold for $6.8 million ($1,864 psf) on Feb 16. That unit had been purchased for $4.3 million ($1,178 psf) in November 2006. This means that the seller earned a profit of $2.5 million (58%), translating to an annualised profit of 3.2% over 14 years.
The sale of a 1,765 sq ft three-bedroom unit at The Grange was the second most profitable transaction during the week. The apartment fetched $4.84 million ($2,747 psf) on March 12. It was bought for $2.88 million ($1,633 psf) in October 2005. Thus, the seller walked away with a profit of $1.97 million (68%), which translates to an annualised profit of 3.4% over 15½ years.
The Grange is a freehold development on Grange Garden in District 10. The development is located in a prime residential neighbourhood and is close to the various amenities on Tanglin Road and in the Orchard Road shopping belt. The Grange comprises a single 23-storey residential block with 95 apartments, comprising three-bedroom units of 1,765 sq ft to 2,293 sq ft and four-bedroom units of 2,282 sq ft to 2,303 sq ft.
The March 12 resale also marks the first transaction at the condominium so far this year. Last year, the development recorded two transactions — one was at a loss for the seller while the other was profitable.
On Nov 8 last year, a 2,303 sq ft, four-bedroom unit on the fifth floor was sold for $5.89 million ($2,561 psf). The unit was bought for $6.33 million ($2,749 psf) in August 2007. As a result, the seller made a loss of $432,964.
Another 1,765 sq ft, three-bedroom unit on the 16th floor was sold for $4.59 million ($2,606 psf) on Aug 1 last year. It had been bought for $4.5 million ($2,550 psf) in July 2007. The seller thus earned $99,250 on the resale.
Elsewhere, the most unprofitable transaction during the week was the sale of a 2,616 sq ft unit at The Coast at Sentosa Cove. The four-bedroom apartment changed hands for $3.54 million ($1,357 psf) on March 12, but it had been bought for $4.65 million ($1,780 psf) in September 2009. As a result, the seller made a loss of $1.1 million (24%), which translates to an annualised loss of 2% over 11½ years.
The Coast at Sentosa Cove is one of the condominiums at Sentosa Cove, an exclusive residential enclave on Sentosa Island. Other developments in the vicinity include The Oceanfront @ Sentosa Cove and Cape Royale.
The latest loss at The Coast at Sentosa Cove continued a three-year unprofitable streak for sellers at the 99-year leasehold development. The last profitable resale transaction was in December 2018 when a 3,100 sq ft unit was sold for $5.53 million ($1,784 psf), earning the seller a $1.03 million profit.
Over the past three years, there have been 15 unprofitable resale transactions at the development, and losses have ranged from $41,550 to $6.16 million.
The most unprofitable deal during this period was the sale of a 4,779 sq ft unit for $5.29 million ($1,109 psf) on Oct 7 last year. The unit last changed hands for $11.46 million ($2,400 psf) in August 2007, which means the seller made a loss of $6.17 million (53%).
Check out the latest listings near Regency Park, The Grange, The Coast at Sentosa Cove, The Oceanfront @ Sentosa Cove, Cape Royale