Resale unit at The Regency in Tiong Bahru reaps $1.5 mil profit

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/ EdgeProp Singapore
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September 11, 2020 9:16 AM SGT
SINGAPORE (EDGEPROP) - A 1,270 sq ft, three-bedroom unit at The Regency at Tiong Bahru was sold for $2.56 million ($2,016 psf) on Aug 27. Since the unit was initially purchased for $1.05 million ($823 psf) in November 2006, the seller made $1.52 million (145%) on the sale. This translates to an annualised profit of 7% over close to 14 years. It is also the most profitable transaction during the week of Aug 25 to Sept 1.
The Regency at Tiong Bahru is a freehold condominium at Chay Yan Street in District 3. The 158-unit development was completed in 2010 and comprises two- to four-bedroom units of 926–1,636 sq ft.
THE REGENCY AT TIONG BAHRU - EDGEPROP SINGAPORE
The 1,270 sq ft three-bedder at The Regency at Tiong Bahru fetched $2.56 million ($2,016 psf) on Aug 27. (Picture: Samuel Isaac Chua/The Edge Singapore)
The latest transaction is the third resale at the development so far this year. A 926 sq ft, two-bedroom unit changed hands for $1.58 million ($1,707 psf) on Feb 13. The seller, who bought the unit at $1.2 million ($1,296 psf) in May 2010, made a profit of $380,000 (32%). This translates to an annualised profit of 3% over close to 10 years.
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Another three-bedroom unit, of 1,280 sq ft, also changed hands this year — for $2.45 million ($1,913 psf) on Jan 23 — after it had been bought for $1.29 million ($1,008 psf) in November 2006. The seller made $1.16 million (90%), or an annualised profit of 5% over 13 years.
The second most profitable transaction during the week in review was the sale of a 3,035 sq ft, three-bedroom unit at Cairnhill Astoria. The unit was sold for $5.2 million (1,713 psf) on Aug 28. The seller, who bought the unit for $3.75 million ($1,235 psf) in October 2009, made $1.45 million (39%), which translates to an annualised profit of 3% over close to 11 years.
Gains And Losses - EDGEPROP SINGAPORE
Cairnhill Astoria is a freehold condo on Cairnhill Rise in prime District 9. The 37-year-old development is within the highly desirable Cairnhill residential enclave close to the Orchard Road shopping belt, and the condo is surrounded by upmarket residential developments such as Hilltops, Alba, and the upcoming Cairnhill 16.
Cairnhill Astoria comprises 36 apartments which range from 700–6,060 sq ft. Residents launched two collective sale attempts in 2018 with a price of $196 million ($1,933 psf per plot ratio) but both attempts were not successful.
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There have been three resale transactions at Cairnhill Astoria in the past two years. A 1,830 sq ft unit changed hands for $3.32 million ($1,812 psf) on Oct 19, 2019. The seller made $445,000 (15%) after having bought the unit for $2.87 million ($1,568 psf) on Aug 18, 2017. This translates to an annualised profit of 7% over two years. This year, a 1,830 sq ft unit fetched $3.25 million ($1,776 psf) when it was sold on Aug 6. Since the seller bought the unit for $1.14 million ($623 psf) in March 2005, he earned $2.11 million which translates to an annualised profit of 7% over 15 years.
Cairnhill Astoria - EDGEPROP SINGAPORE
Cairnhill Astoria has recorded three resale transactions over the past two years. (Picture: Colliers International)
The week also recorded the sale of a 1,012 sq ft unit at The Imperial, a freehold condo at Jalan Rumbia in River Valley. The property changed hands for $2.3 million (2,273 psf) on Aug 28, but had been bought for $910,000 ($899 psf) in January 2004. This means the seller made $1.39 million (153%), or an annualised profit of 6% over nearly 16½ years.
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