Penthouse record profit at Regency Park in prime District 10

The week from Aug 30 through Sept 6 was an incredible profit for Regency Park in the District 10 area, which is in prime condition. This was also the highest profitable resale during the week.

A penthouse measuring 6,415 square feet located on the 24th floor auctioned off to the highest bidder for $14.1 million ($2,200 per sq ft) on August 31. The penthouse was previously sold for $5.5 million ($857 per sq ft) on April 28, 1998. The seller made the record-breaking income that was $8.6 millions (157%) on the sale, which is an annualized gain that was 3.9% over 24 years.

Lentor Hills Residences completion date has a total site area of about 17,100 square metres (sq m) with a maximum Gross Floor Area (GFA) of 60,480 sq m. It is expected to house 595 residential units.

The resale deal surpasses the previous record set by the 3,649 square feet unit on the 12th floor , which was sold at $7.3 million ($2,014 per square foot) in April of 2011. The unit was purchased at $2.8 million ($781 per square foot) on July 3, 2003. This seller made the $4.5 million profits, or an annual income that was 13% over the span of seven years.

Regency Park is a freehold condominium situated along Nathan Road. The 292-unit project was completed in the year 1990. The condo is situated in the area that includes the Bishopsgate along with Chatsworth’s Good Class Bungalow area in close proximity the Great World City shopping mall and the shopping malls on Orchard Road.

The second highest-profitable transaction of this week was the sale of a 1,970 square foot 4-bedroom property located at Rivergate. The unit was sold at $5.7 million ($2,894 per sq ft) on September 1. The unit was purchased at $3.5 million ($1,800 per sf) on September 9, 2009. The seller came off with the $2.2 million (61%) profit, that’s an annual gain that was 3.7% over 13 years.

Rivergate is a freehold condominium which was completed in the year 2009. The project has 545 units, which is two-to-four-bedroom apartments which span from 1,023 sq ft to 3,918 sq feet. Rivergate is located on Robertson Quay and is beside the Singapore River. Just across the street from this development is the planned luxury condominium Riviere, which is being developed by Frasers Property.

In the first quarter of this year, the highest-profit sale on the market at Rivergate included the purchase of 1,894 square ft four-bedder at $5.2 million ($2,739 per sq ft) the 6th of June. In the past, the unit been sold for $2.6 million ($1,394 per sq ft) during June of 2009. This means that the seller earned the seller a profit in the amount of $2.5 million. This is equivalent into an annualised income that was 5.3% over 13 years.

Based on resales data collected from EdgeProp Singapore, Rivergate commands one of the most expensive prices per square foot within the vicinity. The property has an average selling price of $2,734 per sq ft in the month of June. The only exception is that Rivere has a more expensive average selling price of around $2,829 per square foot. Contrast this with nearby freehold condominiums like Roberson 100, Martin No38 and Starlight Suites recorded average selling rates of $1,973, $2.622 and $1,959 psf , respectively.

However, the least profitable resale deal this week was of a 947 square foot two-bedroom apartment at Scotts Square. The property was sold to a buyer for $3.2 million ($3,252 per sq ft) on the 30th of August. It was bought at $3.8 million ($3,969 per sf) during August 2007. So, the seller suffered the loss of approximately $600,000 (18%), which amounts to an annualised decrease that was 1.3% over 15 years.

Property research provided by EdgeProp Singapore shows that prices at Scotts Square have not seen any significant growth in recent years. The prices at the condominium began to decline from $3,975 per sq ft in August 2008, to the low of around $3,370 in August 2017. Prices have remained stable over the past few years, and have only increased by a small amount to $3,576 per month, on a m-o-m basis.

The most unsuccessful deal in Scotts Square was the sale of a 1,249 square foot 3-bedroom apartment at $3.7 million ($2,923 per square foot) in February of 2017. The unit previously sold for $5.2 million ($4,171 per square foot) on August 7, 2007. In the end, the seller lost $1.6 million (29%), which is equivalent to an annual cost in the range of 3.7% over nearly 10 years.

Scotts Square is a freehold condominium located on Scotts Road in prime District 9. The building was completed in the year 2010. The 338-unit project includes an assortment of one-to three-bedroom units ranging from 624 sq feet.

The development is situated centrally within centrally located in the Orchard Road shopping belt. The nearby developments are Shaw House, Singapore Marriott Tang Plaza Hotel, Ion Orchard and Ngee Ann City-Takashimaya shopping centre.