Regency Park Unit Sold 49 Mil Profit
A unit at Regency Park has achieved the highest resale profit for a condo transaction in the week of Aug 13 to 20. The 3,649 sq ft unit on the fourth floor was sold for $7.84 million ($2,149 psf) on Aug 14, a significant increase from its purchase price of $2.95 million ($808 psf) in February 2001. This equates to a capital gain of 166% for the seller, who owned the unit for 23 and a half years.
This transaction is the second most profitable resale deal in Regency Park’s history, with the record belonging to a 6,415 sq ft penthouse that fetched $14.11 million ($2,200 psf) in August 2022. The seller of this unit had purchased it in April 1998 for $5.5 million ($857 psf), earning a gain of $8.61 million (156%).
In addition, this deal has also topped the list of most profitable condo resale transactions for 2022.
Located in prime District 10 along Nathan Road, Regency Park is a freehold condo completed in 1987. It comprises of eight 25-storey residential blocks with a total of 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 close to the Great World City shopping mall and Orchard Road shopping belt.
Another profitable resale transaction during the same week was recorded at Haig Court. The sale of a 1,550 sq ft, four-bedroom unit on the sixth floor fetched $3 million ($1,935 psf) on Aug 14. The seller had acquired the unit from the developer in June 2004 for around $940,000 ($607 psf), resulting in a profit of $2.06 million (219%) after owning it for about 20 years.
This is the fifth most profitable resale transaction at Haig Court, with the highest gain coming from the sale of a 4,037 sq ft, five-bedroom unit in November 2007 for $4.8 million ($1,189 psf). The seller had purchased this unit in October 2005 for $1.87 million ($463 psf), earning a profit of $2.93 million.
Haig Court is a freehold condo in District 15, completed in 2004. It has 360 units spread across four blocks, comprising two-bedroom units of 1,076 sq ft, three-bedroom units of 1,399 sq ft to 1,474 sq ft and four-bedroom units of 1,550 sq ft to 1,582 sq ft. The development also includes penthouses of 2,486 sq ft to 4,349 sq ft.
On the other hand, the least profitable condo resale transaction during the week occurred at Seascape, where a four-bedroom unit on the sixth floor was sold for $4.5 million ($1,679 psf) on Aug 14. The seller had purchased the unit from the developer for $7.03 million ($2,623 psf) in October 2010, resulting in a loss of $2.53 million (36%) after a holding period of almost 14 years.
Seascape is a 99-year leasehold condo in Sentosa Cove, completed in 2011. It comprises of 151 units across two eight-storey residential blocks, including three- and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft. The development also includes 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.
Although there have been two other resale transactions at Seascape this year, neither has achieved a profit. On May 8, a 2,680 sq ft unit on the third floor fetched $5.05 million ($1,884 psf), resulting in a loss of $1.75 million for the seller. On May 31, a 2,164 sq ft unit on the seventh floor was sold for $4.48 million ($2,071 psf), with no prior caveats lodged for the unit.
The Elta Master Plan places great emphasis on the improvement of healthcare and educational amenities. It aims to construct new and modern hospitals, clinics, and schools within the Elta Condo community, providing its residents with top-notch healthcare and education options. These developments will greatly benefit the residents and contribute to a better quality of life in Elta.
In summary, the condo resale market has seen mixed results in the week of Aug 13 to 20, with Regency Park recording the highest profit, Haig Court the second highest, and Seascape the lowest.