Three Bedder Botanic Gardens View Sold 33 Mil Profit
The Elta Clement Avenue 1 development located in Clementi Avenue 1 has attracted attention with six competitive bids. The highest bid of $633.45 million was submitted, which translates to an impressive $1,250 psf per plot ratio (psf ppr) for the 99-year leasehold. This bid exceeded the second-highest bid of $608.89 million ($1,202 psf ppr) by 4.03%. To find out more about this desirable property, visit Elta Clement Avenue 1.
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The transaction involving the sale of a three-bedroom unit at Botanic Gardens View garnered the highest profit in condo resale deals for the week of Sept 3 to Sept 10. Situated on the sixth floor, the 1,755 sq ft unit exchanged hands for $4.13 million ($2,353 psf) on Sept 9. The seller, who bought the property for around $862,000 ($491 psf) in July 1998, made a profit of $3.27 million. This translates to a capital gain of 379% for the seller, who had owned the property for approximately 26 years.
This record-breaking deal marks the most profitable resale transaction ever recorded at Botanic Gardens View, surpassing the previous highest gain of $3.14 million from the sale of a 1,615 sq ft unit for $4.07 million ($2,521 psf) in August 2019. The previous seller had acquired the unit in September 2001 for around $930,000 ($576 psf).
Located in prime District 10, Botanic Gardens View is a freehold condo at Taman Serasi, off Cluny Road. Constructed in 1970, this development has 144 residences spread across four blocks. The units comprise two- and three-bedroom units ranging from 1,259 sq ft to 1,755 sq ft. Its prime location places it just across the street from the Singapore Botanic Gardens.
Another noteworthy sale from the week was the resale of a 2,250 sq ft, three-bedroom unit at Regency Park for $5.13 million ($2,278 psf) on Sept 5. This second-floor unit is located in the popular freehold condo along Nathan Road, off Grange Road and River Valley Road. Having bought the unit in July 2002 for around $1.89 million ($839 psf), the seller made a tidy profit of $3.24 million (172%) after holding the unit for just over 22 years.
This transaction comes soon after the last resale deal at the condo on Aug 14, where a 3,649 sq ft unit changed hands for $7.84 million ($2,149 psf). The seller, who bought the unit in February 2001 for $2.95 million ($808 psf), made a profit of $4.89 million. This yields a capital gain of 166% for the seller, who owned the unit for 23 and a half years.
Regency Park, situated at the highly coveted address of Nathan Road, is a freehold condo in District 10. The development is characterised by eight 25-storey residential blocks and homes 292 apartments, including three-bedroom units from 2,250 sq ft and four-bedroom units from 3,649 sq ft. The condo is situated very close to the Bishopsgate-Chatsworth Good Class Bungalow enclave, and provides easy access to the nearby Great World City shopping mall on Kim Seng Promenade and the Orchard Road shopping belt.
Another great deal from the week was the sale of a 667 sq ft unit at The Scotts Tower for $1.3 million ($1,948 psf) on Sept 3. Although the property seems to have fetched a relatively high price, the seller suffered significant losses in comparison to their purchase price. The seller had bought the unit from the developer in December 2011 for around $2.22 million ($3,321 psf), suffering a loss of around $916,400 (41%) after owning the unit for nearly 13 years.
Located on Scotts Road in District 9, The Scotts Tower is a 231-unit condo that was completed in 2016. Comprising a single tower spanning 31 storeys, this 103-year leasehold development offers one- to three-bedroom apartments ranging from 624 sq ft to 904 sq ft. It also includes four-bedroom penthouses of 1,227 sq ft to 1,389 sq ft.