Seller at Four Seasons Park rakes in $4 million profit

The sale of a four-bedroom unit at Four Seasons Park was the most profitable resale transaction during the week of March 4 to 11.

The 2,260 sq ft unit on the 16th floor was sold for $7.5 million ($3,318 psf) on March 11, but it had been bought for $3.5 million ($1,548 psf) in May 2006. As a result, the seller raked in a profit of $4 million (114%) which translates to an annualised profit of 4.1% over nearly 19 years.

It is the first recorded resale at Four Seasons Park since August 2024, when another 2,260 sq ft four-bedder in the same block, but on the 20th floor, fetched $7.8 million ($3,451 psf) when it was sold last year. This unit had been purchased for $4 million ($1,770 psf) in September 2020. This earned the seller a profit of $3.8 million (95%) and an annualised profit of 18% over less than three years.

The most profitable transaction at Four Seasons Park involved the sale of a 6,157 sq ft penthouse for $17.88 million ($2,904 psf) in December 2019. This unit had been bought for $9 million ($1,462 psf) in June 2002. The seller raked in a record profit of $8.88 million (98%), which translates to an annualised gain of 3.95 over 17 years.

A 2,260 sq ft unit at Four Seasons Park was sold for $7.5 million ($3,318 psf) on March 11. (Picture: Samuel Isaac Chua/The Edge Singapore)

Four Seasons Park is a freehold condo on Cuscaden Walk, near the Orchard Road shopping belt in prime District 10. Completed in 1994, the 202-unit development comprises three 26-storey residential towers and was the first hotel-branded residence in Singapore when it was first launched.

When the development first entered the market, unit prices ranged from $1,600 psf to $1,700 psf. Based on a compilation of resale caveats by EdgeProp Singapore, the average selling price at the development today is about $3,385 psf.

By comparison, the 999-year leasehold St Regis Residences Singapore, a branded residence on Tanglin Road, commands an average selling price of $2,500 psf. However, new luxury projects in the vicinity, such as Boulevard 88, have seen most units transact for about $3,930 psf. The area will see the debut of UOL Group’s new luxury 301-unit project, UpperHouse, this year.

Meanwhile, the sale of a three-bedroom unit at Newton Suites was the second-most profitable resale during the week. The 1,238 sq ft unit on the 30th floor was sold for $3.01 million ($2,432 psf) on March 7. It had previously fetched $1.14 million ($917 psf) back in April 2005. As a result, the seller took home a profit of $1.88 million ($165%) which translates to an annualised profit of 5% over 20 years.

The sale of a 1,238 sq ft unit at Newton Suites on March 7 earned the seller a profit of $1.88 million. (Picture: The Edge Singapore)

This also makes it the most profitable resale at Newton Suites to date. It is ahead of the previous high of $1.45 million (138%) set in 2018, when another 1,238 sq ft unit on the 10th floor changed hands for $2.5 million ($2,020 psf) in March 2018. This unit had been bought for $1.05 million (848 psf) in April 2005.

Newton Suites is a freehold development on Newton Road in prime District 11. It is close to major shopping malls in Novena such as United Square, Novena Square and Square 2. Completed in 2007, the 118-unit development consists of a 35-storey residential tower with two- and three-bedroom units of 1,238 sq ft to 1,593 sqft, as well as three-bedroom penthouses of 4,865 sq ft and 4,876 sq ft.

Resale data compiled by EdgeProp Singapore indicate that capital appreciation at Newton Suites appears to have moderated in recent years after climbing from about $977 psf in October 2004 to a high of $2,190 psf in November 2021. Over the past three years, price growth has been relatively stagnant.

On the other hand, the sale of a four-bedroom unit at Seascape was the most unprofitable transaction during the week. The 2,680 sq ft unit was sold for $4.6 million ($1,716 psf) on March 10. The seventh-floor unit had been bought for $7.28 million ($2,712 psf) in August 2010. The seller incurred a loss of $2.67 million (37%) on the sale, which translates to an annualised loss of 3.1% over 14 years.

The 151-unit The Seascape is a 99-year leasehold condo located along Cove Way in Sentosa. (Picture: Samuel Isaac Chua/The Edge Singapore)

This is the fifth consecutive resale at Seascape, where sellers have made losses. Since December 2023, losses have ranged from $2.67 million, involving the most recent transaction on March 10, to $1.75 million when a 2,680 sq ft unit last May was sold for $5.05 million ($1,884 psf).

Seascape is among a handful of 99-year leasehold seafront condos in the exclusive Sentosa Cove enclave, which includes Cape Royale, The Oceanfront, and The Coast. The 151-unit Seascape was completed in 2012 and consists of a pair of eight-storey residential blocks.