Resale three-bedder at Regency Park nets $2.5 mil profit

The sale of a three-bedroom unit at Regency Park was the most profitable transaction during the week of June 17 to 24. The 3,175 sq ft unit on the fourth floor fetched $6.6 million ($2,078 psf) on June 19. The unit had been purchased for $4.1 million ($1,291 psf) in November 2006. Thus, the seller raked in a profit of $2.5 million (61%) or of 2.6% over nearly 19 years. 

This makes it the most profitable resale deal Regency Park has seen this year. Besides the June 19 transaction, the condo has recorded two other transactions, both of which were profitable. On May 27, a similar three-bedroom unit was sold for $7.15 million ($2,252 psf), with the seller netting a profit of $2.08 million, having bought the unit in October 2017 for $5.07 million ($1,597 psf). On Jan 23, a 2,250 sq ft apartment fetched $5.1 million ($2,267 psf). The seller, who purchased the unit in July 2007 for $4.38 million ($1, 947 psf), netted a gain of $720,000. 

The new high at Regency Park comes with the resale of a 3,175 sq ft unit for $6.6 million on June 19. (Photo: The Edge Singapore)

Completed in 1987, Regency Park is a freehold condo along Nathan Road, off Grange Road and River Valley Road, in prime District 10. The 292-unit development features eight 25-storey residential blocks, comprising a mix of three-bedroom units from 2,250 sq ft and four-bedroom units from 3,649 sq ft. The condo is located near the Bishopsgate-Chatsworth Good Class Bungalow enclave and is a short drive to the Great World City shopping mall on Kim Seng Promenade and the Orchard Road shopping belt.

To date, the record for the most profitable deal at the development belongs to a 6,415 sq ft penthouse that fetched $14.11 million ($2,200 psf) in August 2022. The seller had previously bought the unit in April 1998 for $5.5 million ($857 psf), raking in a gain of $8.61 million (156%). 

The second most profitable condo resale transaction during the week in review was the sale of a 1,830 sq ft, three-bedroom unit at Sommerville Grandeur. The apartment fetched $3.87 million ($2,115 psf) on June 18. The seller bought the unit in February 1996 for around $1.85 million ($1,011 psf). Hence, they made a gain of $2.02 million (109.2%) after owning the unit for more than 29 years. 

This marks the second most profitable condo resale transaction the development has seen to date. The largest profit made on a unit at the condo came from the sale of a similar three-bedroom apartment on the fourth floor for $3.8 million ($2,077 psf) in January 2024. The seller had bought the unit for about $1.25 million ($683 psf) in December 2004. Hence, they made a gain of $2.55 million, or an annualised profit of 6%, after holding the unit for more than 19 years. 

 A 1,830 sq ft unit at Sommerville Grandeur was sold for $3.87 million on June 18, netting a gain of $2.02 million. (Photo: Samuel Isaac Chua/The Edge Singapore) 

Completed in 1996, Somerville Grandeur is a freehold condo on Farrer Drive in prime District 10. The condo comprises 96 units spread across five floors, offering a mix of two- and three-bedroom units of 1,195 sq ft to 1,938 sq ft. The development is located within a five-minute walk from Farrer Road MRT Station. 

On the other hand, the most unprofitable deal during the week was the sale of a 2,992 sq ft apartment at The Berth By The Cove. The four-bedroom unit on the sixth floor fetched $3.25 million ($1,086 psf) on June 17. The unit was previously purchased for $3.89 million ($1,300 psf) in August 2007. Thus, the seller incurred a loss of $639,600 (16.4%) or an annualised loss of 1% over almost 18 years. 

 A four-bedroom unit at The Berth By The Cove fetched $3.25 million on June 17, resulting in a loss of $639,600. (Photo: Samuel Isaac Chua/The Edge Singapore)

The Berth by the Cove is a condo along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. Completed in 2006, the 200-unit development comprises 15 low-rise blocks of six storeys each. It fe atures two- to four-bedroom units of 1,012 sq ft to 2,325 sq ft. There are also four- and five-bedroom penthouses of 2,939 to 6,028 sq ft. 

The June 17 transaction is the seventh most unprofitable deal recorded at The Berth By The Cove to date. The biggest loss belongs to a 2,939 sq ft, four-bedroom unit at the condo that fetched $3.25 million ($1,106 psf) in February 2018. The seller, who purchased the unit in October 2011 for $5.64 million ($1,919 psf), made a $2.39 million loss.