Regency Park Penthouse sold at new high price of $8.6 mil

The week from August 30 through Sept 6 was an unprecedented profit at Regency Park in District 10’s prime area. This was also the highest profitable resale during the week.

A penthouse measuring 6,415 square feet located on the 24th floor purchased at $14.1 million ($2,200 per sq ft) on August 31. The penthouse previously sold for $5.5 million ($857 per square foot) on April 28, 1998. The seller made the record-breaking income in the amount of $8.6 millions (157%) on the sale, which is an annualized profit in the range of 3.9% over 24 years.

Terra Hill showflat location in a unique hillside plot offering its residents a spectacular view to the south.

This resale transaction that is profitable surpasses the previous record of 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 took home the $4.5 million profit, which is an annual gain that was 13% over the course of seven years.

Regency Park is a freehold condominium situated along Nathan Road. The development of 292 units was completed in the year 90. The condo is situated in the area that includes the Bishopsgate as well as Chatsworth Good Class Bungalow area and is also close the Great World City shopping mall and the retail outlets along Orchard Road.

The second highest-profitable transaction of this week was the sale of a 1,970 square feet four-bedroom apartment located at Rivergate. The property was sold in exchange for $5.7 million ($2,894 per square foot) on the 1st of September. The unit was purchased at $3.5 million ($1,800 per sf) on September 9, 2009. The seller came off with an $2.2 million (61%) profit, which is equivalent to an annual gain that was 3.7% over 13 years.

Rivergate is a condo with freehold which was completed in 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. The development is directly across from it. is the planned luxury condominium Riviere, which is being developed by Frasers Property.

This year, the highest-profit resale deal in the Rivergate area 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 sold for $2.6 million ($1,394 per sq ft) at the end of June in 2009. This means that the seller earned an income that was $2.5 million. This amounts into an annualised gain 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 in the area. The property has an average selling price of $2,734 per square foot in the month of June. The only exception is that Rivere is able to command a higher average selling price of around $2,829 per square foot. Comparatively, nearby freehold condominiums like Roberson 100, Martin No38 and Starlight Suites recorded average selling prices of $1,973, $2.622 and $1,959 per square foot respectively.

On the other hand the least profitable resale deal this week was of a 947 sq . ft 2 bedroom unit in Scotts Square. The unit was sold at $3 million ($3,252 per sq ft) on August 30. However, it was purchased at $3.8 million ($3,969 per sq. ft.) during August 2007. So, the seller suffered the loss of approximately 680,000 (18%), which amounts to an annualised cost that was 1.3% over 15 years.

Property research provided by EdgeProp Singapore shows that prices at Scotts Square have not seen an increase in value in the last few years. The prices at the condominium began to decline from $3,975 per sq ft in August 2008, to an average of $3,370 per square foot in August 2017. Prices have remained stable over recent years and only grew slightly to $3,576 per month on a monthly basis.

Thus far, the most unsuccessful deal on the books at Scotts Square was the sale of a 1,249 sq . ft 3-bedroom apartment to $3.7 million ($2,923 per sq ft) in February of 2017. The unit was previously sold for $5.2 million ($4,171 per sq ft) during August 2007. In the end, the seller lost $1.6 million (29%), which is equivalent to an annual losses that was 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 338-unit project includes the mix 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 Center.