Regency Park Unit Sold 49 Mil Profit
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The most profitable condo resale transaction during the week of Aug 13 to 20 was recorded at Regency Park, with a 3,649 sq ft unit on the fourth floor being sold for $7.84 million ($2,149 psf) on Aug 14. The seller, who bought the unit for $2.95 million ($808 psf) in 2001, gained a profit of $4.89 million, marking a capital gain of 166% after 23½ years of ownership.This sale ranks as the second most profitable resale transaction ever registered at Regency Park, with the record belonging to a 6,415 sq ft penthouse that was sold for $14.11 million ($2,200 psf) in 2022. The seller had purchased the unit in 1998 for $5.5 million ($857 psf), thus making a gain of $8.61 million (156%). It also clinched the top spot for most profitable condo resale transactions of 2022.Regency Park is a freehold condo located in prime District 10 along Nathan Road, off Grange Road and River Valley Road. Developed in 1987, the development consists of eight 25-storey residential blocks and 292 apartments, including three-bedroom units ranging from 2,250 sq ft and four-bedroom units from 3,649 sq ft. It is situated near the prestigious Bishopsgate-Chatsworth Good Class Bungalow enclave and is only a short drive away from Great World City shopping mall on Kim Seng Promenade and the Orchard Road shopping belt.Read also: Three-bedder at The Trillium sold for $1.7 mil profitThe second-highest gain made on a resale transaction during the week was at Haig Court, with a 1,550 sq ft, four-bedroom unit on the sixth floor being sold for $3 million ($1,935 psf) on Aug 14. The seller had acquired the unit from the developer in 2004 for about $940,000 ($607 psf), translating to a gain of $2.06 million (219%) after owning the unit for approximately 20 years.This marks the fifth most profitable resale transaction at Haig Court. The highest gain recorded at the development was from the sale of a 4,037 sq ft, five-bedroom unit for $4.8 million ($1,189 psf) in 2007. The seller had bought the unit in 2005 for $1.87 million ($463 psf), thus making a profit of $2.93 million.Haig Court is a freehold condo located in District 15 along Haig Road. Completed in 2004, the development has a total of 360 units spread across four blocks. Unit types include 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, as well as penthouses ranging from 2,486 sq ft to 4,349 sq ft.On the other hand, Seascape recorded the least profitable condo resale transaction during the week, with the sale of a 2,680 sq ft, four-bedroom unit on the sixth floor 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 2010, resulting in a loss of $2.53 million (36%) after owning the unit for nearly 14 years.In fact, this sale marks the third resale transaction at Seascape this year, with two other transactions being recorded in May. On May 8, a 2,680 sq ft unit on the third floor was sold for $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). No prior caveats were lodged for the unit.Seascape is a 99-year leasehold condo located in Sentosa Cove along Cove Way. Completed in 2011, the development consists of 151 units spread across two eight-storey residential blocks, with a mix of three- and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft, as well as 18 four-bedroom penthouses ranging from 3,380 sq ft to 4,252 sq ft, and two five-bedroom villas with a floor area of 9,665 sq ft and 6,631 sq ft, respectively.
