By Timothy Tay/ EdgeProp Singapore|April 3, 2020 10:00 AM SGT
SINGAPORE (EDGEPROP) – A three-bedroom unit at Regency Suites on Kim Tian Road topped the list of most profitable deals for the week of March 17 to 24. The 1,421 sq ft unit changed hands for $2.7 million ($1,900 psf) when it was sold on March 23. The owner had bought it for $1.08 million ($760 psf) in December 2005. As a result of the sale, the owner enjoyed a profit of $1.62 million (150%), which translates to an annualised profit of 7% over 14 years. This is also the second most profitable deal ever recorded at Regency Suites, based on URA caveats. The most profitable deal was the sale in June 2018 of a 4,413 sq ft, four-bedroom unit, which fetched $5.1 million ($1,156 psf). The seller made a $2.85 million (126%) profit, or an annualised profit of 7% over 12 years.
The sale of a four-bedroom unit at Regency Suites on March 23 is the second most profitable deal ever at the freehold condo (Picture: The Edge Singapore)
Regency Suites is a freehold development off Tiong Bahru Road in District 3 and was completed in 2008. The development is close to Tiong Bahru MRT Station on the East-West Line, as well as to Zhangde Primary School and private educational institution PSB Academy Campus @ Delta.
The 104-unit development comprises a mix of one- to four-bedroom units, ranging from 592 to 4,532 sq ft. So far this year, the only other transaction at Regency Suites was a 4,532 sq ft, four-bedroom unit, which fetched $5.2 million ($1,147 psf) when it was sold on Feb 25.Over in District 21, the sale of a four-bedroom unit at The Nexus, a condo on Bukit Timah Road, was the second most profitable transaction during the week in review. The 1,507 sq ft unit was transacted for $2.49 million ($1,652 psf) on March 18. The seller had bought the property for $1.27 million ($840 psf) in July 2005. This means that the seller walked away with a $1.22 million (97%) profit from the deal, which translates to an annualised profit of 5% over close to 15 years. According to the matching of URA caveats, this sale is the most profitable ever recorded in the development.
The Nexus is a 242-unit freehold development in the highly desirable Bukit Timah area. It is close to the King Albert Park MRT Station on the Downtown Line, as well as Methodist Girls School. It is easily accessible to nearby amenities such as Beauty World and Turf City.
Other notable transactions during the week included two unprofitable deals at The Sail @ Marina Bay. The sale of a 657 sq ft, one-bedroom unit on the ninth floor topped the list of most unprofitable deals for the week. The unit changed hands for $1.058 million ($1,613 psf) when it was sold on March 18; the owner had bought the unit for $1.28 million ($1,949 psf) in January 2011. Thus, the owner made a $221,112 (17%) loss on the sale of the property, which translates to an annualised loss of 2% over nine years.On March 17, the sale of another 614 sq ft, one-bedder at The Sail also resulted in a loss. The unit, on the 36th floor, fetched $1.1 million ($1,793 psf), but had been purchased for $1.26 million ($2,052 psf) in September 2012. The sale led to a $158,900 (13%) loss, or an annualised loss of 1.78% over 7½ years.
The sale of two 1-bedroom units at The Sail @ Marina Bay resulted in losses for the sellers during the week in review (Picture: Samuel Isaac Chua/The Edge Singapore)
So far this year, there have been five transactions of one-bedroom units at The Sail, including the latest two units sold. The remainder includes a unit which resulted in a loss of $132,632 (10%) when it changed hands for $1.09 million ($1,773 psf) in January, while the sale of two units on Jan 22 and Feb 28 made profits of $555,000 (74%) and $620,696 (107%), respectively.
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