Regency Park penthouse tops 2022 transactions with $8.6 mil profit

December 23, 2022


The penthouse at Regency Park was sold on Aug 31 for $14.1 million ($2,200 psf) (Picture: The Edge Singapore)

The sale of a 6,415 sq ft penthouse at Regency Park, on Nathan Road in prime District 10, was the most profitable transaction for the year, based on caveats lodged from Jan 1 to Dec 6. It was sold for $14.1 million ($2,200 psf) on Aug 31. The seller bought the unit for $5.5 million ($857 psf) in April 1998. As a result, they reaped a profit of $8.61 million (156.6%) on the transaction or an annualised profit of 3.9% over nearly 24½ years.

It is the most profitable transaction recorded at Regency Park, beating the previous record held by a 3,649 sq ft unit on the 12th floor. The unit, purchased for $2.85 million ($781 psf) in July 2003, was sold for $7.35 million ($2,014 psf) in April 2011. Hence, the seller netted a gain of $4.5 million over a holding period of almost eight years.

The freehold Regency Park was completed in 1987. It has eight 25-storey residential blocks, which houses 292 apartments. Units consist of three-bedroom units from 2,250 sq ft and four-bedroom units from 3,649 sq ft.

Another District 10 luxury condominium, Ardmore Park, saw the second-highest gain this year. It follows the sale of a 2,885 sq ft four-bedroom unit on the sixth floor for $12.5 million ($4,333 psf) on Nov 4. The unit had previously changed hands for $4.75 million ($1,647 psf) in December 2000. This means the seller clocked a profit of $7.75 million (163.2%) over a nearly 22- year holding period, which works out to an annualised profit of 4.5%.

Several transactions with high-quantum gains have occurred at Ardmore Park throughout the year. In July, two adjacent units, both four-bedders measuring 2,885 sq ft, were sold on July 5. A property title search shows that members of an Indonesian family purchased both units. One of the units was sold for $14.08 million ($4,881 psf), marking a new psf price high for resale transactions at the development. The seller purchased the unit for $9.08 million ($3,148 psf) in October 2010. As such, they netted a profit of $5 million (55.1%), making it the second-highest gain recorded at Ardmore Park this year. The other unit was sold for $11.5 million ($3,986 psf). The seller, who had purchased the unit in May 2019 for $8 million ($2,773 psf), enjoyed a profit of $3.5 million or 43.8%.

The 330-unit Ardmore Park is a freehold luxury development by Wharf Estates Singapore (formerly Wheelock Properties). Completed in 2001, it has three 30-storey towers. The typical units at the development are four-bedroom apartments measuring 2,885 sq ft, and six duplex penthouses of 8,740 sq ft each.

Reflections At Keppel Bay saw the third most profitable transaction this year. This follows the sale of a 7,050 sq ft unit for $17.63 million ($2,500 psf) on Sept 12. The unit, located on the 40th floor, had sold for $11 million ($1,560 psf) on Sept 10, 2021. This means the seller netted a profit of $6.63 million or 60.2%.

Given the holding period of a year, the seller would have been subjected to the seller’s stamp duty (SSD) on the transaction. An SSD rate of 12% is applied on properties held for up to a year, 8% for properties held for more than a year but up to two years, and 4% for properties held for more than two years but up to three years.

More at: https://www.edgeprop.sg/property-new...-86-mil-profit