Three-bedder at The Legend sold for $2.1 mil profit

March 21, 2024



The sale of a three-bedroom apartment at The Legend was the most profitable condo resale transaction during the week of March 5 to 12. The 2,164 sq ft unit on the sixth floor fetched $3.9 million ($1,803 psf) on March 6. The seller had purchased the unit in April 2001 for $1.8 million ($832 psf), which means they raked in a profit of $2.1 million on the deal. This works out to a capital gain of 117% for the seller after holding the apartment for nearly 23 years.

This is the second most profitable condo resale transaction that has taken place at The Legend to date. The record belongs to a 4,058 sq ft penthouse at the development that was sold in April 2010 for $6.3 million ($1,552 psf). The seller, who purchased the apartment in July 2005 for $3 million ($739 psf), reaped a gain of $3.3 million on the sale.

The Legend is a freehold condo located on Bukit Timah Road in prime District 10, about a 10-minute walk away from Stevens MRT Interchange (for the Downtown and Thomson-East Coast Lines). Completed in 1996, The Legend has 98 units consisting of one- to three-bedders measuring between 753 and 2,540 sq ft. There are also four-bedroom penthouses sized between 4,058 and 5,985 sq ft.

The sale of a three-bedroom unit at Regency Suites was the second most profitable transaction during the week in review. The 26th-floor unit, spanning 1,421 sq ft, changed hands for $3.2 million ($2,252 psf) on March 8. The seller, who had acquired the unit in October 2008 for $1.5 million ($1,056 psf), netted a profit of $1.7 million (113%) after owning the apartment for nearly 15 years.

This is the third most profitable deal Regency Suites has seen to date. The most profitable transaction was the sale of a penthouse measuring 4,413 sq ft in June 2018 for $5.1 million ($1,156 psf). The seller had purchased the penthouse from the developer in March 2006 for $2.25 million ($510 psf). Hence, they made a profit of $2.85 million.

Regency Suites is an 84-unit condo on Kim Tian Road, off Tiong Bahru Road in District 3. The freehold development was completed in 2008 with a total of 84 residences. Units comprise a mix of one to four-bedders ranging from 592 to 1,421 sq ft. There are also two 4-bedroom penthouses of 4,413 and 4,532 sq ft.

The unit sold on March 8 is the second apartment at Regency Suites to change hands this year. Before that, a 980 sq ft unit had fetched $2.1 million ($2,144 psf) on March 4. It was also a profitable transaction, with the seller making a gain of $740,000. They had acquired the unit in November 2010 for $1.36 million ($1,388 psf).

On the other hand, Horizon Residences saw the least profitable condo resale transaction during the week in review. A 1,356 sq ft, three-bedroom unit was sold for $2.3 million ($1,696 psf) on March 6. It was purchased by the seller from the developer in June 2012 for $2.43 million ($1,791 psf). As such, they made a loss of about $129,000 (5.3%) after owning the unit for nearly 12 years.

Situated on Pasir Panjang Hill in District 5, Horizon Residences is a freehold condo that was built in 2014. It has 72 units, consisting predominantly of two- to four-bedders sized from 936 to 1,475 sq ft. The condo sees a relatively low volume of resale transactions, with the unit sold on March 8 the first to change hands this year.

In 2023, only two resale deals were recorded, both of which were profitable. On March 22 last year, a 1,001 sq ft unit fetched $1.74 million ($1,736 psf), with the seller making a gain of about $318,000. They had bought the unit in May 2017 for $1.42 million ($1,419 psf). Subsequently, on March 23, a 1,475 sq ft unit was sold for $2.55 million ($1,729 psf). The seller, who acquired the unit in October 2019 for $2.3 million ($1,560 psf), netted a gain of $250,000.

More at: https://www.edgeprop.sg/property-new...-21-mil-profit