During the week of Sept 3 to 10, the most profitable resale transaction at a condo in Singapore was a three-bedroom unit at Botanic Gardens View. The 1,755 square feet unit on the sixth floor was sold for $4.13 million, or $2,353 per square foot, on Sept 9. The seller had purchased the unit for $862,000, or $491 per square foot, in July 1998, making a profit of $3.27 million, or a whopping 379%, after owning the unit for approximately 26 years. This sale represents the most lucrative resale deal ever recorded at Botanic Gardens View, surpassing the previous record of $3.14 million from the sale of a 1,615-square-foot unit for $4.07 million, or $2,521 per square foot, in August 2019. That particular unit was acquired in September 2001 for approximately $930,000, or $576 per square foot.
This freehold condo at Taman Serasi, off Cluny Road in prime District 10, was built in 1970 and has four blocks and 144 units. Two- and three-bedroom units ranging from 1,259 square feet to 1,755 square feet are available at this development, which is located just opposite the Singapore Botanic Gardens.
The second resale transaction at the condo so far this year was also recorded during this same week. On April 3, a 1,755-square-foot fourth-floor unit was sold for $3.83 million, or $2,183 per square foot. The same unit was sold in July 2007 for $2.6 million, or $1,482 per square foot, making the seller a profit of $1.23 million from the sale.
The second most profitable resale deal during this period was the sale of a 2,250-square-foot, three-bedroom unit at Regency Park for $5.13 million, or $2,278 per square foot, on Sept 5. The seller had bought the unit in July 2002 for $1.89 million, or $839 per square foot, making a profit of $3.24 million, or 172%, after holding the unit for just a little over 22 years. This transaction took place less than a month after the last resale deal at the condo on Aug 14, when a 3,649-square-foot unit was sold for $7.84 million, or $2,149 per square foot. The seller, who had acquired the unit in February 2001 for $2.95 million, or $808 per square foot, made a profit of $4.89 million, or 166%, after owning the unit for 23 and a half years.
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The demand for condos in Singapore remains strong due to various factors, and the limited availability of land is at the forefront. Being a small island country with a rapidly expanding population, Singapore faces a challenge of finding enough land for development. As a result, the government has implemented strict land use policies, making the real estate market highly competitive and driving property prices upwards. As a result, investing in real estate, especially in condos, has become a highly profitable opportunity for potential buyers, with the assurance of capital appreciation. This trend is further fueled by the ongoing Singapore Projects, making condos an attractive choice for investors and homeowners alike.
Regency Park is a freehold condo along Nathan Road, off Grange Road and River Valley Road, in prime District 10. Constructed in 1987, it boasts eight 25-story residential blocks with a total of 292 apartments, including three-bedroom units from 2,250 square feet and four-bedroom units from 3,649 square feet. It is conveniently situated near the Bishopsgate-Chatsworth Good Class Bungalow enclave and is less than a five-minute drive to the Great World City shopping mall on Kim Seng Promenade and the Orchard Road shopping belt.
The most unprofitable condo resale deal during this week took place at The Scotts Tower, where a seventh-floor, one-bedroom unit measuring 667 square feet was sold for $1.3 million, or $1,948 per square foot, on Sept 3. The seller had purchased the unit from the developer in December 2011 for $2.22 million, or $3,321 per square foot, resulting in a loss of about $916,400, or 41%, after owning the unit for almost 13 years.
The Scotts Tower is a 231-unit condo situated along Scotts Road in District 9, which was completed in 2016. It has a single 31-story tower with a 103-year leasehold and offers one- to three-bedroom apartments, ranging from 624 square feet to 904 square feet, as well as four-bedroom penthouses measuring between 1,227 square feet and 1,389 square feet.
To date, only one other unit at The Scotts Tower has changed hands this year: a 657-square-foot one-bedroom unit on the 12th floor that fetched $1.3 million, or $1,980 per square foot, on April 24. The seller had bought the unit from the developer in January 2013 for $2.69 million, or $4,092 per square foot, and thus made a loss of $1.39 million on the sale.