During the week of Sept 3 to Sept 10, a resale transaction at Botanic Gardens View set a new record for the most profitable condo sale. The three-bedroom unit on the sixth floor, measuring 1,755 square feet, was sold for $4.13 million at a rate of $2,353 per square foot on Sept 9. The seller had previously bought the unit back in July 1998 for approximately $862,000, at a rate of $491 per square foot. The impressive transaction resulted in a gain of $3.27 million for the seller, which equates to a whopping 379% increase in capital gain over the 26 years of ownership.
This sale now stands as the most profitable resale deal recorded in the history of Botanic Gardens View. The previous highest gain was $3.14 million, achieved in August 2019 when a 1,615 square feet unit was sold for $4.07 million (equating to a rate of $2,521 per square foot). The seller had purchased this unit back in September 2001 for around $930,000, at a rate of $576 per square foot.
Investing in a condominium in Singapore has become an increasingly attractive option for both local and foreign investors, thanks to the country’s strong economy, stable political climate, and exceptional quality of life. With its flourishing real estate market, Singapore offers a plethora of opportunities, but it is the condo market that truly shines with its convenience, amenities, and potential for lucrative returns. This article will delve into the advantages, factors to keep in mind, and necessary steps to take when making a condo investment in Singapore. For more information on the latest Singapore projects, read on.
Botanic Gardens View, which sits on freehold land at Taman Serasi in prime District 10, was originally built in 1970 and consists of a total of 144 residential units across four blocks. The available units range from two- to three-bedders, with sizes spanning from 1,259 square feet to 1,755 square feet. The development is within close proximity to the Singapore Botanic Gardens, directly across the road.
In a separate deal, a three-bedroom unit at Regency Park, measuring 2,250 square feet, was also sold in the week of Sept 3 to Sept 10. The second-floor unit was sold for $5.13 million, at a rate of $2,278 per square foot, on Sept 5. The seller had purchased the unit in July 2002 for just $1.89 million, which translates to a rate of $839 per square foot. The successful transaction resulted in a profit of $3.24 million for the seller, representing an increase of 172% after holding onto the unit for 22 years.
This deal came on the heels of a resale transaction on Aug 14, when a 3,649 square feet unit on the fifth floor was sold for $7.84 million (equating to a rate of $2,149 per square foot). The seller had bought this unit in February 2001 for $2.95 million (at a rate of $808 per square foot), which meant a handsome profit of $4.89 million was made after a 23.5 year hold.
Regency Park sits on freehold land along Nathan Road, situated off Grange Road and River Valley Road in prime District 10. Completed in 1987, the development comprises eight 25-storey residential blocks, with a total of 292 apartments ranging from three-bedroom units spanning 2,250 square feet, to four-bedroom units measuring 3,649 square feet. The location lies close to the Bishopsgate-Chatsworth Good Class Bungalow enclave and is less than a five-minute drive to Great World City mall on Kim Seng Promenade, as well as the Orchard Road shopping belt.
The week of Sept 3 to Sept 10 also saw the sale of a one-bedroom unit at The Scotts Tower, which now holds the record for the most unprofitable condo resale transaction recorded in the past year. The seventh-floor unit, measuring 667 square feet, was sold for $1.3 million (equating to a rate of $1,948 per square foot) on Sept 3. The seller had previously purchased it from the developer in December 2011 for $2.22 million (at a rate of $3,321 per square foot). This sale resulted in an incurred loss of approximately $916,400 for the seller, after owning the unit for just under 13 years.
The Scotts Tower is a 231-unit condo development that was completed in 2016 and is located along Scotts Road in District 9. The single tower sits on a 103-year lease and comprises of one-, two- and three-bedroom apartments ranging from 624 square feet to 904 square feet, along with four-bedroom penthouses spanning 1,227 square feet to 1,389 square feet.
So far this year, only one other unit at The Scotts Tower has been sold, which was a seventh-floor, one-bedroom apartment measuring 657 square feet. It was sold for $1.3 million at $1,980 per square foot on April 24. The seller had bought the unit from the developer in January 2013 for $2.69 million (at $4,092 per square foot), resulting in a loss of $1.39 million.