Located in prime District 10, the sale of a three-bedroom unit at Botanic Gardens View for $4.13 million was the most profitable condo resale transaction of the week between Sept 3 to Sept 10. The 1,755 sq ft unit on the sixth floor was purchased for approximately $862,000 in July 1998 and sold for a gain of $3.27 million, representing a capital gain of 379%. This deal marks the highest profit ever recorded at Botanic Gardens View, surpassing the previous top gain of $3.14 million from the sale of a 1,615 sq ft unit in August 2019. The seller previously acquired the unit in September 2001 at about $930,000, making this an impressive return after owning the unit for approximately 26 years.Botanic Gardens View is a freehold condo located at Taman Serasi, just off Cluny Road in prime District 10. Built in 1970, the development comprises 144 residences spread across four blocks. The units available include two- and three-bedroom apartments, ranging from 1,259 sq ft to 1,755 sq ft. The condo is situated opposite the Singapore Botanic Gardens.Optionally, you can also mention that two units are currently on sale at Draycott Eight for $14 million.Read also: Prime District 10 units see highest demand in 1H2021The 1,755 sq ft unit at Botanic Gardens View, sold for $4.13 million on Sept 9, is the second resale transaction of the year at this condo. Prior to this, a 1,755 sq ft unit on the fourth floor had a selling price of $3.83 million on April 3. This means that the seller made a profit of $1.23 million on the sale, as it was last sold in July 2007 for $2.6 million. Out of the 144 residences at Botanic Gardens View, only two have been resold this year.Regency Park also saw a profitable transaction of the week, the sale of a 2,250 sq ft, three-bedroom unit for $5.13 million on Sept 5. This is a gain of $3.24 million for the seller who bought the unit for $1.89 million in July 2002. The seller held the condo for over 22 years, making this an impressive 172% return on investment. The last resale at Regency Park occurred on Aug 14, when a 3,649 sq ft sold for $7.84 million. As a result, this seller gained $4.89 million after owning the unit for over 23 years.Regency Park is a freehold condo located on Nathan Road, off Grange Road and River Valley Road in prime District 10. With eight 25-storey residential blocks, the development offers 292 apartments, including three-bedroom units from 2,250 sq ft and four-bedroom units from 3,649 sq ft. Notably, the condo is near the Bishopsgate-Chatsworth Good Class Bungalow enclave, and is within a five-minute drive to the Great World City shopping mall and the Orchard Road shopping belt.The most unprofitable condo transaction of the week occurred at The Scotts Tower, with a one-bedroom unit of 667 sq ft on the seventh floor sold for $1.3 million on Sept 3. This reflects a loss of $916,400 for the seller, who bought the unit at $2.22 million from the developer in December 2011. Located along Scotts Road in District 9, the 231-unit condo was completed in 2016, and has one- to three-bedroom apartments ranging from 624 sq ft to 904 sq ft. The most expensive transaction at this condo was also recorded this year, when a 657 sq ft unit sold for $1.3 million on April 24; but this seller also incurred a loss of $1.39 million, as they paid $2.69 million to the developer in January 2013 for the one-bedroom unit.
It is crucial for international investors to have a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. When it comes to purchasing real estate, foreigners are typically allowed to acquire condominiums with relatively few restrictions, as compared to landed properties with stricter ownership guidelines. However, it is important for foreign buyers to take note of the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20%, upon their first property purchase. Despite the added expenses, the stability and potential growth of the Singapore real estate market continue to make it an attractive destination for foreign investments. In fact, the demand for properties, particularly Singapore condos, remains strong among foreign buyers.