Resale Condo Market Performance in 2023
The resale condo market took a step back this year, recording slower sales activity compared with previous years. Caution prevailed over the market throughout the year, with buyers reeling from the elevated interest rates, muted global economic growth, as well as the higher stamp duty rates being levied on investors and foreign buyers. In 2023, under 10,000 condo units changed hands in the resale market. Despite falling short of the over 16,300 units resold in 2021 and the over 12,000 units resold in 2022, resale prices in 2023 continued to rise over the past year. The average price of resale non-landed private homes came in at $1,627 psf in 2023, up by 7.5% from $1,514 psf in 2022.
PropNex looked at the most profitable condominium projects and districts in the resale market in 2023, ranking the top 10 best-performing projects and districts according to their gross profits. First, some details about the methodology which entails a comparison of resales caveats. The gains garnered for the units were derived by matching the condo resale transactions in 2023 with their previous purchase prices according to caveats lodged. The average profit was then computed on a project basis or district basis.
Suburban condo projects dominate top 10 gainers list
In a ranking of the average profit, the top 10 projects in 2023 were made up of Rest of Central Region (RCR) and Outside Central Region (OCR) projects – there were no Core Central Region (CCR) projects in the top 10 list (see Table 1).
The top 10 most profitable projects had average profits ranging from $603,000 to $1.03 million. The projects on the list were a mixed bag of older and new developments projects - the oldest on the list is Braddell View which was completed in 1979. Unsurprisingly, most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in the city or city fringe (Clover by the Park, Queens, The Interlace), next to a waterbody (Double Bay Residences, Aquarius by the Park, Blue Horizon) or close to an MRT station (Costa Del Sol, The Quartz).
Table 1: Top 10 resale condo projects^ in terms of average gross profit*
Project Name | Year Completed | Region | Resale Volume | 2023 Average Resale Pricing ($PSF) | Average Profit gained per resale transaction^ | Average Annualized Profit* |
CLOVER BY THE PARK | 2011 | RCR | 23 | $1,718 | $1,028,206 | 5.32% |
COSTA DEL SOL | 2003 | OCR | 22 | $1,689 | $862,075 | 4.80% |
QUEENS | 2002 | RCR | 20 | $1,563 | $766,204 | 3.79% |
BRADDELL VIEW | 1979 | RCR | 20 | $1,038 | $737,640 | 5.17% |
RIO VISTA | 2004 | OCR | 24 | $1,089 | $721,367 | 4.57% |
DOUBLE BAY RESIDENCES | 2012 | OCR | 21 | $1,284 | $625,958 | 4.37% |
BLUE HORIZON | 2005 | OCR | 22 | $1,328 | $619,949 | 4.24% |
THE INTERLACE | 2013 | RCR |
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