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February 22, 2024
Condo In Bedok Booked Gains Of More Than $1.2 Million On Average In January
朱家君
高级市场研究分析师
A suburban condo project in Bedok – Costa Del Sol – chalked up average resale gains of more than $1.2 million across four resale transactions in January. The top 10 most profitable projects in the month of January were varied, with projects located around the island, based on caveats analysed by PropNex Research.
First, some details about the methodology which entails a comparison of sales caveats. The gains garnered for the units were derived by matching the condo resale transactions in January with their previous purchase prices according to caveats lodged. The average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than four transactions during the month are excluded from the study.
Suburban Condos top list of most profitable projects in January
Resale activity was relatively muted in January, with less than 700 resale condo units being transacted during the month – as more buyers take their time to assess the market and gain more clarity before purchasing a property. In January, the top 10 most profitable projects had average profits ranging from $523,000 to $1,288,000. By a ranking of the average profit, seven out of the top 10 projects in January 2024 are in the Outside Central Region (OCR), two projects are in the Rest of Central Region (RCR), only one project was located in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average | Average | Year completed | Region |
COSTA DEL SOL | 4 | $1,287,525 | 4.21% | 2003 | OCR |
PARC OASIS | 4 | $916,250 | 4.34% | 1994 | OCR |
D'LEEDON | 5 | $633,422 | 2.69% | 2014 | CCR |
THE MINTON | 4 | $612,047 | 3.84% | 2013 | OCR |
RIVERVALE CREST | 5 | $578,810 | 3.19% | 2002 | OCR |
RIVER ISLES | 4 | $565,055 | 4.88% | 2015 | OCR |
THE CASCADIA | 4 | $561,445 | 2.06% | 2010 | RCR |
PARC ESTA | 4 | $534,000 | 7.60% | 2022 | RCR |
MAYSPRINGS | 4 | $532,125 | 2.71% | 1998 | OCR |
RIVERSAILS | 5 | $523,338 | 4.39% | 2016 | OCR |
Source: PropNex Research, URA Realis
^projects with fewer than 4 transactions in the month are excluded from this analysis
*Gains are derived from the resale transaction for each unit against the unit’s last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross – it has not accounted for the applicable seller’s stamp duties, interest payable, taxes and other relevant divestment costs.
#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property’s last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1
Analysis was done based on available data from URA Realis
Most of the projects that made the top 10 list were developments that have desirable locational or physical attributes, such as being in a central location (D’Leedon, The Cascadia), close to an MRT station (Costa Del Sol, Maysprings), or are newly-completed developments (Parc Esta, Riversails).
Here are some details about the top 10 projects in January 2024:
COSTA DEL SOL
Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Bayshore (Uncompleted, 125 metres)
Year of Completion: 2003
Summary
Costa Del Sol is a 906-unit residential development along Bayshore Road. Residents can enjoy unblocked views of the sea and East Coast Park. While the closest MRT station, Bedok station is located 15 minutes’ walk away, residents will enjoy improved connectivity in the near future when the Bayshore MRT station is ready. The project is close to amenities like Parkway Parade Shopping Mall and the East Coast Park. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is a short 15-minute drive to the Changi Airport and the central business district (CBD) via the ECP. Residents can also take advantage of the full range of condominium facilities, including the lap pool, spa pool, a wading pool for children, tennis courts, gymnasium and barbeque pits.
COSTA DEL SOL Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 2,195,000 | 1,238 | 1,773 | 1,099,200 | Jun-00 | 3.0% |
#09-XX | 2,180,000 | 1,313 | 1,660 | 1,260,900 | Jul-07 | 5.4% |
#10-XX | 3,000,000 | 1,755 | 1,710 | 1,570,000 | Jul-01 | 3.4% |
#15-XX | 2,100,000 | 1,324 | 1,586 | 1,220,000 | Jul-06 | 5.1% |
Source: PropNex Research, URA Realis
PARC OASIS
Details
Location: Jurong East Avenue 1
Postal District: 22
Tenure: 99-year leasehold
Nearest MRT: Chinese Gardens (50 metres)
Year of Completion: 1994
Summary
Parc Oasis is a residential development located in District 22 near to the Jurong Lake District, where major redevelopment plans are underway to transform the area into an exciting waterfront leisure and commercial destination. Parc Oasis has 950 residential units, comprising 1-bedroom units to 4-bedroom units. The project offers views of Jurong Lake and is opposite the Chinese Gardens MRT station on the East West Line, linking commuters to the amenities at Jurong Gateway, such as JEM, Westgate and IMM malls. It also takes commuters directly to the downtown CBD in about 30 minutes via MRT.
PARC OASIS Transactions in January 2024
Floor/ Unit | Resale Price | Area | Unit Price | Gains from previous caveat ($) | Purchase date | Annualized profit (%) |
#10-XX | 1,480,000 | 1,227 | 1206 | 970,000 | Feb-99 | 4.4% |
#09-XX | 1,630,000 | 1,378 | 1,183 | 945,000 | Aug-00 | 3.8% |
#18-XX | 1,490,000 | 1,227 | 1,214 | 710,000 | Aug-95 | 2.3% |
#10-XX | 1,490,000 | 1,227 | 1,214 | 1,040,000 | Feb-06 | 6.9% |
Source: PropNex Research, URA Realis
D'LEEDON
Details
Location: Leedon Heights
Postal District: 10
Tenure: 99-year leasehold
Nearest MRT: Farrer Road (600 metres)
Year of Completion: 2014
Summary
D’Leedon is a mega condominium development located in the prime District 10. The massive 1,715-unit development, completed in 2014, was redeveloped from the former Farrer Court estate by CapitaLand. The project is known for its contemporary wavy silhouette designed by internationally-renowned architect Zaha Hadid. At over 36-storeys high, D’Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents commanding views over the nearby Botanic Gardens and the Bukit Timah Nature Reserve. Facilities include two large swimming pools, children pools, two clubhouses, and outdoor fitness facilities. It is also a short drive from the lifestyle commercial clusters of Dempsey Hill and Holland Village, with a myriad of dining and nightlife options. D’Leedon is 5 minutes’ walk from the Farrer Park MRT station on the Circle Line, offering convenient access to the city as well as to one-north. The development is also well-served by major roads and expressways.
D'LEEDON Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#26-XX | 3,350,000 | 1,744 | 1,921 | 975,000 | Aug-16 | 4.8% |
#13-XX | 1,240,000 | 635 | 1,953 | 230,800 | Apr-11 | 1.6% |
#14-XX | 1,270,000 | 635 | 2,000 | 256,300 | Mar-11 | 1.8% |
#27-XX | 3,380,000 | 1,722 | 1,963 | 815,640 | May-13 | 2.6% |
#23-XX | 3,650,000 | 1,829 | 1,995 | 889,370 | Mar-13 | 2.6% |
Source: PropNex Research, URA Realis
THE MINTON
Details
Location: Hougang Street 11
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (800 metres)
Year of Completion: 2013
Summary
The Minton is a leasehold condominium project in Hougang Street 11 in District 19. It is a fairly new mega condominium project - completed in 2013 - with a total of 1,145 units. The project is conveniently located in the heart of Serangoon and Lorong Ah Soo, and it is 15 minutes’ walk to the Serangoon MRT station, an interchange station between the North-East Line (NEL) and the Circle Line (CCL). NEX, the largest mall in the north east, is also a short stroll from the project.
THE MINTON Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#11-XX | 1,840,000 | 1,216 | 1,513 | 743,000 | Nov-10 | 4.0% |
#14-XX | 1,418,888 | 980 | 1,449 | 482,188 | Jun-12 | 3.7% |
#13-XX | 1,410,000 | 980 | 1,439 | 461,000 | May-11 | 3.2% |
#01-XX | 1,750,000 | 1,507 | 1,161 | 762,000 | Dec-10 | 4.5% |
Source: PropNex Research, URA Realis
RIVERVALE CREST
Details
Location: Rivervale Crescent
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Rumbia LRT (150 metres) / Sengkang MRT (850 metres)
Year of Completion: 2002
Summary
Rivervale Crest is a condo development nestled at the edge of Hougang town within District 19. The project which was completed in 2002 has 490 residential units across two blocks of 16-storey buildings, offering purchasers several formats, from 2-bedroom to 4-bedroom units. The development has a range of facilities including a lap pool, tennis court, jacuzzi and playground. The project is right next to Rivervale Mall and a short walk to Rumbia LRT station, which is a few stops from the Sengkang MRT interchange station.
RIVERVALE CREST Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#16-XX | 950,000 | 1,163 | 817 | 526,000 | Aug-02 | 3.9% |
#15-XX | 1,158,000 | 1,163 | 996 | 540,050 | Sep-00 | 2.7% |
#13-XX | 1,450,000 | 1,453 | 998 | 705,280 | Sep-00 | 2.9% |
#03-XX | 855,000 | 969 | 883 | 445,000 | Sep-02 | 3.5% |
#14-XX | 1,400,000 | 1,367 | 1,024 | 677,720 | May-01 | 3.0% |
Source: PropNex Research, URA Realis
RIVER ISLES
Details
Location: Punggol Central
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Coral Edge LRT (350 metres) / Punggol (1,400 metres)
Year of Completion: 2016
Summary
River Isles is a 610-unit 99-year leasehold condominium development, located in the heart of Punggol in District 19. Completed in 2016, residents of River Isles would not have to travel far to get their basic necessities as there are retail offerings nearby, such as Punggol Plaza and Punggol Waterway Point. In addition, residents have access to a wide range of facilities on-site - clubhouse with blue lagoon, meditation bay, sun deck, water spring massage, hydro gym, barbeque pavilion, tennis court, spa beds, massage cabana, and fitness courts.
RIVER ISLES Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#14-XX | 1,240,000 | 947 | 1,309 | 302,000 | Dec-18 | 5.7% |
#01-XX | 1,800,000 | 1,442 | 1,248 | 748,460 | Jun-12 | 4.8% |
#01-XX | 1,450,000 | 1,141 | 1,271 | 601,320 | Jun-12 | 4.8% |
#17-XX | 1,610,000 | 1,593 | 1,011 | 608,440 | Jun-12 | 4.2% |
Source: PropNex Research, URA Realis
THE CASCADIA
Details
Location: Bukit Timah Road
Postal District: 21
Tenure: Freehold
Nearest MRT: King Albert Park (450 metres)
Year of Completion: 2010
Summary
The Cascadia, a condominium project that was completed in 2010, is located at the edge of Bukit Timah in District 21. The residential development consists of fourteen 10-storey towers, offering a total of 536 units. The project features 2- and 3-bedroom units. Residents are spoilt for choices in terms of amenities and food options nearby - at Bukit Timah Plaza, KAP Mall and malls in Beauty World. Residents also enjoy excellent connectivity with the King Albert Park MRT station less than 10 minutes’ walk away; it takes commuters to the city in under 20 minutes. Families with young school-going children will also be happy to know that the project is close to a number of well-known schools such as Methodist Girls’ School and Pei Hwa Presbyterian Primary School.
THE CASCADIA Transactions in January 2024
Floor/Unit | Resale Price ($) | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#02-XX | 1,920,000 | 990 | 1,939 | 458,120 | May-11 | 2.2% |
#04-XX | 1,980,000 | 990 | 1,999 | 549,000 | Sep-07 | 2.0% |
#03-XX | 1,820,000 | 883 | 2,062 | 443,660 | Jan-08 | 1.8% |
#04-XX | 3,190,000 | 1,496 | 2,132 | 795,000 | Mar-11 | 2.3% |
Source: PropNex Research, URA Realis
PARC ESTA
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT Station on the East-West Line - just several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price | Gains from previous caveat ($) | Purchase date | Annualized profit (%) |
#02-XX | 2,088,000 | 1,023 | 2,042 | 534,000 | May-20 | 8.6% |
#05-XX | 2,170,000 | 1,001 | 2,168 | 590,000 | Nov-19 | 8.1% |
#03-XX | 1,868,000 | 840 | 2,225 | 491,000 | Nov-18 | 6.2% |
#17-XX | 2,138,000 | 958 | 2,232 | 521,000 | Feb-20 | 7.6% |
Source: PropNex Research, URA Realis
MAYSPRINGS
Details
Location: Petir Road
Postal District: 23
Tenure: Freehold
Nearest MRT: Bukit Panjang (150 metres)
Year of Completion: 1998
Summary
Maysprings is a freehold development located along Petir Road in District 23, Bukit Panjang. The project is conveniently situated opposite the Bukit Panjang MRT, LRT station and bus interchange as well as being within a stone’s throw from commercial amenities at Hillion Mall, Bukit Panjang Plaza and Junction 10. The 24-storey apartment buildings comprise a total of 636 units, spanning 2- and 3-bedroom apartments, as well as several units with 5-plus bedrooms. Mayspring, developed by GuocoLand, was completed in 1998.
RIVERSAILS
Details
Location: Upper Serangoon Crescent
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Buangkok (900 metres)
Year of Completion: 2016
Summary
Riversails is a residential development located along Upper Serangoon Crescent in District 19. The development was completed in 2016 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby, including shops located within the development. The project is a 15-minute walk from the Buangkok MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with retail offerings at the Sengkang Grand Mall, Hougang Mall and Hougang Central just a short walk away.
City centre homes dominate top individual gainers
In January, the top gainers heralded from mostly Central Region homes, with CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, eight out of the top 10 transactions were for units in projects located in the CCR, two transactions were located in the RCR while there were no transactions in the OCR that made the top 10 ranking.
The gross profits of the top 10 transactions – based on caveats lodged - ranged from $2.5 million to $4.9 million. In January the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,500 sq ft in size, and consisted mostly of older projects built in the 1980s to early 2000s. The holding periods for the top 10 resale properties were mostly beyond 10 years – with the shortest being nearly 8 years and the longest being nearly 29 years.
Top 10 Resale Condo transactions in January 2024 by gross profit
Source: PropNex Research, URA Realis
It was found that the most profitable transaction for the month of January 2024 was for a 33th floor unit at The Ritz Carlton Residences Singapore Cairnhill in the city centre, which fetched an eye-watering gross profit of $4.9 million (annualised profit of 4.6%) based on caveats lodged. The 3,057 sq ft apartment was sold for $16.5 million, with a holding period of nearly 8 years. The freehold luxury project in Orchard (District 9) was built in 2011. The development is within walking distance to the Orchard Road shopping belt and the Mount Elizabeth Hospital. The units are furnished with luxury fittings and boast 24-hour concierge service, in-residence dining, as well as a residential management team from the Ritz Carlton.
The second top gainer in terms of gross profit was for a unit transacted in Leonie Towers. The transaction was for an 18th floor unit that was resold for an estimated profit of $3.88 million, reflecting an annualised profit of 5.4%. Based on URA Realis caveat data, the unit was first bought in August 2005 and subsequently resold for $6.24 million in January 2024, with a holding period of nearly 20 years. The project is one of Singapore’s older condo developments, being built in 1976. It is located in River Valley within District 9. The project is a short walk to the recently-opened Great World MRT station along the Thomson-East-Coast (TEL) line.
The top gainer in the city fringe was for a ground-floor unit located in Camelot By the Water. The 2,637 sq ft unit was sold for $5.4 million, achieving an estimated profit of $3.3 million which reflects an annualised profit of 5.6% over a holding period of 18 years. This freehold project is located along the Kallang river basin with views of the National Stadium and Kallang River. The development is also next to the Tanjong Rhu MRT station along the Thomson-East-Coast (TEL) line which will be completed later in the year.
Gains garnered by resale transactions remain measured, as downside risks persist amidst the modest economic growth outlook, market uncertainties, elevated interest rates, and as the cooling measures continue to exert their impact.
