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March 20, 2024
Condo In Marine Parade Booked Gains Of More Than $1.2 Million On Average In February
朱家君
高级市场研究分析师
A city fringe condo project in Marine Parade – The Sea View – chalked up average resale gains of more than $1.2 million across four resale transactions in February. The top 10 most profitable projects in the month of February 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 February 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.
Fringe Condos top list of most profitable projects in February
Amidst a slowdown in developers’ sales, transactions in the resale market also remained tepid in February, with less than 700 condo units being resold during the month – as more buyers take their time to assess the market and gain more clarity before purchasing a property. In February, the top 10 most profitable projects had average profits ranging from $474,000 to $1,272,000. By a ranking of the average profit, the top three projects are in the Rest of Central Region (RCR), seven out of the top 10 projects are in the Outside Central Region (OCR), while only one project is 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 Gains (%)# | Year completed | Region |
THE SEA VIEW | 4 | $1,271,625 | 6.8% | 2008 | RCR |
THE INTERLACE | 4 | $994,550 | 3.8% | 2013 | RCR |
SIMSVILLE | 5 | $870,618 | 4.5% | 1998 | RCR |
RIO VISTA | 5 | $729,872 | 3.9% | 2004 | OCR |
PARC RIVIERA | 6 | $567,796 | 5.9% | 2019 | OCR |
D'LEEDON | 7 | $544,870 | 2.8% | 2014 | CCR |
THE PANORAMA | 4 | $542,928 | 4.9% | 2017 | OCR |
THE PALETTE | 6 | $534,418 | 5.2% | 2015 | OCR |
JEWEL @ BUANGKOK | 4 | $514,785 | 3.6% | 2016 | OCR |
WATERTOWN | 4 | $474,313 | 3.8% | 2017 | 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 Interlace), close to an MRT station (The Sea View, Jewel @ Buangkok), or are newly-completed developments (Parc Riviera, Watertown).
Here are some details about the top 10 projects in February 2024:
THE SEA VIEW
Details
Location: Amber Road
Postal District: 15
Tenure: Freehold
Nearest MRT: Marine Parade (Under construction, 150 metres)
Year of Completion: 2008
Summary
The Sea View is a 546-unit residential development that was completed in 2008. With the upcoming Marine Parade MRT station located 5 minutes’ walk away, residents will enjoy greater convenience when the station opens in the middle of 2024. The project enjoys unblocked sea views off the eastern coast, and is close to amenities like Parkway Parade, Katong Shopping Centre, i12 Katong Mall, and Katong Plaza. It is also well-served by major expressways, including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). The development is a short 15- to 20-minute drive to the Changi Airport and the CBD via the ECP. Residents can take advantage of the full range of condominium facilities including amphitheatre, barbeque area, clubhouse, fun pool, gymnasium room, jogging track, lounge, playground, wading pool, basketball court, fitness corner, function room, jacuzzi, lap pool, pavilion, and tennis courts.
THE SEA VIEW Transactions in February 2024
Floor/Unit | Resale Price | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#14-XX | 3,500,000 | 1,410 | 2,482 | 1,700,000 | May-08 | 4.3% |
#18-XX | 3,150,000 | 1,216 | 2,590 | 1,140,000 | Sep-12 | 4.0% |
#06-XX | 2,948,000 | 1,216 | 2,424 | 268,000 | May-23 | 13.6% |
#14-XX | 3,600,000 | 1,410 | 2,553 | 1,978,500 | Mar-08 | 5.1% |
Source: PropNex Research, URA Realis
THE INTERLACE
Details
Location: Depot Road
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Labrador Park (1.1 kilometres)
Year of Completion: 2014
Summary
The Interlace is an award-winning residential development, designed by renowned international architect, Ole Scheeren. The development has become a unique landmark for its unorthodox design of interlocking residential blocks, stacked in a hexagonal arrangement. The interlocking blocks form a vertical village with cascading sky gardens and both private and public roof terraces. The Interlace stands out from the standard cookie-cutter design of many condominium projects built today. Its 1,040 units, spread over 31, 6-storey blocks are clustered around eight individually-themed courtyards, specifically designed to maximise air flow and natural light.
Located along Depot Road in the Alexandra area, The Interlace is within walking distance to the Gillman Barracks, with its eclectic mix of dining options. It also enjoys quick access to the Ayer Rajah Expressway and Central Expressway which take residents to the central business district and Orchard Road is about 20 minutes.
THE INTERLACE Transactions in February 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#21-XX | 5,315,000 | 3,972 | 1,338 | 1,085,000 | Sep-17 | 3.7% |
#18-XX | 3,850,000 | 3,671 | 1,049 | 950,000 | Oct-17 | 4.6% |
#13-XX | 3,120,000 | 2,110 | 1,479 | 1,262,800 | Oct-09 | 3.7% |
#15-XX | 1,850,000 | 1,076 | 1,719 | 680,400 | Oct-09 | 3.3% |
Source: PropNex Research, URA Realis
SIMSVILLE
Details
Location: Geylang East Avenue 2
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Paya Lebar (120 metres)
Year of Completion: 1998
Summary
Simsville is a condo development located in the city fringe in District 14. The project which was completed in 1998 has 522 residential units across six blocks, offering a mix of 2-bedroom and 3-bedroom apartments. In the vicinity, there is the Paya Lebar Central commercial node which features a number of malls and workplaces at Paya Lebar Square, Paya Lebar Quarters, and Singapore Post Centre. The project is also a short walk to the Paya Lebar MRT station on the East-West Line, which offers a direct commute to the Bugis, Raffles Place, and City Hall – making the project fairly popular with working professionals and expatriates. Amenities within the development include a swimming pool, gymnasium room, and tennis courts - catering to a range of lifestyle needs.
SIMSVILLE Transactions in February 2024
Floor/Unit | Resale Price | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#02-XX | 1,470,000 | 1,249 | 1,177 | 1,060,000 | May-06 | 7.5% |
#08-XX | 1,285,000 | 969 | 1,326 | 395,000 | Sep-12 | 3.3% |
#11-XX | 1,960,000 | 1,528 | 1,282 | 1,166,000 | May-98 | 3.6% |
#14-XX | 1,688,888 | 1,238 | 1,364 | 750,888 | Dec-10 | 4.6% |
#07-XX | 1,628,000 | 1,238 | 1,315 | 981,200 | Jul-98 | 3.7% |
Source: PropNex Research, URA Realis
RIO VISTA
Details
Location: Hougang Avenue 7
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Hougang (900 metres)
Year of Completion: 2004
Summary
Rio Vista is a residential development located along Hougang Avenue 7 in District 19. The development was completed around 2004 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby, including shops located within the development. The development is a 15-minute walk from the Hougang MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at Hougang Mall and Hougang Central just a short walk away.
RIO VISTA Transactions in February 2024
Floor/Unit | Resale Price | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#14-XX | 1,480,000 | 1,249 | 1185 | 844,370 | Feb-02 | 3.9% |
#13-XX | 1,403,000 | 1,249 | 1,124 | 799,090 | Mar-02 | 3.9% |
#04-XX | 1,310,000 | 1,249 | 1,049 | 630,000 | Oct-08 | 4.4% |
#15-XX | 1,420,000 | 1,249 | 1,137 | 475,000 | Jul-11 | 3.3% |
Source: PropNex Research, URA Realis
PARC RIVIERA
Details
Location: West Coast Vale
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (650 metres)
Year of Completion: 2019
Summary
Tucked in the edge of Clementi town is the Parc Riviera condominium – with 752 residential units across two 36-storey elevated towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. Parc Riviera offers its residents exceptional convenience, being located about 20 minutes from the city centre via the MRT and Ayer Rajah Expressway (AYE). Meanwhile, the Clementi MRT station takes commuters directly to employment hubs in Raffles Place, Bugis, Paya Lebar, and Jurong East. The development features modern facilities, including tennis court, function room, lap pool.
PARC RIVIERA Transactions in February 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#08-XX | 1,938,888 | 1,184 | 1,638 | 606,888 | Mar-17 | 5.6% |
#13-XX | 2,090,000 | 1,184 | 1,765 | 815,000 | Nov-16 | 7.1% |
#12-XX | 1,708,000 | 990 | 1,725 | 608,000 | Oct-17 | 7.3% |
#29-XX | 2,110,000 | 1,184 | 1,782 | 680,000 | Jan-18 | 6.7% |
#26-XX | 1,688,888 | 1,012 | 1,669 | 468,888 | Mar-17 | 4.9% |
#04-XX | 970,000 | 603 | 1,609 | 228,000 | May-17 | 4.0% |
Source: PropNex Research, URA Realis
D'LEEDON
Details
Location: Leedon Heights
Postal District: 10
Tenure: 99-year leasehold
Nearest MRT: Farrer Road (600 metres)
Year of Completion: 2014
Summary
D’Leedon is a mega condominium development located in the prime District 10. The massive 1,715-unit development, completed in 2014, was redeveloped from the former Farrer Court estate by CapitaLand. The project is known for its contemporary wavy silhouette designed by internationally-renowned architect Zaha Hadid. At over 36-storeys high, D’Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents commanding views over the nearby Botanic Gardens and the Bukit Timah Nature Reserve. Facilities include two large swimming pools, children pools, two clubhouses, and outdoor fitness facilities. It is also a short drive from the lifestyle commercial clusters of Dempsey Hill and Holland Village, with a myriad of dining and nightlife options. D’Leedon is 5 minutes’ walk from the Farrer Park MRT station on the Circle Line, offering convenient access to the city as well as to one-north. The development is also well-served by major roads and expressways.
D'LEEDON Transactions in February 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#10-XX | 2,500,000 | 1,356 | 1,843 | 400,000 | Jul-18 | 3.2% |
#14-XX | 2,320,000 | 1,216 | 1,907 | 626,020 | Dec-12 | 2.9% |
#08-XX | 2,650,000 | 1,356 | 1,954 | 548,700 | Apr-12 | 2.0% |
#30-XX | 3,435,888 | 1,755 | 1,958 | 1,021,888 | Aug-16 | 4.9% |
#30-XX | 2,300,000 | 1,216 | 1,891 | 415,380 | Feb-13 | 1.8% |
#34-XX | 2,880,000 | 1,399 | 2,058 | 521,000 | Jul-17 | 3.1% |
#18-XX | 1,525,000 | 786 | 1,941 | 281,100 | Dec-10 | 1.6% |
Source: PropNex Research, URA Realis
THE PANORAMA
Details
Location: Ang Mo Kio Avenue 2
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Mayflower (250 metres)
Year of Completion: 2017
Summary
The Panorama, a condominium project completed in 2017 is located in Ang Mo Kio, next to the serene Sembawang Hills landed estate in District 28. The residential development consists of four 17-storey towers and two 20-storey towers, with 698 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including CHIJ St. Nicholas Girls' School, Ang Mo Kio Primary School, and Mayflower Secondary School. The project is also situated close to a number of amenities, including the Mayflower Market and Food Centre, AMK Hub, Lower Pierce Reservoir and more. The project is less than 5 minutes’ walk to the Mayflower MRT station, on the newly-opened Thomson-East-Coast line (TEL), which takes commuters to the city, including Orchard Road, Shenton Way and Marina Bay.
THE PANORAMA Transactions in February 2024
Floor/Unit | Resale Price | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#09-XX | 2,025,000 | 1,012 | 2,001 | 811,216 | Jul-15 | 6.2% |
#04-XX | 2,250,000 | 1,130 | 1,991 | 917,248 | Mar-16 | 6.9% |
#04-XX | 830,888 | 452 | 1,838 | 172,158 | Mar-14 | 2.4% |
#06-XX | 865,000 | 474 | 1,826 | 271,088 | Jun-14 | 4.0% |
Source: PropNex Research, URA Realis
THE PALETTE
Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (500 metres)
Year of Completion: 2015
Summary
The Palette is a 99-year leasehold condominium located in Pasir Ris in District 18. Completed in 2015, it comprises 13 blocks with a total of 892 units, with unit types ranging from 1- to 5-bedroom units. The development is within walking distance to the Pasir Ris MRT interchange and Tampines North LRT stations, and is close to schools like Meridian Secondary School, MOE Kindergarten @ Elias Park, and Elias Park Primary School. Nearby supermarkets include Sheng Siong - Elias Mall Market Stalls and Sheng Siong - Pasir Ris Supermarket. The Palette offers a range of amenities including a BBQ area, clubhouse, fitness corner, gym, jacuzzi, lap pool, parking, playground, security, steam room, tennis court, and wading pool.
THE PALETTE Transactions in February 2024
Floor/Unit | Resale Price | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#03-XX | 1,540,000 | 1,152 | 1,337 | 533,890 | May-12 | 3.7% |
#06-XX | 1,495,000 | 1,066 | 1,403 | 559,520 | Apr-12 | 4.1% |
#08-XX | 1,438,000 | 1,066 | 1,349 | 453,000 | Jun-17 | 5.8% |
#08-XX | 1,590,000 | 1,152 | 1,381 | 420,000 | Oct-20 | 9.6% |
#12-XX | 1,650,000 | 1,163 | 1,419 | 588,040 | Aug-12 | 3.9% |
#01-XX | 1,650,000 | 1,335 | 1,236 | 652,060 | Nov-11 | 4.2% |
Source: PropNex Research, URA Realis
JEWEL @ BUANGKOK
Details
Location: Buangkok Drive
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Buangkok (200 metres)
Year of Completion: 2016
Summary
Jewel @ Buangkok is a residential development located along Buangkok Drive in District 19. The 616-unit development was completed around 2016 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby. The development is 5 minutes’ walk from the Buangkok MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at the recently opened Sengkang Grand Mall, Hougang Mall, and Hougang Central just a short walk away.
JEWEL @ BUANGKOK Transactions in February 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 1,940,000 | 1,206 | 1,609 | 513,500 | Apr-16 | 4.0% |
#05-XX | 1,130,000 | 689 | 1,640 | 338,750 | Jun-13 | 3.4% |
#01-XX | 2,000,000 | 1,335 | 1,498 | 662,750 | Jun-13 | 3.9% |
#09-XX | 1,903,888 | 1,141 | 1,669 | 544,138 | Jun-13 | 3.2% |
Source: PropNex Research, URA Realis
WATERTOWN
Details
Location: Punggol Central
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (50 metres)
Year of Completion: 2017
Summary
Watertown is a 1,001-unit development, located in the heart of Punggol in District 19, and right next to the Punggol Waterway river. Completed in 2017, it is Punggol's first integrated waterfront development. Its commercial podium Waterway Point mall is a lifestyle and retail hub that features alfresco waterfront dining and a cineplex. On top of being connected to the Waterway Point mall and Punggol MRT/LRT station, residents also can engage in sports and aquatic activities along Punggol waterway. The development comprises 11 residential towers ranging from 11 storeys to 14 storeys, with four different offerings – suites (1- and 2-bedroom units), SOHO (2- and 3-bedroom units), condominiums (2- and 3-bedroom units), and Sky Patio (2- , 3- and 4-bedroom) – to cater to different lifestyle needs.
WATERTOWN Transactions in February 2024
Source: PropNex Research, URA Realis
City centre and city fringe homes rake top gains
In February, the top gainers heralded from mostly Central Region homes, with the CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, six out of the top 10 transactions were for units in projects located in the CCR, four transactions are 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 $2.2 million to $7.07 million. In February 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 17 years and the longest being nearly 28 years.
Top 10 Resale Condo transactions in February 2024 by gross profit
Source: PropNex Research, URA Realis
It was found that the most profitable transaction for the month of February 2024 was for a 26th floor unit at Ardmore Park in the city centre, which fetched an eye-watering gross profit of more than $7 million (annualised profit of 2.9%) based on caveats lodged. The 2,885 sq ft apartment was sold for $12.9 million, with a holding period of more than 27 years. The freehold project in Newton (District 10) was built in 2001. The development is situated within the prestigious Ardmore cluster of high-end condominiums and a stone’s throw from the Orchard Road shopping belt.
The second top gainer in terms of gross profit was for a city fringe unit transacted in Peach Garden. The transaction was for a 6th floor unit that was resold for an estimated profit of $3.5 million, reflecting an annualised profit of 5.1%. Based on URA Realis caveat data, the unit was first bought in October 2000 and subsequently resold for $5.1 million in February 2024, with a holding period of more than 20 years. The project is one of Singapore’s older condo developments, being built in 1975. It is located in Marine Parade within District 15. The development is within walking distance to the upcoming Tanjong Katong MRT station along the Thomson-East-Coast Line (TEL) which will be completed later this year.
Another notable top gainer for the month was for a 16th-floor unit located in King’s Mansion. The 1,604 sq ft unit was sold for $3.2 mill
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