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July 20, 2022

Top 10 Resale Condos In June 2022: OCR Project Pulled In More Than $400,000 In Profit

Buoyed by healthy housing demand, suburban and city fringe resale condos have booked relatively decent gains in June 2022, based on data analysed by PropNex Research.

First, here’s a spiel about the methodology. The profit garnered for the units were derived by matching the condo resale transactions in June with their previous purchase prices; the average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than five transactions during the month are excluded from the study.

Suburban condo projects dominate Top 10 gainers list

By ranking of average profit, the top 10 projects in June comprised of mostly OCR and RCR projects, led by The Poiz Residences, located in Potong Pasir within the Rest of Central Region (RCR) – which recorded 5 resale transactions in the month - raking in a profit of $416,000 on average for each transaction. It was followed by Waterfront Gold, located in Bedok, within the Outside Central Region (OCR), which had an average profit of $413,000 per transaction. The only Core Central Region (CCR) project in the top 10 ranking was D’Leedon, which booked 7 transactions with an average profit of $185,000.

Top 10 Resale Condo projects^ in terms of average gross profit3

Source: PropNex Research, URA Realis

^projects with fewer than 5 transactions in the month are excluded from this analysis
1Profit is derived from the resale transaction for each unit against the unit’s last 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.
2Annualized profit 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 transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1
3Analysis was done based on available data from URA Realis

This trend is not surprising given the strong performance of city fringe and suburban homes in the resale and new launch market over the last six months. The dwindling supply of unsold private homes in the OCR as well as rising prices of new launches have channelled some buyers to the resale market, propping up prices in the process. Most of the projects in the top 10 list were recently completed projects, built between 2013 and 2018, except for Neptune Court which was completed in 1975.

It was observed that most of these projects have unique compelling attributes that makes them stand out to homebuyers, such as distinctive architecture concepts (The Interlace, d’Leedon), proximity to parks and waterways (Waterfront Gold, Neptune Court, Riverbank @ Fernvale), or convenient access to public transport and amenities (Watertown, The Poiz Residences, North Park Residences).

Here are details about the top 10 projects in June 2022:

THE POIZ RESIDENCES

Details

Location: 8-12 MEYAPPA CHETTIAR ROAD
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Potong Pasir (50 metres)
Year of Completion: 2018

Summary

The Poiz Residences is a mixed-use development located in District 13, situated right next to Potong Pasir MRT station. On top of being close to an MRT station, residents enjoy much added convenience at their doorstep, with many nearby eateries in the area and the commercial shopping options within the development. There are 84 commercial units in its retail podium and 731 residential units in the residential blocks above. The residential blocks have been designed with three distinct concepts – Suites, Urban and Habitat, which are marketed at specific demographic segments. The Poiz Residences also offers a good range of facilities such as a gymnasium, swimming pool and children’s pool.

Transactions in June 2022

Source: PropNex Research, URA Realis

WATERFRONT GOLD

Details

Location: 750-756 Bedok Reservoir Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok Reservoir (400 metres)
Year of Completion: 2014

Summary

Waterfront Gold is a waterfront residential development located along the banks of Bedok Reservoir. Residents enjoy pristine unblocked views of the reservoir’s calm, glistening waters which provide a tranquil sanctuary for one to return home to after a long work day. While the project is located away from the city, residents enjoy easy access to public transportation with the closest MRT station, Bedok Reservoir MRT Station, just 5 minutes’ walk away. 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.


Transactions in June 2022

Source: PropNex Research, URA Realis

THE INTERLACE


Details

Location: 180–200 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 - exceptional addition to the Singapore skyline. 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 8 individually themed courtyards, specifically designed to maximise air flow and natural light.

Located along Depot Road in Alexandra, The Interlace is within short walking distance of the Gillman Barracks, with its eclectic mix of dining options. Commuters can reach the city in less than 15 minutes. The Orchard Road shopping belt is also just a short drive away or a few stops on the MRT from the Labrador MRT station, which is a 10 minutes’ walk from the development.

Transactions in June 2022

Source: PropNex Research, URA Realis

D'NEST


Details

Location: 127-149 PASIR RIS GROVE
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (450 metres)
Year of Completion: 2017

Summary

d’Nest is a residential development nestled in the heart of Pasir Ris town. It consists 912 units spread over 12 blocks. d’Nest has a wide range of units ranging from cosy 1-bedroom units up to the spacious 5-bedroom penthouses and 6-bedroom dual-key units. In addition, residents have access to a wide range of facilities on site. D’Nest is under 10 minutes’ walk from the Pasir Ris MRT Station on the East West Line, the Pasir Ris Bus interchange as well as White Sands Shopping Mall, which provides numerous retail and dining options.

Transactions in June 2022

Source: PropNex Research, URA Realis

NEPTUNE COURT


Details

Location: 1-10 MARINE VISTA
Postal District: 15
Tenure: 99-year leasehold
Nearest MRT: Marine Terrace (800 metres)
Year of Completion: 1975

Summary

Neptune Court is a 99-year leasehold privatised HUDC development located in District 15. The 752-unit development was completed in the 1970s, as part of a pilot housing project for civil servants. Neptune Court 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 10-minute drive to Changi Airport and the Central Business District (CBD) via the ECP.

Transactions in June 2022

Source: PropNex Research, URA Realis

NORTH PARK RESIDENCES


Details

Location: 15-35 YISHUN CENTRAL 1
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Yishun (50 metres)
Year of Completion: 2018

Summary

Situated atop Northpoint City - the largest regional mall in the north of Singapore, North Park Residences is part of the successful mixed-use integrated development developed by Frasers Property. Residents enjoy unparalleled convenience, with direct access to the 400 retail and dining options in the mall as well as the public library and cineplex all housed under one roof. The development also seamlessly connects residents to Yishun MRT station on the North South Line as well as the Yishun bus interchange. North Park Residences consists of 920 residential units, ranging from 1-bedroom units and studio apartments, up to 5 bed units, with a wide range of configurations including dual key options.

Transactions in June 2022

Source: PropNex Research, URA Realis

PRINCIPAL GARDEN


Details

Location: 91-99 PRINCE CHARLES CRESCENT
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (650 metres)
Year of Completion: 2018

Summary

Tucked in a quiet enclave overlooking the Alexandra Canal and the prestigious Chatsworth Park Good Class Bungalow estate, Principal Garden – with 663 residential units across four elevated towers - sits on the fringe of River Valley. Its novel “80-20 garden living” concept creates a green and tranquil environment for its habitants. Despite the serene ambience, Principal Garden offers its residents exceptional convenience, being located less than 20 minutes’ away from the city centre. Redhill MRT station is less than a 10-minute walk away, which brings commuters directly to the CBD, Orchard Road or Raffles Place. The development also features many facilities, including tennis court, half basketball court and a 50-metre lap pool.

Transactions in June 2022

Source: PropNex Research, URA Realis

WATERTOWN


Details

Location: 61-81 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 99-year leasehold condominium development, located at the heart of Punggol in District 19 and right next to 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 cineplax. 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 the lifestyle needs.

Transactions in June 2022

Source: PropNex Research, URA Realis

RIVERBANK @ FERNVALE



Details

Location: 11-17 FERNVALE CLOSE
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Layar LRT (350 metres)
Year of Completion: 2017

Summary

Riverbank @ Fernvale, a modern condominium project completed in 2017, is located in the serene residential estate in Fernvale, a fairly new neighbourhood of Sengkang New Town within District 28. The residential development consists of four 19-storey towers, with 555 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom units up to 5-bedroom apartments as well as eight cabana units. Riverbank @ Fernvale overlooks both the Sungei Punggol and Sengkang Riverside Park. Additionally, it is within close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is a 5-minute walk from the Layar LRT station, which is a few stops from the Sengkang MRT interchange station.

Transactions in June 2022

Source: PropNex Research, URA Realis

D'LEEDON


Details

Location: 1-19 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 within 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. With over 36-storeys, d’Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents unrivalled 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. Being just a 5-minute walk from the Farrer Road MRT station on the Circle Line, residents can enjoy an easy commute to the CBD as well as to one-north. The development is also well-connected to the rest of the city via major roads and expressways such as the PIE and AYE.

Transactions in June 2022

Source: PropNex Research, URA Realis

Top individual gainers found in city centre

While OCR condominiums have been leading in terms of overall average profit by project, core central region condominium projects still pulled in bigger numbers in terms of profit quantum by individual deals. By ranking of gross profit, most of the top 10 transactions were for units in condominium projects in the CCR. The gross profits of the top 10 transactions ranged from $4.2 million to $1.82 million. The units were mostly sizeable large format condominium units that are more than 1,500 sq ft in size. The holding period for the top 10 resale properties were of varying lengths – the shortest being 6 years and the longest being more than 24 years.

Top 10 Resale Condo transactions in June 2022 by gross profit


Source: PropNex Research, URA Realis

It was found that the most profitable transaction for the month of June was for a twentieth-floor 4-bedroom penthouse unit at Valley Park which garnered a profit of more than $4.2 million. The unit was first bought for nearly $3.36 million in May 2006 and subsequently sold at $7.57 million in June 2022, with a holding period of nearly 16 years. After accounting for the holding period, the owner’s annualised profit was 5.2% per year. The 999-year leasehold condominium project was completed in 1997 and is located in the heart of River Valley.

While most of the top 10 transactions were located in the CCR, the only two RCR resale deals in the top 10 list were from the same project, The Waterside, a 30-year-old condominium located in Tanjong Rhu. The transactions were for the twentieth and ninth-floor units that were transacted for $4.27 million and $4.2 million - booking profits of $2.77 million and $2.3 million respectively.

Though the staggering profits raked in by the top 10 transactions may be enthralling to those thinking to buy into these projects, one should note that the profits are specific to that particular unit – in other words, a unit in the same project may not necessarily pull in similar numbers due to the different property attributes, entry prices and market conditions at the time of sale.

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