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September 21, 2022

Top 10 Resale Condos in August 2022: OCR Condo Project in Simei Pulled in More Than $660,000 in Gains

Supported by healthy housing demand, resale condos in the suburbs and city fringe have garnered relatively decent gains in August 2022, 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 August 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 five transactions during the month are excluded from the study.

Suburban condo projects dominate Top 10 gainers list
By ranking the average profit, the top 10 projects in August comprised mostly Outside Central Region (OCR) projects. The top most profitable project, Double Bay Residences, a condominium project in Simei, recorded six resale transactions in the month, achieving gains of more than $660,000 on average for each transaction. It was followed by The Minton in Serangoon, also in the OCR, which had an average profit of more than $420,000 per transaction.

Top 10 Resale Condo projects^ in terms of average gross profit*

Source: PropNex Research, URA Realis

^projects with fewer than 5 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.
#Annualized 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

Resale prices and volume of resale transactions have been tempered in the month of August, owing to the Hungry Ghost Month, which typically has buyers holding off on property viewings and purchases. Consequently, it was observed that average gross profits gained for resale transactions have become muted compared to previous months. For instance, D’leedon, a project which has been featured on the top 10 list for July 2022, saw average profits shrink to $170,000 in August, compared to the $640,000 in average gains in July.

Nine out of the top 10 projects were built between 2012 and 2020. Unsurprisingly, most of the projects that made the top 10 list were developments that have desirable locational attributes which contribute to price resiliency, such as being located on the city fringe or close to an MRT station (D’Leedon, Double Bay Residences, Coco Palms, Sky Vue, Queens Peak, Alex Residences, Watertown).

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

DOUBLE BAY RESIDENCES

Details
Location: Simei Street 4
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (300 metres)
Year of Completion: 2012

Summary
Double Bay Residence is a leasehold condominium development in Simei Street 4 in District 18. The project is developed by UOL Group and comprises a total of 646 units. It located just 5 minutes’ walk to the Simei MRT station on the East-West Line. Commuters can reach the Changi Airport and Expo within a few short stops, while the Central Business District is about 20 minutes away via MRT. Within the development, residents can enjoy a wide range of facilities including a basketball court, club house, lounge, Jacuzzi, lap pool, library, gaming room, karaoke and fitness corner.

Transactions in August 2022

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 located at Hougang Street 11 in District 19. It is a newly developed mega condominium project - completed in 2013 with a total of 1,145 units. It is conveniently located within the heart of Serangoon and Lorong Ah Soo, just 15 minutes’ walk from the Serangoon MRT station – an interchange between the North-East Line (NEL) and the Circle Line (CCL) – which renders travel to any part of Singapore relatively hassle-free. Residents will not need to go far to fulfil their daily needs and retail therapy, with NEX - the largest mall in the north east – just a short stroll from the project.

Transactions in August 2022

Source: PropNex Research, URA Realis

COCO PALMS

Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (250 metres)
Year of Completion: 2018

Summary
Coco Palms is a large residential project located in Pasir Ris Grove in District 18. Developed by CDL, the project was completed in 2018. Its 944 residential units range from 1-bedders to 5-bedroom apartments and penthouses. The project features a wide of facilities on-site, and six retail units. Coco Palms is just an 8-minute walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris Bus interchange as well as the White Sands Shopping Mall, which provides numerous retail and dining options.

Transactions in August 2022

Source: PropNex Research, URA Realis

THE BAYSHORE

Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Bayshore (Under construction, 125 metres)
Year of Completion: 1996

Summary
The Bayshore is a 1,038-unit mega residential development built by Far East Organization in 1996. The closest MRT station, Bedok station is located 15 minutes’ walk away, though residents will enjoy greater convenience in the near future when the Bayshore MRT Station opens. 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 also a short 15-minute drive to the Changi Airport and the CBD via the ECP. Residents can take advantage of the full range of condominium facilities including barbeque area, driving range, game room, jacuzzi, playground, sauna, swimming pool, billiards room, clubhouse, function room, and gymnasium.

Transactions in August 2022

Source: PropNex Research, URA Realis

SKYVUE

Details
Location: Bishan Street 15
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (150 metres)
Year of Completion: 2016

Summary
Sky Vue is an award-winning residential development located in the city fringe within District 20. Its 694 units, made up of 1, 2 and 3-bedroom apartments as well as eight penthouses, are spread across two sleek terraced 37-storey towers with connecting sky bridges between them. On the highest floor sits several open-air facilities, namely the Sky Lounge, Sky Gym, Sky Walk and Sky Dream, which offers panoramic views of the surrounding areas. The project is a 3-minute walk from Bishan MRT interchange station on the North-South and Circle Lines which take commuters to the city and Orchard Road is just 10 to 15 minutes by train. The Junction 8 mall is just 3 minutes’ walk from the development, which was completed in 2016 and developed by CapitaLand.

Transactions in August 2022

Source: PropNex Research, URA Realis

QUEENS PEAK

Details
Location: Dundee Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (110 metres)
Year of Completion: 2020

Summary
Tucked directly behind the Queenstown MRT station sits Queens Peak condominium – with 736 residential units across two 44-storey elevated towers. It comprises a unit mix ranging from cosy 1-bedroom apartments up to 3-, 4- and 5-bedroom units, as well as spacious penthouse suites. Queens Peak offers its residents exceptional convenience, being located less than 15 minutes’ away from the city centre. The Queenstown MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East.

Transactions in August 2022

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 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 Park MRT station on the Circle Line, residents can enjoy an easy commute to the city as well as to one-north. The development is also well-connected to the rest of the city viamajor roads and expressways such as the PIE and Ayer Rajah Expressway (AYE).

Transactions in August 2022

Source: PropNex Research, URA Realis

PARC OLYMPIA

Details
Location: Floral Drive
Postal District: 17
Tenure: 99-year leasehold
Nearest MRT: Tampines East (950 metres)
Year of Completion: 2015

Summary
Parc Olympia is a 482-unit 99-year leasehold condominium development, located at the edge of Tampines town in District 17. Completed in 2015, the project is less than 10 minutes away from Changi Airport and the Singapore Expo. Residents who need their retail therapy can head to Changi City Point or Jewel at Changi Airport. Parc Olympia is ideal for residents seeking housing options in a less central part of the city, where they can enjoy a more peaceful environment coupled with excellent accessibility and proximity to plenty of amenities. In addition, residents have access to a wide range of facilities on-site - barbeque area, fun pool, gymnasium room, pavilion, steam bath, fitness corner, function room, lap pool, playground, spa pool and tennis courts.

Transactions in August 2022

Source: PropNex Research, URA Realis

ALEX RESIDENCES

Details
Location: Alexandra View
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (300 metres)
Year of Completion: 2017

Summary
Alex Residences is a residential development in the heart of Redhill. It comprises 429 units within a single 40-storey tower. The project offers a bird’s eye view of the Singapore city landscape as well as Sentosa Island. Besides a party lounge, dining pavilion and sky pool on the 40th floor, there are other facilities such as a family swimming pool, a putting green, chess garden and a gymnasium on the second floor. Alex Residences is located a stone’s throw from the Redhill MRT station, on the East West Line, offering its residents convenience, being located less than 20 minutes’ away from the city centre and Orchard Road.

Transactions in August 2022

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 99-year leasehold condominium development, located at 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.

Transactions in August 2022

Source: PropNex Research, URA Realis

Top individual gainers in city centre
While suburban condominiums have been leading in terms of overall average profit by project, Core Central Region (CCR) 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 – based on caveats lodged - ranged from $2.08 million to $5.5 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 varies – the shortest being 11 years and the longest being nearly 25 years.

Top 10 Resale Condo transactions in August 2022 by gross profit

Source: PropNex Research, URA Realis

It was found that the most profitable transaction for the month of August 2022 was for a 24th-floor 4-bedroom unit at Regency Park which garnered a profit of $5.5 million. Based on caveat records from URA Realis, the unit was first bought for nearly $5.5 million in April 1998 and subsequently sold for $14.1 million in August 2022, with a holding period of 24 years. After accounting for the holding period, the owner’s annualised profit was 3.9% per year. The freehold condominium project was completed in 1990 and is located in the city fringe, near the exclusive Chatsworth Park landed housing area.

Meanwhile, the second and third most profitable transactions in August are also located within the vicinity of the top transacted unit, in the River Valley and Orchard planning areas. A 24th-floor 4-bedroom unit in Yong An Park and another 5-bedroom penthouse unit on the 36th floor in Tomlinson Heights were sold for profits of $4.86 million and $4.7 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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