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December 07, 2022

Waterfront Bungalow at Sentosa Cove Fetched $9 Million in Estimated Gains

By Jean Choo

Landed homes in the fringe and suburbs dominate top gainers list

Based on caveated data, there were more than 100 landed homes transacted in October 2022, with a combined value of $547 million. Upon analysis of each transaction and their respective gains, most deals had been profitable. In a ranking by gross profit garnered, the list of top 10 transactions consisted mostly of landed homes in the suburbs, in towns such as Bukit Timah, Hougang and Marine Parade.

Top 10 resale landed transactions in terms of estimated gains*

Source: PropNex Research, URA Realis

*Gains are derived from the resale transaction for each unit against the unit’s last caveated transaction. The gains reflected is gross – it has not accounted for the applicable seller’s stamp duties, interest payable, taxes and other relevant divestment costs.
**Annualised gain 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

Top landed transaction with highest gains (Core Central Region)

The most profitable landed transaction in October was for a 2-storey Good Class Bungalow (GCB) along Oriole Crescent, within the exclusive Raffles Park GCB estate in District 11 (Bukit Timah). The property was sold for $23.5 million, with its last caveat being lodged in April 2017. The sale price is up by $9.5 million from the previous caveated price, with an annualised profit of 10% over a span of 5 years. The property is situated within close proximity to the famous trifecta of Bukit Timah’s most popular schools, comprising Hwa Chong Institution, Nanyang Girls’ School and Raffles Girls’ Primary School. It also is well-served by major roads such as Bukit Timah Road, Bukit Timah Road and Farrer Road which take commuters to the Orchard Road shopping belt within 5 minutes and the Central Business District within 10 minutes.

The next most profitable transaction in the CCR was for a 2-storey waterfront bungalow along Cove Grove in Sentosa Cove at District 4 (Southern Islands). The property was sold for $21 million, with its last caveat being lodged in April 2018. The sale price is up by $9 million from the previous caveated price, with an annualised profit of 13.2% over a span of 4 years. The property is located within the prestigious Sentosa Cove gated community, which offers its residents luxurious exclusivity, as well as direct waterfront access with private yacht berths attached to each waterfront bungalow. Residents can also enjoy much added convenience to the many shopping and entertainment options at Sentosa Resorts World as well as the commercial amenities at VivoCity and Harbourfront Centre which are just a mere 5-minute drive away.

Top landed transaction with the highest gains (Rest of Central Region)
For the month of October, the best performing landed transaction in the city fringe was the sale of a detached house along Carmichael Road in District 13 (Toa Payoh). The property was sold for $7 million, up by nearly $5.6 million from the last caveat lodged in August 2002 – this reflects an annualised profit of 8.1% over a period of more than 20 years. The 2-storey detached house sits on a plot of over 5,600 sq ft and is well served by major roads such as Braddell Road and the Central Expressway. Despite being located further from commercial amenities, the estate offers its residents quiet respite from the hustle and bustle of the city.

Another noteworthy landed deal in the city fringe for the month of October was for a semi-detached property along Eng Kong Garden. The property at Eng Kong Park estate fetched an estimated gain of $4.15 million within less than 2 years of purchasing the property. The short holding period of less than 2 years chalks up an annualized profit of 44.7%. The property was sold for $8.43 million in October, almost double of the purchase price in December 2020, the date of the last recorded caveat. The original dwelling was torn down and rebuilt into a brand new 3-storey semi-detached property. Construction was just recently completed this year – the newly built status of the property may have attributed to the remarkable price appreciation within a short time-frame.

Top landed transactions in gains achieved (Outside Central Region)
In October, the top 2 most profitable suburban or OCR landed deals were for properties located within the up-and-coming town of Kovan in district 19. Demand for properties in Kovan have been gaining traction amongst many young buyers and families due to its convenient accessibility and a myriad of commercial amenities including the Heartland Mall, Kovan City, popular eateries along Upper Serangoon Road and Simon Road, Kovan Market and Food Centre amongst others.

The most profitable deal in the suburbs was for a 2-storey detached house located along Kovan Road. The property was sold for $11.1 million, up by nearly $8.5 million from the last caveat lodged in May 2004 – this reflects an annualised profit of 8.2% over a span of 18 years. The detached house sits on a plot with a land size of over 4,200 sq ft, which reflects a unit price of $1,269 psf on land area. The property is located just a 5 to 10 minutes’ walk away from Kovan MRT station.

The second most profitable transaction was for a semi-detached property at Jalan Teliti. The property was sold for $7.9 million, which represents an estimated gain of $4.1 million from its last caveat lodged in September 2012. With a holding period of more than 10 years, it represents an annualized gain of 7.5% per year. The property is located just less than 5 minutes away from Kovan MRT station as well as the surrounding commercial amenities.

If you are looking for high-end or luxury landed homes in Singapore, contact PropNex’s GCB Prestige Landed Services team today for buying opportunities and insights on the landed residential property market.

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