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December 28, 2022

Bungalow In Marine Parade Fetched $9.5 Million In Estimated Resale Gains In November

By Jean Choo

Landed homes in the city fringe and suburbs dominated top gainers list
Based on URA Realis caveat data, there were fewer than 100 landed homes transacted in November 2022, with a combined value of $491 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 landed homes in the suburbs, in towns such as Punggol, Serangoon 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 (overall)

The most profitable landed transaction in November was for a detached bungalow along Branksome Road. The District 15 property which was previously purchased for $4.8 million in July 2004, was sold for nearly $14.3 million by the owner, according to caveats lodged. This translates to a handsome profit of $9.48 million from the sale and an annualised profit of 6.1% over 18 years. The two-storey detached bungalow was constructed in 2005 and is located at the edge of the city fringe in Marine Parade. Homes in District 15 have been experiencing an uplift in their property values over the last few years due to the progressive gentrification of the area, as well as the development of the Thomson-East Coast line.

Top landed transaction with highest gains (Core Central Region)
Only one landed transaction in the Core Central Region made the top 10 list for the month of November. The transaction was for a 2-storey waterfront bungalow along Ocean Drive in Sentosa Cove in District 4 (Southern Islands). The property was sold for $16 million, with its last caveat being lodged in July 2009. The sale price is up by $7.5 million from the previous caveated price, with an annualised profit of 4.9% over a span of 13 years. The property is located within the prestigious Sentosa Cove gated community, which offers its residents exclusivity, as well as direct waterfront access. Amenities nearby include Resorts World Sentora, as well as VivoCity and Harbourfront Centre.

Top landed transaction with the highest gains (Rest of Central Region)
In November, the best performing landed transaction in the city fringe was the sale of a detached house along Jalan Wajek in District 21 (Bukit Timah). The property was sold for $10.38 million, up by $7.08 million from the last caveat lodged in October 2003 – this reflects an annualised profit of 6.2% over a period of close to 20 years. The 2-storey detached house sits on a plot of over 5,800 sq ft and is situated close to amenities such as Bukit Timah Plaza and malls in Beauty World, as well as the rail corridor park connector.

The other city fringe landed deal which made the top 10 rankings in November was for a terrace house property along Lorong Stangee in District 15. The property fetched an estimated gain of $3.98 million with a holding period of about 4 years, representing an annualised profit of 17.6%. The property was sold for $7.68 million in November, almost double of the purchase price in April 2018, the date of the last recorded caveat. It is situated within close proximity to the East Coast shophouse enclave with numerous amenities as well as malls such as Katong Shopping Centre, i12 Katong, Roxy Square and Parkway Parade.

Top landed transactions in gains achieved (Outside Central Region)
In November, six out of the top 10 most profitable landed transactions were in the suburbs or Outside Central Region (OCR). The most profitable deal in the suburbs was for a 2-storey corner detached house located along Ponggol Twenty-fourth Avenue. The 999-leasehold property was sold for $7.8 million, up by nearly $5.18 million from the last caveat lodged in June 2009 – this reflects an annualised profit of 8.5% over a span of 13 years. The detached house sits on a plot with a land size of over 7,400 sq ft, which reflects a unit price of $1,051 psf on land area. The property is part of the Verdure Villas landed project which comprises six detached bungalows. It is located in the north of Singapore, just a 5-minute walk to the Punggol settlement, Punggol waterway park and jetty.

The next most profitable transaction in the suburbs was for a semi-detached property at Saraca View. The freehold semi-detached property is tucked away in a quiet landed estate of Saraca Gardens in Serangoon. It was sold for $6.98 million, which represents an estimated gain of $5.08 million from its last caveat lodged in July 2007. With a holding period of more than 15 years, it translates to an annualised gain of 8.9% per year. Despite being located further from commercial amenities, the estate offers its residents a quiet respite from the hustle and bustle of the city.

Another noteworthy landed deal in the suburbs in November was for a terrace house along Carisbrooke Grove in District 19 within the Serangoon Gardens estate. The property fetched an estimated gain of $4 million with a holding period of nearly 3 years – reflecting an impressive annualised profit of 37.4%. The property was sold for $7 million in November, more than double the purchase price in March 2020, the date of the last recorded caveat.

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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