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April 17, 2024
Condo In Keppel Bay Booked Gains Of More Than $1 Million On Average In March
Jean Choo
Senior Research Analyst at PropNex Realty
A city fringe condo project in District 4 – Carribean at Keppel Bay – chalked up average resale gains of more than $1 million across five resale transactions in March. The top 10 most profitable projects in the month of March 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 March 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.
Suburban Condos top list of most profitable projects in March
Amidst a pick-up in developers’ sales, transactions in the resale market also gained some momentum in March, with more than 700 condo units being resold during the month – as more opportunistic buyers enter the market to take advantage of the soft market sentiment. In March, the top 10 most profitable projects had average profits ranging from $390,000 to $1,070,000. By a ranking of the average profit, three projects are in the Rest of Central Region (RCR), six 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*
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, Highline Residences), close to an MRT station (Botanique at Bartley, Seasons Park), or are newly-completed developments (Parc Esta, Forest Woods).
Here are some details about the top 10 projects in March 2024:
CARIBBEAN AT KEPPEL BAY
Details
Location: Keppel Bay Drive
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Harbourfront (720 metres)
Year of Completion: 2004
Summary
Caribbean At Keppel Bay is a residential waterfront development in District 4, situated along Keppel Bay. The condominium is located between the Harbourfront MRT interchange and Telok Blangah MRT station. On top of enjoying views of the scenic Keppel Bay, residents can also enjoy much added convenience, with many commercial shopping options within close proximity, such as Vivocity and Harbourfront Centre, as well as being just 5 minutes’ drive from the Sentosa Island. The project was completed in 2004 and has some 969 residential units in the residential blocks, with a wide range of facilities such as a fitness corner, game room, jacuzzi, lap pool, multi-purpose hall, playground, swimming pool, clubhouse, function room, gymnasium room, jogging track, lounge, pavilion, sauna and wading pool.
CARIBBEAN AT KEPPEL BAY Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#06-XX | 1,780,000 | 893 | 1,992 | 998,800 | Nov-00 | 3.6% |
#02-XX | 2,308,888 | 1,281 | 1,803 | 1,238,888 | Jan-07 | 4.6% |
#02-XX | 2,280,000 | 1,227 | 1,858 | 450,000 | May-11 | 1.7% |
#07-XX | 2,548,888 | 1,356 | 1,879 | 1,348,888 | Apr-06 | 4.3% |
#07-XX | 2,550,000 | 1,356 | 1,880 | 1,293,600 | Oct-00 | 3.1% |
SEASONS PARK
Details
Location: Yio Chu Kang Road
Postal District: 26
Tenure: 99-year leasehold
Nearest MRT: Lentor (250 metres)
Year of Completion: 1997
Summary
Seasons Park, a condominium project that was constructed in 1997, is located in the suburbs in District 26. The project consists of 390 units across five blocks consisting of three unit-types – 2-, 3- and 4-bedroom units. It is a 5-minute walk from the Lentor MRT station on the Thomson-East Coast Line, which takes residents to the city in less than 20 minutes. Seasons Park is ideal for those seeking housing options in a less central part of the city, where they can enjoy a more peaceful environment coupled with excellent accessibility and proximity to plenty of amenities.
SEASONS PARK Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#13-XX | 2,050,000 | 1,550 | 1,323 | 700,000 | Sep-12 | 3.7% |
#04-XX | 1,228,888 | 1,066 | 1,153 | 540,944 | Mar-96 | 2.1% |
#07-XX | 1,180,000 | 1,044 | 1,130 | 340,000 | Jun-18 | 6.1% |
#03-XX | 1,660,000 | 1,249 | 1,329 | 652,000 | May-17 | 7.7% |
#07-XX | 1,608,000 | 1,249 | 1,288 | 890,000 | Sep-09 | 5.7% |
BOTANIQUE AT BARTLEY
Details
Location: Upper Paya Lebar Road
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Bartley (340 metres)
Year of Completion: 2019
Summary
Botanique at Bartley is a large residential development located on the edge of bustling Serangoon town in District 19. Its 797 units are split over nine 17-storey blocks with a unit mix ranging from 1, 2 and 3 bed configurations. Botanique at Bartley is located just 3 minutes’ walk from Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily retail needs, residents can head to Serangoon and Tai Seng which are just a short train ride away. Being on the city-fringe and close to the MRT station, this project has been popular with a number of young working professionals and foreign expatriates. It is also well connected by major expressways, with the CBD and Orchard Road shopping belt a mere 15-minute drive away.
BOTANIQUE AT BARTLEY Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#11-XX | 1,425,800 | 732 | 1,948 | 481,800 | Nov-15 | 5.1% |
#12-XX | 1,487,500 | 732 | 2,032 | 387,500 | Dec-20 | 10.0% |
#02-XX | 1,950,000 | 1,033 | 1,887 | 579,000 | Apr-15 | 4.1% |
#06-XX | 1,900,000 | 1,033 | 1,839 | 534,000 | Jun-15 | 3.9% |
#08-XX | 1,480,000 | 732 | 2,022 | 534,000 | Apr-15 | 5.1% |
#14-XX | 2,050,000 | 1,033 | 1,984 | 642,000 | Oct-15 | 4.6% |
FOREST WOODS
Details
Location: Lorong Lew Lian
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (300 metres)
Year of Completion: 2020
Summary
Forest Woods is a residential development located along Lorong Lew Lian in District 19. The development was completed around 2020 and is conveniently located at the heart of Serangoon, with plenty of amenities nearby, including shops located within the development. The development is a 5-minute walk from the Serangoon MRT station on the North-East Line (NEL) and Circle Line. Residents will not need to venture far to fulfil their daily needs, with amenities at NEX Mall just a short walk away.
FOREST WOODS Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#07-XX | 1,433,000 | 732 | 1,958 | 381,000 | Mar-17 | 4.6% |
#05-XX | 1,938,000 | 980 | 1,979 | 603,000 | Nov-16 | 5.3% |
#06-XX | 1,780,000 | 915 | 1,945 | 548,000 | Oct-16 | 5.1% |
#03-XX | 1,765,000 | 904 | 1,952 | 508,000 | Oct-16 | 4.7% |
TERRASSE
Details
Location: Terrasse Lane
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Kovan (1,100 metres)
Year of Completion: 2014
Summary
Terrasse is a residential development located along Terrasse Lane in District 19. The 414-unit development was completed around 2014 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby. The development is 15 minutes’ walk from the Kovan MRT station on the North-East Line (NEL) and will be just a short 5 minutes’ walk away from the upcoming Serangoon North MRT station on the Cross-Island Line. Residents will not need to venture far to fulfil their daily needs, with amenities at the cluster of shophouses in Kovan and Heartland Mall.
TERRASSE Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#03-XX | 1,185,000 | 807 | 1,468 | 247,000 | May-18 | 4.1% |
#03-XX | 1,680,000 | 1,109 | 1,515 | 526,600 | Jun-11 | 3.0% |
#02-XX | 1,214,000 | 893 | 1,359 | 184,000 | Sep-16 | 2.2% |
#05-XX | 2,360,000 | 1,819 | 1,297 | 862,600 | Jun-11 | 3.6% |
RIVERSOUND RESIDENCE
Details
Location: Sengkang East Avenue
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Kangkar LRT (250 metres), Buangkok (1,100 metres)
Year of Completion: 2015
Summary
Riversound Residence is a residential development located along Sengkang East Avenue in District 19. The 590-unit development was completed around 2016 and is conveniently located at the edge of SengKang and Hougang, with plenty of amenities nearby. The development is 15 minutes’ walk from the Buangkok MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at the recently opened Sengkang Grand Mall and Rivervale Mall
RIVERSOUND RESIDENCE Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#09-XX | 1,245,000 | 947 | 1,314 | 375,000 | Mar-12 | 3.1% |
#13-XX | 1,550,000 | 1,163 | 1,333 | 380,000 | Nov-20 | 9.0% |
#14-XX | 1,780,000 | 1,367 | 1,302 | 516,000 | Apr-12 | 2.9% |
#07-XX | 1,368,000 | 1,066 | 1,284 | 429,000 | Apr-12 | 3.2% |
#16-XX | 1,258,000 | 904 | 1,391 | 400,000 | Jun-13 | 3.6% |
D'LEEDON
Details
Location: Leedon Heights
Postal District: 10
Tenure: 99-year leasehold
Nearest MRT: Farrer Road (600 metres)
Year of Completion: 2014
Summary
D’Leedon is a mega condominium development located in the prime District 10. The massive 1,715-unit development, completed in 2014, was redeveloped from the former Farrer Court estate by CapitaLand. The project is known for its contemporary wavy silhouette designed by internationally-renowned architect Zaha Hadid. At over 36-storeys high, D’Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents commanding views over the nearby Botanic Gardens and the Bukit Timah Nature Reserve. Facilities include two large swimming pools, children pools, two clubhouses, and outdoor fitness facilities. It is also a short drive from the lifestyle commercial clusters of Dempsey Hill and Holland Village, with a myriad of dining and nightlife options. D’Leedon is 5 minutes’ walk from the Farrer Park MRT station on the Circle Line, offering convenient access to the city as well as to one-north. The development is also well-served by major roads and expressways.
D'LEEDON Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#30-XX | 2,880,000 | 1,399 | 2,058 | 600,000 | Jul-16 | 3.1% |
#03-XX | 1,899,000 | 1,055 | 1,800 | 397,660 | Jan-13 | 2.1% |
#28-XX | 2,000,000 | 1,076 | 1,858 | 250,000 | May-18 | 2.3% |
#24-XX | 1,300,000 | 635 | 2,047 | 197,500 | Jun-12 | 1.4% |
#12-XX | 1,885,000 | 1,076 | 1,751 | 326,320 | Jan-13 | 1.7% |
#32-XX | 3,150,000 | 1,539 | 2,046 | 858,000 | Nov-16 | 4.4% |
#04-XX | 1,188,000 | 603 | 1971 | 297,600 | Dec-10 | 2.2% |
PARC ESTA
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT Station on the East-West Line - just several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized profit (%) |
#13-XX | 1,405,000 | 635 | 2,212 | 261,000 | Mar-20 | 5.3% |
#12-XX | 1,645,000 | 743 | 2,215 | 347,000 | May-20 | 6.5% |
#15-XX | 2,550,000 | 1,119 | 2,278 | 642,000 | Jul-20 | 8.2% |
#16-XX | 940,000 | 420 | 2,239 | 118,000 | Jun-20 | 3.7% |
#11-XX | 2,310,000 | 1,033 | 2,235 | 594,000 | Feb-20 | 7.6% |
Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (450 metres)
Year of Completion: 2017
Summary
D’Nest is a residential development nestled in the heart of Pasir Ris town. It consists 912 units spread over 12 blocks. D’Nest has a wide range of units ranging from 1-bedroom units to 5-bedroom penthouses and 6-bedroom dual-key units. In addition, residents have access to a wide range of facilities on site. D’Nest is under 10 minutes’ walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris bus interchange as well as White Sands Shopping Mall, which provides numerous retail and dining options.
D'NEST Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#02-XX | 950,000 | 753 | 1,261 | 232,560 | Apr-13 | 2.6% |
#06-XX | 1,360,000 | 936 | 1,452 | 405,440 | Apr-13 | 3.3% |
#02-XX | 1,045,000 | 753 | 1,387 | 323,500 | Apr-13 | 3.5% |
#12-XX | 1,875,000 | 1,270 | 1,476 | 594,240 | Mar-16 | 4.9% |
HIGHLINE RESIDENCES
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Details
Location: Kim Tian Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Tiong Bahru (150 metres), Havelock Road (300 metres)
Year of Completion: 2018
Summary
Highline Residences is a 500-unit development, located in the heart of Tiong Bahru in District 3. Completed in 2018, the development enjoys unparallel convenience, being just a short walking distance to Tiong Bahru MRT station on the East-West line as well as Havelock Road MRT station on the Thomson-East-Coast line. The development comprises two 36-storey residential towers, unit types ranging from 1-bedroom units to 4-bedroom units – to cater to different lifestyle needs. Residents do not need to travel far to satisfy their retail and daily household needs, with plenty of amenities in the vicinity, including Tiong Bahru Plaza.
HIGHLINE RESIDENCES Transactions in March 2024
Source: PropNex Research, URA Realis
City centre homes dominate top individual gainers
In March, 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, seven out of the top 10 transactions were for units in projects located in the CCR, three 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 $1.96 million to $3.41 million. In March the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,300 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 15 years and the longest being nearly 25 years.
Top 10 Resale Condo transactions in March 2024 by gross profit
Source: PropNex Research, URA Realis
It was found that the most profitable transaction for the month of March 2024 was for a 3rd floor unit at Trevose Park in the city centre, which fetched a gross profit of more than $3.4 million (annualised profit of 4.9%) based on caveats lodged. The 2,788 sq ft apartment was sold for $5.2 million, with a holding period of more than 22 years. The freehold project in Novena (District 11) was built in 1991. The development is located just opposite of the St Joseph Institution and Raffles Country Club. The development is also within walking distance to the Stevens MRT station along the Downtown Line (DTL).
The second top gainer in terms of gross profit was for a city centre unit transacted in Tanglin Park. The transaction was for a 8th floor unit that was resold for an estimated profit of $2.7 million, reflecting an annualised profit of 5.4%. Based on URA Realis caveat data, the unit was first bought in July 2004 and subsequently resold for $4.2 million in March 2024, with a holding period of nearly 20 years. The project is an older condominium project, being built in 1988. The development is situated within the prestigious enclave of international embassies and just a stone’s throw from the Orchard Road shopping belt.
Another notable top gainer for the month was for a 5th-floor unit located in One Amber. The 1,302 sq ft unit was sold for $2.88 million, achieving an estimated profit of $1.96 million which reflects a decent annualised profit of 6.9% over a holding period of over 17 years. This freehold project was completed in 2010 and is situated right next to the upcoming Tanjong Katong MRT station along the TEL.
Gains garnered by resale transactions remain muted, as downside risks persist amidst the modest economic growth outlook, market uncertainties, elevated interest rates. With interest rate cuts set to come in the second half of the year, resale activity and gains should pick up in the coming months.
