Bedok Reservoir Condo Project Booked Gains Of More Than $920,000 On Average In January

Bedok Reservoir condo project booked gains of more than $920,000 on average in January

A suburban Bedok condo project – The Clearwater – chalked up average resale gains of more than $920,000. In January, several resale condos in the suburbs and city fringe have garnered relatively decent profits amid resilient demand for homes, 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 January 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 and city fringe condo projects dominate Top 10 gainers list
The volume of resale transactions continued to ease in January, with 430 resale condos being transacted during the month owing to slower market activity during the Chinese New Year period. In January, the top 10 most profitable projects had average profits ranging from $294,000 to nearly $1.4million.

By ranking of the average profit, the top 10 projects in January 2023 comprised mostly Outside Central Region (OCR) and Rest of Central Region (RCR) projects. Only one project in the Core Central Region (CCR) made the top 10 rankings and it was also the top ranking project for the month, The Marbella, a condominium development in Bukit Timah, recorded three resale transactions in the month, achieving gains of about $1.4 million on average for each transaction.

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

^projects with fewer than 3 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 the central region (The Marbella, Signature Park, Carribean at Keppel Bay) or close to an MRT station (Ascentia Sky, Citylights, The Clearwater, A Treasure Trove).

Here are some details about the top 10 projects in January 2023:

THE MARBELLA

Details

Location: Mount Sinai Rise
Postal District: 10
Tenure: Freehold
Nearest MRT: Dover (250 metres)
Year of Completion: 2005

Summary

The Marbella, a condominium project that was completed in 2005, is located at the edge of Holland Village in District 10. The residential development consists of three 24-storey towers, with 239 units. Residents are spoilt for choices in terms of amenities and food options at nearby Holland Village, The Star Vista, Clementi Mall, and the Clementi Market and Food Centre. Residents also enjoy excellent connectivity with the Dover MRT station just 5 minutes’ walk away - taking commuters to the city in under 20 minutes. Families with school-going children will also be happy to know that the project is in close proximity to a number of well-known schools such as Singapore Polytechnic, United World College of South East Asia, Anglo-Chinese School, and Anglo-Chinese Junior College.

SIGNATURE PARK

Details

Location: Toh Tuck Road
Postal District: 21
Tenure: Freehold
Nearest MRT: Beauty World (800 metres)
Year of Completion: 1997

Summary

Signature Park, a sprawling mega condominium project that was completed in 1998 by City Developments Limited, is located at the edge of Bukit Timah in District 21. The freehold residential development consists of eleven 8- and 10-storey towers, with a total of 928 units. The project features three different unit types, namely 2-, 3-, and 4-bedroom units. There are plenty of amenities and food options nearby at the commercial precinct of Beauty World. Residents also enjoy excellent connectivity, with the Beauty World MRT station just 10 minutes’ walk away – one stop from the King Albert Park station which will be linked to the future Cross Island Line. Families with young school-going children will also be happy to know that the project is within close proximity to a number of schools such as The European School, Pei Hwa Presbyterian Primary School, Keming Primary School, and Bukit Timah Primary School.

THE CLEARWATER

Details

Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok Reservoir (180 metres)
Year of Completion: 2001

Summary

The Clearwater is a 420-unit residential development along Bedok Reservoir View. Residents enjoy unblocked views of the Bedok Reservoir. The closest MRT station, Bedok Reservoir station is just right next to the project, offering residents much convenience. It is also well-served by major expressways including the Pan Island Expressway (PIE). It is a short 15-minute drive to the Changi Airport and the Central Business District (CBD) via the PIE. Residents can also take advantage of the full range of condominium facilities including the lap pool, a wading pool for children, tennis courts, gymnasium and barbeque pits.

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.

THE ESTUARY

Details

Location: Yishun Avenue 1
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Khatib (750 metres)
Year of Completion: 2013

Summary

Situated at the edge of Khatib town sits the 608-unit project, The Estuary. The 99-year leasehold project was completed in 2013 and has a view of the Seletar Reservoir, where residents may head over for leisure and recreational sports. The development is also just a 10-minute walk away from Khatib MRT station on the North South Line, taking residents to the city within 20 minutes. It consists of 608 residential units, ranging from 1-bedroom to 4-bedroom units.

ASCENTIA SKY

Details

Location: Alexandra View
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (110 metres)
Year of Completion: 2014

Summary

Tucked directly behind the Redhill MRT station is Ascentia Sky condominium – with 373 residential units across two 45-storey elevated towers. It comprises a unit-mix ranging from cosy 2-bedroom apartments to 3-, 4- and 5-bedroom units. Ascentia Sky offers its residents exceptional convenience, being located about 10 minutes from the city centre via the MRT. Redhill MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East within 20 minutes.

RIVERTREES RESIDENCES

Details

Location: Fernvale Close
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Layar LRT (400 metres)
Year of Completion: 2017

Summary

Rivertrees Residences, a modern condominium project completed in 2017 by Frasers Centrepoint Limited, 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 five 20-storey towers, with 495 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments, as well as eight cabana units. Rivertrees Residences overlooks both the Sungei Punggol and Sengkang Riverside Park. Additionally, it is close 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.

WATERVIEW

Details

Location: Tampines Avenue 1
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Tampines West (1,300 metres)
Year of Completion: 2014

Summary

Waterview is a residential development situated at a corner of Tampines town, right next to the Bedok Reservoir Park. It consists of 696 units spread over 12 blocks. Waterview has a wide range of units ranging from 2-bedroom units to the spacious 5-bedroom apartments. In addition, residents have access to a wide range of facilities on-site. Waterview is under 15 minutes’ walk from the Tampines West MRT Station on the Downtown Line. Completed in 2014, 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. Commuters can reach the Changi Airport and Expo within a few MRT stops, while the Central Business District is about 20 minutes away via the MRT.

CITYLIGHTS

Details

Location: Jellicoe Road
Postal District: 8
Tenure: 99-year leasehold
Nearest MRT: Lavender (100 metres)
Year of Completion: 2007

Summary

Citylights, a mixed-use high-rise apartment project that was constructed in 2007 by CapitaLand, is located in the city fringe in Lavender, within District 8. This development consists of a mixture of conserved shophouses as well as four 42-storey residential towers that houses over 600 residential units, across various unit types ranging from 1-bedders to 4-bedroom units. It is situated just next to Lavender MRT station on the East-West Line, which takes residents to the city in less than 10 minutes. Commercial amenities nearby include Aperia Mall, Jalan Besar Plaza, Golden Mile Complex and Golden Mile Tower.

A TREASURE TROVE

Details

Location: Punggol Walk
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (260 metres)
Year of Completion: 2015

Summary

A Treasure Trove is a residential development nestled in the heart of Punggol town. It consists 882 units spread across 12 blocks. A Treasure Trove has a wide range of units ranging from 2-bedroom units up to the spacious 7-bedroom units. In addition, residents have access to a wide range of facilities on-site such as the barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse. A Treasure Trove is located directly opposite Punggol MRT Station on the North-East Line, as well as Punggol Waterway Point, which provides numerous retail and dining options including a cineplex.

Core Central Region homes dominate list of top individual gainers
While city fringe and suburban condominiums have been leading in terms of overall average profit by project, the Core Central Region (CCR) condominium projects still pulled in bigger numbers in terms of profit quantum by individual deals.
By ranking of the gross profit, most of the top 10 transactions were for units in projects located in the city centre. The gross profits of the top 10 transactions – based on caveats lodged - ranged from about $1.4 million to $2.4 million. The units were mostly sizeable large format condos that are more than 1,400 sq ft in size, and from older projects built in the 1970s to recent built projects in the 2010s. The holding period for the top 10 resale properties were mostly beyond 10 years – with the shortest being 7 years and the longest being 24 years.

It was found that the most profitable transaction for the month of January 2023 was for a 9th floor unit at Leedon Residences which garnered a gross profit of $2.4 million. The project was completed in 2015 and is located in the heart of district 10. The project is a stone’s throw from the Orchard Road shopping belt and a short walk from the Farrer Road MRT station on the Circle Line. Based URA Realis caveat data, the unit was first bought in November 2015 and subsequently sold for $7.2 million in January 2023, with a holding period of more than 7 years.

The only OCR transaction which made the top individual gainers ranking was for 2nd floor unit at Southaven II. It was sold for $2.15 million after a holding period of more than 18 years, fetching a gross profit of nearly $1.5 million.

Of note, the list featured a unit that was resold after a long holding period of nearly 24 years. The transaction was for a 1,389 sq ft unit at Gilstead Court that was resold for an estimated profit of $2.05 million. The low-rise development located in Novena was built in 1978 by United Overseas Development Private Limited (currently known as UOL). Within its vicinity includes various commercial amenities such as the malls at Novena, as well as Goldhill Plaza, and Goldhill Shopping Centre

Though the staggering profits raked in by the top 10 transactions may be attractive 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.