Simei Project Booked Gains Of More Than $625,000 On Average In June

A suburban condo project in Simei – Double Bay Residences – chalked up average resale gains of more than $625,000 across four resale transactions. In June, several resale condos in the suburbs have garnered relatively decent gains amid the 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 June 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 condo projects dominate Top 10 gainers list
Resale volumes softened further in June, with slightly more than 600 resale condos being transacted during the month. Resale transaction activity dipped compared to the month before as the market bears the full impact of the latest round of property cooling measures which had been introduced from 27 April 2023. The latest revisions saw an increase in Additional Buyer’s Stamp Duty (ABSD) rates for property investors and foreign buyers. In June, the top 10 most profitable projects had average profits ranging from $149,000 to $625,000. By a ranking of the average profit, six out of the top 10 projects in June 2023 were Outside Central Region (OCR) projects, three projects were located in the Rest of Central Region (RCR), while only one project in the Core Central Region (CCR) made the top 10 rankings in June.

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 locations (Tre Residences, D’Leedon) or close to an MRT station (Hillion Residences, North Park Residences, The Lakeshore) or are newly-completed developments (High Park Residences, Stirling Residences).

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

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 99-year 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 is 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 25 minutes away via the MRT. Within the development, residents can enjoy a wide range of facilities including a basketball court, club house, lounge, Jacuzzi, lap pool, gaming room, karaoke, and fitness corner.

Details
Location: Mount Vernon Road
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Bartley (150 metres)
Year of Completion: 2016

Summary
Bartley Ridge is a large residential development located on the edge of bustling Serangoon town and Toa Payoh town in District 13. Its 868 units are split over nine 18-storey blocks, with a unit mix ranging from 1-, 2-, 3- and 4-bedroom configurations. Bartley Ridge is located 3 minutes’ walk from the Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily necessities, 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; and the CBD and Orchard Road shopping belt are about 15 minutes’ drive away.

Details
Location: Fernvale Road
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Thanggam LRT (50 metres)
Year of Completion: 2019

Summary
High Park Residences, a mega condominium project that was completed in 2019, is located in the tranquil residential estate in Fernvale, a fairly new neighbourhood of Sengkang New Town within District 28. The residential development consists of six 25-storey towers, with 1,390 units. The project has a wide range of unit sizes and types, ranging from studio units to bungalows, and semi-detached houses. The sprawling mega project also features nearly 120 facilities, including retail units, eateries, a childcare centre, an infinity pool, outdoor movie theatre, gymnasium, cycling track, amongst others. 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 next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.

Details
Location: Stirling Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (250 metres)
Year of Completion: 2022

Summary
Stirling Residences is a residential development in the heart of Queenstown. It comprises 1,259 units within three 38-40-storey towers and was recently completed last year. Besides a sky lounge, community garden, there are other facilities such as a swimming pool, fitness corner and a gymnasium. Stirling Residences is located a stone’s throw from the Queenstown MRT station, on the East West Line, offering its residents convenience, being located less than 20 minutes’ away from the city centre.

Details
Location: Elias Road
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (850 metres)
Year of Completion: 2016

Summary
Stratum is a residential development nestled in the heart of Pasir Ris town. It consists 380 units spread over 14 low-rise 5- and 4-storey blocks. Stratum has a wide range of units ranging from 1-bedroom units to 5-bedroom penthouses. In addition, residents have access to a wide range of facilities on site. Stratum 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.

Details
Location: Jurong West Street 41
Postal District: 22
Tenure: 99-year leasehold
Nearest MRT: Lakeside (100 metres)
Year of Completion: 2007

Summary
Lakeville is a residential development close to the Jurong Lake District in District 22 where major redevelopment plans are underway to transform the area into an exciting waterfront leisure and commercial destination. Lakeville has 696 residential units, comprising 1-bedroom units to 4- and 5-bedroom penthouses, as well as 4-bedroom dual key units. The project offers panoramic views of Jurong Lake and is situated opposite Lakeside MRT Station on the East West Line, linking commuters to the commercial and retail amenities at Jurong Gateway, such as JEM, Westgate and IMM malls. It also takes commuters directly to the downtown area and CBD within 30 minutes via the MRT.

Details
Location: Yishun Central 1
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Yishun (50 metres)
Year of Completion: 2018

Summary
Situated atop Northpoint City - the largest regional mall in the northern Singapore, North Park Residences is part of the successful mixed-use integrated development developed by Frasers Property. Residents enjoy unparalleled convenience, with direct access to some 400 retail and dining options in the mall, as well as a public library and cineplex all housed under one roof. The development also seamlessly connects residents to the Yishun MRT station on the North South Line and the Yishun bus interchange. North Park Residences consists of 920 residential units, ranging from 1-bedroom units and studio apartments, up to 5 bed units, with a wide range of configurations, including dual key options.

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. At over 36-storeys high, 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. D’Leedon is 5 minutes’ walk from the Farrer Park MRT station on the Circle Line, offering an easy commute to the city as well as to one-north. The development is also well-connected to the rest of the city via major roads and expressways, such as the Pan-Island Expressway and Ayer Rajah Expressway.

Details
Location: Jelebu Road
Postal District: 23
Tenure: 99-year leasehold
Nearest MRT: Bukit Panjang (50 metres)
Year of Completion: 2017

Summary
Hillion Residences is a mixed-use integrated development located in District 23, in Bukit Panjang. The project is conveniently situated above the Bukit Panjang MRT, LRT station and bus interchange as well as being integrated with the commercial amenities at Hillion Mall. It is also a short walk to Bukit Panjang Plaza and Junction 10. The 23-storey apartment buildings comprise a total of 546 units with a wide range of unit types ranging from 1-bedroom units to 4-bedroom apartments, as well as several penthouse units. The Hillion integrated development was completed in 2017 and developed by local developer Sim Lian.

Details
Location: Geylang East Avenue 1
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Aljunied (120 metres)
Year of Completion: 2018

Summary
Tre Residences is a condo development located in the city fringe within District 14. The project which was recently completed in 2018 has 250 residential units, offering purchasers a wide range of formats, from 1-bedroom units up to 5-bedroom units – the 4-bedroom units come with the option of a dual-key configuration. The development is also a short walk from two hawker centres, and the Aljunied MRT station on the East-West Line, which offers direct commute to commercial hubs like Paya Lebar, Raffles Place, and City Hall – making the project fairly popular with working professionals and foreign expatriates.

Muted gains observed amongst top individual gainers – post cooling measures
In June, the top gainers ranged from locations across the island, with Core Central Region (CCR) leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, five out of the top 10 transactions were for units in projects located in the CCR.

The gross profits of the top 10 transactions – based on caveats lodged - ranged from about $1.95 million to $2.6 million – relatively muted gains compared to previous months, likely due to the latest cooling measures working its way through the market. For comparison, the top 10 transactions in May 2023 pulled in between $2.1 million to $7.1 million in gross gains.

In June, 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 more than 15 years and the longest being nearly 28 years.

It was found that the most profitable transaction for the month of June 2023 was for a 15th floor unit at Orchard Bel Air which garnered a gross profit of $2.6 million based on caveats lodged. The project was completed in 1984 and is located in the heart of District 10. The project is a stone’s throw from the Orchard Road shopping belt, it is also next to the newly-opened Orchard Boulevard MRT station on the Thomson-East-Coast line (TEL). Based on URA Realis caveat data, the unit was first bought in March 1996 and subsequently sold for $5 million in June 2023, with a holding period of 27 years.

Of note, the best gaining transaction amongst the top 10 gainers in terms of annualised profit was for a city fringe or Rest of Central Region (RCR) project – King’s Mansion . The transaction was for a 21st floor unit that was resold for an estimated profit of $2.1 million, reflecting an annualised profit of 8.1%. This freehold residential condominium was built and completed in 1982. It is located within District 15 along Tanjong Katong Road and the exclusive Amber Park neighbourhood. The project is next to the upcoming Tanjong Katong MRT station on the TEL and a short walk to the commercial amenities at Marine Parade, including Parkway Parade, Parkway Centre, and the Marine Parade Central Market and Food Centre.

The only transaction in the suburbs or Outside Central Region (OCR) was for a freehold project located in East Coast – Ocean Park. The unit is located on the 2nd floor and was sold for $3.25 million, with gross profits of $1.98 million after holding periods of nearly 28 years - reflecting an annualised profit of 3.5%. The freehold residential project is located in the heart of Marina Parade in District 15 – just a short walk to the upcoming Marine Terrace MRT station on the TEL and close to several reputable schools in the area, including CHIJ Katong Convent, St. Patrick’s School, Victoria Junior College, Ngee Ann Primary School and Tao Nan School.
It is likely that the resale market could continue to see more subdued gains and price growth over the next few months amidst the market uncertainties, high interest rates, and as the cooling measures continue to exert their impact. Meanwhile, the tight availability of resale homes could help to support pricing, particularly for choice units.

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