Holland-Bukit Timah Condo Booked Gains Of More Than $700,000 On Average In July

 A suburban condo project in Holland-Bukit Timah – D’Leedon – chalked up average resale gains of more than $700,000 across five resale transactions. In July, 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 July 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.

Resale activity bounced back in July, with slightly more than 700 resale condos being transacted during the month – after slowing down in June following 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 July, the top 10 most profitable projects had average profits ranging from $308,000 to $704,000. By a ranking of the average profit, six out of the top 10 projects in July 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 July.

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 (City Lights, D’Leedon) or close to an MRT station (Watertown, The Trilinq, Bartley Ridge) or are newly-completed developments (High Park Residences, Parc Riviera).

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

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 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 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: 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: Punggol Central
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (50 metres)
Year of Completion: 2017

Summary
Watertown is a 1,001-unit development, located in the heart of Punggol in District 19, and right next to the Punggol Waterway river. Completed in 2017, it is Punggol's first integrated waterfront development. Its commercial podium Waterway Point mall is a lifestyle and retail hub that features alfresco waterfront dining and a cineplex. On top of being connected to the Waterway Point mall and Punggol MRT/LRT station, residents also can engage in sports and aquatic activities along Punggol waterway. The development comprises 11 residential towers ranging from 11 storeys to 14 storeys, with four different offerings – suites (1- and 2-bedroom units), SOHO (2- and 3-bedroom units), condominiums (2- and 3-bedroom units), and Sky Patio (2- , 3- and 4-bedroom) – to cater to different lifestyle need

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 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.

Details
Location: Upper Serangoon View
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Kangkar LRT (480 metres)
Year of Completion: 2015

Summary
Boathouse Residences is a condo development nestled at the edge of Hougang town within District 19. The project which was completed in 2015 has 493 residential units across 6 blocks varying between 18 and 16 storeys, offering purchasers a wide range of formats, from 1-bedroom units up to 4-bedroom units. The development features modern facilities including a lap pool, putting green, jacuzzi and playground The project is walking distance to Punggol Park and Kangkar LRT station, which is a few stops from the Sengkang MRT interchange station.

Details
Location: Upper Serangoon Crescent
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Kangkar LRT (480 metres)
Year of Completion: 2016

Summary
Riversails, a condominium project that was completed in 2016, is located in the serene residential estate in Hougang New Town in District19. The residential development consists of twelve 18-storey towers, with 921 units. The project has a wide range of unit sizes and types, ranging from studio units up to 5-bedroom. The sprawling mega project also features a number of amenities including pavilion, outdoor living deck, tea party lounge, bbq pods, party deck, play pool, kid’s spa, interactive water feature, miniature golf, tree house playground, flying fox, water swings, paddle boats, mini theatre, amongst others. Additionally, it is within close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is walking distance to Punggol Park and Kangkar LRT station, which is a few stops from the Sengkang MRT interchange station.

Details
Location: Bishan Street 15
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (150 metres)
Year of Completion: 2016

Summary
Sky Vue is an award-winning residential development in the city fringe within District 20. Its 694 units, made up of 1, 2 and 3-bedroom apartments as well as eight penthouses, are spread across two sleek terraced 37-storey towers, with connecting sky bridges between them. On the highest floor sits several open-air facilities, namely the Sky Lounge, Sky Gym, Sky Walk and Sky Dream, which offer panoramic views of the surrounding areas. The project is a 3-minute walk from the Bishan MRT interchange station on the North-South and Circle Lines, which take commuters to the city and Orchard Road in just 10 to 15 minutes by train. The Junction 8 mall is 3 minutes’ walk from the development, which was completed in 2016 and developed by CapitaLand.

Details
Location: Jalan Lempeng
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (400 metres)
Year of Completion: 2017

Summary
Sitting at the edge Clementi town is The Trilinq condominium – with 755 residential units across two 36-storey and one 33-storey towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. The Trilinq offers its residents exceptional convenience, being located about 20 minutes from the city centre via the MRT and Ayer Rajah Expressway (AYE). Clementi MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East. The development features facilities, including gym, playground, tennis court, and lap pool.

Details
Location: West Coast Vale
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (650 metres)
Year of Completion: 2019

Summary
Tucked directly at the edge of Clementi town is Parc Riviera condominium – with 752 residential units across two 36-storey elevated towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. Parc Riviera offers its residents exceptional convenience, being located about 25 minutes from the city centre via the MRT and Ayer Rajah Expressway (AYE). Clementi MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East. The development features modern facilities, including tennis court, function room and lap pool.

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.

Recovered gains amongst top individual gainers – post cooling measures & June holidays
In July, 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, seven 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 $2.2 million to $7 million. In July, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,500 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 less than 5 years and the longest being over 23 years.

It was found that the most profitable transaction for the month of July 2023 was for a 23rd floor unit at Beverly Hill which garnered a gross profit of $7 million based on caveats lodged. The project was completed in 1983 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 January 2007 and subsequently sold for $18 million in July 2023, with a holding period of 16 years.

The best gaining transaction in the city fringe or Rest of Central Region (RCR) in terms of gross profit was for unit located in Pebble Bay.The transaction was for a 17th floor unit that was resold for an estimated profit of $4.7 million, reflecting an annualised profit of 3.4%. This freehold residential condominium was built and completed in 1982. The project is located along the Kallang river basin with unblocked views of the National Stadium and Kallang river. The development is also right next to the Tanjong Rhu MRT station along the Thomson-East-Coast (TEL) line which will be completed in 2024.

The only transaction in the suburbs or Outside Central Region (OCR) was for a freehold project located in East Coast – The Hacienda.The unit is located on the 2nd floor and was sold for $3.05 million, with gross profits of $2.25 million after holding periods of nearly 20 years - reflecting an annualised profit of 7.1%. The freehold residential project is located between Bedok town and Siglap estate in District 15 – just a short walk to the upcoming Siglap MRT station on the TEL and close to several popular schools in the area, including Victoria School, CHIJ Katong Convent and Temasek Junior College.
While transactions and gains witnessed in the resale market have recovered for the time-being, downside risks persist amidst the slower economic growth outlook, market uncertainties, high interest rates, and as the cooling measures continue to exert their impact.