Ang Mo Kio Condo Booked Gains Of More Than $820,000 On Average In August

 A suburban condo project in Ang Mo Kio – Grandeur 8 – chalked up average resale gains of more than $820,000 across five resale transactions in August. Several resale condos in the suburbs have garnered relatively decent gains during the month, 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 August 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 activity remained resilient in August, with slightly more than 760 resale condos being transacted during the month. In August, the top 10 most profitable projects had average profits ranging from $422,000 to $821,000. Notably, by a ranking of the average profit, nine out of the top 10 projects in August 2023 are in the Outside Central Region (OCR) while only one project in the Core Central Region (CCR) made the top 10 rankings in August.

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 (The Palette, D’Leedon), close to an MRT station (Grandeur 8, The Spring Bloom) or are newly-completed developments (The Panorama, H2O Residences).

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

Details
Location: Ang Mo Kio Central 3
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Ang Mo Kio (500 metres)
Year of Completion: 2005

Summary
Grandeur 8 is a 99-year leasehold condominium development in Ang Mo Kio in District 20. Completed in 2005, it comprises 9 blocks with a total of 579 units. The development offers a range of amenities including a BBQ pit, clubhouse, fitness corner, fun pool, function room, gym, jacuzzi, parking, pavilion, playground, security, swimming pool, and tennis court. The development is conveniently located between the Ang Mo Kio MRT station and the Yio Chu Kang MRT station, providing easy access to other areas of Singapore. It is also close to schools like Mayflower Primary School, Anderson Serangoon Junior College, Anderson Secondary School, Nanyang Polytechnic, and ITE College Central.

Details
Location: Hougang Street 11
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (800 metres)
Year of Completion: 2013

Summary
The Minton is a leasehold condominium project located at Hougang Street 11 in District 19. It is a newly-developed mega condominium project - completed in 2013 with a total of 1,145 units. It is conveniently located within the heart of Serangoon and Lorong Ah Soo, just 15 minutes’ walk from the Serangoon MRT station – an interchange between the North-East Line (NEL) and the Circle Line (CCL) – which renders travel to any part of Singapore relatively hassle-free. Residents will not need to go far to fulfil their daily needs, with NEX - the largest mall in the north east – just a short stroll from the project.

Details
Location: Serangoon Avenue 3
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Lorong Chuan (100 metres)
Year of Completion: 1999

Summary
The Springbloom is a 99-year leasehold condominium located in Serangoon in District 19. It was completed in 1999 by MCL land and consists of 372 units across three 17-storey blocks. The project offers a range of amenities to its residents which include a basketball court, barbeque area, fitness corner, gymnasium, lap pool, playground, squash court, and tennis courts. The development enjoys great convenience, being located next to Lorong Chuan MRT station on the Circle Line, and within walking distance to Serangoon interchange. The nearest schools are St. Gabriel's Primary School, Yangzheng Primary School, Zhonghua Secondary School, and Nanyang Junior College. Commercial amenities nearby include NEX mall, ICB Shopping Centre, and myVillage at Serangoon Gardens.

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: Ang Mo Kio Avenue 2
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Mayflower (250 metres)
Year of Completion: 2017

Summary
The Panorama, a condominium project completed in 2017 is located in Ang Mo Kio, next to the serene Sembawang Hills landed estate, within District 28. The residential development consists of four 17-storey towers and two 20-storey towers, with 698 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including CHIJ St. Nicholas Girls' School, Ang Mo Kio Primary School, and Mayflower Secondary School. The project is also situated close to a number of amenities, including the Mayflower Market and Food Centre, AMK Hub, Lower Pierce Reservoir and more. The project is less than 5 minutes’ walk from the Mayflower MRT station, on the newly-opened Thomson-East-Coast line (TEL), which takes commuters to the city within 20 minutes.

Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Bayshore (Uncompleted, 125 metres)
Year of Completion: 1996

Summary
The Bayshore is a 1,038-unit mega residential development built by Far East Organization in 1996, located along the East Coast. The closest MRT station, Bedok station is located 15 minutes’ walk away, though residents will enjoy greater convenience in the near future when the Bayshore MRT station opens. The project is close to amenities like Parkway Parade Shopping Mall and the East Coast Park. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is a short 15-minute drive to Changi Airport and the Central Business District (CBD) via the ECP. Residents can also take advantage of the full range of condominium facilities including barbeque area, driving range, game room, jacuzzi, playground, sauna, swimming pool, billiards room, clubhouse, function room, and gymnasium.

Details
Location: Flora Road
Postal District: 17
Tenure: Freehold
Nearest MRT: Tampines East (1,500 metres)
Year of Completion: 2006

Summary
Edelweiss Park Condominium is a freehold development in Pasir Ris in District 17. Completed in 2006, it comprises 13 blocks with a total of 517 units, offering a variety of unit types including 1-, 2-, 3-, and 4-bedroom units, as well as penthouses. The project offers various amenities including a swimming pool, gym, tennis court, squash court, function room, games room, pavilion, playground, BBQ, fitness corner, meeting room, steam room, jacuzzi, lounge, and security. It is conveniently located near several schools including the Japanese Primary School (Changi Campus), East Spring Secondary School, and East Spring Primary School. The nearest MRT stations are Tampines East on the Downtown Line and the upcoming Pasir Ris East station on the Cross-Island Line. Residents who need their retail therapy can head to Changi City Point or Jewel at Changi Airport. Edelweiss Park Condo is ideal for residents seeking housing options in a less central part of the city.

Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (500 metres)
Year of Completion: 2015

Summary
The Palette is a 99-year leasehold condominium located in Pasir Ris in District 18. Completed in 2015, it comprises 13 blocks with a total of 892 units, with unit types ranging from 1- to 5-bedroom units. The development is within walking distance to the Pasir Ris MRT interchange and Tampines North LRT stations, and is close to schools like Meridian Secondary School, MOE Kindergarten @ Elias Park, and Elias Park Primary School. Nearby supermarkets include Sheng Siong - Elias Mall Market Stalls and Sheng Siong - Pasir Ris Supermarket. The Palette offers a range of amenities including a BBQ area, clubhouse, fitness corner, gym, jacuzzi, lap pool, parking, playground, security, steam room, tennis court, and wading pool.

Details
Location: Bedok South Avenue 3
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Tanah Merah (300 metres)
Year of Completion: 2014

Summary
Grandeur Park Residences is a residential development nestled on the edge of Bedok town. The project consists of 720 units spread over 6 blocks, with two commercial shops and a childcare centre onsite. It has a wide range of units ranging from cosy 1-bedroom units up to the spacious 5-bedroom penthouses. Grandeur Park Residences is located opposite the Tanah Merah MRT station on the East West Line. Commuters can reach Changi Airport and Expo within a few short stops, while the central business district is about 25 minutes away via the MRT.

Details
Location: Fernvale Link
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Layar LRT (50 metres)
Year of Completion: 2015

Summary
H2O Residences is a 99-year leasehold condominium located in Sengkang, District 28. The development was completed in 2015 and consists of six blocks with a total of 521 units. The development is opposite Layar LRT, providing easy access to Sengkang central. It is also close to schools like Pei Hwa Secondary School, Fern Green Primary School, and Sengkang Green Primary School. H2O Residences offers various amenities such as a BBQ area, clubhouse, fitness corner, fun pool, function room, gym, jacuzzi, jet pool, lap pool, parking, pavilion, playground, retail shops, security, steam room, swimming pool, tennis court, underwater fitness station, viewing deck, and wading pool. Additionally, it is close to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks.

Mixed bag of city centre and fringe homes amongst top individual gainers
In August, the top gainers heralded from locations across the island, with CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, six out of the top 10 transactions were for units in projects located in the CCR. Interestingly, four out of the top 5 gainers in August are in the Rest of Central Region (RCR) or city fringe.

The gross profits of the top 10 transactions – based on caveats lodged - ranged from about $1.8 million to $3.4 million. Notably, the gains witnessed amongst top gainers were relatively muted compared to previous months where we saw some of the top gainers reaping eye-watering profits of more than $5 million. In August, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,200 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 6 years and the longest being over 25 years.

It was found that the most profitable transaction for the month of August 2023 was for a 5th floor unit at Equatorial Apartments in the city fringe, which garnered a gross profit of $3.4 million (annualised profit of 7.3%) based on caveats lodged. It was sold for $4.55 million after a holding period of nearly 20 years. The project was completed in 1981 and is located in the gentrified Meyer Road neighbourhood, within Marine Parade (District 15). This freehold project is situated right next to the upcoming Katong Park MRT station - which is expected to be completed in 2024 - along the Thomson-East-Coast Line (TE). It is also close to the Dunman High School, and within walking distance to East Coast Park.

The best gaining transaction in the city centre in terms of gross profit was for unit located in Glentrees. The transaction was for a ground floor unit that was resold for an estimated profit of $2.7 million, reflecting an annualised profit of 5.4%. The project was completed in 2005 and is located in Bukit Timah (District 10). It is situated next to Henry Park Primary School, one of Singapore’s most popular primary school. The project is a 5 minutes’ drive to the lifestyle and nightlife amenities at Holland Village. Based on URA Realis caveat data, the unit was first bought in June 2005 and subsequently resold for $4.4 million in August 2023, with a holding period of 18 years.

Gains amongst resale transactions seem to be moderating, as downside risks persist amidst the slower economic growth outlook, market uncertainties, high interest rates, and as the cooling measures continue to exert their impact.

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