Condo In Bishan Booked Gains Of Nearly $830,000 On Average In October

A city fringe condo project in Bishan – Clover by the Park – chalked up average resale gains of more than nearly $830,000 across five resale transactions in October. During the month, there were two city fringe projects and two core central region which made the top 10 rankings for October, with the remainder coming from suburban projects, 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 October 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
After going through a brief lull period in August and September, likely as a result of the Hungry Ghost Month, resale activity picked up in October, with over 750 resale condo units being transacted during the month. In October, the top 10 most profitable projects had average profits ranging from $474,000 to $829,000. By a ranking of the average profit, six out of the top 10 projects in October 2023 are in the Outside Central Region (OCR) while two projects in each of the Rest of Central Region (RCR) and Core Central Region (CCR), made the top 10 rankings in October.

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, Clover by the Park, Soleil @ Sinaran), close to an MRT station (The Panorama, Parc Vista) or are newly-completed developments (Whistler Grand, High Park Residences).

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

CLOVER BY THE PARK

Details
Location: Bishan Street 25
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (900 metres)
Year of Completion: 2011

Summary
Clover by The Park is a 99-year leasehold condominium located in Bishan, District 20. Completed in 2011, the development comprises 616 units in three blocks, offering 3- to 6-bedroom units. The property is equipped with amenities such as a gym, lap pool, and tennis court, among others. It is conveniently located within walking distance to the Bishan MRT interchange station as well as the bus interchange. It is also close to schools such as Catholic High School, Eunoia Junior College, and Whitley Secondary School. Amenities nearby include the Bishan-Ang Mo Kio Park and the Bishan Sports Centre and Stadium. Residents will not need to go far to fulfil their daily needs and retail therapy, with Junction 8 just 10 minutes’ walk from the project.

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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 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.

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THE BAYSHORE

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. The closest MRT station is in Bedok and is about 15 minutes’ walk from the project. However, 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.

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HIGH PARK RESIDENCES

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 in Sengkang. The residential development consists of six 25-storey towers, with a total of 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.

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THE PANORAMA

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.

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RIVERSAILS

Details
Location: Upper Serangoon Crescent
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Buangkok (900 metres)
Year of Completion: 2016

Summary
Riversails is a residential development located along Upper Serangoon Crescent in District 19. The development was completed around 2016 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby, including shops located within the development. The development is a 15-minute 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 Sengkang Grand Mall, Hougang Mall and Hougang Central just a short walk away.

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SOLEIL @ SINARAN

Details
Location: Sinaran Drive
Postal District: 11
Tenure: 99-year leasehold
Nearest MRT: Novena (150 metres)
Year of Completion: 2011

Summary
SOLEIL @ SINARAN is a 99-year leasehold condominium located in Novena in District 11. Completed in 2011, it comprises 417 units spread across two 36-storey blocks. The development offers a variety of amenities including a BBQ area, clubhouse, gym, playground, sauna, swimming pool, and tennis court. The condominium is conveniently situated near the Novena MRT station on the North South line, providing residents with easy access to other parts of Singapore. Additionally, it is near to amenities such as Velocity mall, Novena Square 2, United Square Mall and Royal Square at Novena as well as Tan Tock Seng Hospital. It is also close to several reputable schools such as St Joseph’s Institution and Anglo-Chinese School (Barker Road) and Anglo-Chinese Primary School.

WHISTLER GRAND

Details
Location: West Coast Vale
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (650 metres)
Year of Completion: 2022

Summary
Sited on the edge of the Clementi town is Whistler Grand condominium – with 716 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. Whistler Grand is located about 35 minutes from the city centre via the MRT and is a 20-minutes’ drive to Raffles Place via the Ayer Rajah Expressway (AYE). The Clementi MRT Station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East. The development features a range of facilities, including tennis court, function room and lap pool.

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PARC VISTA

Details
Location: Corporation Road
Postal District: 22
Tenure: 99-year leasehold
Nearest MRT: Lakeside (100 metres)
Year of Completion: 1998

Summary
Parc Vista 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. Parc Vista has 638 residential units across 7 blocks of 10- and 16-storey flats, comprising 1-bedroom units to 4- and 5-bedroom penthouses. The project offers partial 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.

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PRINCIPAL GARDEN

Details
Location: Prince Charles Crescent
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (650 metres)
Year of Completion: 2018

Summary
Tucked in a quiet private residential enclave overlooking the Alexandra Canal and the prestigious Chatsworth Park Good Class Bungalow estate, Principal Garden – with 663 residential units across four elevated towers - sits on the fringe of River Valley. Its novel “80-20 garden living” concept creates a green and tranquil environment for its residents. Despite the serene ambience, Principal Garden offers residents exceptional convenience, being located less than 20 minutes from the city centre. The Redhill MRT station is less than 10 minutes’ walk away, and a train ride takes commuters to the CBD, Orchard Road or Raffles Place. The development also features many facilities, including a tennis court, half basketball court and a 50-metre lap pool.

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City centre homes dominate top individual gainers
In October, the top gainers heralded from mostly central region homes, with CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, nine out of the top 10 transactions were for units in projects located in the CCR. Only one transaction out of the top 10 gainers is located in the RCR.

Looking at the gross profits of the top 10 transactions – based on caveats lodged - ranged from $2.1 million to more than $5.4 million. The gains witnessed amongst top gainers were relatively muted compared with previous months where we saw some of the top gainers reaping sizeable profits of more than $5 million. In October, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,400 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 13 years and the longest being nearly 28 years.

It was found that the most profitable transaction for the month of October 2023 was for a 5th floor unit at Grange Residence in the city centre, which fetched a gross profit of $5.4 million (annualised profit of 5.4%) based on caveats lodged. The 2,669 sq ft apartment was sold for $8.54 million – more than double that of the initial purchase price paid in April 2004 - with a holding period of nearly 20 years. Freehold Grange Residence in Newton (District 10) was built in 2004. The development is within walking distance to Orchard Boulevard MRT station along the newly constructed Thomson East-Coast Line and is just a 5-minue drive to the Orchard Shopping Belt.

The only city fringe top gainer in terms of gross profit was for unit transacted in The Sea View. The transaction was for a seventh-floor unit that was resold for an estimated profit of $2.72 million, reflecting an annualised profit of 6.8%. Based on URA Realis caveat data, the unit was first bought in March 2006 and subsequently resold for $3.96 million in October 2023, with a holding period of more than 17 years. The project was completed in 2008 and is located in the heart of marine parade within District 15. This freehold project is situated right next to the upcoming Tanjong Kang MRT station - which is expected to be completed in 2024 - along the Thomson-East-Coast Line (TEL). Residents enjoy unparallel convenience with plenty of amenities in the vicinity including Parkway Parade, Katong Shopping Centre, Roxy Square, i12 Katong Mall and Marine Parade Central Market & Food Court.

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