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August 21, 2024
Resale Condo Market Watch: Condo In Marine Parade Booked Gains Of $828,000 In July 2024
朱家君
高级市场研究分析师
A city fringe condo project in District 15 - Silversea - chalked up average resale gains of more than $828,000 across five resale transactions in July. The top 10 most profitable projects in the month of July were varied, with developments located around the island, based on URA Realis caveat data 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 five transactions during the month are excluded from the study.
Suburban and city fringe condos top list of most profitable projects in July
The resale market regained some momentum in July, with 889 condo units worth $1.64 billion being resold during the month compared with the previous month, which saw 800 resale transactions valued at nearly $1.4 billion being done. In July, the top 10 most profitable projects had average profits ranging from $446,000 to $828,000. By a ranking of the average profit, five projects are in the Outside Central Region (OCR), five out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| SILVERSEA | 5 | $828,442 | 4.89% | 2014 | RCR |
| SKY HABITAT | 5 | $533,494 | 2.90% | 2015 | RCR |
| RIVER ISLES | 5 | $532,660 | 4.19% | 2015 | OCR |
| ARTRA | 7 | $513,843 | 4.14% | 2020 | RCR |
| PARC ESTA | 5 | $513,200 | 6.26% | 2022 | RCR |
| THE MINTON | 6 | $497,500 | 5.18% | 2013 | OCR |
| THE ESTUARY | 5 | $491,758 | 4.24% | 2013 | OCR |
| STIRLING RESIDENCES | 7 | $476,825 | 5.31% | 2022 | RCR |
| THE LUXURIE | 6 | $475,000 | 3.69% | 2015 | OCR |
| FLO RESIDENCE | 6 | $446,042 | 4.91% | 2016 | OCR |
Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in a central location (Sky Habitat, Artra), close to an MRT station (Silversea, The Luxurie), or are recently completed developments (Parc Esta, Stirling Residences).
Details
Location: Marine Parade Road
Postal District: 15
Tenure: 99-year leasehold
Nearest MRT: Tanjong Katong (400 metres)
Year of Completion: 2014
Summary
Silversea is a 383-unit residential development that was completed in 2014. The closest MRT station, Tanjong Katong station on the Thomson-East Coast Line is located just minutes' walk from the project. The project enjoys unblocked sea views of the east coast shoreline and is close to amenities like East Coast Park, Bedok Mall, and Parkway Parade. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is also a short 10-minute and 15-minute drive to the Changi Airport and the CBD respectively via the ECP. Residents can take advantage of the full range of condominium facilities including barbeque area, tennis court, jacuzzi, playground, sauna, swimming pool, clubhouse, function room, and gymnasium.
SILVERSEA Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 2,350,000 | 1,066 | 2,205 | 550,000 | Nov-19 | 6.0% |
#12-XX | 3,780,000 | 1,701 | 2,223 | 880,000 | Nov-17 | 4.1% |
#05-XX | 2,080,000 | 980 | 2,123 | 774,480 | Nov-09 | 3.2% |
#10-XX | 3,380,000 | 1,485 | 2,275 | 660,000 | Jul-21 | 7.5% |
#05-XX | 3,250,000 | 1,485 | 2,188 | 1,277,730 | May-10 | 3.6% |
Source: PropNex Research, URA Realis
Details
Location: Bishan Street 15
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (150 metres)
Year of Completion: 2015
Summary
Sky Habitat is an award-winning residential development in the city fringe within District 20. Its 509 units, made up of 1, 2 and 3-bedroom apartments as well as eight penthouses, are spread across two sleek terraced 38-storey towers, with connecting sky bridges between them. On the highest floor sits several open-air facilities, namely the Sky Lounge, Sky Gym, Sky Walk and Sky Dream, which offer panoramic views of the surrounding areas. The project is a 3-minute walk from the Bishan MRT interchange station on the North-South and Circle Lines, which take commuters to the city and Orchard Road in just 10 to 15 minutes by train. The Junction 8 mall is 3 minutes' walk from the development, which was completed in 2016 and developed by CapitaLand.
SKY HABITAT Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#06-XX | 2,300,000 | 1,249 | 1,842 | 697,070 | May-14 | 3.6% |
#11-XX | 2,060,000 | 1,163 | 1,772 | 381,900 | Nov-17 | 3.2% |
#33-XX | 3,550,000 | 1,894 | 1,874 | 319,090 | Jun-15 | 1.1% |
#27-XX | 2,460,000 | 1,216 | 2,022 | 623,810 | Jul-13 | 2.7% |
#21-XX | 2,850,000 | 1,507 | 1,891 | 645,600 | Oct-17 | 3.9% |
Source: PropNex Research, URA Realis
Details
Location: PUNGGOL CENTRAL
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Coral Edge LRT (350 metres) / Punggol (1,400 metres)
Year of Completion: 2015
Summary
River Isles is a 610-unit 99-year leasehold condominium development, located at the heart of Punggol in District 19. Completed in 2016, residents of River Isles would not have to travel far to get their basic necessities as there are retail offerings nearby, such as Punggol Plaza and Punggol Waterway Point. In addition, residents have access to a wide range of facilities on-site - clubhouse with blue lagoon, meditation bay, sun deck, water spring massage, hydro gym, hammock haven tee square, barbeque pavilion, tennis court, spa beds, massage cabana, fitness courts.
RIVER ISLES Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#10-XX | 1,500,000 | 1,141 | 1,315 | 554,550 | Nov-12 | 4.0% |
#17-XX | 2,170,000 | 2,013 | 1,078 | 915,670 | Jun-12 | 4.7% |
#17-XX | 810,000 | 517 | 1,568 | 302,130 | Jul-12 | 4.0% |
#06-XX | 1,270,000 | 893 | 1,422 | 511,660 | Jun-12 | 4.4% |
#02-XX | 1,035,888 | 753 | 1,375 | 379,288 | Jun-12 | 3.9% |
Source: PropNex Research, URA Realis
Details
Location: Alexandra View
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (300 metres)
Year of Completion: 2020
Summary
Artra is a residential development in the heart of Redhill. It comprises 400 units within a single 44-storey tower. The project offers a bird's eye view of the Singapore city landscape as well as Sentosa Island. Besides a lounge, pavilion and viewing deck on the 44th floor, there are other facilities such as pocket terraces on Levels 9,17,29, and 37, a leisure terrace on the 3rd floor featuring the tennis court, pool, jacuzzi, clubhouse. Artra is located conveniently beside the Redhill MRT station, on the East West Line, offering its residents convenience, being located less than 20 minutes' away from the city centre and Orchard Road.
ATRA Transactions in July 2024
Floor/ Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#37-XX | 2,985,000 | 1,227 | 2,433 | 674,800 | Jun-19 | 5.3% |
#14-XX | 1,810,000 | 786 | 2,303 | 506,001 | Apr-17 | 4.7% |
#43-XX | 1,950,000 | 829 | 2,353 | 186,900 | Nov-18 | 1.8% |
#31-XX | 2,650,000 | 1,044 | 2,538 | 702,500 | Jan-18 | 4.9% |
#26-XX | 1,950,000 | 829 | 2,353 | 470,001 | Apr-17 | 3.9% |
#27-XX | 1,980,000 | 829 | 2,389 | 493,001 | Aug-17 | 4.3% |
#25-XX | 2,460,000 | 1,044 | 2,356 | 563,700 | Feb-18 | 4.1% |
Source: PropNex Research, URA Realis
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT station on the East-West Line - several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#05-XX | 1,390,000 | 635 | 2,189 | 301,000 | Dec-18 | 4.5% |
#03-XX | 2,118,000 | 958 | 2,211 | 608,000 | May-20 | 8.6% |
#03-XX | 2,800,000 | 1,227 | 2,282 | 788,000 | Dec-18 | 6.2% |
#03-XX | 2,580,000 | 1,119 | 2,305 | 707,000 | Jul-20 | 8.5% |
#03-XX | 960,000 | 452 | 2123 | 162,000 | Jan-19 | 3.4% |
Source: PropNex Research, URA Realis
Details
Location: Hougang Street 11
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (800 metres)
Year of Completion: 2013
Summary
The Minton is a leasehold condominium project in Hougang Street 11 in District 19. It is a newly developed mega condominium project - completed in 2013 with a total of 1,145 units. The project is conveniently located in the heart of Serangoon and Lorong Ah Soo, and it is a 15-minute walk from the Serangoon MRT station - an interchange between the North-East Line (NEL) and the Circle Line (CCL). Residents will not need to venture far to fulfil their daily needs, with NEX, the largest mall in the north east, just a short stroll from the project.
THE MINTON Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#05-XX | 1,310,000 | 980 | 1,337 | 439,000 | Dec-11 | 3.3% |
#12-XX | 1,465,000 | 980 | 1,496 | 525,000 | Dec-10 | 3.3% |
#09-XX | 2,666,000 | 1,755 | 1,519 | 1,174,000 | Jun-10 | 4.2% |
#03-XX | 1,180,000 | 936 | 1,260 | 227,000 | Apr-18 | 3.5% |
#07-XX | 1,375,000 | 936 | 1,468 | 415,000 | Sep-20 | 9.8% |
#06-XX | 900,000 | 624 | 1,442 | 205,000 | Aug-20 | 6.8% |
Source: PropNex Research, URA Realis
Details
Location: Yishun Avenue 1
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Khatib (600 metres)
Year of Completion: 2013
Summary
Situated at the edge of Khatib town is the 99-year leasehold project, The Estuary Condominium. The project was completed in 2013 and has views of the Seletar Reservoir, where residents can head over to for leisure and recreational sports. The development is also just a 10-minute walk from the Khatib MRT station on the North-South Line, taking residents to the city within 30 minutes. It consists of 608 residential units, ranging from 1-bedroom to 4-bedroom units.
THE ESTUARY Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#02-XX | 1,030,000 | 926 | 1,113 | 180,000 | Jun-21 | 6.6% |
#06-XX | 1,030,000 | 926 | 1,113 | 332,600 | Mar-10 | 2.8% |
#14-XX | 1,700,000 | 1,302 | 1,305 | 686,000 | Mar-10 | 3.7% |
#08-XX | 1,270,000 | 904 | 1,405 | 506,530 | Mar-10 | 3.6% |
#08-XX | 1,620,000 | 1,216 | 1,332 | 753,660 | Mar-10 | 4.5% |
Source: PropNex Research, URA Realis
Details
Location: Stirling Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (250 metres)
Year of Completion: 2022
Summary
Stirling Residences is a residential development in the heart of Queenstown. It comprises 1,259 units within three 38-40-storey towers and was recently completed last year. Besides a sky lounge, community garden, there are other facilities such as a swimming pool, fitness corner and a gymnasium. Stirling Residences is located a stone's throw from the Queenstown MRT station, on the East West Line, offering its residents convenience, being located less than 20 minutes' away from the city centre.
STIRLING RESIDENCES Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#06-XX | 1,020,000 | 441 | 2,311 | 146,000 | Jul-19 | 3.2% |
#10-XX | 1,600,000 | 689 | 2,323 | 407,000 | Oct-18 | 5.3% |
#11-XX | 2,380,000 | 1,055 | 2,256 | 709,000 | Feb-19 | 6.9% |
#02-XX | 1,375,000 | 635 | 2,165 | 194,000 | Jun-20 | 3.9% |
#28-XX | 1,850,888 | 764 | 2,422 | 483,888 | Oct-18 | 5.4% |
#29-XX | 2,530,000 | 1,055 | 2,398 | 711,000 | Nov-18 | 6.1% |
#30-XX | 2,388,888 | 980 | 2,439 | 686,888 | Feb-19 | 6.5% |
Source: PropNex Research, URA Realis
Details
Location: Sengkang Square
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Sengkang (100 metres)
Year of Completion: 2016
Summary
The Luxurie, a condominium project that was completed in 2016, is located in Sengkang New Town within District 19. The residential development consists of ten 15-storey towers, with 622 units. The project has a wide range of unit sizes and types, ranging from studio units up to 5-room penthouses. The project is located close to the Sengkang MRT and bus interchange, as well as the myriad of amenities at the transport hub - including Compass One, Sengkang Community Centre and public library.
THE LUXURIE Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 1,690,000 | 1,206 | 1,402 | 390,000 | Jun-20 | 6.8% |
#09-XX | 1,500,000 | 1,012 | 1,482 | 502,800 | Sep-11 | 3.3% |
#10-XX | 1,180,000 | 775 | 1,523 | 336,700 | Oct-12 | 2.9% |
#15-XX | 1,365,000 | 936 | 1,458 | 389,900 | May-12 | 2.8% |
#01-XX | 1,800,000 | 1,722 | 1,045 | 570,600 | Oct-11 | 3.1% |
#04-XX | 2,000,000 | 1,313 | 1,523 | 660,000 | Apr-12 | 3.3% |
Source: PropNex Research, URA Realis
Details
Location: Punggol Field Walk
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Coral Edge (150 metres)
Year of Completion: 2016
Summary
Flo Residence is a residential project nestled at the edge of Punggol town. It consists 530 units spread across 7 blocks. Flo Residence has a wide range of units ranging from 2-bedroom units up to the spacious 5-bedroom units. In addition, residents have access to a wide range of facilities on-site such as barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse. Flo Residence is located opposite Coral Edge LRT Station on the Punggol LRT Line as well as Punggol CC and Punggol Plaza.
FLO RESIDENCE Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#06-XX | 1,228,000 | 936 | 1,311 | 481,000 | Jun-12 | 4.2% |
#02-XX | 900,000 | 764 | 1,178 | 277,500 | May-12 | 3.1% |
#06-XX | 1,038,000 | 764 | 1,358 | 278,000 | Jul-20 | 8.3% |
#19-XX | 2,350,000 | 2,551 | 921 | 757,750 | Aug-12 | 3.3% |
#08-XX | 1,760,000 | 1,346 | 1,308 | 615,000 | Oct-12 | 3.7% |
#19-XX | 1,200,000 | 1,130 | 1,062 | 267,000 | Sep-20 | 6.8% |
Source: PropNex Research, URA Realis
City centre homes dominate top individual gainers
In July, the top gainers heralded from mostly Central Region homes, with the 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, two transactions are located in the OCR, while only one transaction in the RCR made the top 10 ranking.
The gross profits of the top 10 transactions - based on caveats lodged - ranged from $1.99 million to $5.47 million. In July, 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 1970s to early 2010s. The respective holding periods for the top 10 resale properties were mostly beyond 10 years - with only one transaction for a unit that was held for slightly more than 8 years.
Top 10 Resale Condo transactions in July 2024 by gross profit
It was found that the most profitable transaction in July 2024 was for a 5th floor unit at Beverly Hill, an CCR project. It was resold for an estimated profit of $9.15 million, reflecting an annualised profit of 3.3%. Based on URA Realis caveat data, the 3,778-sq ft unit was first bought in August 1996 and subsequently resold for $9.15 million in July 2024, with a holding period of nearly 28 years. The project was built in 1983 and is situated in Tanglin. It is within a stone's throw distance from the Orchard Road shopping belt and just a short walk to the Orchard Boulevard MRT station on the Thomson East-Coast line (TEL).
The second top gainer in terms of gross profit was for a city centre unit transacted at Sommerville Park in the CCR, which fetched a gross profit $2.79 million (annualised profit of 6.9%) based on caveats lodged. The 2,027-sq ft 2nd-floor apartment was sold for nearly $3.95 million, with a holding period of slightly more than 23 years. The sprawling low-rise condo development in Tanglin (District 10) was built in 1985, and it is situated within close proximity to the prestigious Holland Bukit Timah Good-class Bungalow estates as well as the Botanic Gardens.
Another notable top gainer for the month was for a ground floor unit located in The Dairy Farm. The 2,207-sq ft unit was sold for $3.4 million, achieving an estimated profit of around $2.22 million which reflects a decent annualised profit of 7.3% over a holding period of more than 15 years. This project which was completed in 1989 is situated in the Dairy Farm estate and right next to the Hillview MRT station on the Downtown Line (DTL).
Modest gains garnered by resale transactions continue to prevail over the resale market, as downside risks persist amidst the moderating economic growth, market uncertainties, elevated interest rates. With interest rate cuts potentially coming on in the second half of the year, resale activity and gains could pick up in the months ahead.
