Condo In Kallang Booked Gains Of More Than $1,077,000 On Average In September

朱家君高级市场研究分析师

PerspectivesOctober 23, 2024

A city fringe condo project in District 15 - Pebble Bay - chalked up average resale gains of more than $1,077,000 across six resale transactions in September. The top 10 most profitable projects in the month of September 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 September 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.

Tepid resale condo activity in September

The resale market momentum simmered in September, with 933 condo units worth $1.77 billion being resold during the month compared with the previous month, which saw 1,083 resale transactions valued at nearly $2 billion being done. In September, the top 10 most profitable projects had average profits ranging from $446,000 to $1,077,000. By a ranking of the average profit, seven projects are in the Outside Central Region (OCR), three 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
PEBBLE BAY	5	$1,077,600	3.8%	1997	RCR
TREVISTA	5	$955,404	5.7%	2011	RCR
CARIBBEAN AT KEPPEL BAY	5	$854,601	2.1%	2004	RCR
PALM GARDENS	5	$730,358	5.2%	2000	OCR
THE PANORAMA	9	$670,080	5.0%	2017	OCR
LA FIESTA	5	$633,340	4.3%	2016	OCR
REGENT PARK	5	$578,400	4.1%	1997	OCR
A TREASURE TROVE	5	$568,778	5.5%	2015	OCR
THE CLEMENT CANOPY	5	$480,578	4.6%	2019	OCR
TWIN VEW	6	$445,648	4.6%	2021	OCR

Source: PropNex Research, URA Realis^projects with fewer than 5 transactions in the month are excluded from this analysis*Gains are derived from the resale transaction for each unit against the unit's last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross - it has not accounted for the applicable seller's stamp duties, interest payable, taxes and other relevant divestment costs.#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property's last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1Analysis was done based on available data from URA Realis

Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being close to an MRT station (Trevista, La Fiesta), close to a waterbody (Pebble Bay, Carribean at Keppel Bay), or are recently completed developments (Twin VEW, The Clement Canopy).

Here are some details about the top 10 projects in September 2024::

PEBBLE BAY

Details

Location: Tanjong Rhu Road

Postal District: 15

Tenure: 99-year leasehold

Nearest MRT: Tanjong Rhu (200 metres)

Year of Completion: 1997

Summary

Pebble Bay is a 520-unit waterfront residential development that was completed in 1997. The closest MRT station, Tanjong Rhu station on the Thomson-East Coast Line is located just minutes' walk from the project. The project enjoys unblocked waterfront views of the Kallang River Basin and is close to amenities like Kallang Wave Mall, Sports Hub and East Coast Park. 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, swimming pool, clubhouse, function room, and gymnasium.

PEBBLE BAY Transactions in September 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price

($ PSF)

Gains from previous caveat

($)

Purchase date

Annualized Gains (%)

#18-XX

3,450,000

1,894

1,821

1,020,000

Jun-12

2.9%

#18-XX

3,575,000

2,336

1,531

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