Top 10 Resale Condos In July 2022: OCR Projects In Bedok, East Coast Pulled In More Than $920,000 In Profit

Buoyed by healthy housing demand, suburban and city fringe resale condos have booked relatively decent gains in July 2022, based on data analysed by PropNex Research.

First, some details about the methodology. The profit garnered for the units were derived by matching the condo resale transactions in July with their previous purchase prices; 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 condo projects dominate Top 10 gainers list

By ranking of average profit, the top 10 projects in July comprised mostly OCR projects. The only RCR project was the top most profitable project, Carribean at Keppel Bay which recorded 5 resale transactions in the month, raking in a profit of more than $1.3 million on average for each transaction. It was followed by Costa Del Sol, located in Bedok, within the Outside Central Region (OCR), which had an average profit of more than $924,000 per transaction.

Top 10 Resale Condo projects^ in terms of average gross profit*

Source: PropNex Research, URA Realis

^projects with fewer than 5 transactions in the month are excluded from this analysis
*Profit is derived from the resale transaction for each unit against the unit’s last 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.
#Annualized profit 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 transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] ^{time period in years}-1

This trend is not surprising given the strong performance of city fringe and suburban homes in the resale and new launch market over the last six months. The dwindling supply of unsold private homes in the OCR as well as rising prices of new launches have channelled some buyers to the resale market, propping up prices in the process.

Six out of the top 10 projects were recently completed projects, built between 2015 and 2020, while the others were built sometime in the early 2000s and late 90s. Notably, a number of projects in District 16, East Coast and Bedok area (Costa Del Sol, The Bayshore, Grandeur Park Residences) as well as projects in District 19, Punggol, Serangoon area (River Isles, A Treasure Trove, Botanique at Bartley) made the top 10 list.

Here are details about the top 10 projects in July 2022:

CARIBBEAN AT KEPPEL BAY

Details
Location: Keppel Bay Drive
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Harbourfront (720 metres)
Year of Completion: 2004

Summary
Caribbean At Keppel Bay is a residential waterfront development located in District 4, situated along Keppel Bay. The condominium is also located between Harbourfront MRT interchange as well as Telok Blangah MRT station. On top of enjoying views of the scenic Keppel Bay, residents can also enjoy much added convenience, with many commercial shopping options within close proximity, such as Vivocity and Harbourfront Centre as well as being just 5 minutes’ drive from the Sentosa Island. The project was completed in 2004 and has some 969 residential units in the residential blocks, with a wide range of facilities such as a fitness corner, game room, jacuzzi, lap pool, multi-purpose hall, playground, swimming pool, clubhouse, function room, gymnasium room, jogging track, lounge, pavilion, sauna and wading pool.

Transactions in July 2022

Source: PropNex Research, URA Realis

COSTA DEL SOL

Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Bayshore (Uncompleted, 125 metres)
Year of Completion: 2003

Summary
Costa Del Sol is a 906-unit residential development along Bayshore Road . Residents enjoy unblocked views of the sea and East Coast Park. While the closest MRT station, Bedok station is located 15 minutes’ walk away, residents will enjoy improved connectivity in the near future when the Bayshore MRT station is open. 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 the Changi Airport and the Central Business District (CBD) via the ECP. Residents can also take advantage of the full range of condominium facilities including the lap pool, spa pool a wading pool for children, tennis courts, gymnasium and barbeque pits.