Top 10 Resale Condos in September 2022: Resale Units at Condo Project with European-styled Design at Upper Thomson Pulled in Close to $900,000 of Gains on Average

By Jean Choo

Resale condos in the suburbs and city fringe have garnered relatively decent gains in September 2022 amid steady demand for homes, 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 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.

Suburban Condo Projects Dominate Top 10 Gainers List

Resale prices and volume of resale transactions bounced back in September after a slower month in August, where market activity was relatively muted owing to the Hungry Ghost Month. In September, the top 10 most profitable projects had average profits ranging from $320,000 to nearly $900,000.

By ranking the average profit, the top 10 projects in September comprised mostly Outside Central Region (OCR) projects. The most profitable project, The Gardens at Bishan, a condominium project in Sin Ming Walk, Upper Thomson, recorded five resale transactions in the month, achieving gains of close to $900,000 on average for each transaction. It was followed by Costa Del Sol in Bedok, also in the OCR, which had an average profit of more than $870,000 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
*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.
#Annualized 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}-1
Analysis was done based on available data from URA Realis

Unsurprisingly, most of the projects that made the top 10 list were developments that have desirable locational attributes, which contribute to price resiliency, such as being located in the city fringe or close to an MRT station (Waterbank at Dakota, Botanique at Bartley, High Park Residences). Meanwhile, a number of projects listed on the top 10 list have unique architectural features (The Gardens at Bishan, The Interlace, Reflections at Keppel Bay, D’Leedon)

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

THE GARDENS AT BISHAN

Details
Location: Sin Ming Walk
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bright Hill (150 metres)
Year of Completion: 2004

Summary
The Gardens at Bishan is a residential development completed in 2004, located in the city fringe within District 20. The project’s architecture draws inspiration from the gardens of Europe, featuring roman pillars, ornate carvings, domed pavilions and garden fountains that exude an ethereal ambience and a unique fairy-tale charm – a rare find in the modern 21st century city such as Singapore. Its 756 units spreads over four blocks of 20-storey condominium towers that overlook the project’s lap pool and courtyard. The project is a 2-minute walk from the newly-opened Bright Hill MRT station on the Thomson-East-Coast Line which takes commuters to the city in 10 to 15 minutes.

Transactions in September 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 ready. 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.

Transactions in September 2022

Source: PropNex Research, URA Realis

REFLECTIONS AT KEPPEL BAY

Details
Location: Keppel Bay View
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Telok Blangah (500 metres) / Harbourfront (750 metres)
Year of Completion: 2013

Summary
Reflections At Keppel Bay, an iconic residential waterfront development – designed by architect Daniel Libeskind - is located in District 4, situated along Keppel Bay. The development is made up of six towers, varying between 24 and 41 storeys along with 11 low-rise villa apartment blocks ranging between 6 and 8 storeys. On top of the unblocked views and waterfront access of the scenic Keppel Bay, residents can also enjoy much added convenience, with many shopping options within close proximity, such as Vivocity and Harbourfront Centre as well as being just 5 minutes’ drive from the Sentosa Island. The condominium is also located between the Harbourfront MRT interchange and the Telok Blangah MRT station. The project was completed in 2013 and has some 1,129 residential units. Its facilities include a barbeque area, gymnasium room, playground, tennis courts, clubhouse, jacuzzi and swimming pool.

Transactions in September 2022

Source: PropNex Research, URA Realis

THE INTERLACE

Details
Location: Depot Road
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Labrador Park (1.1 kilometres)
Year of Completion: 2014

Summary
The Interlace is an award-winning residential development, designed by renowned international architect, Ole Scheeren. The development has become a unique landmark for its unorthodox design of interlocking residential blocks, stacked in a hexagonal arrangement. The interlocking blocks form a vertical village with cascading sky gardens and both private and public roof terraces. The Interlace stands out from the standard cookie-cutter design of many condominium projects built today. Its 1,040 units, spread over 31, 6-storey blocks are clustered around eight individually-themed courtyards, specifically designed to maximise air flow and natural light.

Located along Depot Road in the Alexandra area, The Interlace is within a short walking distance from the Gillman Barracks, with its eclectic mix of dining options. Commuters can reach the city in less than 15 minutes - the Orchard Road shopping belt is also just a short drive away or a few stops on the MRT from the Labrador MRT station, which is a 10 minutes’ walk from the development.

Transactions in September 2022

Source: PropNex Research, URA Realis

WATERBANK AT DAKOTA

Details
Location: Dakota Crescent
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Dakota (150 metres)
Year of Completion: 2013

Summary
Waterbank at Dakota is a 616-unit 99-year leasehold condominium development, located at Dakota Crescent in District 14, right next to Geylang Waterway river. Completed in 2013 by UOL, it is located a stone’s throw away from the Dakota MRT station on the circle line with plenty of amenities and schools in the vicinity. The development comprises five residential blocks of up to 20 storeys, with five different unit types to cater to the various lifestyle needs of residents. They range from 1-bedders for the working expatriates to 5-bedders to accommodate a large family.

Transactions in September 2022

Source: PropNex Research, URA Realis

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 modern mega-condominium project that was completed in 2019, is located in the serene residential estate in Fernvale, a fairly new neighbourhood of Sengkang New Town within district 28. The residential development consists of six 25-storey towers, with 1,390 units. The project has a wide range of unit sizes and types, ranging from studio units up 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 within close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is right next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.

Transactions in September 2022

Source: PropNex Research, URA Realis

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 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 its residents exceptional convenience, being located less than 20 minutes’ away 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 tennis court, half basketball court and a 50-metre lap pool.

Transactions in September 2022

Source: PropNex Research, URA Realis

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. With over 36-storeys, D’Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents unrivalled 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. Being just a 5-minute walk from the Farrer Park MRT station on the Circle Line, residents can enjoy an easy commute to the city as well as to one-north. The development is also well-connected to the rest of the city viamajor roads and expressways such as the PIE and Ayer Rajah Expressway (AYE).

Transactions in September 2022

Source: PropNex Research, URA Realis

BOTANIQUE AT BARTLEY

Details
Location: Upper Paya Lebar Road
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Bartley (340 metres)
Year of Completion: 2019

Summary
Botanique at Bartley is a large residential development located on the edge of bustling Serangoon town in District 19. Its 797 units are split over nine 17-storey blocks with a unit mix ranging from 1-, 2- and 3-bedroom configurations. Botanique at Bartley is located 3 minutes’ walk from the Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily necessities, residents can head to Serangoon and Tai Seng which are just a short train ride away. Being on the city-fringe and close to the MRT station, this project has been popular with a number of young working professionals and foreign expatriates. It is also well connected by major expressways, with the CBD and Orchard Road shopping belt a 15-minute drive away.

Transactions in September 2022

Source: PropNex Research, URA Realis

THE BAYSHORE

Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Bayshore (Under construction, 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, 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 also a short 15-minute drive to the Changi Airport and the CBD via the ECP. Residents can 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.

Transactions in September 2022

Source: PropNex Research, URA Realis

Top individual gainers in city centre
While suburban condominiums have been leading in terms of overall average profit by project, Central Region (CCR and RCR) condominium projects still pulled in bigger numbers in terms of profit quantum by individual deals. By ranking of the gross profit, most of the top 10 transactions were for units in condominium projects located in the city centre or fringe areas. The gross profits of the top 10 transactions – based on caveats lodged - ranged from $6.6 million to $2 million. The units were mostly sizeable large format condominium units that are more than 1,500 sq ft in size, and from older condominium projects built in the 1990s to early-2000s. The holding period for the top 10 resale properties varies – the shortest being just one year and the longest being more than 20 years.

Top 10 Resale Condo Transactions in September 2022 by Gross Profit

Source: PropNex Research, URA Realis

It was found that the most profitable transaction for the month of September 2022 was for a 40th-floor penthouse unit at Reflections at Keppel Bay which garnered an eye-watering gross profit of $6.6 million. Based on caveat records lodged from URA Realis, the unit was first bought in September 2021 and subsequently sold for $17.6 million in September 2022, with a holding period of exactly one year.

Meanwhile, the second most profitable transaction in September was for a 17th-floor unit at Grange Residences that was sold for an estimated profit of $4.29 million. The project was completed in 2004 and is located in the heart of the city, near Orchard Road. Resale activity in the CCR has been gaining momentum recently owing to the increase in new launch prices and some homebuyers taking the opportunity to acquire value buys in the prime districts.

Though the staggering profits raked in by the top 10 transactions may be enthralling to those thinking to buy into these projects, one should note that the profits are specific to that particular unit – in other words, a unit in the same project may not necessarily pull in similar numbers due to the different property attributes, entry prices and market conditions at the time of sale.