Bukit Timah Condo Project Booked Gains Of More Than $1.2 Million On Average In November

A city fringe Bukit Timah condo project – Maple Woods – chalked up average resale gains of more than $1.2 million in November 2022, outperforming The Sail @ Marina Bay in the core central region. In November, several resale condos in the suburbs and city fringe have garnered relatively decent profits 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 November 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 and fringe condo projects dominate Top 10 gainers list
The volume of resale transactions continued to slow, with fewer than 700 resale condos being transacted during the month. In November, the top 10 most profitable projects had average profits ranging from $265,000 to $1.2 million.

By ranking the average profit, the top 10 projects in November comprised mostly Rest of Central Region (RCR) and Outside Central Region (OCR) projects. The most profitable project, Maple Woods, a condominium project in Bukit Timah, recorded four resale transactions in the month, achieving gains of $1.2 million on average for each transaction. The gains were unsurprising given the recent announcement of phase 2 of the Cross-Island Line (CRL) which includes King Albert Park station – the station will be an interchange between the CRL and Downtown Line. Maple Woods being located just next to the MRT station is expected to see an uplift in resale prices with the improved connectivity.

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

Source: PropNex Research, URA Realis

^projects with fewer than 4 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 or physical attributes, such as being in the city or city fringe (The Sail @ Marina Bay, Queens Peak, Kentish Lodge) or close to an MRT station (Watertown, North Vale, Maple Woods).

Here are some details about the top 10 projects in November 2022:

MAPLE WOODS

Details
Location: Bukit Timah Road
Postal District: 21
Tenure: Freehold
Nearest MRT: King Albert Park (250 metres)
Year of Completion: 1997

Summary
Maple Woods, a condominium project that was completed in 1997 by Wing Tai, is located at the edge of Bukit Timah within District 21. The residential development consists of eight 10-storey towers, with 697 units. The project features three unit types, namely 2-, 3-, and 4-bedroom units. Residents are spoilt for choices in terms of amenities and food options nearby at Bukit Timah Plaza, KAP Mall and malls in Beauty World. Residents also enjoy excellent connectivity with the King Albert Park MRT station just 5 minutes’ walk away, taking commuters to the city in under 20 minutes. Families with young school-going children will also be happy to know that the project is within close proximity to a number of well-known schools such as Methodist Girls’ School and Pei Hwa Presbyterian Primary School.

Transactions in November 2022

Source: PropNex Research, URA Realis

THE SAIL @ MARINA BAY

Details
Location: Marina Boulevard
Postal District: 1
Tenure: 99-year leasehold
Nearest MRT: Downtown (100 metres)
Year of Completion: 2008

Summary
The Sail @ Marina Bay, an iconic luxury residential development in District 1, within the prime Central Business District. The development comprises two towers, Marina Bay Tower (70 storeys) and Central Park Tower (63 storeys). It has won several architectural design accolades and is touted to be one of Singapore’s tallest residential building. The project – which has unblocked views of the city and the Marina Bay area - was completed in 2008 and has some 264 residential units. Its facilities include a barbeque area, gymnasium room, playground, tennis courts, clubhouse, jacuzzi and swimming pool.

Transactions in November 2022

Source: PropNex Research, URA Realis

KENTISH LODGE

Details
Location: Oxford Road
Postal District: 8
Tenure: 99-year leasehold
Nearest MRT: Farrer Park (300 metres)
Year of Completion: 1998

Summary
Kentish Lodge, an apartment project that was constructed in 1998 by Far East Organization, is located in the city fringe in Farrer Park, within District 8. The project consists of 75 units across two unit-types – 2- and 3-bedroom units. It is a 5-minute walk from the Farrer Park MRT station on the North-East Line, which takes residences to the city in less than 15 minutes. Amenities and food options nearby include Pek Kio Market and Food Centre, City Square Mall, Centrium Square and Mustafa Centre.

Transactions in November 2022

Source: PropNex Research, URA Realis

THE MINTON

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.

Transactions in November 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. At over 36-storeys high, 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. 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 PIE and Ayer Rajah Expressway (AYE).

Transactions in November 2022

Source: PropNex Research, URA Realis
 
NORTHVALE
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Details
Location: Choa Chu Kang Loop
Postal District: 23
Tenure: 99-year leasehold
Nearest MRT: Choa Chu Kang (50 metres)
Year of Completion: 1998

Summary
Northvale, a condominium project that was completed in 1998, is located in the bustling town of Choa Chu Kang within District 23. The residential development consists of seven 12-storey towers, with 762 units. The project has a wide range of unit sizes and types, ranging from studio apartments to 4-bedroom units. Residents enjoy added convenience with the development being right next to the Choa Chu Kang Bus Interchange and MRT station. Nearby amenities include the Lot 1 Shoppers’ Mall and Keat Hong Community Centre.

Transactions in November 2022

Source: PropNex Research, URA Realis

VUE 8 RESIDENCE

Details
Location: Pasir Ris Heights
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (1.3km)
Year of Completion: 2017

Summary
Vue 8 Residence is a residential development nestled in the heart of Pasir Ris town. It consists 463 units spread over eight 17-storey blocks. Vue 8 Residence has a wide range of units, ranging from cosy 1-bedroom units to spacious 4-bedroom dual-key units and 5-bedroom penthouses. In addition, residents have access to a wide range of facilities on site. Vue 8 Residence is under 15 minutes’ walk from the Pasir Ris MRT Station on the East West Line, the Pasir Ris Bus interchange as well as White Sands Shopping Mall, which provides numerous retail and dining options.

Transactions in November 2022

Source: PropNex Research, URA Realis
 
WATERTOWN

Details
Location: Punggol Central
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (50 metres)
Year of Completion: 2017

Summary
Watertown is a 1,001-unit development, located in the heart of Punggol in District 19, and right next to the Punggol Waterway river. Completed in 2017, it is Punggol's first integrated waterfront development. Its commercial podium Waterway Point mall is a lifestyle and retail hub that features alfresco waterfront dining and a cineplex. On top of being connected to the Waterway Point mall and Punggol MRT/LRT station, residents also can engage in sports and aquatic activities along Punggol waterway. The development comprises 11 residential towers ranging from 11 storeys to 14 storeys, with four different offerings – suites (1- and 2-bedroom units), SOHO (2- and 3-bedroom units), condominiums (2- and 3-bedroom units), and Sky Patio (2- , 3- and 4-bedroom) – to cater to different lifestyle needs.

Transactions in November 2022

Source: PropNex Research, URA Realis

EUHABITAT

Details
Location: Jalan Eunos
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Ubi (850 metres)
Year of Completion: 2015

Summary
Euhabitat is a mega development tucked away in a quiet corner of Eunos in District 14. The residential development consists around 50 5-storey blocks, with a total of 748 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom to 5-bedroom units. The development is a 15-minute walk to the Ubi MRT station on the Downtown Line, which offers direct access to the city centre.

Transactions in November 2022

Source: PropNex Research, URA Realis

QUEENS PEAK

Details
Location: Dundee Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (110 metres)
Year of Completion: 2020

Summary
Tucked directly behind the Queenstown MRT station is Queens Peak condominium – with 736 residential units across two 44-storey elevated towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 3-, 4- and 5-bedroom units, as well as spacious penthouse suites. Queens Peak offers its residents exceptional convenience, being located about 20 minutes’ from the city centre via the MRT. The Queenstown MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East.

Transactions in November 2022

Source: PropNex Research, URA Realis

Top individual gainers across the island
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 projects located in the city centre or city fringe. The gross profits of the top 10 transactions – based on caveats lodged - ranged from $1.77 million to $7.75 million. The units were mostly sizeable large format condos that are more than 1,500 sq ft in size, and from older projects built in the 1970s to early-2000s. The holding period for the top 10 resale properties were all above 15 years – the shortest being 15 years and the longest being 26 years.

Top 10 Resale Condo transactions in November 2022 by gross profit

Source: PropNex Research, URA Realis

It was found that the most profitable transaction for the month of November 2022 was for a 6th floor unit at Ardmore Park which garnered an eye-catching gross profit of $7.75 million. The project was completed in 2001 and is located in the swanky Admore Park neighbourhood, just a stone throw’s from the Orchard Road shopping belt. Based URA Realis caveat data, the unit was first bought in December 2000 and subsequently sold for $12.5 million in November 2022, with a holding period of nearly 22 years.

Meanwhile, the second most profitable transaction in November was for a first floor unit at The Peak that was sold for an estimated profit of $3.6 million. The project was completed in 1988 and is tucked away in a quiet corner of Pasir Panjang along Pepys Road.

The only OCR transaction which made the top individual gainers ranking was for a 17th floor unit at The Clearwater. The project is located in the Bedok and enjoys unobstructed views of the Bedok Reservoir. It was completed in 2001 and is next to the Bedok Reservoir MRT station. The property was sold for $2.78 million after a holding period of more than 15 years, fetching a gross profit of nearly $1.8 million.

Though the staggering profits raked in by the top 10 transactions may be attractive 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.

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