Bedok Condo Project Booked Gains Of More Than $420,000 On Average In February

A suburban Bedok condo project – The Bayshore – chalked up average resale gains of more than $420,000. In February, several resale condos in the suburbs have garnered relatively decent gains amid the still resilient 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 February 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 condo projects dominate Top 10 gainers list
The volume of resale transactions grew slightly in February, with more than 640 resale condos being transacted during the month, picking up from January which experienced slower market activity owing to the Chinese New Year festive period. In February, the top 10 most profitable projects had average profits ranging from $245,000 to $570,000.

By ranking of the average profit, 8 out of the top 10 projects in February 2023 were Outside Central Region (OCR) projects. Only two projects, one each in the Core Central Region (CCR) and Rest of Central Region respectively made the top 10 rankings. The RCR project, Carribean at Keppel Bay, a condominium development in Keppel Bay, recorded four resale transactions in the month, achieving gains of more than $570,000 on average for each transaction.

Most of the projects that made the top 10 list were developments that have desirable locational or physical attributes, such as being in the central region (D’leedon, Carribean at Keppel Bay) or close to an MRT station (Bedok Residences, Botanique at Bartley, The Panorama).

Here are some details about the top 10 projects in February 2023:

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 in District 4, situated along Keppel Bay. The condominium is located between the Harbourfront MRT interchange and 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.

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.

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 is 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.

THE PANORAMA

Details
Location: Ang Mo Kio Avenue 2
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Mayflower (250 metres)
Year of Completion: 2017

Summary
The Panorama, a modern condominium project completed in 2017 is located in the residential estate of Ang Mo Kio, next to the serene Sembawang Hills landed estate, within District 28. The residential development consists of four 17-storey towers and two 20-storey towers, with 698 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of good schools, including CHIJ ST Nicholas Girls' School, Ang Mo Kio Primary School, Mayflower Secondary School. The project is also situated within close proximity to a number of amenities including the Mayflower Market and Food Centre, AMK Hub, Lower Pierce Reservoir and more. The project is less than 5 minutes’ walk from the Mayflower MRT station, on the newly opened Thomson-east-coast line (TEL) which takes commuters to the city within 20 minutes.

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 in 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.

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).

MELVILLE PARK

Details
Location: Simei Street 1
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Simei (700 metres)
Year of Completion: 1996

Summary
Melville Park is a residential development on the edge of Simei estate. The sprawling project consists of 1,232 units spread over seven blocks. It has two apartment types – namely three-bedders and four-bedders. Melville Park is located about 12 to 15 minutes’ walk to the Simei MRT station, on the East West Line. Commuters can reach the Changi Airport and Expo within a few short stops, while the Central Business District is about 25 to 30 minutes away via MRT.

RIPPLE BAY

Details
Location: Pasir Ris Link
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (1,300 metres)
Year of Completion: 2015

Summary
Ripple Bay is a large residential project located in Pasir Ris Grove in District 18. Developed by MCL Land, the project was completed in 2015. Its 679 residential units range from 1-bedders to 5-bedroom apartments and penthouses. The project features a wide of facilities on-site, and a wide range of bedroom types ranging from 1-bedders to 4-bedders. The project is located within close poximity to a number of amenities such as Downtown East, Aranda Country Club, Pasir Ris Beach and D’Resort @Downtown East. It is a 15-minute walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris Bus interchange as well as the White Sands Shopping Mall, which provides numerous retail and dining options.

HEDGES PARK CONDOMINIUM

Details
Location: Floral Drive
Postal District: 17
Tenure: 99-year leasehold
Nearest MRT: Tampines East (950 metres)
Year of Completion: 2015

Summary
Hedges Park Condominium is a 482-unit 99-year leasehold condominium development, located at the edge of Tampines town in District 17. Completed in 2015 by a joint venture comprising Hong Leong Group and CDL, the project is less than 10 minutes away from Changi Airport and the Singapore Expo. Residents who need their retail therapy can head to Changi City Point or Jewel at Changi Airport. Hedges Park Condominium is ideal for residents seeking housing options in a more peaceful environment where there is also excellent accessibility to a range of amenities. In addition, residents can make use of various facilities

BEDOK RESIDENCES

Details
Location: Bedok North Drive
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Bedok (50 metres)
Year of Completion: 2015

Summary
Located right above the Bedok Integrated Transport hub - which comprises the Bedok MRT station and Bedok Mall - is Bedok Residences, with 583 residential units across eight 15-storey blocks. It offers a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. Bedok Residences provides its residents exceptional convenience with amenities at their doorstep and being located about 20 minutes from the city centre via the MRT. Bedok MRT station on the East West Line takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Bugis.

Core Central Region homes dominate list of top individual gainers
While city fringe and suburban condominiums have been leading in terms of overall average profit by project, the Core Central Region (CCR) 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. The gross profits of the top 10 transactions – based on caveats lodged - ranged from about $2 million to $6.5 million. The units were mostly sizeable large format condos that are more than 1,400 sq ft in size, and from older projects built in the 1980s to more recently built projects in the 2010s. The holding period for the top 10 resale properties were mostly beyond 10 years – with the shortest being less than 4 years and the longest being more than 24 years.

It was found that the most profitable transaction for the month of February 2023 was for a 2nd floor unit at Nassim Park Residences which garnered a gross profit of $6.5 million. The project was completed in 2011 and is located in the heart of District 10. The project is located within one of Singapore’s most prestigious landed estates and is a stone’s throw from the Orchard Road shopping belt. Based URA Realis caveat data, the unit was first bought in September 2009 and subsequently sold for $20.5 million in February 2023, with a holding period of more than 13 years.

Of note, the list featured a unit that was resold after a short holding period of just under 4 years. The transaction was for a 38th floor unit at South Beach Residences that was resold for an estimated profit of $2.22 million, reflecting an annualised profit of nearly 9%. The mixed-use project located in the city was completed in 2016 by CDL, it comprises 190 luxurious residential units, a 5 start hotel and 500,000 sq ft of Grade A office space; its occupants enjoy spectacular views of the CBD and Marina Bay.

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.