Serangoon Project Booked Gains Of More Than $915,000 On Average In March

A suburban Upper Serangoon mixed-use project – Choon Kim House – chalked up average resale gains of more than $915,000. Nine resale transactions were recorded for the units on the 3rd and 4th floors. The project had previously been launched for collective sale in 2019 and 2021 without success. In March, 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 March 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
Momentum of resale transactions picked up in March, with more than 930 resale condos being transacted during the month, picking up considerably from February and January, which experienced slower market activity amid the seasonal lull during the festive period. In March, the top 10 most profitable projects had average profits ranging from $317,000 to $915,000.

By a ranking of the average profit, six out of the top 10 projects in March 2023 were Outside Central Region (OCR) projects. Only one project in the Core Central Region (CCR) made the top 10 rankings. The CCR project, D’Leedon, a condominium development in Holland Road area, recorded seven resale transactions in the month, achieving gains of nearly $350,000 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, Principal Garden, Sky Vue) or close to an MRT station (North Park Residences, Citylights, The Panorama).

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

CHOON KIM HOUSE

Details
Location: Upper Serangoon Road
Postal District: 19
Tenure: Freehold
Nearest MRT: Serangoon (700 metres)
Year of Completion: 2000

Summary
Choon Kim House a mixed-use commercial and residential development located along Upper Serangoon Road in District 19. It is a freehold development with four storeys and an attic. It comprises 20 commercial units and 10 apartments with basement parking for 19 cars. The development was completed around year 2000 and is conveniently located in the heart of Serangoon, with plenty of amenities surrounding it, including shops located within the development. The development 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 further down the road from the project.

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 schools, including CHIJ St. Nicholas Girls' School, Ang Mo Kio Primary School, and Mayflower Secondary School. The project is also situated close 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.

CITYLIGHTS

Details
Location: Jellicoe Road
Postal District: 8
Tenure: 99-year leasehold
Nearest MRT: Lavender (100 metres)
Year of Completion: 2007

Summary
Citylights, a mixed-use high-rise apartment project that was constructed in 2007 by CapitaLand, is located in the city fringe in Lavender, within District 8. This development consists of a mixture of conserved shophouses as well as four 42-storey residential towers that houses over 600 residential units, across various unit types, ranging from 1-bedders to 4-bedroom units. It is situated next to Lavender MRT station on the East-West Line, which takes residents to the city in less than 10 minutes. Commercial amenities nearby include Aperia Mall, Jalan Besar Plaza, Golden Mile Complex, and Golden Mile Tower.

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). NEX, the largest mall in the north east, is just a short stroll from the project.

SKY VUE

Details
Location: Bishan Street 15
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (150 metres)
Year of Completion: 2016

Summary
Sky Vue is an award-winning residential development in the city fringe within District 20. Its 694 units, made up of 1, 2 and 3-bedroom apartments as well as eight penthouses, are spread across two sleek terraced 37-storey towers, with connecting sky bridges between them. On the highest floor sits several open-air facilities, namely the Sky Lounge, Sky Gym, Sky Walk and Sky Dream, which offers panoramic views of the surrounding areas. The project is a 3-minute walk from the Bishan MRT interchange station on the North-South and Circle Lines, which take commuters to the city and Orchard Road in just 10 to 15 minutes by train. The Junction 8 mall is 3 minutes’ walk from the development, which was completed in 2016 and developed by CapitaLand.

NORTH PARK RESIDENCES

Details
Location: Yishun Central 1
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Yishun (50 metres)
Year of Completion: 2018

Summary
Situated atop Northpoint City - the largest regional mall in the northern Singapore, North Park Residences is part of the successful mixed-use integrated development developed by Frasers Property. Residents enjoy unparalleled convenience, with direct access to some 400 retail and dining options in the mall, as well as a public library and cineplex all housed under one roof. The development also seamlessly connects residents to the Yishun MRT station on the North South Line and the Yishun bus interchange. North Park Residences consists of 920 residential units, ranging from 1-bedroom units and studio apartments, up to 5 bed units, with a wide range of configurations including dual key options.

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 Pan-Island Expressway and Ayer Rajah Expressway.

SEASONS PARK

Details
Location: Yio Chu Kang Road
Postal District: 26
Tenure: 99-year leasehold
Nearest MRT: Lentor (250 metres)
Year of Completion: 1997

Summary
Seasons Park, a condominium project that was constructed in 1997, is located in the suburbs in District 26. The project consists of 390 units across five blocks consisting of three unit-types – 2-, 3- and 4-bedroom units. It is a 5-minute walk from the Lentor MRT station on the Thomson-East Coast Line, which takes residents to the city in less than 20 minutes. Seasons Park is ideal for those seeking housing options in a less central part of the city, where they can enjoy a more peaceful environment coupled with excellent accessibility and proximity to plenty of amenities.

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

CHANGI RISE CONDOMINIUM

Details
Location: Simei Rise
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Upper Changi (200 metres)
Year of Completion: 2004

Summary
Changi Rise Condominium is a leasehold condominium development in Simei Rise in District 18. The project is developed by City Developments (CDL) in 2004 and comprises a total of 598 units. It is about 10 minutes’ walk to either Upper Changi MRT station on the Downtown line or the Simei MRT station on the East-West Line. Commuters can reach the Changi Airport and Expo within a few stops, while the central business district is about 30 minutes away via MRT. Within the development, residents can enjoy a wide range of facilities including a squash court, club house, lounge, jacuzzi, lap pool, jogging track, gaming room, and fitness corner.

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, nine out of the top 10 transactions were for units in projects located in the CCR. The gross profits of the top 10 transactions – based on caveats lodged - ranged from about $2.3 million to $7.3 million. The units were mostly sizeable large format condos that are more than 1,800 sq ft in size, and consisted mostly of older projects built in the 1970s to early 2000s. The holding period for the top 10 resale properties were mostly beyond 10 years – with the shortest being slightly more than 5 years and the longest being more than 27 years.

It was found that the most profitable transaction for the month of March 2023 was for a 1st floor unit at Nassim Park Residences which garnered a gross profit of $7.26 million based on caveats lodged. The project was completed in 2011 and is located in the heart of District 10. The project is in one of Singapore’s most prestigious landed estates and is a stone’s throw from the Orchard Road shopping belt. Based on URA Realis caveat data, the unit was first bought in June 2008 and subsequently sold for $22 million in March 2023, with a holding period of nearly 15 years.

Of note, the list featured a unit that was resold after a short holding period of just 5 years. The transaction was for a 12th floor unit at Leedon Residence that was resold for an estimated profit of $2.8million, reflecting an annualised profit of 7.1%. This freehold condominium project was built by GuocoLand and completed in 2015. It is located in the heart of the Holland-Bukit Timah locality and situated near the Cornwall Gardens Good-class Bungalows (GCBs) area. Residents are just a 5 to 10-minute walk away from Holland Village commercial-lifestyle cluster and MRT station.

The only RCR transaction which made the top 10 transaction ranking was for a 17th floor unit at Teresa Ville. The unit was sold for a gross profit of more than $2.3 million after a holding period of nearly 17 years, reflecting an annualised profit of 7.5%. The freehold residential project is located along Lower Delta Road in the Harbourfront-Bukit Merah locality, offering its residents good proximity to the city centre as well as nearby heartland amenities

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.