Bedok Project Booked Gains of More Than $840,000 on Average in May

By Jean Choo

A suburban condo project in Bedok – Aquarius by the Park – chalked up average resale gains of more than $840,000 across six resale transactions. In May, several resale condos in the suburbs have garnered relatively decent gains amid the 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 May 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 volumes softened slightly in May, with more than 790 resale condos being transacted during the month. While resale transaction activity dipped compared to the month before, the market was likely reeling from the latest round of property cooling measures which had been introduced at the end of April. The latest revisions saw an increase in Additional Buyer’s Stamp Duty (ABSD) rates for property investors and foreign buyers. In May, the top 10 most profitable projects had average profits ranging from $234,000 to $840,000. By ranking of the average profit, seven out of the top 10 projects in May 2023 were Outside Central Region (OCR) projects, two projects were located in the Rest of Central Region (RCR), while only one project in the Core Central Region (CCR) made the top 10 rankings in May.

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 locations (Stirling Residences, D’Leedon) or close to an MRT station (High Park Residences, Aquarius by the Park, Costa Del Sol) or are newly-completed developments (Parc Riviera, Park Colonial).

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

Details
Location: Bedok Reservoir View
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok Reservoir (300 metres)
Year of Completion: 2000

Summary
Aquarius by the Park is a 720-unit residential development along Bedok Reservoir View. Residents can enjoy unblocked views of the Bedok Reservoir. The closest MRT station, Bedok Reservoir station is just a short 5-minute walk away to the project, offering residents much convenience. It is also well-served by major expressways including the Pan Island Expressway (PIE). It is a short drive to the Changi Airport and the Central Business District (CBD) via the PIE. Residents can also take advantage of the full range of condominium facilities including the lap pool, a wading pool for children, tennis courts, gymnasium and barbeque pits.

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 can 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.

Details
Location: Simei Rise
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (700 metres)
Year of Completion: 2005

Summary
Savannah Condopark is a residential development on the edge of Simei estate. The sprawling project consists of 648 units spread over 18 blocks. It was developed by City Developments (CDL) and completed in 2005. It has three apartment types – namely two-bedders, three-bedders and four-bedders. The development has a zoo-safari theme with plenty of animal statues and savannah motifs around the compound – providing residents a resort-like ambiance. Savannah Condopark 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 stops, while the Central Business District is about 25 to 30 minutes away via MRT.

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 a short stroll from the project.

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.

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 mega condominium project that was completed in 2019, is located in the tranquil 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 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 in close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.

Details
Location: Stirling Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (250 metres)
Year of Completion: 2022

Summary
Stirling Residences is a residential development in the heart of Queenstown. It comprises 1,259 units within three 38-40-storey towers and was recently completed last year. Besides a sky lounge, community garden, there are other facilities such as a swimming pool, fitness corner and a gymnasium. Stirling Residences is located a stone’s throw from the Queenstown MRT station, on the East West Line, offering its residents convenience, being located less than 20 minutes’ away from the city centre.

Details
Location: West Coast Vale
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (650 metres)
Year of Completion: 2019

Summary
Tucked directly at the edge of Clementi town is Parc Riviera condominium – with 752 residential units across two 36-storey elevated towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. Parc Riviera offers its residents exceptional convenience, being located about 20 minutes from the city centre via the MRT and Ayer Rajah Expressway (AYE). Clementi MRT station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East within 20 minutes. The development features modern facilities, including tennis court, function room and lap pool.

Details
Location: 127-149 PASIR RIS GROVE
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (450 metres)
Year of Completion: 2017

Summary
D’Nest is a residential development nestled in the heart of Pasir Ris town. It consists 912 units spread over 12 blocks. D’Nest has a wide range of units ranging from 1-bedroom units to 5-bedroom penthouses and 6-bedroom dual-key units. In addition, residents have access to a wide range of facilities on site. D’Nest is under 10 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.

Details
Location: Woodleigh Lane
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Woodleigh (50 metres)
Year of Completion: 2021

Summary
Park Colonial is a new residential development in Woodleigh, next to the new Bidadari town. The project consists of 805 units spread over six blocks, with two commercial shops and a childcare centre on-site. It has a wide range of units spanning from 1-bedroom apartments to 5-bedroom apartments and dual-key units. The project is located opposite the newly-completed Woodleigh Shopping Mall as well as the Woodleigh MRT station, on the North East Line. Commuters can reach the city and Central Business District in about 25 minutes away via MRT.

Core Central Region homes dominate list oftop individual gainers
While city fringe and suburban condominiums have been leading in terms of overall average profit by project in the previous month, 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, eight 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 $2.07 million to $7.05 million. The units were mostly sizeable large format condos that are more than 1,300 sq ft in size, and consisted mostly of older projects built in the 1980s to early 2000s. The holding periods for the top 10 resale properties were mostly beyond 10 years – with the shortest being more than 5 years and the longest being more than 26 years.

It was found that the most profitable transaction for the month of May 2023 was for a 26th floor unit at Ardmore Park which garnered a gross profit of $7.05 million based on caveats lodged. The project was completed in 2001 and is located in the heart of District 10. The project is in one of Singapore’s most prestigious residential 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 July 1996 and subsequently sold for $12.9 million in May 2023, with a holding period of nearly 27 years.

Of note, the list featured only one transaction in the city fringe or Rest of Central Region (RCR) – Pandan Valley. The transaction was for a 7th floor that was resold for an estimated profit of $2.3 million, reflecting an annualised profit of 5.8%. This freehold residential condominium was built and completed in 1978. It is located at the edge of Holland-Bukit Timah along Pandan Valley within District 21. Residents are just a 10 to 15-minute drive from Orchard Road shopping belt.

The only transaction in the suburbs or Outside Central Region (OCR) was for a project located in Clementi – Clementi Park. The unit was located on the 5th floor and was sold for $3.2 million with gross profits of more than $2 million after holding periods of more than 23 years, reflecting annualised profit of 4.9%. The freehold residential project is located within the serene Sunset Way estate in District 21 – just a 15 to 20-minute drive away from Orchard Road and the city centre.
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.

Disclaimer:
While every reasonable care is taken to ensure the accuracy of information printed or presented here, no responsibility can be accepted for any loss or inconvenience caused by any error or omission. The ideas, suggestions, general principles, examples and other information presented here are for reference and educational purposes only.

This information contained herein is not in any way intended to provide investment, regulatory or legal advice or recommendations to buy, sell or lease properties or any form of property investment. PropNex shall have no liability for any loss or expense whatsoever, relating to any decisions made by the audience.

All copyrights reserved.