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February 22, 2024
Condo In Bedok Booked Gains Of More Than $1.2 Million On Average In January
Jean Choo
Senior Research Analyst
A suburban condo project in Bedok – Costa Del Sol – chalked up average resale gains of more than $1.2 million across four resale transactions in January. The top 10 most profitable projects in the month of January were varied, with projects located around the island, 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 January 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 Condos top list of most profitable projects in January
Resale activity was relatively muted in January, with less than 700 resale condo units being transacted during the month – as more buyers take their time to assess the market and gain more clarity before purchasing a property. In January, the top 10 most profitable projects had average profits ranging from $523,000 to $1,288,000. By a ranking of the average profit, seven out of the top 10 projects in January 2024 are in the Outside Central Region (OCR), two projects are in the Rest of Central Region (RCR), only one project was located in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average | Average | Year completed | Region |
COSTA DEL SOL | 4 | $1,287,525 | 4.21% | 2003 | OCR |
PARC OASIS | 4 | $916,250 | 4.34% | 1994 | OCR |
D'LEEDON | 5 | $633,422 | 2.69% | 2014 | CCR |
THE MINTON | 4 | $612,047 | 3.84% | 2013 | OCR |
RIVERVALE CREST | 5 | $578,810 | 3.19% | 2002 | OCR |
RIVER ISLES | 4 | $565,055 | 4.88% | 2015 | OCR |
THE CASCADIA | 4 | $561,445 | 2.06% | 2010 | RCR |
PARC ESTA | 4 | $534,000 | 7.60% | 2022 | RCR |
MAYSPRINGS | 4 | $532,125 | 2.71% | 1998 | OCR |
RIVERSAILS | 5 | $523,338 | 4.39% | 2016 | OCR |
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.
#Annualised 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
Most of the projects that made the top 10 list were developments that have desirable locational or physical attributes, such as being in a central location (D’Leedon, The Cascadia), close to an MRT station (Costa Del Sol, Maysprings), or are newly-completed developments (Parc Esta, Riversails).
Here are some details about the top 10 projects in January 2024:
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 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.
COSTA DEL SOL Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 2,195,000 | 1,238 | 1,773 | 1,099,200 | Jun-00 | 3.0% |
#09-XX | 2,180,000 | 1,313 | 1,660 | 1,260,900 | Jul-07 | 5.4% |
#10-XX | 3,000,000 | 1,755 | 1,710 | 1,570,000 | Jul-01 | 3.4% |
#15-XX | 2,100,000 | 1,324 | 1,586 | 1,220,000 | Jul-06 | 5.1% |
Source: PropNex Research, URA Realis
PARC OASIS
Details
Location: Jurong East Avenue 1
Postal District: 22
Tenure: 99-year leasehold
Nearest MRT: Chinese Gardens (50 metres)
Year of Completion: 1994
Summary
Parc Oasis is a residential development located in District 22 near to the Jurong Lake District, where major redevelopment plans are underway to transform the area into an exciting waterfront leisure and commercial destination. Parc Oasis has 950 residential units, comprising 1-bedroom units to 4-bedroom units. The project offers views of Jurong Lake and is opposite the Chinese Gardens MRT station on the East West Line, linking commuters to the amenities at Jurong Gateway, such as JEM, Westgate and IMM malls. It also takes commuters directly to the downtown CBD in about 30 minutes via MRT.
PARC OASIS Transactions in January 2024
Floor/ Unit | Resale Price | Area | Unit Price | Gains from previous caveat ($) | Purchase date | Annualized profit (%) |
#10-XX | 1,480,000 | 1,227 | 1206 | 970,000 | Feb-99 | 4.4% |
#09-XX | 1,630,000 | 1,378 | 1,183 | 945,000 | Aug-00 | 3.8% |
#18-XX | 1,490,000 | 1,227 | 1,214 | 710,000 | Aug-95 | 2.3% |
#10-XX | 1,490,000 | 1,227 | 1,214 | 1,040,000 | Feb-06 | 6.9% |
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 in 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 commanding 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 convenient access to the city as well as to one-north. The development is also well-served by major roads and expressways.
D'LEEDON Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#26-XX | 3,350,000 | 1,744 | 1,921 | 975,000 | Aug-16 | 4.8% |
#13-XX | 1,240,000 | 635 | 1,953 | 230,800 | Apr-11 | 1.6% |
#14-XX | 1,270,000 | 635 | 2,000 | 256,300 | Mar-11 | 1.8% |
#27-XX | 3,380,000 | 1,722 | 1,963 | 815,640 | May-13 | 2.6% |
#23-XX | 3,650,000 | 1,829 | 1,995 | 889,370 | Mar-13 | 2.6% |
Source: PropNex Research, URA Realis
THE MINTON
Details
Location: Hougang Street 11
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (800 metres)
Year of Completion: 2013
Summary
The Minton is a leasehold condominium project in Hougang Street 11 in District 19. It is a fairly new mega condominium project - completed in 2013 - with a total of 1,145 units. The project is conveniently located in the heart of Serangoon and Lorong Ah Soo, and it is 15 minutes’ walk to the Serangoon MRT station, an interchange station between the North-East Line (NEL) and the Circle Line (CCL). NEX, the largest mall in the north east, is also a short stroll from the project.
THE MINTON Transactions in January 2024
Floor/Unit | Resale Price | Area | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#11-XX | 1,840,000 | 1,216 | 1,513 | 743,000 | Nov-10 | 4.0% |
#14-XX | 1,418,888 |
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