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May 23, 2024
Mega Condo In Bukit Merah Booked Gains Of More Than $560,000 On Average In April
Jean Choo
Senior Research Analyst
A city fringe condo project in District 3 ? Principal Garden ? chalked up average resale gains of more than $560,000 across five resale transactions in April. The top 10 most profitable projects in the month of April were varied, with developments located around the island, based on URA Realis 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 April 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.
City fringe condos top list of most profitable projects in April
The resale market gained momentum in April, with more than 900 condo units being resold during the month ? as more buyers possibly enter the market to take advantage of the soft market sentiment. In April, the top 10 most profitable projects had average profits ranging from $220,000 to $570,000. By a ranking of the average profit, six projects are in the Rest of Central Region (RCR), four out of the top 10 projects are in the Outside Central Region (OCR), with none in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
| Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| PRINCIPAL GARDEN | 5 | $568,078 | 3.80% | 2018 | RCR |
| COCO PALMS | 7 | $461,351 | 5.23% | 2018 | OCR |
| BARTLEY RIDGE | 6 | $420,550 | 3.80% | 2016 | RCR |
| EIGHT RIVERSUITES | 5 | $416,578 | 3.01% | 2016 | RCR |
| PARC ESTA | 7 | $385,571 | 5.94% | 2022 | RCR |
| GRANDEUR PARK RESIDENCES | 7 | $348,400 | 3.87% | 2020 | OCR |
| STIRLING RESIDENCES | 10 | $336,789 | 5.04% | 2022 | RCR |
| EIGHT COURTYARDS | 5 | $295,002 | 3.81% | 2014 | OCR |
| TREASURE AT TAMPINES | 25 | $275,930 | 5.64% | 2023 | OCR |
| THE CREEK @ BUKIT | 5 | $218,898 | 1.72% | 2017 | RCR |
Source: PropNex Research, URA Realis
^projects with fewer than 5 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 are developments that have desirable locational or physical attributes, such as being in a central location (Principal Garden, Eight Riversuites), close to an MRT station (Bartley Ridge, Parc Esta), or are newly-completed developments (Stirling Residences, Treasure at Tampines).
Here are some details about the top 10 projects in April 2024:
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 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 and City Hall. The development also features many facilities, including a tennis court, half basketball court and a 50-metre lap pool.
PRINCIPAL GARDEN Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
| #24-XX | 2,630,000 | 1,076 | 2,443 | 664,000 | May-17 | 4.4% |
| #22-XX | 972,500 | 484 | 2,008 | 108,500 | Sep-17 | 1.8% |
| #18-XX | 3,758,888 | 1,572 | 2,392 | 1,183,888 | Apr-16 | 4.9% |
| #09-XX | 1,850,000 | 861 | 2,148 | 507,000 | Aug-16 | 4.3% |
| #21-XX | 1,688,000 | 786 | 2,148 | 377,000 | Apr-17 | 3.7% |
Source: PropNex sResearch, URA Realis
COCO PALMS
Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (250 metres)
Year of Completion: 2018
Summary
Coco Palms is a large residential project located in Pasir Ris Grove in District 18. Developed by CDL, the project was completed in 2018. Its 944 residential units range from 1- to 5-bedroom apartments and penthouses. The project features a wide of facilities on-site, and six retail units. Coco Palms is just an 8-minute walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris Bus interchange as well as the White Sands Shopping Mall, which provides numerous retail and dining options.
COCO PALMS Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
| #15-XX | 1,810,000 | 1,098 | 1,649 | 450,000 | Feb-21 | 9.7% |
| #14-XX | 1,900,000 | 1,259 | 1,509 | 245,600 | Mar-18 | 2.3% |
| #14-XX | 1,240,000 | 753 | 1,646 | 463,750 | Jun-14 | 4.9% |
| #13-XX | 1,500,000 | 904 | 1,659 | 509,776 | Mar-16 | 5.3% |
| #05-XX | 1,250,000 | 753 | 1,659 | 472,250 | Jun-14 | 4.9% |
| #15-XX | 1,830,000 | 1,098 | 1,667 | 592,400 | Jul-16 | 5.2% |
| #13-XX | 1,508,000 | 904 | 1,668 | 495,680 | Jun-14 | 4.1% |
Source: PropNex Research, URA Realis
BARTLEY RIDGE
Details
Location: Mount Vernon Road
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Bartley (150 metres)
Year of Completion: 2016
Summary
Bartley Ridge is a large residential development located on the edge of bustling Serangoon town and Toa Payoh town in District 13. Its 868 units are split over nine 18-storey blocks, with a unit mix ranging from 1-, 2-, 3- and 4-bedroom configurations. Bartley Ridge is located 3 minutes? walk from the Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily necessities, residents can head to Serangoon and Tai Seng which are a short train ride away.Being on the city fringe and close to the MRT station, this project has been popular with a number of young working professionals and foreign expatriates. It is also well-connected by major expressways; the CBD and Orchard Road shopping belt are about 15 minutes? drive away.
BARTLEY RIDGE Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #13-XX | 875,000 | 495 | 1,767 | 125,000 | Aug-18 | 2.8% |
| #15-XX | 2,000,000 | 1,033 | 1,935 | 712,100 | Sep-13 | 4.3% |
| #12-XX | 1,440,000 | 764 | 1,884 | 456,800 | Apr-13 | 3.5% |
| #16-XX | 1,868,000 | 969 | 1,928 | 634,400 | Sep-16 | 5.7% |
| #10-XX | 1,345,000 | 732 | 1,838 | 411,200 | May-13 | 3.4% |
| #04-XX | 842,000 | 463 | 1,819 | 183,800 | Apr-16 | 3.1% |
Source: PropNex Research, URA Realis
EIGHT RIVERSUITES
Details
Location: Whampoa East
Postal District: 12
Tenure: 99-year leasehold
Nearest MRT: Boon Keng (200 metres)
Year of Completion: 2018
Summary
Eight Riversuites is a residential development located in District 12. Its 843 units features a wide range of configurations ranging from 1- to 4-bedroom units as well as strata terraces. Eight Riversuites is located 3 minutes? walk from the Boon Keng MRT Station on the North-East Line which takes residents to the city centre in under half an hour. For daily necessities, residents can head to the Bendemeer Market and Food Centre and Whampoa Drive Market and Food Centre. Located in the city fringe and close to the MRT station, this project is popular with those who seek convenience and city living.
EIGHT RIVERSUITES Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #22-XX | 1,300,000 | 700 | 1,858 | 305,000 | Oct-12 | 2.4% |
| #19-XX | 1,318,000 | 700 | 1,884 | 228,000 | May-18 | 3.3% |
| #01-XX | 1,220,000 | 893 | 1,366 | 237,000 | Jun-12 | 1.8% |
| #04-XX | 2,358,888 | 1,356 | 1,739 | 858,888 | May-14 | 4.7% |
| #16-XX | 1,690,000 | 936 | 1,805 | 454,000 | Dec-12 | 2.8% |
Source: PropNex Research, URA Realis
PARC ESTA
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT station on the East-West Line - just a few MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized profit (%) |
| #17-XX | 1,370,000 | 603 | 2,273 | 200,000 | Jun-20 | 4.3% |
| #17-XX | 1,610,000 | 710 | 2,266 | 312,000 | Feb-20 | 5.4% |
| #13-XX | 2,248,000 | 1,023 | 2,198 | 550,000 | Jun-20 | 7.8% |
| #16-XX | 1,210,000 | 517 | 2,342 | 255,000 | May-19 | 4.9% |
| #07-XX | 2,062,000 | 915 | 2,254 | 496,000 | Feb-20 | 7.0% |
| #17-XX | 2,138,000 | 915 | 2,337 | 575,000 | May-19 | 6.7% |
| #02-XX | 1,325,000 | 635 | 2,086 | 311,000 | Apr-19 | 5.5% |
Source: PropNex Research, URA Realis
GRANDEUR PARK RESIDENCES
Details
Location: Bedok South Avenue 3
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Tanah Merah (300 metres)
Year of Completion: 2014
Summary
Grandeur Park Residences is a residential development in Tanah Merah. The project consists of 720 units spread over six blocks, with two commercial shops and a childcare centre onsite. It has a wide range of units ranging from cosy 1-bedroom units up to the spacious 5-bedroom penthouses. Grandeur Park Residences is located opposite the Tanah Merah MRT station on the East West Line. Commuters can reach Changi Airport and Expo within a few stops, while the central business district is about 25 minutes away via the MRT.
GRANDEUR PARK RESIDENCES Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #08-XX | 1,270,000 | 667 | 1,903 | 135,000 | Mar-18 | 1.9% |
| #01-XX | 1,220,000 | 667 | 1,828 | 184,000 | Jan-18 | 2.7% |
| #05-XX | 1,216,800 | 624 | 1,949 | 281,800 | Mar-17 | 3.8% |
| #03-XX | 1,840,000 | 980 | 1,878 | 498,000 | May-17 | 4.7% |
| #11-XX | 1,820,000 | 969 | 1,879 | 518,000 | May-17 | 5.0% |
| #04-XX | 2,265,000 | 1,238 | 1,830 | 402,000 | Jun-18 | 3.4% |
| #05-XX | 2,760,000 | 1,453 | 1,899 | 420,000 | Apr-21 | 5.7% |
Source: PropNex Research, URA Realis
STIRLING RESIDENCES
Details
Location: Stirling Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (250 metres)
Year of Completion: 2022
Summary
Stirling Residences is a residential development in the heart of Queenstown. It comprises 1,259 units within three 38- to 40-storey towers and was recently completed last year. Besides a sky lounge, community garden, there are other facilities such as a swimming pool, fitness corner and a gymnasium. Stirling Residences is located a stone?s throw from the Queenstown MRT station, on the East West Line, offering its residents convenience, being located about 20 minutes? away from the city centre.
STIRLING RESIDENCES Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #38-XX | 1,788,888 | 678 | 2,638 | 282,888 | Feb-21 | 5.7% |
| #36-XX | 1,460,000 | 624 | 2,339 | 234,000 | Jun-20 | 4.8% |
| #29-XX | 1,446,000 | 635 | 2,277 | 256,000 | Oct-19 | 4.5% |
| #27-XX | 1,850,000 | 764 | 2,421 | 522,000 | Dec-18 | 6.4% |
| #08-XX | 1,620,000 | 678 | 2,389 | 360,000 | Jul-18 | 4.5% |
| #24-XX | 1,485,000 | 657 | 2,262 | 293,000 | Aug-19 | 4.9% |
| #25-XX | 1,650,000 | 689 | 2,395 | 393,000 | Feb-19 | 5.4% |
| #15-XX | 2,000,000 | 883 | 2,266 | 539,000 | Jul-18 | 5.6% |
| #16-XX | 1,440,000 | 657 | 2,193 | 272,000 | Apr-19 | 4.3% |
| #19-XX | 1,470,000 | 635 | 2,315 | 216,000 | Jul-20 | 4.3% |
Source: PropNex Research, URA Realis
EIGHT COURTYARDS
Details
Location: Canberra Drive
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Canberra (400 metres)
Year of Completion: 2014
Summary
Situated at the edge of Canberra town is the 99-year leasehold project, Eight Courtyards. The project was completed in 2014 and is a short distance from Sembawang Hot Springs park where residents can head over to for leisure and recreation. The development is also a 10-minute walk from the Canberra MRT station on the North-South Line, taking residents to the city in around 30 minutes. It consists of 654 residential units, ranging from 1-bedroom to 4-bedroom apartments.
EIGHT COURTYARDS Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #14-XX | 1,300,000 | 1,012 | 1,285 | 355,000 | Jul-19 | 7.1% |
| #03-XX | 1,080,000 | 958 | 1,127 | 323,970 | May-11 | 2.8% |
| #14-XX | 1,528,000 | 1,152 | 1,327 | 470,000 | Jan-13 | 3.3% |
| #03-XX | 700,000 | 549 | 1,275 | 206,039 | May-11 | 2.7% |
| #05-XX | 720,000 | 549 | 1312 | 120,000 | Apr-18 | 3.1% |
Source: PropNex Research, URA Realis
TREASURE AT TAMPINES
Details
Location: Tampines Lane
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (670 metres)
Year of Completion: 2014
Summary
Treasure at Tampines is a mega condominium development in Tampines Lane in District 18. The project comprises a total of 2,203 units and was completed in 2023. It is a 15-minute walk from Simei MRT station on the East-West Line. Commuters can reach the Changi Airport and Expo within a few stops, while the Central Business District is about 30 minutes away via the MRT. Within the development, residents can enjoy a wide range of facilities, including a club house, playground, jacuzzi, lap pool, and fitness corner. There are several amenities nearby the project including the Tampines Round Market and Food Centre, Safra Tampines, and Tampines Chungkat Community Centre.
TREASURE AT TAMPINES Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #02-XX | 1,393,800 | 883 | 1,579 | 269,800 | Jul-20 | 6.0% |
| #02-XX | 1,088,000 | 678 | 1,604 | 142,000 | Sep-20 | 4.0% |
| #02-XX | 2,760,000 | 1,722 | 1,603 | 724,000 | Nov-20 | 9.6% |
| #03-XX | 2,880,000 | 1,722 | 1,672 | 815,000 | Jan-21 | 11.1% |
| #03-XX | 1,390,000 | 818 | 1,699 | 391,000 | May-19 | 7.1% |
| #03-XX | 1,690,000 | 1,033 | 1,635 | 399,888 | Feb-20 | 6.7% |
| #04-XX | 769,000 | 463 | 1,661 | 116,000 | Sep-19 | 3.6% |
| #04-XX | 968,000 | 581 | 1,665 | 144,000 | Feb-20 | 4.0% |
| #04-XX | 1,080,000 | 678 | 1,593 | 179,000 | Jul-20 | 5.1% |
| #04-XX | 1,520,000 | 915 | 1,661 | 284,000 | Aug-20 | 5.8% |
| #05-XX | 1,180,000 | 678 | 1,740 | 219,000 | Sep-20 | 5.9% |
| #05-XX | 1,438,888 | 850 | 1,692 | 271,888 | Aug-20 | 5.9% |
| #05-XX | 1,190,000 | 678 | 1,755 | 229,000 | Aug-20 | 6.0% |
| #06-XX | 975,000 | 581 | 1,677 | 131,000 | Mar-20 | 3.6% |
| #06-XX | 1,510,000 | 915 | 1,650 | 353,000 | Mar-20 | 6.7% |
| #07-XX | 970,000 | 592 | 1,638 | 149,888 | Feb-20 | 4.1% |
| #08-XX | 2,100,000 | 1,238 | 1,696 | 466,000 | Jul-20 | 6.9% |
| #09-XX | 990,000 | 592 | 1,672 | 176,000 | Jul-19 | 4.3% |
| #09-XX | 1,540,000 | 883 | 1,745 | 389,000 | Jul-19 | 6.4% |
| #10-XX | 1,202,888 | 678 | 1,774 | 212,888 | Aug-20 | 5.5% |
| #10-XX | 768,000 | 463 | 1,659 | 82,888 | Feb-20 | 2.8% |
| #11-XX | 1,580,000 | 915 | 1,727 | 326,000 | Feb-21 | 7.8% |
| #12-XX | 812,000 | 463 | 1,754 | 109,000 | Apr-20 | 3.7% |
| #12-XX | 1,090,000 | 614 | 1,777 | 189,000 | Dec-19 | 4.5% |
| #12-XX | 1,085,000 | 614 | 1,768 | 129,000 | Nov-20 | 3.9% |
Source: PropNex Research, URA Realis
THE CREEK @ BUKIT
Details
Location: Toh Tuck Road
Postal District: 21
Tenure: Freehold
Nearest MRT: Beauty World (600 metres)
Year of Completion: 2017
Summary
The Creek @ Bukit, an apartment project that was completed in 2017, is located at the edge of Bukit Timah in District 21. The freehold residential development consists of eight 5-storey towers, with a total of 260 units. The project features a wide range of unit types, from 1-bedroom units to spacious 4-bedroom units. There are plenty of amenities and food options nearby at the commercial precinct of Beauty World. Residents also enjoy excellent connectivity, with the Beauty World MRT station just 10 minutes? walk away; it is also one stop from the King Albert Park station which will be linked to the future Cross Island Line. Families with young school-going children will also be happy to know that the project is close to a number of schools such as The European School, Pei Hwa Presbyterian Primary School, Keming Primary School, and Bukit Timah Primary School.
THE CREEK @ BUKIT Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #03-XX | 870,000 | 463 | 1,880 | 58,713 | Nov-16 | 1.0% |
| #01-XX | 2,458,000 | 1,604 | 1,533 | 300,000 | Nov-17 | 2.0% |
| #04-XX | 1,320,000 | 721 | 1,830 | 98,626 | Nov-13 | 0.8% |
| #01-XX | 1,680,000 | 850 | 1,976 | 207,031 | Jul-17 | 2.0% |
| #01-XX | 2,488,888 | 1,615 | 1,541 | 430,120 | Jul-17 | 2.9% |
Source: PropNex Research, URA Realis
City centre homes dominate top individual gainers
In April, the top gainers heralded from mostly Central Region homes, with the CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, seven out of the top 10 transactions were for units in projects located in the CCR, three transactions are located in the RCR, while there were no transactions in the OCR that made the top 10 ranking.
The gross profits of the top 10 transactions ? based on caveats lodged - ranged from $2.17 million to $6.5 million. In April, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,700 sq ft in size, and consisted mostly of older projects built in the 1970s to early 2000s. The respective holding periods for the top 10 resale properties were mostly beyond 10 years ? with the shortest at about 9 years and the longest being nearly 29 years.
Top 10 Resale Condo transactions in April 2024 by gross profit
Source: PropNex Research, URA Realis
It was found that the most profitable transaction in April 2024 was for a 15th floor unit at Ardmore Park in the city centre, which fetched a gross profit of more than $6.5 million (annualised profit of 4.9%) based on caveats lodged. The 2,885-sq ft apartment was sold for $12.5 million, with a holding period of more than 17 years. The freehold project in Newton (District 10) was built in 2001. The development is situated within the prestigious Ardmore housing enclave and just a stone?s throw from the Orchard Road shopping belt.
The second top gainer in terms of gross profit was for a city fringe unit transacted at The Peak. It was for a ground floor unit that was resold for an estimated profit of $4 million, reflecting an annualised profit of 3.9%. Based on URA Realis caveat data, the 5,522-sq ft unit was first bought in November 2006 and subsequently resold for $8.3 million in April 2024, with a holding period of nearly 18 years. The project was built in 1988 and is situated in Buona Vista.
Another notable top gainer for the month was for a 36th-floor unit located in Sky @ Eleven. The 2,713-sq ft unit was sold for $6.48 million, achieving an estimated profit of $3.68 million which reflects a decent annualised profit of 5.1% over a holding period of over 17 years. This freehold project was completed in 2010 and is situated between Toa Payoh town and Caldecott estate.
Gains garnered by resale transactions continue to moderate, as downside risks persist amidst the modest economic growth outlook, market uncertainties, elevated interest rates. With interest rate cuts potentially coming on in the second half of the year, resale activity and gains could pick up in the months ahead.
