PropNex Picks
June 19, 2024
Mega Condo In Holland Booked Gains Of More Than $540,000 On Average In May
Jean Choo
Senior Research Analyst
A core city centre condo project in District 10 - D'Leedon - chalked up average resale gains of more than $540,000 across seven resale transactions in May. The top 10 most profitable projects in the month of May were varied, with developments located around the island, based on URA Realis caveat data 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 condos top list of most profitable projects in May
The resale market lost some momentum in May, with over 800 condo units worth $1.7 billion being resold during the month compared with the previous month, which saw over 1,100 resale transactions valued at nearly $2.2 billion being done. In May, the top 10 most profitable projects had average profits ranging from $308,000 to $570,000. By a ranking of the average profit, seven projects are in the Outside Central Region (OCR), two out of the top 10 projects are in the Rest of Central Region (RCR), with only one project in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
| Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| D'LEEDON | 7 | $540,553 | 3.9% | 2014 | CCR |
| THE MINTON | 11 | $505,589 | 4.9% | 2013 | OCR |
| THE PALETTE | 5 | $469,884 | 6.1% | 2015 | OCR |
| SEASIDE RESIDENCES | 5 | $424,725 | 3.7% | 2021 | OCR |
| JEWEL @ BUANGKOK | 5 | $420,650 | 3.4% | 2016 | OCR |
| PARC ESTA | 8 | $413,861 | 6.4% | 2022 | RCR |
| Q BAY RESIDENCES | 6 | $397,041 | 2.8% | 2016 | OCR |
| HIGH PARK RESIDENCES | 7 | $389,286 | 5.7% | 2019 | OCR |
| JADESCAPE | 6 | $316,617 | 5.3% | 2022 | RCR |
| TREASURE AT TAMPINES | 17 | $308,392 | 5.9% | 2023 | OCR |
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 (D'Leedon, Jadescape), close to an MRT station (Jewel @ Buangkok, Parc Esta), or are recently completed developments (Seaside Residences, Treasure at Tampines).
Here are some details about the top 10 projects in May 2024:
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).
D'LEEDON Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
| #06-XX | 2,650,000 | 1,249 | 2,122 | 832,070 | May-12 | 3.2% |
| #20-XX | 2,441,800 | 1,195 | 2,044 | 691,800 | Sep-20 | 9.7% |
| #21-XX | 3,980,000 | 1,981 | 2,010 | 638,400 | Jan-13 | 1.6% |
| #16-XX | 2,380,000 | 1,173 | 2,029 | 575,900 | Dec-10 | 2.1% |
| #10-XX | 2,100,000 | 1,012 | 2,075 | 450,000 | Dec-20 | 7.3% |
| #20-XX | 1,968,000 | 1,012 | 1,945 | 319,600 | Dec-10 | 1.3% |
| #03-XX | 1,150,000 | 592 | 1,943 | 276,100 | Dec-10 | 2.1% |
Source: PropNex Research, URA Realis
THE MINTON
Details
Location: Hougang Street 11
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (800 metres)
Year of Completion: 2013
Summary
The Minton is a leasehold condominium project in Hougang Street 11 in District 19. It is a newly developed mega condominium project - completed in 2013 with a total of 1,145 units. The project is conveniently located in the heart of Serangoon and Lorong Ah Soo, and it is a 15-minute walk from the Serangoon MRT station - an interchange between the North-East Line (NEL) and the Circle Line (CCL). Residents will not need to venture far to fulfil their daily needs, with NEX, the largest mall in the north east, just a short stroll from the project.
THE MINTON Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
| #14-XX | 2,438,000 | 1,496 | 1,629 | 1,023,290 | Dec-11 | 4.5% |
| #13-XX | 1,975,000 | 1,216 | 1,624 | 605,000 | Aug-17 | 5.6% |
| #08-XX | 1,688,000 | 1,109 | 1,523 | 598,000 | Jan-18 | 7.2% |
| #02-XX | 1,440,000 | 1,119 | 1,286 | 678,540 | Jun-10 | 4.7% |
| #05-XX | 1,580,000 | 1,087 | 1,453 | 646,150 | Apr-12 | 4.4% |
| #03-XX | 1,350,000 | 980 | 1,378 | 523,500 | Mar-12 | 4.1% |
| #09-XX | 1,411,000 | 980 | 1,440 | 521,800 | Apr-12 | 3.9% |
| #10-XX | 1,420,000 | 980 | 1,450 | 361,200 | Feb-18 | 4.9% |
| #03-XX | 945,000 | 710 | 1,330 | 185,000 | Oct-20 | 6.3% |
| #06-XX | 819,000 | 560 | 1,463 | 144,000 | Aug-20 | 5.3% |
| #12-XX | 836,000 | 560 | 1,494 | 275,000 | Jun-10 | 2.9% |
Source: PropNex Research, URA Realis
THE PALETTE
Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (500 metres)
Year of Completion: 2015
Summary
The Palette is a 99-year leasehold condominium located in Pasir Ris in District 18. Completed in 2015, it comprises 13 blocks with a total of 892 units, with unit types ranging from 1- to 5-bedroom units. The development is within walking distance to the Pasir Ris MRT interchange and Tampines North LRT stations, and is close to schools like Meridian Secondary School, MOE Kindergarten @ Elias Park, and Elias Park Primary School. Nearby supermarkets include Sheng Shiong - Elias Mall Market Stalls and Sheng Shiong - Pasir Ris Supermarket. The Palette offers a range of amenities including a BBQ area, clubhouse, fitness corner, gym, jacuzzi, lap pool, parking, playground, security, steam room, tennis court, and wading pool.
THE PALETTE Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #04-XX | 1,538,888 | 1,066 | 1,444 | 623,718 | Mar-12 | 4.4% |
| #10-XX | 1,580,000 | 1,055 | 1,498 | 623,380 | Mar-12 | 4.2% |
| #11-XX | 1,545,000 | 1,066 | 1,450 | 465,000 | Dec-20 | 11.0% |
| #09-XX | 1,131,000 | 753 | 1,501 | 303,000 | Feb-20 | 7.6% |
| #04-XX | 1,010,000 | 753 | 1,340 | 334,320 | Dec-11 | 3.3% |
Source: PropNex Research, URA Realis
SEASIDE RESIDENCES
Details
Location: Siglap Link
Postal District: 15
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Siglap (Under construction, 125 metres)
Year of Completion: 2021
Summary
Seaside Residences is a newly-built 841-unit residential development by Frasers Property, Seisuki House and Keong Hong, that was recently completed in 2021. The closest MRT station, Bedok station is located minutes' drive from the project, though residents will enjoy greater convenience in the near future when the Siglap MRT station opens. The project enjoys unblocked sea views of the east coast shoreline and is close to amenities like East Coast Park, Bedok Mall, and Parkway Parade. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is also a short 10-minute and 15-minute drive to the Changi Airport and the CBD respectively via the ECP. Residents can take advantage of the full range of condominium facilities including barbeque area, tennis court, jacuzzi, playground, sauna, swimming pool, clubhouse, function room, and gymnasium.
SEASIDE RESIDENCES Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #06-XX | 2,788,888 | 1,259 | 2,214 | 807,888 | Aug-17 | 5.3% |
| #15-XX | 2,000,000 | 786 | 2,545 | 623,100 | Apr-17 | 5.4% |
| #03-XX | 1,688,888 | 764 | 2,210 | 486,038 | Apr-17 | 5.0% |
| #06-XX | 1,150,000 | 560 | 2,055 | 104,000 | May-18 | 1.6% |
| #18-XX | 1,388,888 | 678 | 2,048 | 102,598 | Mar-19 | 1.5% |
Source: PropNex Research, URA Realis
JEWEL @ BUANGKOK
Details
Location: Buangkok Drive
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Buangkok (200 metres)
Year of Completion: 2016
Summary
Jewel @ Buangkok is a residential development located along Buangkok Drive in District 19. The 616-unit development was completed in around 2016 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby. The development is 5 minutes' walk from the Buangkok MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at the Sengkang Grand Mall, Hougang Mall, and Hougang Central just a short walk away.
JEWEL @ BUANGKOK Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized profit (%) |
| #09-XX | 2,380,000 | 1,356 | 1,755 | 700,000 | Jul-16 | 4.5% |
| #06-XX | 1,550,000 | 936 | 1,655 | 485,750 | Jun-13 | 3.5% |
| #05-XX | 1,180,000 | 732 | 1,612 | 322,000 | Sep-13 | 3.1% |
| #05-XX | 1,210,000 | 721 | 1,678 | 299,500 | Aug-14 | 3.0% |
| #09-XX | 1,250,000 | 764 | 1,636 | 296,000 | Apr-15 | 3.0% |
Source: PropNex Research, URA Realis
PARC ESTA
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT station on the East-West Line - several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #16-XX | 2,280,000 | 958 | 2,380 | 700,000 | May-19 | 7.7% |
| #03-XX | 2,210,000 | 1,001 | 2,208 | 628,000 | May-20 | 8.7% |
| #07-XX | 2,298,888 | 1,033 | 2,225 | 566,888 | May-20 | 7.5% |
| #14-XX | 1,702,000 | 743 | 2,292 | 369,000 | Jul-20 | 6.6% |
| #03-XX | 1,680,000 | 840 | 2,001 | 347,000 | Jun-20 | 6.2% |
| #13-XX | 1,425,000 | 635 | 2,244 | 330,000 | Aug-19 | 5.8% |
| #09-XX | 1,020,000 | 452 | 2,256 | 231,000 | Dec-18 | 4.9% |
| #06-XX | 890,000 | 420 | 2,120 | 139,000 | Jun-19 | 3.5% |
Source: PropNex Research, URA Realis
Q BAY RESIDENCES
Details
Location: Tampines Street 86
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Tampines West (1,300 metres)
Year of Completion: 2016
Summary
Q Bay Residences is a residential development situated at a corner of Tampines town. It consists of 630 units across eight 16-storey blocks. Q Bay Residences has a wide range of units ranging from 1-bedroom units to 5-bedroom apartments. In addition, residents have access to a wide range of facilities on-site including some retail shops situated within the development. Q Bay Residences is a short drive from the Tampines West MRT station on the Downtown Line. Residents who need their retail therapy can head to Changi City Point or Jewel at Changi Airport. Commuters can reach the Changi Airport and Expo within a few MRT stops, while the central business district is about 30 minutes away via the MRT. For residents in need of a dose of nature, the project is just a short 5-minute walk to the scenic Bedok Reservoir Park.
Q BAY RESIDENCES Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #05-XX | 1,960,000 | 1,410 | 1,390 | 655,620 | Feb-13 | 3.7% |
| #06-XX | 1,968,000 | 1,410 | 1,396 | 537,100 | Oct-13 | 3.1% |
| #04-XX | 1,888,888 | 1,410 | 1,340 | 469,468 | Apr-14 | 2.9% |
| #16-XX | 1,788,000 | 1,206 | 1,483 | 450,580 | Jan-14 | 2.9% |
| #02-XX | 738,888 | 517 | 1,430 | 174,478 | Feb-13 | 2.4% |
| #02-XX | 860,000 | 764 | 1,125 | 95,000 | Apr-18 | 1.9% |
Source: PropNex Research, URA Realis
HIGH PARK RESIDENCES
Details
Location: Fernvale Road
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Thanggam LRT (50 metres)
Year of Completion: 2019
Summary
High Park Residences, a mega condominium project that was completed in 2019, is located in the tranquil residential estate in Fernvale, a fairly new neighbourhood of Sengkang New Town within District 28. The residential development consists of six 25-storey towers, with 1,390 units. The project has a wide range of unit sizes and types, ranging from studio units to bungalows, and semi-detached houses. The sprawling mega project also features nearly 120 facilities, including retail units, eateries, a childcare centre, an infinity pool, outdoor movie theatre, gymnasium, cycling track, amongst others. Additionally, it is close to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.
HIGH PARK RESIDENCES Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #20-XX | 2,300,000 | 1,421 | 1,619 | 960,000 | Jul-15 | 6.4% |
| #25-XX | 1,320,000 | 947 | 1,394 | 332,000 | Aug-20 | 8.0% |
| #08-XX | 1,270,000 | 872 | 1,457 | 200,000 | Aug-20 | 4.7% |
| #02-XX | 980,000 | 667 | 1,468 | 321,000 | Jul-15 | 4.6% |
| #16-XX | 780,000 | 452 | 1,725 | 313,000 | Jul-15 | 6.0% |
| #04-XX | 968,000 | 667 | 1,450 | 305,000 | Jul-15 | 4.4% |
| #02-XX | 750,000 | 474 | 1,584 | 294,000 | Jul-15 | 5.8% |
Source: PropNex Research, URA Realis
JADESCAPE
Details
Location: Shunfu Road
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Marymount (250 metres)
Year of Completion: 2022
Summary
Jadescape, a mega condominium project completed in 2022 is located in Bishan, in District 20. This mega residential development consists of five 23-storey towers and two 21-storey towers, with 1,206 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including Raffles Institution, Raffles Girls' School, Whitley Secondary School, and Guangyang Primary School. The project is also located close to a number of amenities, including the Bishan MRT station and bus interchange, Junction 8 mall, MacRitchie Reservoir and more. The project is a 5-minute walk to the Marymount MRT station on the Circle Line and a 10-minute walk to the Upper Thomson MRT station, on the newly-opened Thomson-East-Coast Line (TEL).
JADESCAPE Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #14-XX | 2,025,000 | 904 | 2,240 | 464,300 | Dec-19 | 6.2% |
| #16-XX | 1,725,000 | 764 | 2,257 | 399,300 | Feb-20 | 6.5% |
| #17-XX | 1,690,000 | 764 | 2,211 | 309,800 | Aug-20 | 5.7% |
| #15-XX | 1,390,000 | 646 | 2152 | 285,000 | Sep-18 | 4.2% |
| #08-XX | 1,650,000 | 764 | 2,159 | 265,000 | Jul-20 | 4.8% |
| #09-XX | 1,070,000 | 527 | 2,029 | 176,300 | Mar-20 | 4.4% |
Source: PropNex Research, URA Realis
TREASURE AT TAMPINES
Details
Location: Tampines Lane
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (670 metres)
Year of Completion: 2014
Summary
Treasure at Tampines is a mega condominium development in Tampines Lane in District 18. The project comprises a total of 2,203 units and was completed in 2023. It is a 15-minute walk from Simei MRT station on the East-West Line. Commuters can reach the Changi Airport and Expo within a few stops, while the Central Business District is about 30 minutes away via the MRT. Within the development, residents can enjoy a wide range of facilities, including a club house, playground, jacuzzi, lap pool, and fitness corner. There are several amenities nearby the project including the Tampines Round Market and Food Centre, Safra Tampines, and Tampines Chungkat Community Centre.
TREASURE AT TAMPINES Transactions in May 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #03-XX | 1,480,000 | 915 | 1,618 | 236,000 | Mar-21 | 5.6% |
| #04-XX | 2,770,000 | 1,722 | 1,608 | 709,000 | Feb-21 | 9.8% |
| #04-XX | 1,485,000 | 915 | 1,623 | 347,000 | Mar-20 | 6.7% |
| #05-XX | 2,790,000 | 1,711 | 1,630 | 756,000 | Sep-20 | 9.2% |
| #05-XX | 1,545,888 | 915 | 1,690 | 303,888 | Jul-20 | 6.0% |
| #06-XX | 1,800,000 | 1,012 | 1,779 | 444,888 | Jan-20 | 6.9% |
| #06-XX | 1,090,000 | 678 | 1,607 | 183,888 | Feb-20 | 4.4% |
| #07-XX | 1,770,000 | 1,012 | 1,749 | 324,000 | Jan-21 | 6.3% |
| #07-XX | 810,000 | 463 | 1,750 | 134,000 | Nov-19 | 4.1% |
| #08-XX | 1,210,000 | 678 | 1,784 | 177,000 | Mar-21 | 5.3% |
| #09-XX | 1,580,000 | 915 | 1,727 | 286,000 | May-21 | 6.9% |
| #10-XX | 970,000 | 581 | 1,669 | 173,000 | Aug-19 | 4.3% |
| #11-XX | 1,240,000 | 678 | 1,829 | 245,000 | Sep-20 | 6.2% |
| #12-XX | 1,900,000 | 1,087 | 1,748 | 441,000 | Sep-19 | 5.8% |
| #12-XX | 1,160,000 | 678 | 1,711 | 215,000 | Aug-20 | 5.6% |
| #12-XX | 1,175,000 | 657 | 1,790 | 200,000 | Dec-20 | 5.6% |
| #12-XX | 980,000 | 592 | 1,655 | 67,000 | Mar-21 | 2.3% |
Source: PropNex Research, URA Realis
City centre and city fringe homes dominate top individual gainers
In May, 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, five out of the top 10 transactions were for units in projects located in the CCR, three transactions are located in the RCR, while two transactions in the OCR made the top 10 ranking.
The gross profits of the top 10 transactions - based on caveats lodged - ranged from $1.9 million to $3.7 million. In May, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,500 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 only one transaction for a unit that was held for about 4 years.
Top 10 Resale Condo transactions in May 2024 by gross profit
Source: PropNex Research, URA Realis
It was found that the most profitable transaction in May 2024 was for a 5th floor unit at Grand Duchess at St Patrick's, an OCR project. It was resold for an estimated profit of $3.7 million, reflecting an annualised profit of 6.6%. Based on URA Realis caveat data, the 3,218-sq ft unit was first bought in December 2006 and subsequently resold for $5.5 million in May 2024, with a holding period of nearly 18 years. The project was built in 2010 and is situated in Bedok. The development is located close to a myriad of amenities in the Marine Parade estate including, CHIJ Katong Convent School, Victoria Junior College, East Coast Park and Marine Parade Central Market and Food Centre.
The second top gainer in terms of gross profit was for a city centre unit transacted at Ardmore Park in the city centre, which fetched a gross profit $2.65 million (annualised profit of 6%) based on caveats lodged. The 2,885-sq ft 22nd-floor apartment was sold for nearly $11.9 million, with a holding period of slightly more than 4 years. The freehold project in Newton (District 10) was built in 2001, and it is situated within the prestigious Ardmore housing enclave - a stone's throw from the Orchard Road shopping belt.
Another notable top gainer for the month was for a 23rd-floor unit located in King's Mansion. The 1,604-sq ft unit was sold for $3.3 million, achieving an estimated profit of around $2.5 million which reflects a decent annualised profit of 7.5% over a holding period of more than 20 years. This project which was completed in 1982 is situated in the Amber Gardens estate in Marine Parade and right next to the Tanjong Katong MRT station on the Thomson East-Coast Line (TEL).
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.
