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September 18, 2024
Condo In Hougang Booked Gains Of More Than $630,000 On Average In August
Jean Choo
Senior Research Analyst
A suburban condo project in District 19 - The Minton - chalked up average resale gains of more than $634,000 across six resale transactions in August. The top 10 most profitable projects in the month of August 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 August 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.
Hungry Ghost Month cools resale condo activity in August
The resale market lost some steam in August amidst the slower sales activity owing to the Hungry Ghost Month, with 936 condo units worth $1.76 billion being resold during the month compared with the previous month, which saw 1,083 resale transactions valued at more than $2 billion being done. In August, the top 10 most profitable projects had average profits ranging from $381,000 to $634,000. By a ranking of the average profit, seven projects are in the Outside Central Region (OCR), three out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| THE MINTON | 6 | $634,095 | 6.4% | 2013 | OCR |
| HIGH PARK RESIDENCES | 5 | $570,778 | 5.6% | 2019 | OCR |
| JADESCAPE | 11 | $532,811 | 5.5% | 2022 | RCR |
| A TREASURE TROVE | 5 | $525,000 | 6.0% | 2015 | OCR |
| THE BAYSHORE | 5 | $469,400 | 4.9% | 1997 | OCR |
| PARK COLONIAL | 8 | $437,972 | 4.8% | 2021 | RCR |
| PARC ESTA | 12 | $424,657 | 6.1% | 2022 | RCR |
| D'NEST | 8 | $423,475 | 4.6% | 2017 | OCR |
| VACANZA @ EAST | 5 | $397,800 | 4.3% | 2014 | OCR |
| THE TRILINQ | 5 | $381,000 | 2.9% | 2017 | OCR |
Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in a central location (Jadescape, Parc Esta), close to an MRT station (D'Nest, The Bayshore), or are recently completed developments (High Park Residences, Park Colonial).
Details
Location: Hougang Street 11
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (800 metres)
Year of Completion: 2013
Summary
The Minton is a leasehold condominium project in Hougang Street 11 in District 19. It is a newly developed mega condominium project - completed in 2013 with a total of 1,145 units. The project is conveniently located in the heart of Serangoon and Lorong Ah Soo, and it is a 15-minute walk from the Serangoon MRT station - an interchange between the North-East Line (NEL) and the Circle Line (CCL). Residents will not need to venture far to fulfil their daily needs, with NEX, the largest mall in the north east, just a short stroll from the project.
THE MINTON Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#14-XX | 1,490,000 | 980 | 1,521 | 420,000 | Jun-20 | 8.4% |
#12-XX | 1,404,000 | 936 | 1,499 | 483,450 | May-12 | 3.5% |
#12-XX | 2,680,000 | 1,658 | 1,617 | 830,000 | Mar-18 | 6.0% |
#08-XX | 2,280,000 | 1,453 | 1,569 | 1,080,000 | Jun-10 | 4.7% |
#14-XX | 2,080,000 | 1,216 | 1,710 | 620,000 | Jun-21 | 11.8% |
#07-XX | 916,000 | 624 | 1,467 | 371,120 | Jun-10 | 3.7% |
Details
Location: Fernvale Road
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Thanggam LRT (50 metres)
Year of Completion: 2019
Summary
High Park Residences, a mega condominium project that was completed in 2019, is located in the tranquil residential estate in Fernvale, a fairly new neighbourhood of Sengkang New Town within District 28. The residential development consists of six 25-storey towers, with 1,390 units. The project has a wide range of unit sizes and types, ranging from studio units to bungalows, and semi-detached houses. The sprawling mega project also features nearly 120 facilities, including retail units, eateries, a childcare centre, an infinity pool, outdoor movie theatre, gymnasium, cycling track, amongst others. Additionally, it is in close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.
HIGH PARK RESIDENCES Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#11-XX | 1,020,000 | 678 | 1,504 | 340,000 | Jul-15 | 4.6% |
#25-XX | 2,150,000 | 1,432 | 1,502 | 1,013,000 | Nov-15 | 7.6% |
#19-XX | 1,873,888 | 1,152 | 1,627 | 831,888 | Sep-15 | 6.8% |
#11-XX | 1,050,000 | 635 | 1,653 | 399,000 | Jul-15 | 5.4% |
#17-XX | 988,000 | 667 | 1480 | 270,000 | Jul-15 | 3.6% |
Details
Location: Shunfu Road
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Marymount (250 metres)
Year of Completion: 2022
Summary
Jadescape, a mega condominium project completed in 2022 is located in Bishan, within District 20. This mega residential development consists of five 23-storey towers and two 21-storey towers, with 1,206 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including Raffles Institution, Raffles Girls' School, and Whitley Secondary School. The project is also located close to a number of amenities, including the Bishan MRT station and bus interchange, Junction 8 mall, MacRitchie Reservoir and more. The project is less than 5 minutes' walk from Marymount MRT station on the Circle Line and the Upper Thomson MRT station, on the newly-opened Thomson-East-Coast Line (TEL).
JADESCAPE Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#19-XX | 2,660,000 | 1,141 | 2,331 | 688,800 | Mar-20 | 7.2% |
#11-XX | 3,280,000 | 1,421 | 2,308 | 910,600 | Jul-20 | 8.3% |
#18-XX | 1,088,000 | 527 | 2,063 | 165,000 | Nov-19 | 3.6% |
#18-XX | 1,720,000 | 764 | 2,251 | 282,500 | Aug-20 | 4.7% |
#17-XX | 2,950,000 | 1,259 | 2,342 | 805,200 | Feb-20 | 7.3% |
#02-XX | 1,585,000 | 764 | 2,074 | 232,000 | Oct-20 | 4.3% |
#10-XX | 4,425,000 | 2,099 | 2,108 | 1,146,720 | Sep-18 | 5.3% |
#08-XX | 1,710,000 | 764 | 2,238 | 391,000 | Sep-18 | 4.6% |
#03-XX | 1,350,000 | 646 | 2,090 | 335,000 | Sep-18 | 5.0% |
#15-XX | 2,490,000 | 1,055 | 2,360 | 762,100 | Apr-19 | 7.1% |
#21-XX | 1,080,000 | 527 | 2,048 | 142,000 | May-20 | 3.4% |
Details
Location: Punggol Walk
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (260 metres)
Year of Completion: 2015
Summary
A Treasure Trove is a residential development nestled in the heart of Punggol town. It consists 882 units spread across 12 blocks. A Treasure Trove has a wide range of units ranging from 2-bedroom units up to the spacious 7-bedroom units. In addition, residents have access to a wide range of facilities on-site such as barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse. A Treasure Trove is located directly opposite Punggol MRT Station on the North-East Line, as well as Punggol Waterway Point, which provides numerous retail and dining options including a cineplex.
A TREASURE TROVE Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#01-XX | 1,750,000 | 1,270 | 1,378 | 586,000 | Jan-13 | 3.6% |
#02-XX | 1,588,888 | 1,044 | 1,522 | 611,888 | Aug-12 | 4.2% |
#16-XX | 1,455,000 | 1,528 | 952 | 419,000 | Jan-13 | 3.0% |
#01-XX | 1,900,000 | 1,270 | 1,496 | 681,112 | Oct-19 | 9.6% |
#13-XX | 1,250,000 | 775 | 1,613 | 327,000 | May-21 | 9.8% |
Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bayshore (125 metres)
Year of Completion: 1996
Summary
The Bayshore is a 1,038-unit mega residential development built by Far East Organization in 1996. The closest MRT station is the Bayshore MRT station under the Thomson East-Coast line (TEL) which just recently opened in June 2024. The project is close to amenities like Parkway Parade Shopping Mall and the East Coast Park. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is a short 15-minute drive to Changi Airport, and the Central Business District (CBD) via the ECP. Residents can also take advantage of the full range of condominium facilities including barbeque area, driving range, game room, jacuzzi, playground, sauna, swimming pool, billiards room, clubhouse, function room, and gymnasium.
THE BAYSHORE Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#16-XX | 1,270,000 | 947 | 1,341 | 520,000 | Aug-07 | 3.2% |
#06-XX | 1,225,000 | 947 | 1,293 | 345,000 | May-19 | 6.5% |
#29-XX | 1,800,000 | 1,238 | 1,454 | 550,000 | Feb-21 | 11.0% |
#18-XX | 1,310,000 | 980 | 1,337 | 492,000 | Dec-96 | 1.7% |
#26-XX | 1,720,000 | 1,238 | 1,389 | 440,000 | Nov-11 | 2.4% |
Details
Location: Woodleigh Lane
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Woodleigh (50 metres)
Year of Completion: 2021
Summary
Park Colonial is a new residential development in Woodleigh, next to the new Bidadari town. The project consists of 805 units spread over six blocks, with two commercial shops and a childcare centre on-site. It has a wide range of units spanning from 1-bedroom apartments to 5-bedroom apartments and dual-key units. The project is located opposite the newly-completed Woodleigh Shopping Mall as well as the Woodleigh MRT station, on the North East Line. Commuters can reach the city and Central Business District in about 25 minutes away via MRT.
PARK COLONIAL Transactions in August 2024
Floor/ Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#04-XX | 2,200,000 | 980 | 2,246 | 530,000 | Jul-19 | 5.7% |
#04-XX | 2,150,000 | 980 | 2,195 | 581,000 | Jul-18 | 5.3% |
#06-XX | 1,308,888 | 570 | 2,294 | 304,888 | Jul-18 | 4.5% |
#15-XX | 2,458,888 | 1,152 | 2,135 | 778,888 | Dec-18 | 7.0% |
#07-XX | 985,000 | 463 | 2,128 | 158,000 | Jul-18 | 2.9% |
#11-XX | 1,345,000 | 603 | 2,231 | 258,000 | Sep-18 | 3.7% |
#09-XX | 2,288,000 | 980 | 2,336 | 656,000 | Jul-18 | 5.7% |
#06-XX | 1,300,000 | 603 | 2,157 | 237,000 | Aug-18 | 3.4% |
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT station on the East-West Line - several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#18-XX | 1,650,000 | 861 | 1,916 | 225,000 | Mar-21 | 4.5% |
#17-XX | 2,400,000 | 1,023 | 2,347 | 682,000 | Jun-20 | 8.5% |
#02-XX | 1,580,000 | 743 | 2,127 | 252,000 | Mar-21 | 5.4% |
#04-XX | 1,575,000 | 743 | 2,121 | 352,000 | Mar-20 | 5.9% |
#07-XX | 1,668,000 | 743 | 2,246 | 407,000 | Aug-19 | 5.9% |
#14-XX | 1,040,000 | 452 | 2,300 | 187,000 | Feb-20 | 4.6% |
#14-XX | 2,330,000 | 958 | 2,432 | 790,000 | Dec-18 | 7.7% |
#08-XX | 1,918,888 | 840 | 2,286 | 553,888 | Feb-19 | 6.4% |
#16-XX | 1,388,000 | 635 | 2,186 | 266,000 | Oct-19 | 4.6% |
#12-XX | 1,050,000 | 452 | 2,323 | 229,000 | Nov-18 | 4.4% |
#04-XX | 2,040,000 | 915 | 2,230 | 520,000 | Jun-20 | 7.3% |
#11-XX | 2,320,000 | 1,023 | 2,269 | 632,000 | May-20 | 7.8% |
Details
Location: 127-149 PASIR RIS GROVE
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (450 metres)
Year of Completion: 2017
Summary
D'Nest is a residential development nestled in the heart of Pasir Ris town. It consists 912 units spread over 12 blocks. D'Nest has a wide range of units ranging from 1-bedroom units to 5-bedroom penthouses and 6-bedroom dual-key units. In addition, residents have access to a wide range of facilities on site. D'Nest is under 10 minutes' walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris bus interchange as well as White Sands Shopping Mall, which provides numerous retail and dining options.
D'NEST Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#04-XX | 1,850,000 | 1,270 | 1,457 | 665,960 | Sep-13 | 4.2% |
#13-XX | 2,020,000 | 1,432 | 1,411 | 570,090 | May-13 | 3.0% |
#05-XX | 2,180,000 | 1,410 | 1,546 | 823,400 | Apr-13 | 4.3% |
#11-XX | 1,060,000 | 753 | 1,407 | 243,760 | Apr-13 | 2.3% |
#08-XX | 1,118,000 | 753 | 1,484 | 345,840 | Apr-13 | 3.3% |
#02-XX | 735,000 | 484 | 1,517 | 143,000 | Jan-21 | 6.4% |
#05-XX | 1,300,000 | 936 | 1,388 | 370,000 | Mar-21 | 10.6% |
#01-XX | 798,000 | 570 | 1,399 | 225,750 | Mar-13 | 3.0% |
Details
Location: Lengkong Tujoh
Postal District: 14
Tenure: Freehold
Nearest MRT: Kembangan (850 metres)
Year of Completion: 2015
Summary
Vacanza @ East is a mega development tucked away in a quiet corner of Kembangan in District 14. The residential development consists around seven 12-storey blocks, with a total of 473 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom to 4-bedroom units. The development is a 15-minute walk to the Kembangan MRT station on the East-West Line, which offers direct access to the city centre.
VACANZA @ EAST Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#07-XX | 1,315,000 | 840 | 1,566 | 265,000 | Jul-15 | 2.5% |
#07-XX | 1,082,000 | 732 | 1,478 | 290,000 | Oct-10 | 2.3% |
#02-XX | 1,971,000 | 1,324 | 1,489 | 573,000 | Aug-11 | 2.7% |
#09-XX | 2,128,000 | 1,324 | 1,607 | 628,000 | Sep-20 | 9.6% |
#03-XX | 1,178,000 | 807 | 1,459 | 233,000 | Sep-19 | 4.6% |
Details
Location: Jalan Lempeng
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (400 metres)
Year of Completion: 2017
Summary
This project is located in Clementi; The Trilinq condominium - with 755 residential units across two 36-storey and one 33-storey towers. The unit-mix features 1- to 4-bedroom apartments. The commute to from the development to the city centre takes about 35 minutes via the MRT, and about 20 minutes via the Ayer Rajah Expressway (AYE). The project has a range of facilities such as the gym, lap pool, tennis courts, and playground.
THE TRILINQ Transactions in August 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#31-XX | 2,068,000 | 1,044 | 1,981 | 594,000 | Apr-15 | 3.7% |
#02-XX | 2,450,000 | 1,701 | 1,441 | 811,000 | Feb-16 | 4.9% |
#33-XX | 1,800,000 | 1,044 | 1,724 | 282,000 | Jan-17 | 2.3% |
#05-XX | 888,000 | 538 | 1,650 | 97,000 | Jan-17 | 1.5% |
#26-XX | 946,000 | 538 | 1,758 | 121,000 | Jul-17 | 2.0% |
City Centre Homes Dominate Top Individual Gainers
In August, 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, eight out of the top 10 transactions were for units in projects located in the CCR, two transactions are located in the RCR, no transactions in the OCR made the top 10 ranking.
The gross profits of the top 10 transactions - based on caveats lodged - ranged from $2.06 million to $6.72 million. In August, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,400 sq ft in size, and consisted mostly of older projects built in the 1970s to early 2010s. 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 nearly 4 years.
Top 10 Resale Condo Individual transactions in August 2024 by gross profit
It was found that the most profitable transaction in August 2024 was for a 13th floor unit at Yong An Park, an CCR project. It was resold for an estimated profit of $6.72 million, reflecting an annualised profit of 6%. Based on URA Realis caveat data, the 3,434-sq ft unit was first bought in July 1998 and subsequently resold for $8.6 million in August 2024, with a holding period of 26 years. The project was built in 1986 and is situated in Tanglin. It is within a stone's throw distance from the Orchard Road shopping belt and just next to the Great World City MRT station on the Thomson East-Coast line (TEL).
The second top gainer in terms of gross profit was for a city centre unit transacted at Regency Park in the CCR, which fetched a gross profit $4.89 million (annualised profit of 4.2%) based on caveats lodged. The 3,649-sq ft 4th-floor apartment was sold for nearly $7.84 million, with a holding period of more than 23 years. The sprawling project was built in 1987 and is within close proximity to Great World City. It is also a short walk to the newly-opened Great World City MRT station on the Thomson-East-Coast line (TEL). Based on URA Realis caveat data, the unit was first bought in February 2001.
Another notable top gainer for the month was for a 13th floor unit located in Pebble Bay. The 1,894-sq ft unit was sold for nearly $3.6 million, achieving an estimated profit of around $2.43 million which reflects a decent annualised profit of 5.4% over a holding period of nearly 22 years. The waterfront condominium project is located along the Kallang river basin with unblocked views of the National Stadium and Kallang river. The development is also right next to the Tanjong Rhu MRT station along the Thomson-East-Coast (TEL) line which recently opened in June 2024.
Modest gains garnered by resale transactions continue to prevail over the resale market, as downside risks persist amidst the moderating economic growth, market uncertainties, elevated interest rates. With interest rate cuts potentially coming on in September, resale activity and gains could pick up in the months ahead.
