PropNex Picks
November 20, 2024
Condo In Bedok Booked Gains Of More Than $658,000 On Average In October
Jean Choo
Senior Research Analyst
A suburban condo project in District 16 - Waterfront Gold - pulled in average resale gains of more than $658,000 across six resale transactions in October. The top 10 most profitable projects in the month of October 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 October 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.
Resilient resale condo activity in October
The resale market momentum carried over in October, with 1,007 condo units worth $1.89 billion being resold during the month compared with the previous month, which saw 1,037 resale transactions valued at nearly $1.95 billion being done. In October, the top 10 most profitable projects had average profits ranging from $350,000 to $658,000. By a ranking of the average profit, six projects are in the Outside Central Region (OCR), four out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| WATERFRONT GOLD | 6 | $658,653 | 4.5% | 2014 | OCR |
| A TREASURE TROVE | 5 | $525,400 | 5.1% | 2015 | OCR |
| HIGH PARK RESIDENCES | 11 | $514,088 | 5.8% | 2019 | OCR |
| PARC ESTA | 7 | $455,270 | 5.9% | 2022 | RCR |
| PALM ISLES | 6 | $409,698 | 3.1% | 2015 | OCR |
| BOTANIQUE AT BARTLEY | 5 | $403,578 | 4.9% | 2019 | OCR |
| PARK COLONIAL | 8 | $382,889 | 4.2% | 2021 | RCR |
| STURDEE RESIDENCES | 5 | $359,818 | 3.7% | 2019 | RCR |
| EIGHT RIVERSUITES | 5 | $353,578 | 4.5% | 2016 | RCR |
| MELVILLE PARK | 5 | $350,000 | 4.7% | 1996 | OCR |
^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-1Analysis 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 close to an MRT station (Park Colonial, Botanique at Bartley), close to a waterbody (Waterfront Gold, Eight Riversuites), or are recently completed developments (Parc Esta, Sturdee Residences).
Here are some details about the top 10 projects in October 2024:
Details
Location: Bedok Reservoir Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok Reservoir (270 metres)
Year of Completion: 2014
Summary
Waterfront Gold is a 561-unit residential development along Bedok Reservoir Road. Residents enjoy unblocked views of the Bedok Reservoir. The closest MRT station, Bedok Reservoir station on the downtown line (DTL) is just right next 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 15-minute drive to the Changi Airport and the Central Business District (CBD) via the PIE. Residents can also take advantage of the full range of facilities including the lap pool, tennis courts, gymnasium and barbeque pits.
WATERFRONT GOLD Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#11-XX | 1,340,000 | 872 | 1,537 | 483,200 | Jul-10 | 3.2% |
#04-XX | 1,028,000 | 667 | 1,540 | 356,940 | Jul-10 | 3.1% |
#09-XX | 2,000,000 | 1,195 | 1,674 | 810,240 | Jul-10 | 3.7% |
#12-XX | 2,468,888 | 1,475 | 1,674 | 929,240 | Mar-11 | 3.5% |
#10-XX | 1,940,000 | 1,216 | 1,595 | 510,000 | Mar-21 | 9.1% |
#01-XX | 1,990,000 | 1,367 | 1,456 | 862,300 | Apr-11 | 4.3% |
Details
Location: Punggol Walk
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (260 metres)
Year of Completion: 2015
Summary
A Treasure Trove is a residential development nestled in the heart of Punggol town. It consists 882 units spread across 12 blocks. A Treasure Trove has a wide range of units ranging from 2-bedroom units up to the spacious 7-bedroom units. In addition, residents have access to a wide range of facilities on-site such as barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse. A Treasure Trove is located directly opposite Punggol MRT Station on the North-East Line, as well as Punggol Waterway Point, which provides numerous retail and dining options including a cineplex.
A TREASURE TROVE Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#11-XX | 1,400,000 | 915 | 1,530 | 543,000 | Sep-11 | 3.8% |
#03-XX | 1,350,000 | 915 | 1,476 | 514,000 | Oct-11 | 3.8% |
#15-XX | 1,413,000 | 915 | 1,544 | 428,000 | Mar-18 | 5.6% |
#10-XX | 1,830,000 | 1,206 | 1,518 | 402,000 | Jun-21 | 7.7% |
#04-XX | 1,680,000 | 1,044 | 1,609 | 740,000 | Nov-11 | 4.6% |
Details
Location: Fernvale Road
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Thanggam LRT (50 metres)
Year of Completion: 2019
Summary
High Park Residences, a mega condominium project that was completed in 2019, is located in the tranquil residential estate in Fernvale, a fairly new neighbourhood of Sengkang New Town within District 28. The residential development consists of six 25-storey towers, with 1,390 units. The project has a wide range of unit sizes and types, ranging from studio units to bungalows, and semi-detached houses. The sprawling mega project also features nearly 120 facilities, including retail units, eateries, a childcare centre, an infinity pool, outdoor movie theatre, gymnasium, cycling track, amongst others. Additionally, it is in close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.
HIGH PARK RESIDENCES Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#05-XX | 732,000 | 452 | 1,619 | 302,000 | Jul-15 | 6.0% |
#12-XX | 1,000,000 | 667 | 1,498 | 323,000 | Jul-15 | 4.3% |
#09-XX | 2,254,888 | 1,399 | 1611 | 1,013,888 | Jul-15 | 6.7% |
#05-XX | 1,010,000 | 678 | 1,489 | 210,000 | Jan-21 | 6.4% |
#23-XX | 2,550,000 | 1,679 | 1,519 | 1,246,000 | Jul-15 | 7.6% |
#15-XX | 1,039,888 | 667 | 1,558 | 367,888 | Jul-15 | 4.9% |
#23-XX | 1,290,000 | 883 | 1,462 | 270,000 | Feb-20 | 5.3% |
#25-XX | 2,312,000 | 1,539 | 1,502 | 1,050,000 | Oct-15 | 7.0% |
#02-XX | 1,090,188 | 678 | 1,608 | 441,188 | Jul-15 | 5.8% |
#12-XX | 750,000 | 452 | 1,659 | 100,000 | Sep-21 | 4.8% |
#05-XX | 918,000 | 592 | 1,551 | 331,000 | Jul-15 | 5.0% |
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT Station on the East-West Line - just several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#03-XX | 1,950,000 | 904 | 2,157 | 567,000 | Dec-18 | 6.2% |
#05-XX | 2,250,000 | 1,023 | 2,200 | 563,000 | Jul-20 | 7.2% |
#05-XX | 1,590,000 | 732 | 2,172 | 355,000 | Jan-19 | 4.5% |
#18-XX | 2,500,000 | 1,152 | 2,171 | 676,000 | Jul-20 | 7.7% |
#13-XX | 1,063,888 | 452 | 2,353 | 239,888 | Nov-18 | 4.4% |
#10-XX | 1,420,000 | 635 | 2,236 | 369,000 | Jan-19 | 5.4% |
#14-XX | 1,680,000 | 743 | 2,262 | 417,000 | Jan-20 | 6.2% |
Details
Location: Floral Drive
Postal District: 17
Tenure: 99-year leasehold
Nearest MRT: Tampines East (950 metres)
Year of Completion: 2015
Summary
Palm Isles is a 221-unit 99-year leasehold condominium development, located at the edge of Tampines town in District 17. Completed in 2015, the project is less than 10 minutes away from Changi Airport and the Singapore Expo. Residents who need their retail therapy can head to Changi City Point or Jewel at Changi Airport. Palm Isles will appeal to those who are looking to live in a more tranquil part of the suburbs. Residents have access to a wide range of facilities on-site - barbeque area, fun pool, gymnasium room, pavilion, steam bath, fitness corner, function room, lap pool, playground, spa pool and tennis courts. The project is also close to schools such as East Spring Primary and Secondary, Ngee Ann Secondary, and The Japanese Primary School.
PALM ISLES Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#04-XX | 1,240,000 | 990 | 1,252 | 396,520 | Apr-12 | 3.2% |
#06-XX | 900,000 | 786 | 1,145 | 174,927 | Jun-12 | 1.8% |
#06-XX | 1,760,000 | 1,324 | 1,329 | 623,192 | Apr-12 | 3.6% |
#04-XX | 1,380,000 | 1,119 | 1,233 | 431,760 | May-12 | 3.1% |
#04-XX | 1,280,000 | 990 | 1,293 | 402,842 | Oct-12 | 3.2% |
#02-XX | 1,215,000 | 990 | 1,227 | 428,944 | Apr-12 | 3.5% |
Details
Location: Upper Paya Lebar Road
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Bartley (340 metres)
Year of Completion: 2019
Summary
Botanique at Bartley is a large residential development located on the edge of bustling Serangoon town in District 19. Its 797 units are split over nine 17-storey blocks with a unit mix ranging from 1, 2 and 3 bed configurations. Botanique at Bartley is located just 3 minutes' walk from Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily retail needs, residents can head to Serangoon and Tai Seng which are just a short train ride away. Being on the city-fringe and close to the MRT station, this project has been popular with a number of young working professionals and foreign expatriates. It is also well connected by major expressways, with the CBD and Orchard Road shopping belt a mere 15-minute drive away.
BOTANIQUE AT BARTLEY Transactions in October 2024
Floor/ Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#12-XX | 1,270,000 | 657 | 1,934 | 407,000 | May-15 | 4.2% |
#16-XX | 1,290,000 | 657 | 1,965 | 431,000 | Apr-15 | 4.4% |
#04-XX | 1,460,000 | 732 | 1,995 | 528,000 | May-15 | 4.9% |
#14-XX | 2,038,888 | 958 | 2,128 | 418,888 | Aug-21 | 7.5% |
#02-XX | 835,000 | 495 | 1,686 | 233,000 | May-15 | 3.5% |
Details
Location: Woodleigh Lane
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Woodleigh (50 metres)
Year of Completion: 2021
Summary
Park Colonial is a new residential development in Woodleigh, next to the new Bidadari town. The project consists of 805 units spread over six blocks, with two commercial shops and a childcare centre on-site. It has a wide range of units spanning from 1-bedroom apartments to 5-bedroom apartments and dual-key units. The project is located opposite the newly-completed Woodleigh Shopping Mall as well as the Woodleigh MRT station, on the North East Line. Commuters can reach the city and Central Business District in about 25 minutes away via MRT.
PARK COLONIAL Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#06-XX | 1,480,000 | 635 | 2,330 | 175,112 | Aug-21 | 4.2% |
#06-XX | 1,500,000 | 667 | 2,248 | 180,000 | Oct-18 | 2.2% |
#10-XX | 1,310,000 | 603 | 2,173 | 227,000 | Aug-18 | 3.1% |
#12-XX | 2,410,000 | 1,012 | 2,382 | 480,000 | Jul-20 | 5.5% |
#12-XX | 2,330,000 | 980 | 2,379 | 683,000 | Jul-18 | 5.7% |
#07-XX | 2,220,000 | 980 | 2,266 | 578,000 | Apr-19 | 5.7% |
#08-XX | 940,000 | 463 | 2,031 | 119,000 | Jul-18 | 2.2% |
#08-XX | 2,240,000 | 980 | 2,287 | 621,000 | Aug-18 | 5.4% |
Details
Location: Beatty Road
Postal District: 8
Tenure: 99-year leasehold
Nearest MRT: Bendemeer (350 metres)
Year of Completion: 2019
Summary
Sturdee Residences, a high-rise apartment project that was constructed in 2019 by CapitaLand, is located in the city fringe in Lavender, within District 8. This development consists of a mixture of conserved shophouses as well as two 30-storey residential towers that houses over 305 residential units, across various unit types, ranging from 1-bedders to 5-bedroom units. It is just a 5-minute walk to Bendemeer MRT station on the Downtown Line, which takes residents to the city in less than 20 minutes. Commercial amenities nearby include City Square Mall, Jalan Besar Plaza, Mustafa Centre.
STURDEE RESIDENCES Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#20-XX | 1,498,888 | 721 | 2,078 | 344,188 | Mar-17 | 3.5% |
#26-XX | 1,990,000 | 936 | 2,125 | 474,000 | Mar-18 | 4.3% |
#08-XX | 2,500,000 | 1,302 | 1,919 | 718,300 | Apr-17 | 4.7% |
#28-XX | 938,000 | 420 | 2,234 | 182,600 | May-16 | 2.6% |
#15-XX | 890,000 | 420 | 2,120 | 80,000 | Oct-21 | 3.2% |
Details
Location: Whampoa East
Postal District: 12
Tenure: 99-year leasehold
Nearest MRT: Boon Keng (200 metres)
Year of Completion: 2018
Summary
Eight Riversuites is a residential development located in District 12. Its 843 units features a wide range of configurations ranging from 1- to 4-bedroom units as well as strata terraces. Eight Riversuites is located 3 minutes' walk from the Boon Keng MRT Station on the North-East Line which takes residents to the city centre in under half an hour. For daily necessities, residents can head to the Bendemeer Market and Food Centre and Whampoa Drive Market and Food Centre. Located in the city fringe and close to the MRT station, this project is popular with those who seek convenience and city living.
EIGHT RIVERSUITES Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#12-XX | 1,700,000 | 980 | 1,736 | 393,000 | Mar-13 | 2.3% |
#21-XX | 1,838,000 | 980 | 1,876 | 481,000 | Dec-13 | 2.8% |
#14-XX | 1,270,000 | 700 | 1,815 | 287,000 | Jan-13 | 2.2% |
#22-XX | 1,377,888 | 700 | 1,969 | 267,888 | Apr-21 | 6.4% |
#21-XX | 1,400,000 | 818 | 1,711 | 339,000 | Jul-21 | 8.9% |
Details
Location: Simei Street 1
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (700 metres)
Year of Completion: 1996
Summary
Melville Park is a residential development on the edge of Simei estate. The sprawling project consists of 1,232 units spread over seven blocks. It has two apartment types - namely three-bedders and four-bedders. Melville Park is located about 12 to 15 minutes' walk to the Simei MRT station, on the East West Line. Commuters can reach the Changi Airport and Expo within a few stops, while the Central Business District is about 25 to 30 minutes away via MRT.
MELVILLE PARK Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#06-XX | 1,230,000 | 1,399 | 879 | 345,000 | Sep-16 | 4.2% |
#06-XX | 845,000 | 936 | 902 | 215,000 | Mar-21 | 8.8% |
#09-XX | 845,000 | 936 | 902 | 425,000 | Jan-09 | 4.6% |
#07-XX | 885,000 | 958 | 924 | 175,000 | Feb-11 | 1.6% |
#11-XX | 1,200,000 | 1,302 | 921 | 590,000 | Jun-08 | 4.2% |
City centre homes dominate top individual gainers
In October, 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, only one transaction each in the RCR and OCR respectively made the top 10 ranking.
The gross profits of the top 10 transactions - based on caveats lodged - ranged from $2.23 million to $3.05 million. In October, 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 1990s 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 more than 8 years.
Top 10 Resale Condo transactions in October 2024 by gross profit
It was found that the most profitable transaction in October 2024 was for a 7th floor unit at Goodwood Gardens, a CCR project. It was resold for an estimated profit of $3.05 million, reflecting an annualised profit of 4.3%. Based on URA Realis caveat data, the 2,121-sq ft unit was first bought in April 2004 and subsequently resold for $5.3 million in October 2024, with a holding period of 20 years. The project was built in 2004 and is situated in Newton. It is just a 10-minute walk to Newton MRT station on the North-South line (NSL) and Downtown line (DTL).
The top gainer in the city fringe in terms of gross profit was for unit transacted at Parkshore in district 15 along Tanjong Rhu Road, which fetched a gross profit $2.32 million (annualised profit of 6.6%) based on caveats lodged. The 1,647-sq ft ground-floor apartment was sold for $3.3 million, with a holding period of more than 17 years. The freehold waterfront project was built in 1995 and is also a short walk to the newly-opened Tanjong Rhu MRT station on the Thomson-East-Coast line (TEL).
The only top 10 gainer in the suburbs for the month was for a 9th floor unit located in Parc Palais. The 2,799-sq ft unit was sold for $4.1 million, achieving an estimated profit of around $2.9 million which reflects a decent annualised profit of 5.7% over a holding period of 22 years. The sprawling condominium project is about 10 minutes' walk to the Hillview MRT station on the Downtown line. Residents can walk to nearby commercial and dining amenities at The Rail Mall and HillV2.
Modest gains garnered by resale transactions continue to prevail over the resale market, as downside risks persist amidst the moderating economic growth and simmering job market. With interest rate cuts starting to moderate and new launch sales picking up, resale activity and gains could pick up in the months ahead.
