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December 24, 2024
Condo In Simei Booked Gains Of More Than $676,000 On Average In November
Jean Choo
Senior Research Analyst
A suburban condo project in Simei, District 18 - Savannah Condopark - pulled in average resale gains of more than $676,000 across five resale transactions in November. The top 10 most profitable projects in the month of November 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 November 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.
Tepid resale condo activity in November
The resale market momentum stalled in November, with 910 condo units worth $1.75 billion being resold during the month compared with the previous month, which saw 1,079 resale transactions valued at more than $2 billion being done. Homebuyer interest likely shifted over from the resale market with the deluge of new launches across six new projects and selling over 2,000 new units during the month.
In November, the top 10 most profitable projects had average profits ranging from $405,000 to $676,000. By a ranking of the average profit, five projects are in the Outside Central Region (OCR), four out of the top 10 projects are in the Rest of Central Region (RCR), there was only one project in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| SAVANNAH CONDOPARK | 5 | $676,840 | 4.8% | 2005 | OCR |
| FOREST WOODS | 5 | $545,600 | 5.0% | 2020 | OCR |
| THE INTERLACE | 6 | $499,048 | 4.2% | 2013 | RCR |
| PARC ESTA | 11 | $473,343 | 6.0% | 2022 | RCR |
| MARINA BAY RESIDENCES | 5 | $471,488 | 1.1% | 2010 | CCR |
| RIVERSAILS | 5 | $434,894 | 5.1% | 2016 | OCR |
| JADESCAPE | 5 | $420,200 | 5.9% | 2022 | RCR |
| STIRLING RESIDENCES | 9 | $411,422 | 4.6% | 2022 | RCR |
| NV RESIDENCES | 5 | $404,928 | 4.3% | 2013 | OCR |
| BOTANIQUE AT BARTLEY | 5 | $404,600 | 5.2% | 2019 | OCR |
Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being near the city centre (Marina Bay Residences, Stirling Residences), close to an MRT station (Forest Woods, Botanique at Bartley), or are recently completed developments (Parc Esta, Jadescape).
Details
Location: Simei Rise
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (700 metres)
Year of Completion: 2005
Summary
Savannah Condopark is a residential development on the edge of Simei estate. The sprawling project consists of 648 units spread over 18 blocks. It was developed by City Developments (CDL) and completed in 2005. It has three apartment types - namely two-bedders, three-bedders and four-bedders. The development has a zoo-safari theme with plenty of animal statues and savannah motifs around the compound - providing residents a resort-like ambiance. Savannah Condopark is located about 12 to 15 minutes' walk to the Simei MRT station, on the East West Line. Commuters can reach the Changi Airport and Expo within a few stops, while the Central Business District is about 25 to 30 minutes away via MRT.
SAVANNAH CONDOPARK Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#01-XX | 1,670,000 | 1,733 | 964 | 760,000 | Jul-07 | 3.6% |
#01-XX | 2,080,000 | 2,045 | 1,017 | 530,000 | Apr-14 | 2.8% |
#07-XX | 1,750,000 | 1,453 | 1,204 | 620,000 | Sep-10 | 3.1% |
#03-XX | 1,420,000 | 1,238 | 1,147 | 440,000 | Sep-20 | 9.3% |
#04-XX | 1,702,580 | 1,453 | 1,172 | 1,034,200 | Jun-06 | 5.2% |
Source: PropNex Research, URA Realis
Details
Location: Lorong Lew Lian
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Serangoon (300 metres)
Year of Completion: 2020
Summary
Forest Woods is a residential development located along Lorong Lew Lian in District 19. The development was completed around 2020 and is conveniently located at the heart of Serangoon, with plenty of amenities nearby, including shops located within the development. The development is a 5-minute walk from the Serangoon MRT station on the North-East Line (NEL) and Circle Line. Residents will not need to venture far to fulfil their daily needs, with amenities at NEX Mall just a short walk away.
FOREST WOODS Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#11-XX | 2,070,000 | 1,023 | 2,024 | 696,000 | Oct-16 | 5.3% |
#06-XX | 1,900,000 | 915 | 2,077 | 631,000 | Jul-17 | 5.7% |
#05-XX | 1,433,000 | 721 | 1,987 | 435,000 | Oct-16 | 4.6% |
#11-XX | 1,280,000 | 635 | 2,016 | 347,000 | Oct-16 | 4.0% |
#03-XX | 1,860,000 | 915 | 2,033 | 619,000 | May-17 | 5.5% |
Source: PropNex Research, URA Realis
Details
Location: Depot Road
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Labrador Park (1.1 kilometres)
Year of Completion: 2014
Summary
The Interlace is an award-winning residential development, designed by renowned international architect, Ole Scheeren. The development has become a unique landmark for its unorthodox design of interlocking residential blocks, stacked in a hexagonal arrangement. The interlocking blocks form a vertical village with cascading sky gardens and both private and public roof terraces. The Interlace stands out from the standard cookie-cutter design of many condominium projects built today. Its 1,040 units, spread over 31, 6-storey blocks are clustered around eight individually-themed courtyards, specifically designed to maximise air flow and natural light.
Located along Depot Road in the Alexandra area, The Interlace is within a short walking distance from the Gillman Barracks, with its eclectic mix of dining options. Commuters can reach the city in less than 15 minutes - the Orchard Road shopping belt is also just a short drive away or a few stops on the MRT from the Labrador MRT station, which is a 10 minutes' walk from the development.
THE INTERLACE Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#08-XX | 1,520,000 | 807 | 1,883 | 300,000 | Jun-21 | 6.8% |
#16-XX | 1,858,888 | 1,076 | 1,727 | 592,788 | Oct-09 | 2.6% |
#09-XX | 1,450,000 | 807 | 1,796 | 340,000 | Nov-16 | 3.4% |
#08-XX | 1,685,000 | 1,001 | 1,683 | 309,000 | Jul-21 | 6.3% |
#07-XX | 2,580,000 | 1,453 | 1,775 | 1,049,500 | Apr-10 | 3.7% |
#06-XX | 1,803,000 | 1,066 | 1,692 | 403,000 | Jul-15 | 2.7% |
Source: PropNex Research, URA Realis
Details
Location: Sims Avenue
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Eunos (150 metres)
Year of Completion: 2022
Summary
Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT Station on the East-West Line - just several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.
PARC ESTA Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#11-XX | 1,180,000 | 527 | 2,237 | 221,000 | Oct-19 | 4.2% |
#14-XX | 1,708,880 | 743 | 2,301 | 375,880 | Jul-20 | 6.0% |
#04-XX | 2,225,000 | 1,023 | 2,176 | 645,000 | May-20 | 8.1% |
#16-XX | 2,350,000 | 958 | 2,453 | 785,000 | Aug-19 | 8.1% |
#06-XX | 1,900,000 | 840 | 2,263 | 552,000 | Nov-18 | 5.9% |
#06-XX | 1,582,000 | 743 | 2,130 | 351,000 | Dec-18 | 4.3% |
#18-XX | 1,628,000 | 775 | 2,101 | 334,000 | Feb-20 | 5.0% |
#03-XX | 1,560,000 | 743 | 2,100 | 359,000 | Feb-20 | 5.7% |
#04-XX | 1,610,000 | 721 | 2,232 | 397,000 | Apr-19 | 5.2% |
#13-XX | 2,238,888 | 958 | 2,337 | 628,888 | Apr-20 | 7.5% |
#14-XX | 2,030,000 | 904 | 2,245 | 558,000 | Sep-19 | 6.4% |
Source: PropNex Research, URA Realis
Details
Location: Marina Boulevard
Postal District: 1
Tenure: 99-year leasehold
Nearest MRT: Downtown (50 metres)
Year of Completion: 2010
Summary
The Marina Bay Residences, a luxury residential development in District 1, in downtown Singapore. It is part of the mixed-use development, the Marina Bay Financial Centre which features three office towers, two residential towers (Marina Bay Residences and Marina Bay Suites) and retail space at Marina Bay Link Mall. The project has won several architectural design accolades and enjoys unblocked views of the city and the Marina Bay area. The first phase of the project was completed in 2010 and has some 428 residential units. Its facilities include a barbeque area, gymnasium room, clubhouse, jacuzzi and swimming pool.
MARINA BAY RESIDENCES Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#42-XX | 2,325,000 | 1,130 | 2,057 | 19,800 | Nov-16 | 0.1% |
#19-XX | 2,480,000 | 1,066 | 2,327 | 401,300 | Jun-09 | 1.2% |
#48-XX | 3,418,000 | 1,227 | 2785 | 350,500 | Dec-09 | 0.7% |
#39-XX | 3,900,000 | 1,636 | 2,384 | 916,000 | Jan-07 | 1.5% |
#17-XX | 2,238,000 | 1,066 | 2,100 | 669,840 | Dec-06 | 2.0% |
Source: PropNex Research, URA Realis
Details
Location: Upper Serangoon Crescent
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Buangkok (900 metres)
Year of Completion: 2016
Summary
Riversails is a residential development located along Upper Serangoon Crescent in District 19. The development was completed around 2016 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby, including shops located within the development. The development is a 15-minute walk from the Buangkok MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at Sengkang Grand Mall, Hougang Mall and Hougang Central just a short walk away.
RIVERSAILS Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 1,220,000 | 883 | 1,382 | 447,380 | Jan-13 | 4.0% |
#13-XX | 1,305,000 | 947 | 1,378 | 482,610 | Nov-12 | 4.0% |
#15-XX | 1,630,000 | 1,109 | 1,470 | 330,000 | Oct-21 | 7.8% |
#14-XX | 1,245,000 | 915 | 1,361 | 464,480 | Nov-12 | 4.0% |
#08-XX | 1,580,000 | 1,109 | 1,425 | 450,000 | Nov-18 | 5.7% |
Source: PropNex Research, URA Realis
Details
Location: Shunfu Road
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Marymount (250 metres)
Year of Completion: 2022
Summary
Jadescape, a mega condominium project completed in 2022 is located in Bishan, within District 20. This mega residential development consists of five 23-storey towers and two 21-storey towers, with 1,206 units in total. The project has a wide range of unit sizes and types, ranging from 1-bedroom units to 5-bedroom apartments. Families with school-going children will be attracted to the project as it is situated near a number of schools, including Raffles Institution, Raffles Girls' School, and Whitley Secondary School. The project is also located close to a number of amenities, including the Bishan MRT station and bus interchange, Junction 8 mall, MacRitchie Reservoir and more. The project is less than 5 minutes' walk from Marymount MRT station on the Circle Line and the Upper Thomson MRT station, on the newly-opened Thomson-East-Coast Line (TEL).
JADESCAPE Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#05-XX | 2,100,000 | 904 | 2,323 | 593,800 | Jan-20 | 7.2% |
#12-XX | 1,710,000 | 775 | 2,206 | 436,000 | Sep-18 | 5.0% |
#09-XX | 1,630,000 | 764 | 2,133 | 326,300 | Jun-20 | 5.2% |
#23-XX | 1,800,000 | 764 | 2,355 | 424,900 | Oct-20 | 6.8% |
#15-XX | 1,690,000 | 764 | 2,211 | 320,000 | Aug-20 | 5.1% |
Source: PropNex Research, URA Realis
Details
Location: Stirling Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Queenstown (250 metres)
Year of Completion: 2022
Summary
Stirling Residences is a residential development in the heart of Queenstown. It comprises 1,259 units within three 38-40-storey towers and was recently completed last year. Besides a sky lounge, community garden, there are other facilities such as a swimming pool, fitness corner and a gymnasium. Stirling Residences is located a stone's throw from the Queenstown MRT station, on the East West Line, offering its residents convenience, being located less than 20 minutes' away from the city centre.
STIRLING RESIDENCES Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#21-XX | 1,470,000 | 635 | 2,315 | 207,000 | Jul-20 | 3.6% |
#16-XX | 1,190,000 | 506 | 2,352 | 262,000 | Aug-18 | 4.1% |
#16-XX | 1,435,000 | 635 | 2,260 | 317,000 | Jan-19 | 4.4% |
#20-XX | 1,667,000 | 689 | 2,420 | 429,000 | Aug-18 | 4.9% |
#15-XX | 3,325,000 | 1,346 | 2,471 | 1,042,000 | Jul-18 | 6.2% |
#17-XX | 1,452,800 | 657 | 2,213 | 292,800 | Apr-19 | 4.2% |
#09-XX | 1,580,000 | 689 | 2,294 | 327,000 | May-19 | 4.4% |
#17-XX | 1,825,000 | 764 | 2,388 | 513,000 | Jul-18 | 5.3% |
#24-XX | 1,460,000 | 624 | 2,339 | 313,000 | Nov-18 | 4.1% |
Source: PropNex Research, URA Realis
Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (600 metres)
Year of Completion: 2013
Summary
NV Residences is a 99-year leasehold condominium located in Pasir Ris in District 18. Completed in 2013, it comprises 8 blocks with a total of 642 units, with unit types ranging from 1- to 5-bedroom units. The development is within walking distance to the Pasir Ris MRT interchange and Tampines North LRT stations, and is close to schools like Meridian Secondary School, MOE Kindergarten @ Elias Park, and Elias Park Primary School. Nearby supermarkets include Sheng Siong - Elias Mall Market Stalls and Sheng Siong - Pasir Ris Supermarket. NV Residences offers a range of amenities including a BBQ area, clubhouse, fitness corner, gym, jacuzzi, lap pool, parking, playground, tennis court among others.
NV RESIDENCES Transactions in November 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#03-XX | 1,190,000 | 904 | 1,316 | 461,200 | Oct-10 | 3.5% |
#09-XX | 1,435,000 | 1,109 | 1,294 | 526,200 | Sep-10 | 3.3% |
#01-XX | 1,000,000 | 904 | 1,106 | 296,110 | Sep-10 | 2.5% |
#13-XX | 1,088,000 | 797 | 1,366 | 362,240 | Oct-10 | 2.9% |
#04-XX | 1,168,888 | 904 | 1,293 | 378,888 | Jun-20 | 9.3% |
Source: PropNex Research, URA Realis
Details
Location: Upper Paya Lebar Road
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Bartley (340 metres)
Year of Completion: 2019
Summary
Botanique at Bartley is a large residential development located on the edge of bustling Serangoon town in District 19. Its 797 units are split over nine 17-storey blocks with a unit mix ranging from 1, 2 and 3 bed configurations. Botanique at Bartley is located just 3 minutes' walk from Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily retail needs, residents can head to Serangoon and Tai Seng which are just a short train ride away. Being on the city-fringe and close to the MRT station, this project has been popular with a number of young working professionals and foreign expatriates. It is also well connected by major expressways, with the CBD and Orchard Road shopping belt a mere 15-minute drive away.
BOTANIQUE AT BARTLEY Transactions in November 2024
Floor/ Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#02-XX | 2,180,000 | 1,066 | 2,046 | 779,000 | May-15 | 4.8% |
#13-XX | 1,280,000 | 657 | 1,949 | 434,000 | Sep-15 | 4.7% |
#04-XX | 1,162,000 | 657 | 1,770 | 350,000 | Nov-15 | 4.1% |
#11-XX | 1,310,000 | 657 | 1,995 | 310,000 | Apr-21 | 7.8% |
#11-XX | 915,000 | 495 | 1,848 | 150,000 | Dec-20 | 4.8% |
Source: PropNex Research, URA Realis
Top individual gainers scattered across the island
In November, 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, two transactions in the RCR and three transactions in the OCR which made the top 10 ranking.
The gross profits of the top 10 transactions - based on caveats lodged - ranged from $2.3 million to $3.5 million. In November, 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 - the oldest being a unit held for around 25 years.
Top 10 Resale Condo transactions in November 2024 by gross profit
Source: PropNex Research, URA Realis
It was found that the most profitable transaction in November 2024 was for a 2nd floor unit at Island View, a RCR project. It was resold for an estimated profit of $3.5 million, reflecting an annualised profit of 7.1%. Based on URA Realis caveat data, the 3,498-sq ft unit was first bought in September 2005 and subsequently resold for $4.8 million in November 2024, with a holding period of nearly 20 years. The project was built in 1984 and is situated in Pasir Panjang. It is just a 10-minute walk to Pasir Panjang MRT station on the Circle line.
The top gainer in the city centre in terms of gross profit was for unit transacted at Ardmore Park in district 10, which fetched a gross profit $3.05 million (annualised profit of 3.9%) based on caveats lodged. The 2,885 sq ft 14th floor apartment was sold for $11.25 million, with a holding period of more than 8 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.
The top 10 gainer in the suburbs for the month was for a 17th floor unit located in Ocean Park. The 2,110-sq ft unit was sold for $4.15 million, achieving an estimated profit of around $3.1 million which reflects a decent annualised profit of 6.6% over a holding period of more than 21 years. The freehold waterfront project was built in 1995 and is also a short walk to the newly-opened Marine Terrace MRT station on the Thomson-East-Coast line (TEL). 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.
Modest resale gains prevailed over the resale market for most of the year, due to weak economic conditions, the simmering job market and high interest rate environment. With interest rate cuts starting to moderate and the economy expected to expand, resale activity and gains is expected to pick up further in 2025.
