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January 22, 2025

Resale Condo Market Performance in 2024

Jean Choo

Senior Research Analyst

The resale condo market momentum picked up significantly in 2024, recording better sales activity compared with the previous year. Caution prevailed over the market throughout the year, with buyers reeling from the elevated interest rates, muted global economic growth, as well as the higher stamp duty rates being levied on investors and foreign buyers. In 2024, over 12,100 condo units changed hands in the resale market compared with the 10,200 resale condo units sold in 2023. Resale prices in 2024 continued to rise over the past year. The average price of resale non-landed private homes came in at $1,708 psf in 2024, up by 5% from $1,626 psf in 2023.

PropNex looked at the most profitable condominium projects and districts in the resale market in 2024, ranking the top 10 best-performing projects and districts according to their gross profits. First, some details about the methodology which entails a comparison of resales caveats. The gains garnered for the units were derived by matching the condo resale transactions in 2024 with their previous purchase prices according to caveats lodged. The average profit was then computed on a project basis or district basis.

City Fringe condo projects dominate top 10 gainers list

In a ranking of the average profit, the top 10 projects in 2024 were made up of Rest of Central Region (RCR) and Outside Central Region (OCR) projects - there was only one Core Central Region (CCR) projects in the top 10 list (see Table 1).

The top 10 most profitable projects had average profits ranging from $520,000 to $1 million. The projects on the list were mostly newer developments projects. Unsurprisingly, most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in the city or city fringe (Trevista, D'leedon, The Interlace), next to a waterbody (Silver Sea, Carribean at Keppel Bay) or close to an MRT station (Costa Del Sol, The Panorama).

Table 1: Top 10 resale condo projects^ in terms of average gross profit*

Project Name

Year Completed

Region

Resale Volume

2024 Average Resale Pricing ($PSF)

Average Profit gained per resale transaction^

Average Annualized Profit*

TREVISTA

2011

RCR

31

$1,845

$1,001,663

4.72%

COSTA DEL SOL

2003

OCR

39

$1,740

$906,965

4.12%

CARIBBEAN AT KEPPEL BAY

2004

RCR

37

$1,848

$765,765

3.11%

THE INTERLACE

2013

RCR

47

$1,619

$686,678

3.72%

THE PANORAMA

2017

OCR

38

$1,974

$644,997

5.40%

SILVERSEA

2014

RCR

30

$2,099

$609,100

4.00%

THE MINTON

2013

OCR

65

$1,490

$595,293

5.33%

D'LEEDON

2014

CCR

64

$1,966

$583,505

2.96%

A TREASURE TROVE

2015

OCR

47

$1,503

$525,038

5.03%

BARTLEY RIDGE

2016

RCR

42

$1,860

$520,733

4.50%

Source: PropNex Research, URA Realis ^projects with fewer than 30 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

The most profitable project, Trevista, a city fringe condominium project in Balestier, Toa Payoh (District 12), recorded 31 resale transactions in the year, achieving gains of $1 million in excess on average for each transaction. The project is conveniently located within walking distance to the Braddell MRT station. It is also close to schools such as CHIJ School (Primary and Secondary, Toa Payoh), Kheng Cheng School, and Pei Chun Public School. Meanwhile, amenities nearby include the commercial centre at Toa Payoh Central, Toa Payoh West Community Centre and Toa Payoh West Market and Food Centre.

Suburban condo projects dominate top 10 most popular projects

With new benchmark prices for new launches, buyers continued to dip into the resale market to purchase homes. In 2024, by ranking the projects in terms of resale volume, the top 10 transacted projects comprised of only OCR projects (see Table 2). Many of these projects are almost brand new and are mostly in good physical condition - a plus for owner occupiers looking to move in quickly.

In terms of gains, these projects pale in comparison to the top 10 most profitable projects (in Table 1 above), since many of them were recently-built and have been bought at higher entry prices than the older projects. Also, most of them likely had relatively shorter holding periods, which offered a shorter runway for values to appreciate.

Table 2: Top 10 resale condo projects^ in terms of number of units transacted

Project Name

Year Completed

Region

Resale Volume

2024 Average Resale Pricing ($PSF)

Average Profit gained per resale transaction^

Average Annualized Profit*

TREASURE AT TAMPINES

2023

OCR

210

$1,699

$290,973

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