Bukit Panjang Condo Project Booked Gains Of More Than $630,000 On Average In December

A suburban Bukit Panjang condo project – Tree House – chalked up average resale gains of more than $630,000. In December, several resale condos in the suburbs and city fringe have garnered relatively decent profits amid steady demand for homes, based on caveats 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 December 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 four transactions during the month are excluded from the study.

Suburban and fringe condo projects dominate Top 10 gainers list
The volume of resale transactions continued to ease in December, with fewer than 600 resale condos being transacted during the month owing to seasonality, when the market activity slows amid the year-end festivities. In December, the top 10 most profitable projects had average profits ranging from $59,000 to nearly $640,000

By ranking the average profit, the top 10 projects in December comprised mostly Outside Central Region (OCR) and Rest of Central Region (RCR) projects. Only one project in the Core Central Region (CCR) made the top 10 rankings, D’Leedon, a condominium development in Bukit Timah, recorded four resale transactions in the month, achieving gains of about $370,000 on average for each transaction.

Top 10 Resale Condo projects^ in terms of average gross profit*

Source: PropNex Research, URA Realis

^projects with fewer than 4 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 were developments that have desirable locational or physical attributes, such as being in the city fringe (Tre Residences, D’Leedon, Reflections at Keppel Bay) or close to an MRT station (Bartley Residences, Castle Green, My Manhattan).

Here are some details about the top 10 projects in December 2022:

TREE HOUSE

Details
Location: Chestnut Avenue
Postal District: 23
Tenure: 99-year leasehold
Nearest MRT: Beauty World (320 metres)
Year of Completion: 2013

Summary
Tree House is a condominium project located along Chestnut Avenue in District 23. The project is situated near the Dairy Farm Nature Reserve, Bukit Panjang Nature Park, and a stone’s throw from the commercial amenities in Hillview. The 24-storey apartment buildings comprise a total of 429 units, with unit types ranging from 2-, 3- to 4-bedroom apartments. The project was constructed by renowned housing developers – CDL and Hong Leong Group - and was completed in 2013.

Transactions in December 2022

Source: PropNex Research, URA Realis

CASTLE GREEN

Details
Location: Yio Chu Kang Road
Postal District: 26
Tenure: 99-year leasehold
Nearest MRT: Lentor (330 metres)
Year of Completion: 1997

Summary
Castle Green, a condominium project that was constructed in 1997, is located in the suburbs in District 26. The project consists of 664 units across three unit-types – 2-, 3- and 4-bedroom units. It is a 5-minute walk from the Lentor MRT station on the Thomson-East Coast Line, which takes residents to the city in less than 20 minutes. Castle Green is ideal for those seeking housing options in a less central part of the city, where they can enjoy a more peaceful environment coupled with excellent accessibility and proximity to plenty of amenities.

Transactions in December 2022

Source: PropNex Research, URA Realis

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 residential development located within the prime District 10. The massive 1,715-unit project, 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).

Transactions in December 2022

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 serene 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 up 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 within close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is right next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.

Transactions in December 2022

Source: PropNex Research, URA Realis

PARC OLYMPIA

Details
Location: Floral Drive
Postal District: 17
Tenure: 99-year leasehold
Nearest MRT: Tampines East (950 metres)
Year of Completion: 2015

Summary
Parc Olympia is a 482-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. Parc Olympia 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.

Transactions in December 2022

Source: PropNex Research, URA Realis

BARTLEY RESIDENCES

Details
Location: Lorong How Sun
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Bartley (150 metres)
Year of Completion: 2015

Summary
Bartley Residences is a residential development located on the edge of the bustling Serangoon town in District 19. Its 702 units are split over eight blocks with a unit mix ranging from 1-, 2- and 3-bedroom configurations. Bartley Residences is located next to the Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily necessities, 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 should interest 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 15-minute drive away.

Transactions in December 2022

Source: PropNex Research, URA Realis

TRE RESIDENCES

Details
Location: Geylang East Avenue 1
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Aljunied (120 metres)
Year of Completion: 2018

Summary
Tre Residences is a condo development located in the city fringe within District 14. The project which was recently completed in 2018 has 250 residential units, offering purchasers a wide range of formats, from 1-bedroom units up to 5-bedroom units – the 4-bedroom units come with the option of a dual-key configuration. The development is also a short walk from two hawker centres, and the Aljunied MRT station on the East-West Line, which offers direct commute to commercial hubs like Paya Lebar, Raffles Place, and City Hall – making the project fairly popular with working professionals and foreign expatriates.

Transactions in December 2022

Source: PropNex Research, URA Realis

KINGSFORD WATERBAY

Details
Location: Upper Serangoon View
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Hougang (900 metres)
Year of Completion: 2018

Summary
Kingsford Waterbay is a condominium project in Hougang in District 19. It is a newly developed mega condominium project - completed in 2018 with a total of 1,165 units. The project is conveniently situated at the edge of Hougang, opposite Serangoon Secondary School and along Serangoon River (Sungei Serangoon). It is a 20 minutes’ walk from the Hougang MRT station on the North-East Line (NEL) to the project. Residents will not need to venture far to fulfil their daily needs, with plenty of amenities in the Hougang estate. Families with school going children will be glad to know that there are a number of popular schools in the vicinity, including CHIJ Our Lady of the Nativity, Holy Innocents’ High School, Montfort Junior and Secondary school, and Punggol Primary School.

Transactions in December 2022

Source: PropNex Research, URA Realis

REFLECTIONS AT KEPPEL BAY

Details
Location: Keppel Bay View
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Telok Blangah (500 metres) / Harbourfront (750 metres)
Year of Completion: 2013

Summary
Reflections At Keppel Bay, an iconic residential waterfront development – designed by architect Daniel Libeskind - is located along Keppel Bay in District 4. The development is made up of six towers, varying between 24 and 41 storeys, along with 11 low-rise villa apartment blocks ranging between 6 and 8 storeys. On top of the unblocked views and waterfront access of the scenic Keppel Bay, residents can also enjoy much added convenience, with many shopping options within close proximity, such as Vivocity and Harbourfront Centre, as well as being just 5 minutes’ drive from the Sentosa Island. The condominium is also located between the Harbourfront MRT interchange station and the Telok Blangah MRT station. The project was completed in 2013 and has 1,129 residential units. Its facilities include a barbeque area, gymnasium room, playground, tennis courts, clubhouse, jacuzzi and swimming pool.

Transactions in December 2022

Source: PropNex Research, URA Realis

MY MANHATTAN

Details
Location: Simei Street 3
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (150 metres)
Year of Completion: 2014

Summary
My Manhattan is a leasehold condominium development in Simei Street 4 in District 18. The project comprises a total of 301 units and was completed in 2018. It is located opposite 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 20 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. The project is next to the Changkat Primary and Secondary Schools, and is also near the Changi General Hospital. Retail offerings can be found at the Eastpoint Mall and shops across the road from the project.

Transactions in December 2022

Source: PropNex Research, URA Realis

City centre homes dominate list of top individual gainers
While suburban condominiums have been leading in terms of overall average profit by project, the Core Central Region (CCR) condominium projects still pulled in bigger numbers in terms of profit quantum by individual deals.

By ranking of the gross profit, most of the top 10 transactions were for units in projects located in the city centre or city fringe. The gross profits of the top 10 transactions – based on caveats lodged - ranged from about $1.6 million to $3.4 million. The units were mostly sizeable large format condos that are more than 1,200 sq ft in size, and from older projects built in the 1970s to recent built projects in the 2010s. The holding period for the top 10 resale properties were mostly beyond 10 years – with the shortest being 2 years and the longest being 22 years.

Top 10 Resale Condo transactions in December 2022 by gross profit

Source: PropNex Research, URA Realis

It was found that the most profitable transaction for the month of December 2022 was for a 29th floor unit at Tomlinson Heights which garnered a gross profit of $3.4 million. The project was completed in 2014 and is located in the heart of River Valley. The project is just a stone throw’s from the Orchard Road shopping belt and a short walk from the newly-opened Orchard Boulevard MRT station on the Thomson-East Coast Line (TEL). Based URA Realis caveat data, the unit was first bought in April 2017 and subsequently sold for $10.9 million in December 2022, with a holding period of nearly 6 years.

The only OCR transaction which made the top individual gainers ranking was for a 17th floor unit at Park East. The project - nestled in a mostly low-rise landed estate - is located in Siglap. The property was sold for $2.65 million after a holding period of more than 22 years, fetching a gross profit of nearly $1.6 million.

Of note, the list featured a unit that was resold after a short 2-year holding period. The transaction was for a 29th floor unit at South Beach Residences that was resold for an estimated profit of $1.8 million. The South Beach mixed-use development, comprising hotel, offices, retail spaces and residential units was completed in 2016 and is located along Beach Road in the Downtown Core planning area.

Though the staggering profits raked in by the top 10 transactions may be attractive to those thinking to buy into these projects, one should note that the profits are specific to that particular unit – in other words, a unit in the same project may not necessarily pull in similar numbers due to the different property attributes, entry prices and market conditions at the time of sale.

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