PropNex Picks
October 18, 2023
Condo In Newton Booked Gains Of More Than $1.2 Million On Average In September
A central region condo project in Novena, Newton – Amaryllis Ville – chalked up average resale gains of more than $1.2 million across four resale transactions in September. It is the only city centre project during the month to have made the top 10 rankings for September, with the remainder coming from suburban and fringe projects, 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 September 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 condo projects dominate Top 10 gainers list
Resale activity moderated further in September, with just under 620 resale condo units being transacted during the month – likely as a result of the Hungry Ghost Month which spanned the first half of September, as well as the softer market sentiment. In September, the top 10 most profitable projects had average profits ranging from $351,000 to $1,228,000. Notably, by a ranking of the average profit, eight out of the top 10 projects in September 2023 are in the Outside Central Region (OCR) while only one project in each of the Rest of Central Region (RCR) and Core Central Region (CCR), made the top 10 rankings in September.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%) | Year completed | Region |
|---|---|---|---|---|---|
| AMARYLLIS VILLE | 4 | $1,228,000 | 4.05% | 2004 | CCR |
| CLOVER BY THE PARK | 5 | $1,037,400 | 6.11% | 2011 | RCR |
| EASTPOINT GREEN | 5 | $776,736 | 3.44% | 1999 | OCR |
| WATERTOWN | 4 | $623,290 | 4.11% | 2017 | OCR |
| COMPASS HEIGHTS | 4 | $492,752 | 7.25% | 2002 | OCR |
| REGENTVILLE | 4 | $458,680 | 6.80% | 1999 | OCR |
| THE BAYSHORE | 4 | $436,250 | 3.49% | 1996 | OCR |
| WHISTLER GRAND | 6 | $416,961 | 7.56% | 2022 | OCR |
| THE TRILINQ | 4 | $401,000 | 3.47% | 2017 | OCR |
| HIGH PARK RESIDENCES | 8 | $351,375 | 5.35% | 2019 | OCR |
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 a central location (Amaryllis Ville, Clover by the Park), close to an MRT station (Watertown, Compass Heights) or are newly-completed developments (Whistler Grand, High Park Residences).
Here are some details about the top 10 projects in September 2023:
Details
Location: Newton Road
Postal District: 11
Tenure: 99-year leasehold
Nearest MRT: Newton (300 metres)
Year of Completion: 2004
Summary
Amaryllis Ville is a 99-year leasehold condominium located in Novena, District 11, Singapore. Completed in 2004, the development comprises 311 units spread across two blocks, with a unit mix of 1- to 3-bedrooms. The development is centrally-located and within walking distance to Newton and Novena MRT stations, providing easy access to other areas of Singapore. It is also close to several amenities and reputable schools in the Bukit Timah area, making it ideal for families. The development offers a range of amenities including a BBQ area, clubhouse, gym, lap pool, and tennis court among others
AMARYLLIS VILLE Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| 17-XX | 3,753,000 | 1,991.34 | 1,885 | 1,803,000 | Jun-09 | 4.7% |
| 17-XX | 2,350,000 | 1,259.39 | 1,866 | 1,326,000 | Feb-05 | 4.6% |
| 24-XX | 2,500,000 | 1,237.86 | 2,020 | 1,325,000 | Jan-06 | 4.4% |
| 03-XX | 1,788,000 | 958 | 1,866 | 458,000 | Oct-11 | 2.5% |
Source: PropNex Research, URA Realis
Details
Location: Bishan Street 25
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (900 metres)
Year of Completion: 2011
Summary
Clover by The Park is a 99-year leasehold condominium located in Bishan, District 20. Completed in 2011, the development comprises 616 units in three blocks, offering 3- to 6-bedroom units. The property is equipped with amenities such as a gym, lap pool, and tennis court, among others. It is conveniently located within walking distance to the Bishan MRT interchange station as well as the bus interchange. It is also close to schools such as Catholic High School, Eunoia Junior College, and Whitley Secondary School. Amenities nearby include the Bishan-Ang Mo Kio Park and the Bishan Sports Centre and Stadium. Residents will not need to go far to fulfil their daily needs and retail therapy, with Junction 8 just 10 minutes’ walk from the project.
CLOVER BY THE PARK Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
|---|---|---|---|---|---|---|
| #33-XX | 2,360,000 | 1,291.68 | 1,827 | 1,281,000 | Aug-09 | 5.7% |
| #34-XX | 2,398,000 | 1,291.68 | 1,856 | 1,273,000 | Feb-10 | 5.7% |
| #08-XX | 2,080,000 | 1,216.33 | 1,710 | 1,153,000 | Jul-08 | 5.5% |
| #07-XX | 2,650,000 | 1,582.31 | 1,675 | 800,000 | Jul-15 | 4.5% |
| #24-XX | 2,360,000 | 1,291.68 | 1,827 | 680,000 | Sep-19 | 9.1% |
Source: PropNex Research, URA Realis
Details
Location: Simei Street 3
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (400 metres)
Year of Completion: 1999
Summary
Eastpoint Green is a 99-year leasehold condominium located in Tampines, District 18, Singapore. Completed in 1999, it comprises 646 units and is within walking distance to Simei MRT station on the East-West Line. The development is close to schools like Changkat Primary School, Changkat Changi Secondary School, ITE College East Campus, Singapore University of Technology and Design, and St. Anthony’s Canossian Primary and Secondary schools. Amenities nearby include the Changi General Hospital, Tampines Round Market and Food Centre, Singapore Expo, and East Point Mall. The development is close to several employment hubs in the eastern region of Singapore including Tampines Industrial Park, Changi Business Park, and the Changi aviation hub.
EASTPOINT GREEN Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
|---|---|---|---|---|---|---|
| #10-XX | 2,200,000 | 1,883.70 | 1,168 | 1,375,000 | Aug-98 | 4.0% |
| #10-XX | 2,150,000 | 1,883.70 | 1,141 | 1,352,000 | Sep-98 | 4.0% |
| #05-XX | 1,006,888 | 968.76 | 1,039 | 426,888 | Jun-09 | 4.0% |
| #01-XX | 885,000 | 904.18 | 979 | 379,790 | Feb-97 | 2.1% |
| #03-XX | 1,150,000 | 968.76 | 1,187 | 350,000 | Aug-11 | 3.1% |
Source: PropNex Research, URA Realis
Details
Location: Punggol Central
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Punggol (50 metres)
Year of Completion: 2017
Summary
Watertown is a 1,001-unit development, located in the heart of Punggol in District 19, and right next to the Punggol Waterway. Completed in 2017, it is Punggol's first integrated waterfront development. Its commercial podium Waterway Point mall is a lifestyle and retail hub that features alfresco waterfront dining and a cineplex. On top of convenient access to the Waterway Point mall and Punggol MRT/LRT station, residents also can engage in sports and aquatic activities along Punggol Waterway. The development comprises 11 residential towers ranging from 11 to 14 storeys, with four different unit types – suites (1- and 2-bedroom units), SOHO (2- and 3-bedroom units), condominiums (2- and 3-bedroom units), and Sky Patio (2- , 3- and 4-bedroom) – to cater to different lifestyle needs.
WATERTOWN Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
|---|---|---|---|---|---|---|
| #05-XX | 2,010,000 | 1,119.46 | 1,796 | 920,785 | Feb-12 | 5.4% |
| #10-XX | 1,980,000 | 1,119.46 | 1,769 | 807,235 | Feb-12 | 4.7% |
| #11-XX | 1,570,000 | 904.18 | 1,736 | 479,465 | Feb-12 | 3.2% |
| #07-XX | 956,000 | 570.49 | 1,676 | 285,675 | Feb-12 | 3.1% |
Source: PropNex Research, URA Realis
Details
Location: Sengkang Square
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Sengkang (50 metres)
Year of Completion: 2002
Summary
Compass Heights is a leasehold apartment in Sengkang in District 19. It was completed in 2002 and consists of 536 units spread across two blocks. The condominium project is conveniently located above the Sengkang MRT station and bus interchange, providing residents with easy access to other parts of Singapore. It is also close to schools like Compassvale Primary School, and Seng Kang Primary School. Residents do not need to venture far for their daily needs with Compass One mall just below the residences. Compass Heights offers a range of amenities, including a BBQ area, clubhouse, fitness corner, gym, Jacuzzi, parking, playground, swimming pool and tennis court.
COMPASS HEIGHTS Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| #13-XX | 1,628,000 | 1,323.97 | 1,230 | 959,008 | Mar-01 | 4.0% |
| #08-XX | 1,565,000 | 1,291.68 | 1,212 | 415,000 | Jun-11 | 2.5% |
| #03-XX | 1,828,000 | 1,754.53 | 1,042 | 370,000 | Sep-21 | 12.0% |
| #03-XX | 1,065,000 | 1,140.98 | 933 | 227,000 | Apr-21 | 10.4% |
Source: PropNex Research, URA Realis
Details
Location: Hougang Street 92
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Hougang (1,500 metres) Serangoon North (Uncompleted, 450 metres)
Year of Completion: 2000
Summary
Regentville is a 99-year leasehold condominium located in Hougang in District 19. Completed in 2000, it comprises 580 units spread across six blocks. The development offers a variety of amenities including a BBQ area, clubhouse, gym, playground, sauna, swimming pool and wading pool, and tennis court. The condominium is conveniently situated near the upcoming Serangoon North MRT station on the Cross-Island Line, providing residents with easy access to other parts of Singapore. It is also close to several schools such as Rosyth School, Bowen Secondary School, and Hougang Primary School. Additionally, it is near to amenities such as Hougang 1 mall, and the Ci Yuan Hawker Centre and Community Centre.
REGENTVILLE Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| #11-XX | 1,228,000 | 1,076.40 | 1,141 | 608,000 | May-99 | 2.8% |
| #06-XX | 1,315,000 | 1,151.75 | 1,142 | 485,000 | Jun-12 | 4.2% |
| #10-XX | 1,162,000 | 979.52 | 1,186 | 375,000 | Apr-21 | 18.2% |
| #05-XX | 926,000 | 979.52 | 945 | 366,720 | Jul-97 | 2.0% |
Source: PropNex Research, URA Realis
Details
Location: Bayshore Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok (1,800 metres) / Bayshore (Uncompleted, 125 metres)
Year of Completion: 1996
Summary
The Bayshore is a 1,038-unit mega residential development built by Far East Organization in 1996. The closest MRT station is in Bedok and is about 15 minutes’ walk from the project. However, residents will enjoy greater convenience in the near future when the Bayshore MRT station opens. The project is close to amenities like Parkway Parade Shopping Mall and the East Coast Park. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is a short 15-minute drive to Changi Airport, and the Central Business District (CBD) via the ECP. Residents can also take advantage of the full range of condominium facilities including barbeque area, driving range, game room, jacuzzi, playground, sauna, swimming pool, billiards room, clubhouse, function room, and gymnasium.
THE BAYSHORE Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| #06-XX | 1,200,000 | 936.47 | 1,281 | 487,000 | Sep-97 | 2.0% |
| #04-XX | 1,228,000 | 958 | 1,282 | 448,000 | Feb-10 | 3.4% |
| #27-XX | 1,250,000 | 979.52 | 1,276 | 440,000 | Jul-07 | 2.7% |
| #06-XX | 1,220,000 | 936.47 | 1,303 | 370,000 | Mar-17 | 5.8% |
Source: PropNex Research, URA Realis
Details
Location: West Coast Vale
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (650 metres)
Year of Completion: 2022
Summary
Sited on the edge of the Clementi town is Whistler Grand condominium – with 716 residential units across two 36-storey elevated towers. It comprises a unit-mix ranging from cosy 1-bedroom apartments to 2-, 3- and 4-bedroom units. Whistler Grand is located about 35 minutes from the city centre via the MRT and is a 20-minutes’ drive to Raffles Place via the Ayer Rajah Expressway (AYE). The Clementi MRT Station takes commuters directly to employment hubs such as Raffles Place, Paya Lebar, and Jurong East. The development features a range of facilities, including tennis court, function room and lap pool.
WHISTLER GRAND Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| #09-XX | 1,860,000 | 958 | 1,942 | 618,270 | Aug-19 | 10.4% |
| #09-XX | 1,980,000 | 1,065.64 | 1,858 | 607,050 | Apr-19 | 8.6% |
| #31-XX | 1,900,000 | 958 | 1,983 | 482,220 | Jan-20 | 8.5% |
| #13-XX | 1,145,000 | 602.78 | 1,900 | 309,080 | Jun-19 | 7.8% |
| #30-XX | 1,468,888 | 764.24 | 1,922 | 279,888 | Aug-19 | 5.4% |
| #32-XX | 1,400,000 | 764.24 | 1,832 | 205,260 | Feb-20 | 4.5% |
Source: PropNex Research, URA Realis
Details
Location: Jalan Lempeng
Postal District: 5
Tenure: 99-year leasehold
Nearest MRT: Clementi (400 metres)
Year of Completion: 2017
Summary
This project is also in Clementi; The Trilinq condominium – with 755 residential units across two 36-storey and one 33-storey towers. The unit-mix features 1- to 4-bedroom apartments. The commute to from the development to the city centre takes about 35 minutes via the MRT, and about 20 minutes via the Ayer Rajah Expressway (AYE). The project has a range of facilities such as the gym, lap pool, tennis courts, and playground.
THE TRILINQ Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| #04-XX | 2,450,000 | 1,517.72 | 1,614 | 867,000 | May-16 | 6.1% |
| #19-XX | 1,988,000 | 1,044.11 | 1,904 | 564,000 | Nov-16 | 5.0% |
| #16-XX | 900,000 | 538.2 | 1,672 | 91,000 | Sep-16 | 1.6% |
| #11-XX | 888,000 | 538.2 | 1,650 | 82,000 | Aug-15 | 1.2% |
Source: PropNex Research, URA Realis
Details
Location: Fernvale Road
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Thanggam LRT (50 metres)
Year of Completion: 2019
Summary
High Park Residences, a mega condominium project that was completed in 2019, is located in the tranquil residential estate in Fernvale, a fairly new neighbourhood in Sengkang. The residential development consists of six 25-storey towers, with a total of 1,390 units. The project has a wide range of unit sizes and types, ranging from studio units to bungalows, and semi-detached houses. The sprawling mega project also features nearly 120 facilities, including retail units, eateries, a childcare centre, an infinity pool, outdoor movie theatre, gymnasium, cycling track, amongst others. Additionally, it is close to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.
HIGH PARK RESIDENCES Transactions in September 2023
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
|---|---|---|---|---|---|---|
| #18-XX | 1,810,000 | 1,151.75 | 1,572 | 771,000 | Jul-15 | 7.0% |
| #12-XX | 1,270,000 | 871.88 | 1,457 | 450,000 | Jul-15 | 5.6% |
| #12-XX | 1,030,000 | 678.13 | 1,519 | 329,000 | Jul-15 | 4.9% |
| #02-XX | 980,000 | 678.13 | 1,445 | 313,000 | Aug-15 | 4.9% |
| #13-XX | 980,000 | 667.37 | 1,468 | 300,000 | Jul-15 | 4.6% |
| #03-XX | 710,000 | 452.09 | 1,570 | 235,000 | Jul-15 | 5.1% |
| #14-XX | 960,000 | 699.66 | 1,372 | 209,000 | Aug-15 | 3.1% |
| #17-XX | 1,030,000 | 667.37 | 1,543 | 204,000 | Sep-20 | 7.6% |
Source: PropNex Research, URA Realis
City centre homes dominate top individual gainers
In September, the top gainers heralded from locations across the island, with CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, seven out of the top 10 transactions were for units in projects located in the CCR. Only one transaction out of the top 10 gainers is located in the OCR; the two remaining transactions are for city fringe projects.
With the exception of the top gainer, the gross profits of the top 10 transactions – based on caveats lodged - ranged from $2 million to nearly $4 million. The gains witnessed amongst top gainers were relatively muted compared with previous months where we saw some of the top gainers reaping sizeable profits of more than $5 million. In September, the units which chalked up larger gains were mostly sizeable large format condos that are more than 1,300 sq ft in size, and consisted mostly of older projects built in the 1980s to early 2000s. The holding periods for the top 10 resale properties were mostly beyond 10 years – with the shortest being 9 years and the longest being over 28 years.
Source: PropNex Research, URA Realis
It was found that the most profitable transaction for the month of September 2023 was for a 12th floor penthouse at Goodwood Residence in the city centre, which fetched an eye-watering gross profit of $16.4 million (annualised profit of 8.1%) based on caveats lodged. The 10,710 sq ft apartment was sold for a whopping $32 million – double that of the initial purchase price paid in June 2014 - with a holding period of just 9 years. The purchase price for the penthouse unit is hardly surprising, given the scarcity of large-format apartments exceeding 10,000 sq ft in the city centre. Freehold Goodwood Residence in Newton (District 10) was built in 2013. The development is within walking distance to Newton MRT station along the Downtown Line and is just a 5-minue drive to the Orchard Shopping Belt. It is also close to reputable schools such as the Anglo-Chinese School (Primary), and Anglo-Chinese School (Barker Road).
The top gainer in the city fringe in terms of gross profit was for unit transacted in Pebble Bay. The transaction was for a second-floor unit that was resold for an estimated profit of $2.98 million, reflecting an annualised profit of 3.1%. Based on URA Realis caveat data, the unit was first bought in March 1995 and subsequently resold for $5.15 million in September 2023, with a holding period of 28 years. The project was completed in 1997 and is located in the exclusive Tanjong Rhu neighbourhood within District 15. This freehold project is situated right next to the upcoming Tanjong Rhu MRT station - which is expected to be completed in 2024 - along the Thomson-East-Coast Line (TEL). The project enjoys waterfront access and scenic views of the Kallang Basin.
Gains amongst resale transactions seem to be moderating, as downside risks persist amidst the muted economic growth outlook, market uncertainties, high interest rates, and as the cooling measures continue to exert their impact.
