Condos in Bukit Panjang booked gains of more than $1 million on average in November

A suburban condo project in Bukit Panjang – Hazel Park Condominium – chalked up average resale gains of more than $1 million across four resale transactions in November. The top 10 most profitable projects in the month of November were varied, with projects located around the island, 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 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 four transactions during the month are excluded from the study.

Top 10 gainers list comprises of projects across the island
Resale activity remained relatively resilient in November, with over 720 resale condo units being transacted during the month. In November, the top 10 most profitable projects had average profits ranging from $388,000 to $1,086,000. By a ranking of the average profit, four out of the top 10 projects in November 2023 are in the Outside Central Region (OCR), four projects are in the Rest of Central Region (RCR), and two projects are located in the Core Central Region (CCR).

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 (D’Leedon, The Sail @ Marina Bay, River Place), close to an MRT station (Simsville, The Quartz, The Lakefront Residences) or are newly-completed developments (Jadescape, Thomson Three).

Here are some details about the top 10 projects in November 2023:

HAZEL PARK CONDOMINIUM

Details
Location: Hazel Park Terrace
Postal District: 23
Tenure: 99-year leasehold
Nearest MRT: Cashew (500 metres)
Year of Completion: 2001

Summary
Hazel Park Condominium is a 999-year leasehold residential development located in Bukit Panjang, District 23, and was completed in 2001 by Hong Leong Holdings. It comprises 696 units spread across eight blocks, offering a mix of 2- to 4-bedroom apartments. Residents enjoy a suite of amenities including a swimming pool, tennis court, gym, and BBQ area. The condo is well-connected via the Cashew MRT station and it is close to a number of schools and shopping facilities, making it a convenient and desirable living space for families. Residents will not need to go far for their daily necessities, with the Bukit Panjang Plaza and Hillion Mall just 10 minutes’ walk from the project.

SIMSVILLE

Details
Location: Geylang East Avenue 2
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Paya Lebar (120 metres)
Year of Completion: 1998

Summary
Simsville is a condo development located in the city fringe in District 14. The project which was recently completed in 1998 has 522 residential units spread across six blocks, offering a mix of 2-bedroom and 3-bedroom apartments. In the vicinity, there is the Paya Lebar Central commercial node which features a number of malls and workplaces at Paya Lebar Square, Paya Lebar Quarters, and Singapore Post Centre. Residents are also a short walk from the Paya Lebar MRT station on the East-West Line, which offers a direct commute to the Bugis, Raffles Place, and City Hall – making the project fairly popular with working professionals and foreign expatriates. Amenities within the development include a swimming pool, gymnasium room, and tennis courts, catering to a range of lifestyle needs.

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 condominium development located in the prime District 10. The massive 1,715-unit development, 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 commanding 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 convenient access to the city as well as to one-north. The development is also well-served by major roads and expressways.

THE LAKEFRONT RESIDENCES

Details
Location: Lakeside Drive
Postal District: 22
Tenure: 99-year leasehold
Nearest MRT: Lakeside (100 metres)
Year of Completion: 2014

Summary
The Lakefront Residences is a residential development close to the Jurong Lake District in District 22 where major redevelopment plans are underway to transform the area into an exciting waterfront leisure and commercial destination. The Lakefront Residences has 629 residential units across three blocks of 18-storey flats, comprising 1- to 5-bedroom units. The project offers partial views of Jurong Lake and is situated beside Lakeside MRT Station on the East-West Line, linking commuters to the commercial hubs and retail amenities at Jurong Gateway, such as JEM, Westgate and IMM malls. It also takes residents directly to the downtown area and CBD in about 30 minutes via the MRT.

THOMSON THREE

Details
Location: Bright Hill Drive
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Upper Thomson (150 metres)
Year of Completion: 2016

Summary
Thomson Three is a 99-year leasehold condominium situated in the sought-after District 20 of Bishan; it was completed in 2017. This development which comprises 435 condo units and 10 landed properties is developed by United Venture Development (Thomson) Pte Ltd. It offers a range of unit sizes, catering to various housing needs. The condominium enjoys close proximity to Upper Thomson MRT station on the Thomson-East Coast Line, which takes commuters to the city and to the Orchard Road shopping district in 20 to 30 minutes by train.

THE QUARTZ

Details
Location: Compassvale Bow
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Buangkok (200 metres)
Year of Completion: 2009

Summary
The Quartz is a residential development located along Upper Serangoon Crescent in District 19. The development was completed in around 2009 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby. The development is 5 minutes’ 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 the recently opened Sengkang Grand Mall, Hougang Mall, and Hougang Central just a short walk away.

JADESCAPE

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, Whitley Secondary School, and Guangyang Primary 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).

RIVER PLACE

Details
Location: Havelock Road
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Fort Canning (500 metres)
Year of Completion: 2000

Summary
River Place is a 99-year leasehold condominium located near the Singapore River in District 3. Completed in 2000 by Far East Organization, it comprises 509 units spread across four blocks. The development offers a variety of amenities including a clubhouse, gym, sauna and swimming pool. The project is conveniently situated near the Fort Canning MRT station on the Downtown Line, providing residents with easy access to other parts of Singapore. Additionally, it is near to the nightlife and dining cluster along the Singapore River, Clarke Quay and Robertson Quay as well as the amenities in Chinatown.

ORCHID PARK CONDOMNIUM

Details
Location: Yishun Avenue 1
Postal District: 27
Tenure: 99-year leasehold
Nearest MRT: Khatib (500 metres)
Year of Completion: 1994

Summary
Situated at the edge of Khatib town is the 99-year leasehold project, Orchid Park Condominium. The project was completed in 1994 and has views of the Seletar Reservoir, where residents can head over to for leisure and recreational sports. The development is also just a 10-minute walk from the Khatib MRT station on the North-South Line, taking residents to the city within 30 minutes. It consists of 615 residential units, ranging from 1-bedroom to 4-bedroom units.

THE SAIL @ MARINA BAY

Details
Location: Marina Boulevard
Postal District: 1
Tenure: 99-year leasehold
Nearest MRT: Downtown (100 metres)
Year of Completion: 2008

Summary
The Sail @ Marina Bay, an iconic luxury residential development in District 1, in downtown Singapore. It comprises two towers, Marina Bay Tower (70 storeys) and Central Park Tower (63 storeys). The project has won several architectural design accolades and is touted to be one of Singapore’s tallest residential building. The project – which has unblocked views of the city and the Marina Bay area - was completed in 2008 and has some 264 residential units. Its facilities include a barbeque area, gymnasium room, playground, tennis courts, clubhouse, jacuzzi and swimming pool.

City centre homes dominate top individual gainers
In November, the top gainers heralded from mostly Central Region homes, with CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, six out of the top 10 transactions were for units in projects located in the CCR, three transactions were located in the RCR while there was only one transaction in the OCR.

The gross profits of the top 10 transactions – based on caveats lodged - ranged from $1.9 million to more than $7.8 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 1980s to early 2000s. The holding periods for the top 10 resale properties were mostly beyond 10 years – with the shortest being more than 6 years and the longest being nearly 28 years.

It was found that the most profitable transaction for the month of November 2023 was for a 4th floor unit at Nassim Jade in the city centre, which fetched an eye-watering gross profit of $7.8 million (annualised profit of 6.4%) based on caveats lodged. The 2,644 sq ft apartment was sold for $15.2 million – more than double that of the initial purchase price paid in April 2012 - with a holding period of nearly 12 years. Freehold Nassim Jade in Tanglin (District 10) was built in 1997. The development is within walking distance to Orchard Boulevard MRT station along the newly-constructed Thomson East-Coast Line and is just a 5-minute drive to the Orchard shopping belt.

The top gainer in the city fringe was for a sixth-floor unit located in The Sovereign. The 2,637 sq ft unit was sold for $6.5 million, gaining an estimated profit of $3 million which reflects an annualised profit of 4.8% over a holding period of 13 years. This freehold project is situated next to the upcoming Tanjong Kang MRT station - which is expected to be completed in 2024 - along the Thomson-East-Coast Line (TEL). Residents enjoy greater convenience with plenty of amenities in the vicinity including Parkway Parade, Katong Shopping Centre, Roxy Square, i12 Katong Mall, and Marine Parade Central Market & Food Court.

The only suburban top gainer in terms of gross profit was for unit transacted in Clementi Park. The transaction was for a second-floor unit that was resold for an estimated profit of $1.98 million, reflecting an annualised profit of 9.3%. Based on URA Realis caveat data, the unit was first bought in October 2017 and subsequently resold for $4.78 million in November 2023, with a holding period of just five years. The project is an older development built in 1985 by CDL and is located in Clementi within District 21.

Gains amongst resale transactions remain modest, as downside risks persist amidst the muted economic growth outlook, market uncertainties, elevated interest rates, and as the cooling measures continue to exert their impact.