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March 20, 2024

Condo In Marine Parade Booked Gains Of More Than $1.2 Million On Average In February

Jean Choo

Senior Research Analyst

A city fringe condo project in Marine Parade – The Sea View – chalked up average resale gains of more than $1.2 million across four resale transactions in February. The top 10 most profitable projects in the month of February 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 February 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.

Fringe Condos top list of most profitable projects in February

Amidst a slowdown in developers’ sales, transactions in the resale market also remained tepid in February, with less than 700 condo units being resold during the month – as more buyers take their time to assess the market and gain more clarity before purchasing a property. In February, the top 10 most profitable projects had average profits ranging from $474,000 to $1,272,000. By a ranking of the average profit, the top three projects are in the Rest of Central Region (RCR), seven out of the top 10 projects are in the Outside Central Region (OCR), while only one project is located in the Core Central Region (CCR).

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

Project Name	No. of transactions	Average Gains ($)	Average Annualised Gains (%)#	Year completed	Region
THE SEA VIEW	4	$1,271,625	6.8%	2008	RCR
THE INTERLACE	4	$994,550	3.8%	2013	RCR
SIMSVILLE	5	$870,618	4.5%	1998	RCR
RIO VISTA	5	$729,872	3.9%	2004	OCR
PARC RIVIERA	6	$567,796	5.9%	2019	OCR
D'LEEDON	7	$544,870	2.8%	2014	CCR
THE PANORAMA	4	$542,928	4.9%	2017	OCR
THE PALETTE	6	$534,418	5.2%	2015	OCR
JEWEL @ BUANGKOK	4	$514,785	3.6%	2016	OCR
WATERTOWN	4	$474,313	3.8%	2017	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 (D’Leedon, The Interlace), close to an MRT station (The Sea View, Jewel @ Buangkok), or are newly-completed developments (Parc Riviera, Watertown).

Here are some details about the top 10 projects in February 2024:

THE SEA VIEW

Details

Location: Amber Road

Postal District: 15

Tenure: Freehold

Nearest MRT: Marine Parade (Under construction, 150 metres)

Year of Completion: 2008

Summary

The Sea View is a 546-unit residential development that was completed in 2008. With the upcoming Marine Parade MRT station located 5 minutes’ walk away, residents will enjoy greater convenience when the station opens in the middle of 2024. The project enjoys unblocked sea views off the eastern coast, and is close to amenities like Parkway Parade, Katong Shopping Centre, i12 Katong Mall, and Katong Plaza. It is also well-served by major expressways, including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). The development is a short 15- to 20-minute drive to the Changi Airport and the CBD via the ECP. Residents can take advantage of the full range of condominium facilities including amphitheatre, barbeque area, clubhouse, fun pool, gymnasium room, jogging track, lounge, playground, wading pool, basketball court, fitness corner, function room, jacuzzi, lap pool, pavilion, and tennis courts.

THE SEA VIEW Transactions in February 2024

Floor/Unit	Resale Price ($)	Area (SQFT)	Unit Price ($ PSF)	Gains from previous caveat ($)	Purchase date	Annualized Gains (%)
#14-XX	3,500,000	1,410	2,482	1,700,000	May-08	4.3%
#18-XX	3,150,000	1,216	2,590	1,140,000	Sep-12	4.0%
#06-XX	2,948,000	1,216	2,424	268,000	May-23	13.6%
#14-XX	3,600,000	1,410	2,553	1,978,500	Mar-08	5.1%

Source: PropNex Research, URA Realis

THE INTERLACE

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 walking distance to the Gillman Barracks, with its eclectic mix of dining options. It also enjoys quick access to the Ayer Rajah Expressway and Central Expressway which take residents to the central business district and Orchard Road is about 20 minutes.

THE INTERLACE Transactions in February 2024

Floor/Unit	Resale Price ($)	Area (SQFT)	Unit Price ($ PSF)	Gains from previous caveat ($)	Purchase date	Annualized Gains (%)
#21-XX	5,315,000	3,972	1,338	1,085,000	Sep-17	3.7%
#18-XX	3,850,000	3,671	1,049	950,000	Oct-17	4.6%
#13-XX	3,120,000	2,110	1,479	1,262,800	Oct-09	3.7%
#15-XX	1,850,000	1,076	1,719	680,400	Oct-09	3.3%

Source: PropNex Research, URA Realis

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 completed in 1998 has 522 residential units 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. The project is also a short walk to 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 expatriates. Amenities within the development include a swimming pool, gymnasium room, and tennis courts - catering to a range of lifestyle needs.

SIMSVILLE Transactions in February 2024

Floor/Unit	Resale Price ($)	Area (SQFT)	Unit Price ($ PSF)	Gains from previous caveat ($)	Purchase date	Annualised Gains (%)
#02-XX	1,470,000	1,249	1,177	1,060,000	May-06	7.5%
#08-XX	1,285,000	969	1,326	395,000	Sep-12	3.3%
#11-XX	1,960,000	1,528	1,282	1,166,000	May-98	3.6%
#14-XX	1,688,888	1,238	1,364	750,888	Dec-10	4.6%
#07-XX	1,628,000	1,238	1,315	981,200	Jul-98	3.7%

Source: PropNex Research, URA Realis

RIO VISTA

Details

Location: Hougang Avenue 7

Postal District: 19

Tenure: 99-year leasehold

Nearest MRT: Hougang (900 metres)

Year of Completion: 2004

Summary

Rio Vista is a residential development located along Hougang Avenue 7 in District 19. The development was completed around 2004 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 Hougang MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at Hougang Mall and Hougang Central just a short walk away.

RIO VISTA Transactions in February 2024

Floor/Unit	Resale Price ($)	Area (SQFT)	Unit Price ($ PSF)	Gains from previous caveat ($)	Purchase date	Annualised Gains (%)
#14-XX	1,480,000	1,249	1185	844,370	Feb-02	3.9%
#13-XX	1,403,000	1,249	1,124	799,090	Mar-02	3.9%
#04-XX	1,310,000	1,249	1,049	630,000	Oct-08	4.4%
#15-XX	1,420,000	1,249	1,137	475,000	Jul-11	3.3%

Source: PropNex Research, URA Realis

PARC RIVIERA

Details

Location: West Coast Vale

Postal District: 5

Tenure: 99-year leasehold

Nearest MRT: Clementi (650 metres)

Year of Completion: 2019

Summary

Tucked in the edge of Clementi town is the Parc Riviera condominium – with 752 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. Parc Riviera offers its residents exceptional convenience, being located about 20 minutes from the city centre via the MRT and Ayer Rajah Expressway (AYE). Meanwhile, the Clementi MRT station takes commuters directly to employment hubs in Raffles Place, Bugis, Paya Lebar, and Jurong East. The development features modern facilities, including tennis court, function room, lap pool.

PARC RIVIERA Transactions in February 2024

Floor/Unit

Resale Price ($)

Area SQFT)

Unit Price ($ PSF)