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|September 18,2024

Condo In Hougang Booked Gains Of More Than $630,000 On Average In August

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A suburban condo project in District 19 - The Minton - chalked up average resale gains of more than $634,000 across six resale transactions in August. The top 10 most profitable projects in the month of August were varied, with developments located around the island, based on URA Realis caveat data 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 August 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 five transactions during the month are excluded from the study.

Hungry Ghost Month cools resale condo activity in August

The resale market lost some steam in August amidst the slower sales activity owing to the Hungry Ghost Month, with 936 condo units worth $1.76 billion being resold during the month compared with the previous month, which saw 1,083 resale transactions valued at more than $2 billion being done. In August, the top 10 most profitable projects had average profits ranging from $381,000 to $634,000. By a ranking of the average profit, seven projects are in the Outside Central Region (OCR), three out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.

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 MINTON

6

$634,095

6.4%

2013

OCR

HIGH PARK RESIDENCES

5

$570,778

5.6%

2019

OCR

JADESCAPE

11

$532,811

5.5%

2022

RCR

A TREASURE TROVE

5

$525,000

6.0%

2015

OCR

THE BAYSHORE

5

$469,400

4.9%

1997

OCR

PARK COLONIAL

8

$437,972

4.8%

2021

RCR

PARC ESTA

12

$424,657

6.1%

2022

RCR

D'NEST

8

$423,475

4.6%

2017

OCR

VACANZA @ EAST

5

$397,800

4.3%

2014

OCR

THE TRILINQ

5

$381,000

2.9%

2017

OCR

Source: PropNex Research, URA Realis^projects with fewer than 5 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-1Analysis was done based on available data from URA Realis

Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in a central location (Jadescape, Parc Esta), close to an MRT station (D'Nest, The Bayshore), or are recently completed developments (High Park Residences, Park Colonial).

THE MINTON

Details

Location: Hougang Street 11

Postal District: 19

Tenure: 99-year leasehold

Nearest MRT: Serangoon (800 metres)

Year of Completion: 2013

Summary

The Minton is a leasehold condominium project in Hougang Street 11 in District 19. It is a newly developed mega condominium project - completed in 2013 with a total of 1,145 units. The project is conveniently located in the heart of Serangoon and Lorong Ah Soo, and it is a 15-minute walk from the Serangoon MRT station - an interchange between the North-East Line (NEL) and the Circle Line (CCL). Residents will not need to venture far to fulfil their daily needs, with NEX, the largest mall in the north east, just a short stroll from the project.

THE MINTON Transactions in August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price

($ PSF)

Gains from previous caveat

($)

Purchase date

Annualized Gains (%)

#14-XX

1,490,000

980

1,521

420,000

Jun-20

8.4%

#12-XX

1,404,000

936

1,499

483,450

May-12

3.5%

#12-XX

2,680,000

1,658

1,617

830,000

Mar-18

6.0%

#08-XX

2,280,000

1,453

1,569

1,080,000

Jun-10

4.7%

#14-XX

2,080,000

1,216

1,710

620,000

Jun-21

11.8%

#07-XX

916,000

624

1,467

371,120

Jun-10

3.7%

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 tranquil 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 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 in close proximity 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 August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price ($ PSF)

Gains from previous caveat ($)

Purchase date

Annualised Gains (%)

#11-XX

1,020,000

678

1,504

340,000

Jul-15

4.6%

#25-XX

2,150,000

1,432

1,502

1,013,000

Nov-15

7.6%

#19-XX

1,873,888

1,152

1,627

831,888

Sep-15

6.8%

#11-XX

1,050,000

635

1,653

399,000

Jul-15

5.4%

#17-XX

988,000

667

1480

270,000

Jul-15

3.6%

Source: PropNex Research, URA Realis

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, and Whitley Secondary 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).

JADESCAPE Transactions in August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price ($ PSF)

Gains from previous caveat ($)

Purchase date

Annualised Gains (%)

#19-XX

2,660,000

1,141

2,331

688,800

Mar-20

7.2%

#11-XX

3,280,000

1,421

2,308

910,600

Jul-20

8.3%

#18-XX

1,088,000

527

2,063

165,000

Nov-19

3.6%

#18-XX

1,720,000

764

2,251

282,500

Aug-20

4.7%

#17-XX

2,950,000

1,259

2,342

805,200

Feb-20

7.3%

#02-XX

1,585,000

764

2,074

232,000

Oct-20

4.3%

#10-XX

4,425,000

2,099

2,108

1,146,720

Sep-18

5.3%

#08-XX

1,710,000

764

2,238

391,000

Sep-18

4.6%

#03-XX

1,350,000

646

2,090

335,000

Sep-18

5.0%

#15-XX

2,490,000

1,055

2,360

762,100

Apr-19

7.1%

#21-XX

1,080,000

527

2,048

142,000

May-20

3.4%

Source: PropNex Research, URA Realis

A TREASURE TROVE

Details

Location: Punggol Walk

Postal District: 19

Tenure: 99-year leasehold

Nearest MRT: Punggol (260 metres)

Year of Completion: 2015

Summary

A Treasure Trove is a residential development nestled in the heart of Punggol town. It consists 882 units spread across 12 blocks. A Treasure Trove has a wide range of units ranging from 2-bedroom units up to the spacious 7-bedroom units. In addition, residents have access to a wide range of facilities on-site such as barbeque area, fitness corner, gymnasium room, lap pool, sauna, tennis courts, clubhouse. A Treasure Trove is located directly opposite Punggol MRT Station on the North-East Line, as well as Punggol Waterway Point, which provides numerous retail and dining options including a cineplex.

A TREASURE TROVE Transactions in August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price

($ PSF)

Gains from previous caveat

($)

Purchase date

Annualized Gains (%)

#01-XX

1,750,000

1,270

1,378

586,000

Jan-13

3.6%

#02-XX

1,588,888

1,044

1,522

611,888

Aug-12

4.2%

#16-XX

1,455,000

1,528

952

419,000

Jan-13

3.0%

#01-XX

1,900,000

1,270

1,496

681,112

Oct-19

9.6%

#13-XX

1,250,000

775

1,613

327,000

May-21

9.8%

Source: PropNex Research, URA Realis

THE BAYSHORE

Details

Location: Bayshore Road

Postal District: 16

Tenure: 99-year leasehold

Nearest MRT: Bayshore (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 the Bayshore MRT station under the Thomson East-Coast line (TEL) which just recently opened in June 2024. 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 August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price

($ PSF)

Gains from previous caveat

($)

Purchase date

Annualized Gains (%)

#16-XX

1,270,000

947

1,341

520,000

Aug-07

3.2%

#06-XX

1,225,000

947

1,293

345,000

May-19

6.5%

#29-XX

1,800,000

1,238

1,454

550,000

Feb-21

11.0%

#18-XX

1,310,000

980

1,337

492,000

Dec-96

1.7%

#26-XX

1,720,000

1,238

1,389

440,000

Nov-11

2.4%

Source: PropNex Research, URA Realis

PARK COLONIAL

Details

Location: Woodleigh Lane

Postal District: 13

Tenure: 99-year leasehold

Nearest MRT: Woodleigh (50 metres)

Year of Completion: 2021

Summary

Park Colonial is a new residential development in Woodleigh, next to the new Bidadari town. The project consists of 805 units spread over six blocks, with two commercial shops and a childcare centre on-site. It has a wide range of units spanning from 1-bedroom apartments to 5-bedroom apartments and dual-key units. The project is located opposite the newly-completed Woodleigh Shopping Mall as well as the Woodleigh MRT station, on the North East Line. Commuters can reach the city and Central Business District in about 25 minutes away via MRT.

PARK COLONIAL Transactions in August 2024

Floor/ Unit

Resale Price

($)

Area

(SQFT)

Unit Price

($ PSF)

Gains from previous caveat

($)

Purchase date

Annualized Gains (%)

#04-XX

2,200,000

980

2,246

530,000

Jul-19

5.7%

#04-XX

2,150,000

980

2,195

581,000

Jul-18

5.3%

#06-XX

1,308,888

570

2,294

304,888

Jul-18

4.5%

#15-XX

2,458,888

1,152

2,135

778,888

Dec-18

7.0%

#07-XX

985,000

463

2,128

158,000

Jul-18

2.9%

#11-XX

1,345,000

603

2,231

258,000

Sep-18

3.7%

#09-XX

2,288,000

980

2,336

656,000

Jul-18

5.7%

#06-XX

1,300,000

603

2,157

237,000

Aug-18

3.4%

Source: PropNex Research, URA Realis

PARC ESTA

Details

Location: Sims Avenue

Postal District: 14

Tenure: 99-year leasehold

Nearest MRT: Eunos (150 metres)

Year of Completion: 2022

Summary

Located in the city fringe in District 14, Parc Esta is a recently completed mega development. It has 1,399 residential units, offering purchasers a wide choice of formats, from 1-bedroom units to 5-bedroom units. Parc Esta has several retail shops and other communal amenities onsite. The development is also a short walk away from the amenities at Geylang Serai Market and the Paya Lebar regional centre. The project is located across from the Eunos MRT station on the East-West Line - several MRT stops from Raffles Place and City Hall. For residents who drive, the Pan-Island Expressway (PIE) is nearby, giving commuters quick access to other areas of the island via the PIE.

PARC ESTA Transactions in August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price ($ PSF)

Gains from previous caveat ($)

Purchase date

Annualised Gains (%)

#18-XX

1,650,000

861

1,916

225,000

Mar-21

4.5%

#17-XX

2,400,000

1,023

2,347

682,000

Jun-20

8.5%

#02-XX

1,580,000

743

2,127

252,000

Mar-21

5.4%

#04-XX

1,575,000

743

2,121

352,000

Mar-20

5.9%

#07-XX

1,668,000

743

2,246

407,000

Aug-19

5.9%

#14-XX

1,040,000

452

2,300

187,000

Feb-20

4.6%

#14-XX

2,330,000

958

2,432

790,000

Dec-18

7.7%

#08-XX

1,918,888

840

2,286

553,888

Feb-19

6.4%

#16-XX

1,388,000

635

2,186

266,000

Oct-19

4.6%

#12-XX

1,050,000

452

2,323

229,000

Nov-18

4.4%

#04-XX

2,040,000

915

2,230

520,000

Jun-20

7.3%

#11-XX

2,320,000

1,023

2,269

632,000

May-20

7.8%

Source: PropNex Research, URA Realis

D'NEST

Details

Location: 127-149 PASIR RIS GROVE

Postal District: 18

Tenure: 99-year leasehold

Nearest MRT: Pasir Ris (450 metres)

Year of Completion: 2017

Summary

D'Nest is a residential development nestled in the heart of Pasir Ris town. It consists 912 units spread over 12 blocks. D'Nest has a wide range of units ranging from 1-bedroom units to 5-bedroom penthouses and 6-bedroom dual-key units. In addition, residents have access to a wide range of facilities on site. D'Nest is under 10 minutes' walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris bus interchange as well as White Sands Shopping Mall, which provides numerous retail and dining options.

D'NEST Transactions in August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price ($ PSF)

Gains from previous caveat ($)

Purchase date

Annualised Gains (%)

#04-XX

1,850,000

1,270

1,457

665,960

Sep-13

4.2%

#13-XX

2,020,000

1,432

1,411

570,090

May-13

3.0%

#05-XX

2,180,000

1,410

1,546

823,400

Apr-13

4.3%

#11-XX

1,060,000

753

1,407

243,760

Apr-13

2.3%

#08-XX

1,118,000

753

1,484

345,840

Apr-13

3.3%

#02-XX

735,000

484

1,517

143,000

Jan-21

6.4%

#05-XX

1,300,000

936

1,388

370,000

Mar-21

10.6%

#01-XX

798,000

570

1,399

225,750

Mar-13

3.0%

Source: PropNex Research, URA Realis

VACANZA @ EAST

Details

Location: Lengkong Tujoh

Postal District: 14

Tenure: Freehold

Nearest MRT: Kembangan (850 metres)

Year of Completion: 2015

Summary

Vacanza @ East is a mega development tucked away in a quiet corner of Kembangan in District 14. The residential development consists around seven 12-storey blocks, with a total of 473 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom to 4-bedroom units. The development is a 15-minute walk to the Kembangan MRT station on the East-West Line, which offers direct access to the city centre.

VACANZA @ EAST Transactions in August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price ($ PSF)

Gains from previous caveat ($)

Purchase date

Annualised Gains (%)

#07-XX

1,315,000

840

1,566

265,000

Jul-15

2.5%

#07-XX

1,082,000

732

1,478

290,000

Oct-10

2.3%

#02-XX

1,971,000

1,324

1,489

573,000

Aug-11

2.7%

#09-XX

2,128,000

1,324

1,607

628,000

Sep-20

9.6%

#03-XX

1,178,000

807

1,459

233,000

Sep-19

4.6%

Source: PropNex Research, URA Realis

THE TRILINQ

Details

Location: Jalan Lempeng

Postal District: 5

Tenure: 99-year leasehold

Nearest MRT: Clementi (400 metres)

Year of Completion: 2017

Summary

This project is located 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 August 2024

Floor/Unit

Resale Price

($)

Area

(SQFT)

Unit Price ($ PSF)

Gains from previous caveat ($)

Purchase date

Annualised Gains (%)

#31-XX

2,068,000

1,044

1,981

594,000

Apr-15

3.7%

#02-XX

2,450,000

1,701

1,441

811,000

Feb-16

4.9%

#33-XX

1,800,000

1,044

1,724

282,000

Jan-17

2.3%

#05-XX

888,000

538

1,650

97,000

Jan-17

1.5%

#26-XX

946,000

538

1,758

121,000

Jul-17

2.0%

Source: PropNex Research, URA Realis

Top 10 Resale Condo Individual transactions in August 2024

City Centre Homes Dominate Top Individual Gainers

In August, the top gainers heralded from mostly Central Region homes, with the CCR leading the pack, pulling in bigger numbers in terms of profit quantum by individual deals. By a ranking of the gross profit, eight out of the top 10 transactions were for units in projects located in the CCR, two transactions are located in the RCR, no transactions in the OCR made the top 10 ranking.

The gross profits of the top 10 transactions - based on caveats lodged - ranged from $2.06 million to $6.72 million. In August, 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 1970s to early 2010s. The respective holding periods for the top 10 resale properties were mostly beyond 10 years - with only one transaction for a unit that was held for nearly 4 years.

Top 10 Resale Condo Individual transactions in August 2024 by gross profit

Source: PropNex Research, URA Realis

It was found that the most profitable transaction in August 2024 was for a 13th floor unit at Yong An Park, an CCR project. It was resold for an estimated profit of $6.72 million, reflecting an annualised profit of 6%. Based on URA Realis caveat data, the 3,434-sq ft unit was first bought in July 1998 and subsequently resold for $8.6 million in August 2024, with a holding period of 26 years. The project was built in 1986 and is situated in Tanglin. It is within a stone's throw distance from the Orchard Road shopping belt and just next to the Great World City MRT station on the Thomson East-Coast line (TEL).

The second top gainer in terms of gross profit was for a city centre unit transacted at Regency Park in the CCR, which fetched a gross profit $4.89 million (annualised profit of 4.2%) based on caveats lodged. The 3,649-sq ft 4th-floor apartment was sold for nearly $7.84 million, with a holding period of more than 23 years. The sprawling project was built in 1987 and is within close proximity to Great World City. It is also a short walk to the newly-opened Great World City MRT station on the Thomson-East-Coast line (TEL). Based on URA Realis caveat data, the unit was first bought in February 2001.

Another notable top gainer for the month was for a 13th floor unit located in Pebble Bay. The 1,894-sq ft unit was sold for nearly $3.6 million, achieving an estimated profit of around $2.43 million which reflects a decent annualised profit of 5.4% over a holding period of nearly 22 years. The waterfront condominium project is located along the Kallang river basin with unblocked views of the National Stadium and Kallang river. The development is also right next to the Tanjong Rhu MRT station along the Thomson-East-Coast (TEL) line which recently opened in June 2024.

Modest gains garnered by resale transactions continue to prevail over the resale market, as downside risks persist amidst the moderating economic growth, market uncertainties, elevated interest rates. With interest rate cuts potentially coming on in September, resale activity and gains could pick up in the months ahead.

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