Top 10 Resale Condos In July 2022: Ocr projects that Pulled In More Than $920,000 in Profit.

This article first appeared in PropNex picks


Buoyed by healthy housing demand, suburban and city fringe resale condos have booked relatively decent gains in July 2022, based on data analysed by PropNex Research.

First, some details about the methodology. The profit garnered for the units were derived by matching the condo resale transactions in July with their previous purchase prices; 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.

Suburban condo projects dominate Top 10 gainers list

By ranking of average profit, the top 10 projects in July comprised mostly OCR projects. The only RCR project was the top most profitable project, Carribean at Keppel Bay which recorded 5 resale transactions in the month, raking in a profit of more than $1.3 million on average for each transaction. It was followed by Costa Del Sol, located in Bedok, within the Outside Central Region (OCR), which had an average profit of more than $924,000 per transaction.


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

Source: PropNex Research, URA Realis


^projects with fewer than 5 transactions in the month are excluded from this analysis *Profit is derived from the resale transaction for each unit against the unit’s last 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. **Annualized profit 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 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


This trend is not surprising given the strong performance of city fringe and suburban homes in the resale and new launch market over the last six months. The dwindling supply of unsold private homes in the OCR as well as rising prices of new launches have channelled some buyers to the resale market, propping up prices in the process. Six out of the top 10 projects were recently completed projects, built between 2015 and 2020, while the others were built sometime in the early 2000s and late 90s. Notably, a number of projects in District 16, East Coast and Bedok area (Costa Del Sol, The Bayshore, Grandeur Park Residences) as well as projects in District 19, Punggol, Serangoon area (River Isles, A Treasure Trove, Botanique at Bartley) made the top 10 list.

Here are details about the top 10 projects in July 2022:


CARIBBEAN AT KEPPEL BAY


Details

Location: Keppel Bay Drive

Postal District: 4

Tenure: 99-year leasehold

Nearest MRT: Harbourfront (720 metres)

Year of Completion: 2004


Summary

Caribbean At Keppel Bay is a residential waterfront development located in District 4, situated along Keppel Bay. The condominium is also located between Harbourfront MRT interchange as well as Telok Blangah MRT station. On top of enjoying views of the scenic Keppel Bay, residents can also enjoy much added convenience, with many commercial shopping options within close proximity, such as Vivocity and Harbourfront Centre as well as being just 5 minutes’ drive from the Sentosa Island. The project was completed in 2004 and has some 969 residential units in the residential blocks, with a wide range of facilities such as a fitness corner, game room, jacuzzi, lap pool, multi-purpose hall, playground, swimming pool, clubhouse, function room, gymnasium room, jogging track, lounge, pavilion, sauna and wading pool.


Transactions in July 2022

Source: PropNex Research, URA Realis


COSTA DEL SOL

Details

Location: Bayshore Road

Postal District: 16

Tenure: 99-year leasehold

Nearest MRT: Bedok (1,800 metres) / Bayshore (Uncompleted, 125 metres)

Year of Completion: 2003


Summary

Costa Del Sol is a 906-unit residential development along Bayshore Road . Residents enjoy unblocked views of the sea and East Coast Park. While the closest MRT station, Bedok station is located 15 minutes’ walk away, residents will enjoy improved connectivity in the near future when the Bayshore MRT station is open. 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 the Changi Airport and the Central Business District (CBD) via the ECP. Residents can also take advantage of the full range of condominium facilities including the lap pool, spa pool a wading pool for children, tennis courts, gymnasium and barbeque pits.


Transactions in July 2022

Source: PropNex Research, URA Realis


D'LEEDON

Details

Location: 1-19 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 within 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. With over 36-storeys, 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. Being just a 5-minute walk from the Farrer Park MRT station on the Circle Line, residents can enjoy an easy commute to the CBD 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 AYE.


Transactions in July 2022

Source: PropNex Research, URA Realis


THE BAYSHORE

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, Bedok station is located 15 minutes’ walk away, though residents will enjoy greater convenience in the near future when Bayshore MRT Station is open. 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 ECP and PIE. It is a short 15-minute drive to the Changi Airport and the 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, gymnasium room.


Transactions in July 2022

Source: PropNex Research, URA Realis


MAYSPRINGS

Details

Location: Petir Road

Postal District: 23

Tenure: Freehold

Nearest MRT: Bukit Panjang (150 metres)

Year of Completion: 1998


Summary

Maysprings is a freehold development located along Petir Road in District 23, Bukit Panjang. The project is conveniently situated opposite the Bukit Panjang MRT, LRT station and bus interchange as well as being within a stone’s throw from commercial amenities at Hillion Mall, Bukit Panjang Plaza and Junction 10. The 24-storey apartment buildings comprise a total of 636 units with units divided into 2-bedroom and 3-bedroom apartments, as well as several 5 plus bedrooms. Mayspring was completed in 1998 and developed by renowned developer GuocoLand.


Transactions in July 2022

Source: PropNex Research, URA Realis


RIVER ISLES


Details

Location: Punggol Central

Postal District: 19

Tenure: 99-year leasehold

Nearest MRT: Coral Edge LRT (350 metres) / Punggol (1,400 metres)

Year of Completion: 2016


Summary

River Isles is a 610-unit 99-year leasehold condominium development, located at the heart of Punggol in District 19. Completed in 2016, residents of River Isles would not have to travel far to get their basic necessities as there are retail offerings nearby, such as Punggol Plaza and Punggol Waterway Point. In addition, residents have access to a wide range of facilities on-site - clubhouse with blue lagoon, meditation bay, sun deck, water spring massage, hydro gym, hammock haven tee square, barbeque pavilion, tennis court, spa beds, massage cabana, fitness courts.


Transactions in July 2022

Source: PropNex Research, URA Realis


GRANDEUR PARK RESIDENCES


Details Location: Bedok South Avenue 3 Postal District: 16 Tenure: 99-year leasehold Nearest MRT: Tanah Merah (300 metres) Year of Completion: 2014

Summary Grandeur Park Residences is a residential development on the edge of Bedok town. The project consists of 720 units spread over six blocks, with two commercial shops and 1 childcare centre on-site. It has a wide range of units ranging from cosy 1-bedroom apartments to spacious 5-bedroom penthouses. Grandeur Park Residences is located opposite the Tanah Merah MRT station, on the East West Line. Commuters can reach the Changi Airport and Expo within a few short stops, while the Central Business District is about 20 minutes away via MRT.


Transactions in July 2022

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.


Transactions in July 2022

Source: PropNex Research, URA Realis


LAKEVILLE

Details

Location: Jurong Lake Link

Postal District: 22

Tenure: 99-year leasehold

Nearest MRT: Lakeside (560 metres)

Year of Completion: 2017


Summary

Lakeville is a residential development located within close proximity 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. Lakeville has 696 residential units, comprising 1-bedroom units to 4- and 5-bedroom penthouses, as well as 4-bedroom dual key units. The project offers panoramic views of Jurong Lake and is just 5 minutes’ walk from Lakeside MRT Station on the East West Line, linking commuters to the commercial amenities at Jurong Gateway, such as JEM, Westgate and IMM malls. It also takes commuters directly to the downtown CBD within 30 minutes via the MRT.


Transactions in July 2022

Source: PropNex Research, URA Realis


BOTANIQUE AT BARTLEY

Details

Location: Upper Paya Lebar Road

Postal District: 19

Tenure: 99-year leasehold

Nearest MRT: Bartley (340 metres)

Year of Completion: 2019


Summary

Botanique at Bartley is a large residential development located on the edge of bustling Serangoon town in District 19. Its 797 units are split over nine 17-storey blocks with a unit mix ranging from 1, 2 and 3 bed configurations. Botanique at Bartley is located just 3 minutes’ walk from Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily retail needs, 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 has been popular with 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 mere 15-minute drive away.


Transactions in July 2022

Source: PropNex Research, URA Realis


Top individual gainers found in city centre

While OCR condominiums have been leading in terms of overall average profit by project, Core Central Region (CCR) condominium projects still pulled in bigger numbers in terms of profit quantum by individual deals. By ranking of gross profit, most of the top 10 transactions were for units in condominium projects in the CCR. The gross profits of the top 10 transactions ranged from $2.22 million to $5 million. The units were mostly sizeable large format condominium units that are more than 1,500 sq ft in size. The holding period for the top 10 resale properties were of varying lengths – the shortest being 6 years and the longest being nearly 23 years.


Top 10 Resale Condo transactions in July 2022 by gross profit

Source: PropNex Research, URA Realis


It was found that the most profitable transaction for the month of July 2022 was for a 17th-floor 4-bedroom unit at Ardmore Park which garnered a profit of $5 million. The unit was first bought for nearly $9.08 million in October 2010 and subsequently sold at $14.08 million in July 2022, with a holding period of 12 years. After accounting for the holding period, the owner’s annualised profit was 3.8% per year. The freehold condominium project was completed in 2001 and is located at the fringe of the Orchard area. Meanwhile, the second and third most profitable transactions in July also came from the same project. A second-storey 4-bedroom unit and another 4-bedroom unit on the 17th floor were sold for profits of $4.2 million and $3.5 million respectively. Though the staggering profits raked in by the top 10 transactions may be enthralling 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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