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|May 23,2024Mega Condo In Bukit Merah Booked Gains Of More Than $560,000 On Average In April
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A city fringe condo project in District 3 ? Principal Garden ? chalked up average resale gains of more than $560,000 across five resale transactions in April. The top 10 most profitable projects in the month of April were varied, with developments located around the island, based on URA Realis 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 April 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.
City fringe condos top list of most profitable projects in April
The resale market gained momentum in April, with more than 900 condo units being resold during the month ? as more buyers possibly enter the market to take advantage of the soft market sentiment. In April, the top 10 most profitable projects had average profits ranging from $220,000 to $570,000. By a ranking of the average profit, six projects are in the Rest of Central Region (RCR), four out of the top 10 projects are in the Outside Central Region (OCR), with none in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
| Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| PRINCIPAL GARDEN | 5 | $568,078 | 3.80% | 2018 | RCR |
| COCO PALMS | 7 | $461,351 | 5.23% | 2018 | OCR |
| BARTLEY RIDGE | 6 | $420,550 | 3.80% | 2016 | RCR |
| EIGHT RIVERSUITES | 5 | $416,578 | 3.01% | 2016 | RCR |
| PARC ESTA | 7 | $385,571 | 5.94% | 2022 | RCR |
| GRANDEUR PARK RESIDENCES | 7 | $348,400 | 3.87% | 2020 | OCR |
| STIRLING RESIDENCES | 10 | $336,789 | 5.04% | 2022 | RCR |
| EIGHT COURTYARDS | 5 | $295,002 | 3.81% | 2014 | OCR |
| TREASURE AT TAMPINES | 25 | $275,930 | 5.64% | 2023 | OCR |
| THE CREEK @ BUKIT | 5 | $218,898 | 1.72% | 2017 | RCR |
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-1
Analysis 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 (Principal Garden, Eight Riversuites), close to an MRT station (Bartley Ridge, Parc Esta), or are newly-completed developments (Stirling Residences, Treasure at Tampines).
Here are some details about the top 10 projects in April 2024:
PRINCIPAL GARDEN
Details
Location: Prince Charles Crescent
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (650 metres)
Year of Completion: 2018
Summary
Tucked in a quiet private residential enclave overlooking the Alexandra Canal and the prestigious Chatsworth Park Good Class Bungalow estate, Principal Garden ? with 663 residential units across four towers - sits on the fringe of River Valley. Its novel ?80-20 garden living? concept creates a green and tranquil environment for its residents. Despite the serene ambience, Principal Garden offers residents exceptional convenience, being located less than 20 minutes from the city centre. The Redhill MRT station is less than 10 minutes? walk away, and a train ride takes commuters to the CBD, Orchard Road and City Hall. The development also features many facilities, including a tennis court, half basketball court and a 50-metre lap pool.
PRINCIPAL GARDEN Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
| #24-XX | 2,630,000 | 1,076 | 2,443 | 664,000 | May-17 | 4.4% |
| #22-XX | 972,500 | 484 | 2,008 | 108,500 | Sep-17 | 1.8% |
| #18-XX | 3,758,888 | 1,572 | 2,392 | 1,183,888 | Apr-16 | 4.9% |
| #09-XX | 1,850,000 | 861 | 2,148 | 507,000 | Aug-16 | 4.3% |
| #21-XX | 1,688,000 | 786 | 2,148 | 377,000 | Apr-17 | 3.7% |
Source: PropNex sResearch, URA Realis
COCO PALMS
Details
Location: Pasir Ris Grove
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Pasir Ris (250 metres)
Year of Completion: 2018
Summary
Coco Palms is a large residential project located in Pasir Ris Grove in District 18. Developed by CDL, the project was completed in 2018. Its 944 residential units range from 1- to 5-bedroom apartments and penthouses. The project features a wide of facilities on-site, and six retail units. Coco Palms is just an 8-minute walk from the Pasir Ris MRT station on the East West Line, the Pasir Ris Bus interchange as well as the White Sands Shopping Mall, which provides numerous retail and dining options.
COCO PALMS Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
| #15-XX | 1,810,000 | 1,098 | 1,649 | 450,000 | Feb-21 | 9.7% |
| #14-XX | 1,900,000 | 1,259 | 1,509 | 245,600 | Mar-18 | 2.3% |
| #14-XX | 1,240,000 | 753 | 1,646 | 463,750 | Jun-14 | 4.9% |
| #13-XX | 1,500,000 | 904 | 1,659 | 509,776 | Mar-16 | 5.3% |
| #05-XX | 1,250,000 | 753 | 1,659 | 472,250 | Jun-14 | 4.9% |
| #15-XX | 1,830,000 | 1,098 | 1,667 | 592,400 | Jul-16 | 5.2% |
| #13-XX | 1,508,000 | 904 | 1,668 | 495,680 | Jun-14 | 4.1% |
Source: PropNex Research, URA Realis
BARTLEY RIDGE
Details
Location: Mount Vernon Road
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Bartley (150 metres)
Year of Completion: 2016
Summary
Bartley Ridge is a large residential development located on the edge of bustling Serangoon town and Toa Payoh town in District 13. Its 868 units are split over nine 18-storey blocks, with a unit mix ranging from 1-, 2-, 3- and 4-bedroom configurations. Bartley Ridge is located 3 minutes? walk from the Bartley MRT Station on the Circle Line, which takes residents to the CBD in under half an hour. For daily necessities, residents can head to Serangoon and Tai Seng which are a short train ride away.Being on the city fringe and close to the MRT station, this project has been popular with a number of young working professionals and foreign expatriates. It is also well-connected by major expressways; the CBD and Orchard Road shopping belt are about 15 minutes? drive away.
BARTLEY RIDGE Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
| #13-XX | 875,000 | 495 | 1,767 | 125,000 | Aug-18 | 2.8% |
| #15-XX | 2,000,000 | 1,033 | 1,935 | 712,100 | Sep-13 | 4.3% |
| #12-XX | 1,440,000 | 764 | 1,884 | 456,800 | Apr-13 | 3.5% |
| #16-XX | 1,868,000 | 969 | 1,928 | 634,400 | Sep-16 | 5.7% |
| #10-XX | 1,345,000 | 732 | 1,838 | 411,200 | May-13 | 3.4% |
| #04-XX | 842,000 | 463 | 1,819 | 183,800 | Apr-16 | 3.1% |
Source: PropNex Research, URA Realis
EIGHT RIVERSUITES
Details
Location: Whampoa East
Postal District: 12
Tenure: 99-year leasehold
Nearest MRT: Boon Keng (200 metres)
Year of Completion: 2018
Summary
Eight Riversuites is a residential development located in District 12. Its 843 units features a wide range of configurations ranging from 1- to 4-bedroom units as well as strata terraces. Eight Riversuites is located 3 minutes? walk from the Boon Keng MRT Station on the North-East Line which takes residents to the city centre in under half an hour. For daily necessities, residents can head to the Bendemeer Market and Food Centre and Whampoa Drive Market and Food Centre. Located in the city fringe and close to the MRT station, this project is popular with those who seek convenience and city living.
EIGHT RIVERSUITES Transactions in April 2024
| Floor/Unit | Resale Price ($) | Area (SQFT) |
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