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|August 21,2024Resale Condo Market Watch: Condo In Marine Parade Booked Gains Of $828,000 In July 2024
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A city fringe condo project in District 15 - Silversea - chalked up average resale gains of more than $828,000 across five resale transactions in July. The top 10 most profitable projects in the month of July 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 July 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.
Suburban and city fringe condos top list of most profitable projects in July
The resale market regained some momentum in July, with 889 condo units worth $1.64 billion being resold during the month compared with the previous month, which saw 800 resale transactions valued at nearly $1.4 billion being done. In July, the top 10 most profitable projects had average profits ranging from $446,000 to $828,000. By a ranking of the average profit, five projects are in the Outside Central Region (OCR), five out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| SILVERSEA | 5 | $828,442 | 4.89% | 2014 | RCR |
| SKY HABITAT | 5 | $533,494 | 2.90% | 2015 | RCR |
| RIVER ISLES | 5 | $532,660 | 4.19% | 2015 | OCR |
| ARTRA | 7 | $513,843 | 4.14% | 2020 | RCR |
| PARC ESTA | 5 | $513,200 | 6.26% | 2022 | RCR |
| THE MINTON | 6 | $497,500 | 5.18% | 2013 | OCR |
| THE ESTUARY | 5 | $491,758 | 4.24% | 2013 | OCR |
| STIRLING RESIDENCES | 7 | $476,825 | 5.31% | 2022 | RCR |
| THE LUXURIE | 6 | $475,000 | 3.69% | 2015 | OCR |
| FLO RESIDENCE | 6 | $446,042 | 4.91% | 2016 | OCR |
Most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in a central location (Sky Habitat, Artra), close to an MRT station (Silversea, The Luxurie), or are recently completed developments (Parc Esta, Stirling Residences).
Details
Location: Marine Parade Road
Postal District: 15
Tenure: 99-year leasehold
Nearest MRT: Tanjong Katong (400 metres)
Year of Completion: 2014
Summary
Silversea is a 383-unit residential development that was completed in 2014. The closest MRT station, Tanjong Katong station on the Thomson-East Coast Line is located just minutes' walk from the project. The project enjoys unblocked sea views of the east coast shoreline and is close to amenities like East Coast Park, Bedok Mall, and Parkway Parade. It is also well-served by major expressways including the East Coast Parkway (ECP) and Pan Island Expressway (PIE). It is also a short 10-minute and 15-minute drive to the Changi Airport and the CBD respectively via the ECP. Residents can take advantage of the full range of condominium facilities including barbeque area, tennis court, jacuzzi, playground, sauna, swimming pool, clubhouse, function room, and gymnasium.
SILVERSEA Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualised Gains (%) |
#15-XX | 2,350,000 | 1,066 | 2,205 | 550,000 | Nov-19 | 6.0% |
#12-XX | 3,780,000 | 1,701 | 2,223 | 880,000 | Nov-17 | 4.1% |
#05-XX | 2,080,000 | 980 | 2,123 | 774,480 | Nov-09 | 3.2% |
#10-XX | 3,380,000 | 1,485 | 2,275 | 660,000 | Jul-21 | 7.5% |
#05-XX | 3,250,000 | 1,485 | 2,188 | 1,277,730 | May-10 | 3.6% |
Source: PropNex Research, URA Realis
Details
Location: Bishan Street 15
Postal District: 20
Tenure: 99-year leasehold
Nearest MRT: Bishan (150 metres)
Year of Completion: 2015
Summary
Sky Habitat is an award-winning residential development in the city fringe within District 20. Its 509 units, made up of 1, 2 and 3-bedroom apartments as well as eight penthouses, are spread across two sleek terraced 38-storey towers, with connecting sky bridges between them. On the highest floor sits several open-air facilities, namely the Sky Lounge, Sky Gym, Sky Walk and Sky Dream, which offer panoramic views of the surrounding areas. The project is a 3-minute walk from the Bishan MRT interchange station on the North-South and Circle Lines, which take commuters to the city and Orchard Road in just 10 to 15 minutes by train. The Junction 8 mall is 3 minutes' walk from the development, which was completed in 2016 and developed by CapitaLand.
SKY HABITAT Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#06-XX | 2,300,000 | 1,249 | 1,842 | 697,070 | May-14 | 3.6% |
#11-XX | 2,060,000 | 1,163 | 1,772 | 381,900 | Nov-17 | 3.2% |
#33-XX | 3,550,000 | 1,894 | 1,874 | 319,090 | Jun-15 | 1.1% |
#27-XX | 2,460,000 | 1,216 | 2,022 | 623,810 | Jul-13 | 2.7% |
#21-XX | 2,850,000 | 1,507 | 1,891 | 645,600 | Oct-17 | 3.9% |
Source: PropNex Research, URA Realis
Details
Location: PUNGGOL CENTRAL
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Coral Edge LRT (350 metres) / Punggol (1,400 metres)
Year of Completion: 2015
Summary
River Isles is a 610-unit 99-year leasehold condominium development, located at the heart of Punggol in District 19. Completed in 2016, residents of River Isles would not have to travel far to get their basic necessities as there are retail offerings nearby, such as Punggol Plaza and Punggol Waterway Point. In addition, residents have access to a wide range of facilities on-site - clubhouse with blue lagoon, meditation bay, sun deck, water spring massage, hydro gym, hammock haven tee square, barbeque pavilion, tennis court, spa beds, massage cabana, fitness courts.
RIVER ISLES Transactions in July 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#10-XX | 1,500,000 | 1,141 | 1,315 | 554,550 | Nov-12 | 4.0% |
#17-XX | 2,170,000 | 2,013 | 1,078 | 915,670 | Jun-12 | 4.7% |
#17-XX | 810,000 | 517 | 1,568 | 302,130 | Jul-12 | 4.0% |
#06-XX | 1,270,000 | 893 | 1,422 | 511,660 | Jun-12 | 4.4% |
#02-XX | 1,035,888 | 753 | Explore Your Options, Contact Us to Find Out More!
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