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|November 20,2024Condo In Bedok Booked Gains Of More Than $658,000 On Average In October
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A suburban condo project in District 16 - Waterfront Gold - pulled in average resale gains of more than $658,000 across six resale transactions in October. The top 10 most profitable projects in the month of October 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 October 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.
Resilient resale condo activity in October
The resale market momentum carried over in October, with 1,007 condo units worth $1.89 billion being resold during the month compared with the previous month, which saw 1,037 resale transactions valued at nearly $1.95 billion being done. In October, the top 10 most profitable projects had average profits ranging from $350,000 to $658,000. By a ranking of the average profit, six projects are in the Outside Central Region (OCR), four out of the top 10 projects are in the Rest of Central Region (RCR), there were no projects in the Core Central Region (CCR) which made the top 10 rankings.
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average Gains ($) | Average Annualised Gains (%)# | Year completed | Region |
| WATERFRONT GOLD | 6 | $658,653 | 4.5% | 2014 | OCR |
| A TREASURE TROVE | 5 | $525,400 | 5.1% | 2015 | OCR |
| HIGH PARK RESIDENCES | 11 | $514,088 | 5.8% | 2019 | OCR |
| PARC ESTA | 7 | $455,270 | 5.9% | 2022 | RCR |
| PALM ISLES | 6 | $409,698 | 3.1% | 2015 | OCR |
| BOTANIQUE AT BARTLEY | 5 | $403,578 | 4.9% | 2019 | OCR |
| PARK COLONIAL | 8 | $382,889 | 4.2% | 2021 | RCR |
| STURDEE RESIDENCES | 5 | $359,818 | 3.7% | 2019 | RCR |
| EIGHT RIVERSUITES | 5 | $353,578 | 4.5% | 2016 | RCR |
| MELVILLE PARK | 5 | $350,000 | 4.7% | 1996 | OCR |
^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 close to an MRT station (Park Colonial, Botanique at Bartley), close to a waterbody (Waterfront Gold, Eight Riversuites), or are recently completed developments (Parc Esta, Sturdee Residences).
Here are some details about the top 10 projects in October 2024:
Details
Location: Bedok Reservoir Road
Postal District: 16
Tenure: 99-year leasehold
Nearest MRT: Bedok Reservoir (270 metres)
Year of Completion: 2014
Summary
Waterfront Gold is a 561-unit residential development along Bedok Reservoir Road. Residents enjoy unblocked views of the Bedok Reservoir. The closest MRT station, Bedok Reservoir station on the downtown line (DTL) is just right next to the project, offering residents much convenience. It is also well-served by major expressways including the Pan Island Expressway (PIE). It is a short 15-minute drive to the Changi Airport and the Central Business District (CBD) via the PIE. Residents can also take advantage of the full range of facilities including the lap pool, tennis courts, gymnasium and barbeque pits.
WATERFRONT GOLD Transactions in October 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#11-XX | 1,340,000 | 872 | 1,537 | 483,200 | Jul-10 | 3.2% |
#04-XX | 1,028,000 | 667 | 1,540 |
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