April Resale Volume In The Suburbs – Hougang Project Booked Gains Of More Than $720,000 On Average

A suburban condo project in Hougang – Rio Vista – chalked up average resale gains of more than $720,000 across five resale transactions. In April, several resale condos in the suburbs have garnered relatively decent gains amid the resilient demand for homes, based on 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 five transactions during the month are excluded from the study.

Suburban condo projects dominate Top 10 gainers list 

Resale volumes softened slightly in April, with more than 810 resale condos being transacted during the month. While resale transaction activity dipped compared to the month before, it was not likely due to the latest round of property cooling measures which had been introduced at the tail end of the month. The latest revisions saw an increase in Additional Buyer’s Stamp Duty (ABSD) rates for property investors and foreign buyers.

In April, the top 10 most profitable projects had average profits ranging from $138,000 to $720,000. By a ranking of the average profit, seven out of the top 10 projects in April 2023 were Outside Central Region (OCR) projects, the remaining three projects were located in the Rest of Central Region (RCR). No projects in the Core Central Region (CCR) made the top 10 rankings in April.

Most of the projects that made the top 10 list were developments that have desirable locational or physical attributes, such as being in the city fringe (Principal Garden, Sims Urban Oasis) or close to an MRT station (High Park Residences, La Fiesta, Grandeur Park Residences) or are newly-completed developments (The Tapestry, Park Colonial).

Here are some details about the top 10 projects in April 2023:

Location: Hougang Avenue 7
Postal District: 19
Tenure: 99-year leasehold 
Nearest MRT: Hougang (900 metres)
Year of Completion: 2004

Rio Vista is a residential development located along Hougang Avenue 7 in District 19. The development was completed around 2004 and is conveniently located at the edge of Serangoon and Hougang, with plenty of amenities nearby, including shops located within the development. The development is a 15-minute walk from the Hougang MRT station on the North-East Line (NEL). Residents will not need to venture far to fulfil their daily needs, with amenities at Hougang Mall and Hougang Central just a short walk away.

Location: Woodleigh Lane
Postal District: 13
Tenure: 99-year leasehold
Nearest MRT: Woodleigh (50 metres)
Year of Completion: 2021

Park Colonial is a newly constructed 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 ranging from cosy 1-bedroom apartments to spacious 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.

Location: Prince Charles Crescent
Postal District: 3
Tenure: 99-year leasehold
Nearest MRT: Redhill (650 metres)
Year of Completion: 2018

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 elevated 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 environment, 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 short train ride takes commuters to the CBD, Orchard Road and Raffles Place. The development also features many facilities, including a tennis court, half basketball court and a 50-metre lap pool.

Location: Fernvale Road
Postal District: 28
Tenure: 99-year leasehold
Nearest MRT: Thanggam LRT (50 metres)
Year of Completion: 2019

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 up 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 within close proximity to the Seletar Aerospace Park, as well as the upcoming Sengkang West Industrial and Ang Mo Kio Industrial Parks. The project is right next to the Thanggam LRT station, which is a few stops from the Sengkang MRT interchange station.

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

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 stops, while the Central Business District is about 25 minutes away via MRT.

Location: Sims Drive
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Aljunied (420 metres)
Year of Completion: 2017

Located in the city fringe in District 14, Sims Urban Oasis is a mixed-use development with 1,024 residential units – spanning from 1-bedroom units up to 5-bedroom units. The 2-, 3- and 4-bedders come with the option of a dual key configuration. Sims Urban Oasis has seven shops and a childcare centre, with a wide range of amenities on-site.

The development is also a short walk from two hawker centres and the Aljunied MRT station on the East-West line, is just several train stops from Raffles Place and City Hall. The Pan-Island Expressway (PIE) nearby also gives residents quick access to other areas of the Singapore. Sims Urban Oasis is developed by GuocoLand Limited along with its subsidiaries.

Location: Sengkang Square
Postal District: 19
Tenure: 99-year leasehold
Nearest MRT: Sengkang (100 metres)
Year of Completion: 2016

La Fiesta, a condominium project that was completed in 2016, is located in Sengkang New Town within District 19. The residential development consists of thirteen 15-storey towers, with 810 units. The project has a wide range of unit sizes and types, ranging from studio units up to 5-room penthouses. The project is located close to the Sengkang MRT and bus interchange, as well as the myriad of amenities at the transport hub – including Compass One, Sengkang Community Centre and public library.

Location: Simei Street 1 
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Simei (700 metres)
Year of Completion: 1996

Melville Park is a residential development on the edge of Simei estate. The sprawling project consists of 1,232 units spread over seven blocks. It has two apartment types – namely three-bedders and four-bedders. Melville Park is located about 12 to 15 minutes’ walk to the Simei MRT station, on the East West Line. Commuters can reach the Changi Airport and Expo within a few stops, while the Central Business District is about 25 to 30 minutes away via MRT.

Location: Jalan Eunos
Postal District: 14
Tenure: 99-year leasehold
Nearest MRT: Ubi (850 metres)
Year of Completion: 2015

Euhabitat is a large development tucked away in a quiet corner of Eunos in District 14. The residential development comprises around 50 5-storey blocks, with a total of 748 units. The project has a wide range of unit sizes and types, ranging from 1-bedroom to 5-bedroom units. The development is a 15-minute walk to the Ubi MRT station on the Downtown Line, which offers direct access to the city centre.

Location: Tampines Street 86
Postal District: 18
Tenure: 99-year leasehold
Nearest MRT: Tampines West (1,300 metres)
Year of Completion: 2021

The Tapestry is a recently-completed (2021) residential development situated at a corner of Tampines town. It consists of 861 units across seven 15-storey blocks. The Tapestry has a wide range of units ranging from 2-bedroom units to the spacious 5-bedroom apartments. In addition, residents have access to a wide range of facilities on-site.

The Tapestry is under 15 minutes’ walk from the Tampines West MRT station on the Downtown Line. The project is less than 10 minutes away from Changi Airport and the Singapore Expo. Residents who need their retail therapy can head to Changi City Point or Jewel at Changi Airport. Commuters can reach the Changi Airport and Expo within a few MRT stops, while the Central Business District is about 30 minutes away via the MRT.

Core Central Region homes dominate list of top individual gainers 

While city fringe and suburban condominiums have been leading in terms of overall average profit by project in the previous month, the Core Central Region (CCR) condominium projects still pulled in bigger numbers in terms of profit quantum by individual deals.

By ranking of the gross profit, all top 10 transactions were for units in projects located in the CCR. The gross profits of the top 10 transactions – based on caveats lodged – ranged from about $2.05 million to $8.16 million. The units 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 1980s to early 2000s. The holding period for the top 10 resale properties were mostly beyond 10 years – with the shortest being more than 11 years and the longest being more than 20 years. 

It was found that the most profitable transaction for the month of April 2023 was for a 4th floor unit at Ardmore Park which garnered a gross profit of $8.16 million based on caveats lodged. The project was completed in 2001 and is located in the heart of District 10. The project is in one of Singapore’s most prestigious residential estates and is a stone’s throw from the Orchard Road shopping belt. Based on URA Realis caveat data, the unit was first bought in December 2000 and subsequently sold for $13 million in April 2023, with a holding period of more than 22 years.

Of note, the list featured two transactions each in two different projects – The Ladyhill and The Trevose. The Ladyhill. The first transaction was for a 2nd floor that was resold for an estimated profit of $3.47 million, reflecting an annualised profit of 3.3%. The second transaction was for a ground floor unit that was resold for a gross profit of slightly less than $2.8 million. This freehold apartment project was built and completed in 2002. It is located in the heart of the Tanglin area and situated near the Nassim Road and Cluny Park good class bungalow areas. Residents are just a 5 to 10-minute drive from Orchard Road shopping belt.

This was similarly observed for another two top 10 transactions at The Trevose. Both units were located on the 2nd floor and were sold for $3.1 million each with gross profits of more than $2 million after holding periods of nearly 20 years, reflecting annualised profits of 5.9% and 6.7%. The freehold residential project is located along Trevose Crescent within District 10. It is situated adjacent to the Raffles Town Club, located opposite St Joseph’s Institution, and Singapore Chinese Girls School. It is within 5 minutes’ walking distance to Stevens MRT station along the Downtown Line.

Though the staggering profits raked in by the top 10 transactions may be attractive 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.

While every reasonable care is taken to ensure the accuracy of information printed or presented here, no responsibility can be accepted for any loss or inconvenience caused by any error or omission. The ideas, suggestions, general principles, examples and other information presented here are for reference and educational purposes only.

This information contained herein is not in any way intended to provide investment, regulatory or legal advice or recommendations to buy, sell or lease properties or any form of property investment. PropNex shall have no liability for any loss or expense whatsoever, relating to any decisions made by the audience.

All copyrights reserved.


Read more: 5 Essential Skills to Learn When Living Alone for the First Time: Singapore EditionWhat is the HDB Flat Eligibility (HFE) letter?The Continuum

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