November’s top 10 condo sales in CCR, RCR and OCR with highest capital gains split by holding periods

In November, we covered several condos including Tembusu Grand and HDB flats sold within 5 years of purchase, which netted the owners insane all-time-high capital gains.

Traditionally, if you ask the older generation of homeowners, the assumption is that you should hold onto your property long enough, as its capital appreciation will increase over time.

This is because there’s an expectation that the infrastructure around the block and within the neighbourhood will improve, such as new schools, malls, shops, transportation and MRT stations. These then raise the value and demand for your house as prospective buyers are willing to pay more, especially if the estate is rife with amenities and conveniences. Security and privacy is also one of the important considerations. Tembusu Grand has 24-hour security personnel and a comprehensive security system that includes CCTV cameras and access control systems.

Yes, a 5-room HDB seller at Sembawang made more than an estimated S$300k in capital gains after 5 years.As per the examples we’ve shared, this isn’t always the case.

Sellers have been able to find buyers who value longer (or shorter) leases (for 99-year leasehold projects) and large spaces, regardless of whether the estate is fully developed or near the city. They are able to market the value of their unit’s unique location, long-term potential, “newness”, unblocked views and spaciousness.

For example, you must have read about the 5-room HDB resale flat in the non-mature Sembawang estate, which netted the first-time owners an estimated capital gain of S$315k-S$373k. This is despite them only living there for the mandatory MOP of 5 years.

Similarly, in September, a 99-year-leasehold 7,050-sqft condo unit in Reflections at Keppel Bay, was sold for S$17.6m, netting the owners a capital gain of S$6.6m (60.2%), despite living there for only one year. Yep, you heard it right – a S$6.6m gain after only one year.

Want to make a S$6.6m capital gain after living in the property for one year? Someone actually did it.If you’re a condo owner on the fence about listing and selling your home, fret no more. We’ve compiled a list of the top 10 condo sales with the highest capital gains in November 2022 (ie. based on available URA transaction data captured between 1st -25th November 2022).

Not only that, we’ve separated them by region (CCR, RCR and OCR) and whether the owners held onto them for 10 years or less, or more than 10. While these capital gains are high, homeowners’ actual returns must factor in costs like renovations, taxes, duties, maintenance, etc. If they sell the property within 3 years, they will also be subjected to Sellers Stamp Duty.

Top 10 Condo Sales in Nov 2022 with the highest capital gain for Core Central Region (CCR)

Property Name Address Floor range TOP Tenure Region District Floor area (sqft) Purchase Price Date of purchase Sale Price Date of sale Capital Gain Holding Period (in years) Return Annualised
Holding period of MORE than 10 years
Ardmore Park 15 Ardmore Park 4-6 2001 Freehold CCR 10 2885 4,750,000 28 December 2000 12,500,000 4 Nov 2022 7,750,000 21.8 163.16% 4.53%
Four Seasons Park 10 Cuscaden Walk 7-9 1994 Freehold CCR 10 2260 3,650,000 1 Apr 2000 7,160,000 23 Nov 2022 3,510,000 22.6 96.16% 3.03%
Tanglin Park 3C Ridley Park 7-9 1988 Freehold CCR 10 1593 2,000,000 22 January 1996 3,800,000 22 Nov 2022 1,800,000 26.8 90.00% 2.42%
The Sail @ Marina Bay 2 Marina Boulevard 64-66 2008 99 years CCR 1 1797 1,854,336 30 November 2004 3,600,000 7 Nov 2022 1,745,664 17.9 94.14% 3.77%
The Morningside 1 Jalan Kuala 22-24 1992 Freehold CCR 10 2411 3,280,000 7 Jan 2011 5,000,000 25 Nov 2022 1,720,000 11.8 52.44% 3.63%
The Equatorial 151 Stevens Road 4-6 2002 Freehold CCR 10 1507 1,600,000 2 March 2004 3,255,000 1 Nov 2022 1,655,000 18.6 103.44% 3.90%
The Sixth Avenue Residences 172 Sixth Avenue 1-3 2009 Freehold CCR 10 1431 1,409,255 31 January 2007 3,000,000 4 Nov 2022 1,590,745 15.8 112.88% 4.91%
The Sixth Avenue Residences 160 Sixth Avenue 1-3 2009 Freehold CCR 10 1819 1,645,256 23 Jan 2007 3,150,000 10 Nov 2022 1,504,744 15.8 91.46% 4.21%
The Tessarina 20 Wilby Road 4-6 2003 Freehold CCR 10 1313 1,333,000 1 Oct 2000 2,800,000 18 Nov 2022 1,467,000 22.1 110.05% 3.42%
Waterfall Gardens 10 Farrer Road 10-12 2010 Freehold CCR 10 4037 7,380,000 21 June 2007 8,680,000 18 Nov 2022 1,300,000 15.3 17.62% 1.06%
Holding period of LESS than 10 years
The Tate Residences 23 Claymore Road 19-21 2010 Freehold CCR 9 3219 7,800,000 9 Feb 2017 9,550,000 25 Nov 2022 1,750,000 5.8 22.44% 3.58%
Belmond Green 15C Balmoral Road 1-3 2004 Freehold CCR 10 1066 1,100,000 8 April 2016 2,350,000 4 Nov 2022 1,250,000 6.5 113.64% 12.39%
The Cosmopolitan 200 Kim Seng Road 16-18 2008 Freehold CCR 9 1399 2,500,000 25 Nov 2016 3,700,000 3 Nov 2022 1,200,000 5.9 48.00% 6.85%
Belmond Green 15C Balmoral Road 4-6 2004 Freehold CCR 10 1335 2,260,000 19 Nov 2015 3,180,000 2 Nov 2022 920,000 6.9 40.71% 5.06%
Leighwoods 37 Mount Sinai Rise 4-6 1985 Freehold CCR 10 2217 2,900,000 23 Jan 2018 3,780,000 24 Nov 2022 880,000 4.8 30.34% 5.64%
Tribeca 60 Kim Seng Road 16-18 2010 Freehold CCR 9 1378 2,480,000 11 Aug 2017 3,250,000 1 Nov 2022 770,000 5.2 31.05% 5.37%
Cavenagh Gardens 71 Cavenagh Road 4-6 1975 Freehold CCR 9 1550 1,650,000 7 Feb 2017 2,370,000 10 Nov 2022 720,000 5.8 43.64% 6.50%
Amaryllis Ville 20 Newton Road 4-6 2004 99 years CCR 11 1238 1,780,000 28 Jul 2015 2,500,000 7 Nov 2022 720,000 7.3 40.45% 4.80%
Sixth Avenue Ville 43 Sixth Avenue 1-3 1999 Freehold CCR 10 1184 1,670,000 26 Mar 2018 2,388,000 14 Nov 2022 718,000 4.6 42.99% 8.12%
Martin Modern 10 Martin Place 4-6 2021 99 years CCR 9 1012 2,093,847 21 Jul 2017 2,800,000 9 Nov 2022 706,153 5.3 33.73% 5.69%

In the Core Central Region, the top gainer goes to the owner of the Ardmore Park unit in the 4th-6th floor range. Holding on to his 2,885 sqft unit for nearly 22 years, he’s made S$7.75m, or a 163% return. Annualised, that’s 4.53% a year.

Most top gainers have held onto their properties for at least 15 years, with the top three for more than 20. What’s impressive is the third top gainer – Tanglin Park – which despite being about 34 years old – managed to net the 27-year holder of his 1593 sqft unit a 90% return.

An Ardmore Park penthouse. The entrance opens up to a spacious living room with a double-volume ceiling, with plenty of natural light. The dining room is at the far end of the living room. A spiral staircase leads to the upper level.On the contrary, the owner of a 1,066 sqft unit at Belmond Green sold his apartment after six and a half years, realising a capital gain of S$1.25m, or 113.64%. Annualised, his return is 12.39% a year – the highest on the list.

Consider him a lucky gainer, as over the same period, another owner in Belmond Green, who lived on a higher floor, sold his 1,335-sqft unit for S$3.18m, realising a lower capital gain of S$920k, or 40.71%.

Most short-term holders of CCR condos made between S$700k to S$1.75m after holding their properties for 4.6 to 7.3 years. Except for the Belmond Green gainer, the rest of the nine realised gains of between 22.44 and 48%.

It’s clear that, at least for CCR projects, the eight gainers who sold within 10 years are realising around 31-48% returns, while those who held on longer saw between 90-163% returns.

 

Top 10 Condo Sales in Nov 2022 with the highest capital gain for the Rest of Central Region (RCR)

Property Name Address Floor range TOP Tenure Region District Floor area (sqft) Purchase Price Date of purchase Sale Price Date of sale Capital Gain Holding Period (in years) Return Annualised
Holding period of MORE than 10 years
The Waterside 7 Tanjong Rhu Road 10-12 1993 Freehold RCR 15 2400 1,500,000 24 Nov 2003 4,380,000 14 Nov 2022 2,880,000 18.9 192.00% 5.83%
Pebble Bay 132 Tanjong Rhu Road 10-12 1997 99 years RCR 15 1895 1,480,000 14 Nov 2006 3,600,000 7 Nov 2022 2,120,000 15.9 143.24% 5.74%
Pandan Valley 2 Pandan Valley 4-6 1978 Freehold RCR 21 2131 860,000 24 Aug 2004 2,800,000 7 Nov 2022 1,940,000 18.2 225.58% 6.71%
Pandan Valley 2 Pandan Valley 4-6 1978 Freehold RCR 21 2088 1,160,000 1 Jan 2000 2,950,000 2 Nov 2022 1,790,000 22.8 154.31% 4.17%
Heritage View 6 Dover Rise 19-21 2000 99 years RCR 5 2583 1,700,000 18 Mar 2000 3,280,000 4 Nov 2022 1,580,000 22.6 92.94% 2.95%
Maplewoods 985 Bukit Timah Road 10-12 1997 Freehold RCR 21 2917 3,850,000 9 June 2011 5,250,600 21 Nov 2022 1,400,600 11.4 36.38% 2.75%
Sanctuary Green 181 Tanjong Rhu Road 7-9 2004 99 years RCR 15 1399 842,000 24 Mar 2004 2,100,000 14 Nov 2022 1,258,000 18.6 149.41% 5.04%
The Esta 37 Amber Gardens 1-3 2008 Freehold RCR 15 1507 1,883,750 27 Feb 2012 3,075,000 23 Nov 2022 1,191,250 10.7 63.24% 4.70%
Cote D’Azur 62 Marine Parade Road 19-21 2004 99 years RCR 15 1108 705,570 17 Jul 2002 1,880,000 23 Nov 2022 1,174,430 20.3 166.45% 4.94%
Paradise Palms 505 Dunman Road 10-12 2003 Freehold RCR 21 1151 919,112 31 Oct 2003 2,075,000 22 Nov 2022 1,155,888 19.0 125.76% 4.38%
Holding period of LESS than 10 years
Aalto 193 Meyer Road 4-6 2010 Freehold RCR 15 1959 2,900,000 19 Jul 2016 4,330,000 14 Nov 2022 1,430,000 6.3 49.31% 6.62%
Maplewoods 989 Bukit Timah Road 4-6 1997 Freehold RCR 21 1335 1,750,000 2 Feb 2016 2,932,000 22 Nov 2022 1,182,000 6.8 67.54% 7.95%
The Blossomvale 900 Dunearn Road 4-6 1999 999 years RCR 21 1324 1,790,000 31 Mar 2017 2,740,000 14 Nov 2022 950,000 5.6 53.07% 7.92%
The Eastside 509 Joo Chiat Road 1-3 2006 Freehold RCR 15 1216 1,600,000 20 Dec 2012 2,300,000 11 Nov 2022 700,000 9.8 43.75% 3.76%
The Metropolitan Condominium 6 Alexandra View 28-30 2009 99 years RCR 3 1420 1,820,000 1 Feb 2017 2,500,000 16 Nov 2022 680,000 5.8 37.36% 5.68%
Still 123 123 Langsat Road 1-3 2012 Freehold RCR 15 1281 1,180,000 25 Aug 2014 1,800,000 16 Nov 2022 620,000 8.2 52.54% 5.31%
Trevista 25 Lorong 3 Toa Payoh 13-15 2011 99 years RCR 12 1281 1,550,000 14 July 2015 2,160,000 16 Nov 2022 610,000 7.3 39.35% 4.63%
Commonwealth Towers 232 Commonwealth Avenue 16-18 2019 99 years RCR 3 1302 1,988,000 8 Apr 2017 2,590,000 3 Nov 2022 602,000 5.5 30.28% 4.93%
Spring @ Katong 18 Ceylon Road 1-3 2007 Freehold RCR 15 1023 1,220,000 12 Nov 2013 1,800,000 3 Nov 2022 580,000 9.0 47.54% 4.42%
Commonwealth Towers 232 Commonwealth Avenue 10-12 2019 99 years RCR 3 1303 2,028,000 18 June 2017 2,600,000 3 Nov 2022 572,000 5.3 28.21% 4.77%

In the Rest of the Central Region (RCR), the top gainers who held onto their property for at least 16 years saw capital gains between S$1.2m and S$3m, or 93% to 226% returns.

There are exceptions, like the Maplewoods owner on the 10-12 floor range, who sold his 2,917 sqft unit after 11.4 years to realise a gain of S$1.4m (36%, 2.75% annualised).

Or the The Esta owner on the 1-3 floor range, who sold his 1507 sqft unit after 10.7 years to realise a S$1.2m gain (63%).

The list has a mix of freehold and 99-year lease properties, with older freehold developments like Pandan Valley commanding between 154% and 226% returns for the two sellers. One Pandan Valley seller, whose 2131 sqft unit made a S$1.94m gain, had the highest return for holding onto his property for 18 years.

Notably, 7 out of the top 10 gainers in this list realised gains in triple-digit percentages.

Two Maplewoods sellers sold their condo units in November 2022. One made S$1.4m while the other made S$1.75m. Percentage returns-wise, one made 68% while the other got 36%.For short-term gainers, the Aalto home seller, who sold after about 6 years, saw a capital gain of S$1.43m, or a 49% return.

However, the Maplewoods seller in this list, having held onto his 1335 sqft property on the 4-6 floor range for less than 7 years, made the most from his S$1.75m purchase.

He earned 68% or 7.95% annualised return, meaning his percentage gain is almost double that of the Maplewoods seller who sold after 11 years. Despite having a smaller-sized unit, his yearly gain is more than two times the other.

 

Top 10 Condo Sales in Nov 2022 with the highest capital gain for Outside of Central Region (OCR)

Property Name Address Floor range TOP Tenure Region District Floor area (sqft) Purchase Price Date of purchase Sale Price Date of sale Capital Gain Holding Period (in years) Return Annualised
Holding period of MORE than 10 years
The Clearwater 6 Bedok Reservoir View 16-18 2002 99 years OCR 16 2422 997,650 1 Sept 1999 2,780,000 16 Nov 2022 1,782,350 23.2 178.65% 4.52%
Hillview Park 19B Hillview Avenue 10-12 1995 Freehold OCR 23 1248 465,000 11 June 2003 1,780,000 8 Nov 2022 1,315,000 19.3 282.80% 7.19%
Kovan Melody 33 Kovan Road 4-6 2006 99 years OCR 19 1420 739,400 5 Nov 2004 2,000,000 23 Nov 2022 1,260,600 18.0 170.49% 5.68%
The Eden at Tampines (EC) 31 Tampines Street 34 10-12 2003 99 years OCR 18 1948 664,080 10 Jul 2001 1,800,000 3 Nov 2022 1,135,920 21.3 171.05% 4.80%
The Tampines Trilliant (EC) 11 Tampines Central 13-15 2015 99 years OCR 18 2110 1,201,000 1 June 2012 2,300,000 3 Nov 2022 1,099,000 10.4 91.51% 6.44%
Glendale Park 23 Hillview Avenue 4-6 2000 Freehold OCR 23 1248 855,000 1 Jul 1999 1,950,000 1 Nov 2022 1,095,000 23.3 128.07% 3.60%
The Jade 9 Bukit Batok Central Link 19-21 2004 99 years OCR 23 1475 715,000 10 Apr 2002 1,808,000 2 Nov 2022 1,093,000 20.5 152.87% 4.63%
The Springbloom 143 Serangoon Avenue 3 10-12 1999 99 years OCR 19 1302 695,000 4 May 1999 1,770,000 17 Nov 2022 1,075,000 23.5 154.68% 4.06%
Neptune Court 5 Marine Vista 13-15 1975 99 years OCR 15 1636 520,000 7 June 2001 1,580,000 8 Nov 2022 1,060,000 21.4 203.85% 5.33%
Parc Oasis 43 Jurong East Avenue 1 4-6 1995 99 years OCR 22 1507 538,000 23 Feb 2006 1,590,000 3 Nov 2022 1,052,000 16.7 195.54% 6.72%
Holding period of LESS than 10 years
Lakeville 11 Jurong Lake Link 16-18 2018 99 years OCR 22 2056 2,410,400 14 Dec 2015 3,100,000 21 Nov 2022 689,600 6.9 28.61% 3.70%
Bellewaters (EC) 27 Anchorvale Crescent 10-12 2017 99 years OCR 19 1334 1,058,000 8 May 2015 1,720,000 3 Nov 2022 662,000 7.4 62.57% 6.77%
Seletaris 503 Sembawang Road 1-3 2001 Freehold OCR 27 1389 960,000 4 Sept 2017 1,618,000 9 Nov 2022 658,000 5.2 68.54% 10.63%
The Topiary (EC) 15 Fernvale Lane 13-15 2016 99 years OCR 28 1389 1,048,230 23 May 2013 1,700,000 14 Nov 2022 651,770 9.4 62.18% 5.27%
Bowmont Centre 20 Siglap Drive 1-3 2003 Freehold OCR 15 1883 1,750,000 15 Sept 2020 2,390,000 1 Nov 2022 640,000 2.1 36.57% 16.14%
The Vales (EC) 71 Anchorvale Crescent 13-15 2017 99 years OCR 19 1033 820,000 19 June 2016 1,425,888 10 Nov 2022 605,888 6.3 73.89% 9.13%
Skypark Residences (EC) 7 Sembawang Crescent 7-9 2016 99 years OCR 27 1529 1,196,000 13 July 2015 1,790,000 4 Nov 2022 594,000 7.3 49.67% 5.72%
Skypark Residences (EC) 7 Sembawang Crescent 1-3 2016 99 years OCR 27 1528 1,146,000 18 Apr 2016 1,730,000 18 Nov 2022 584,000 6.6 50.96% 6.46%
Waterbay (EC) 45A Edgefield Plains 10-12 2016 99 years OCR 19 1098 807,738 18 Feb 2013 1,380,000 8 Nov 2022 572,262 9.7 70.85% 5.70%
Botannia 33A West Coast Park 1-3 2009 99 years OCR 5 1270 1,400,000 19 May 2017 1,970,000 7 Nov 2022 570,000 5.4 40.71% 6.51%

Finally, within the OCR, we’re seeing a mix of private condos and executive condominiums (ECs) in the gainers’ list. Note that for ECs, they become privatised after 10 years.

The seller from The Eden at Tampines EC held onto his unit for 21.3 years before realising a 171% gain, or S$1.8m. Contrast this with the seller from The Tampines Trilliant EC, who held onto his EC unit just a few months after his 10th year and realised a gain of S$1.099m, or 92%. This is because the former bought his 1948 sqft unit much earlier in 2001 for S$664k, while the latter bought his 2110 sqft unit in 2012 for S$1.2m. On a per-square-foot basis, they sold at S$924 and S$1090 psf, respectively.

A seller at the Tampines Trilliant EC made S$1.099m (or a 92% return) after holding on to it for slightly over 10 years.Separately, while the 23-year-holding seller from The Clearwater saw the highest capital gain at S$1.78m in the OCR, the 19-year-holding seller from Hillview Park registered the most percentage gains, not just for the OCR but across all regions, at 283%. He bought the 1248 sqft unit for S$465k in 2003 and sold it for S$1.78m in 2022, seeing an annualised gain of 7.19%.

A Hillview Park (OCR) seller held onto his 10-12-floor-range condo for 19 years before realising a capital gain of 283%. This puts his sale as the highest in percentage returns terms across the top 60 gainers in our list. His annualised return was 7.19%.For those who sold within ten years, only one seller at Bowmont Centre sold within 3 years, which means he is subjected to Seller’s Stamp Duty. Of course, his annualised return is also the highest due to the quick flip, at 16%.

Interestingly, all top ten gainers in this list registered absolute gains of between S$570k and S$690k, despite varying holding periods, tenure and age. Could this be the sweet spot for absolute gains for potential sellers if they sell within ten years?

Summary

Across all regions, the top absolute gainer in November is the seller from Ardmore Park, who made S$7.75m after a 22-year wait. Percentage-wise, the top gainer is the seller from Hillview Park in the OCR, who waited 19 years to realise his 283% return.

The biggest absolute gainer for sellers who sold within 10 years was the The Tate Residences seller at Claymore Road (CCR). He sold his 3219 sqft unit for almost S$10m, realising a capital gain of S$1.75m (22%) after about 6 years.

However, the Aalto seller from the RCR might have had the better deal. He bought his 1959 sqft low-floor unit for S$2.9m, held it for about 6 years, and sold it for S$4.33m to earn a S$1.43m return (almost 50%).

Percentage-wise, neither of them is the highest, though.

That credit goes to the Belmond Green (CCR) seller, who made S$1.25m, or a 114% return, after six and a half years. Furthermore, his apartment is on a low floor range (1st to 3rd) and isn’t new (about 18 years old).

Eighteen-year-old Belmond Green, a CCR development along Balmoral Road, saw one seller making a capital gain of S$1.25m in November 2022. That’s a 114% return after holding onto this unit (1-3 floor range) for six and a half years.Based on our Nov findings, if you’ve held on to your property for more than 10 years, or planning to, it is prudent to ensure the neighbourhood and estate around you have matured or been developed enough.

Still, it wouldn’t hurt to find out how much it is currently valued and consider speaking to a property consultant to know how much you stand to gain. As you can see from these top gainers who held on for decades, most of their returns are in triple-digit percentages.

Per the Nov figures, 20 of the 30 sellers who held for more than 10 years realised triple-digit-percentage gains.

For those who sold within 10 years, only one realised a triple-digit gain (a CCR property). For those who did sell within this period, 14 out of 30 realised at least 50% returns.

Notably, 5 out of 10 sellers who sold within 10 years in the OCR realised 62-74% gains – 4 of them ECs.

If you’ve owned your property for less than 10 years, the potential to unlock double-digit percentage gains shouldn’t be discounted. It means you can reinvest your realised gains to upgrade or right-size (or realise further gains with your next property).


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