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|June 19,2024

Mega Condo In Holland Booked Gains Of More Than $540,000 On Average In May

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A core city centre condo project in District 10 - D'Leedon - chalked up average resale gains of more than $540,000 across seven resale transactions in May. The top 10 most profitable projects in the month of May 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 May 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 condos top list of most profitable projects in May

The resale market lost some momentum in May, with over 800 condo units worth $1.7 billion being resold during the month compared with the previous month, which saw over 1,100 resale transactions valued at nearly $2.2 billion being done. In May, the top 10 most profitable projects had average profits ranging from $308,000 to $570,000. By a ranking of the average profit, seven projects are in the Outside Central Region (OCR), two out of the top 10 projects are in the Rest of Central Region (RCR), with only one project in the Core Central Region (CCR).

Top 10 Resale Condo projects^ in terms of average gross profit*

Project NameNo. of transactions

Average

Gains ($)

Average

Annualised Gains (%)#

Year completedRegion
D'LEEDON7$540,5533.9%2014CCR
THE MINTON11$505,5894.9%2013OCR
THE PALETTE5$469,8846.1%2015OCR
SEASIDE RESIDENCES5$424,7253.7%2021OCR
JEWEL @ BUANGKOK5$420,6503.4%2016OCR
PARC ESTA8$413,8616.4%2022RCR
Q BAY RESIDENCES6$397,0412.8%2016OCR
HIGH PARK RESIDENCES7$389,2865.7%2019OCR
JADESCAPE6$316,6175.3%2022RCR
TREASURE AT TAMPINES17$308,3925.9%2023OCR

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 (D'Leedon, Jadescape), close to an MRT station (Jewel @ Buangkok, Parc Esta), or are recently completed developments (Seaside Residences, Treasure at Tampines). 

Here are some details about the top 10 projects in May 2024:

D'LEEDON

Details 

Location: Leedon Heights

Postal District: 10

Tenure: 99-year leasehold

Nearest MRT: Farrer Road (600 metres)

Year of Completion: 2014

Summary

D'Leedon is a mega condominium development located within the prime District 10. The massive 1,715-unit development, completed in 2014, was redeveloped from the former Farrer Court estate by CapitaLand. The project is known for its contemporary wavy silhouette designed by internationally-renowned architect Zaha Hadid. At over 36-storeys high, D'Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents unrivalled views over the nearby Botanic Gardens and the Bukit Timah Nature Reserve. Facilities include two large swimming pools, children pools, two clubhouses, and outdoor fitness facilities. It is also a short drive from the lifestyle commercial clusters of Dempsey Hill and Holland Village, with a myriad of dining and nightlife options. D'Leedon is 5 minutes' walk from the Farrer Park MRT station on the Circle Line, offering an easy commute to the city as well as to one-north. The development is also well-connected to the rest of the city via major roads and expressways such as the PIE and Ayer Rajah Expressway (AYE).

D'LEEDON Transactions in May 2024

Floor/Unit

Resale Price 

($)

Area 

(SQFT)

Unit Price ($ PSF)Gains from previous caveat ($)Purchase dateAnnualized Gains (%)
#06-XX2,650,0001,2492,122832,070May-123.2%
#20-XX2,441,8001,1952,044691,800Sep-209.7%
#21-XX3,980,0001,9812,010638,400Jan-131.6%
#16-XX2,380,0001,1732,029575,900Dec-102.1%
#10-XX2,100,0001,0122,075450,000

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