10 surprising most profitable condos so far in 2022/23

Whether you're thinking of selling your home or checking out investment prospects, here's a history you can use: we've picked out the top 10 most profitable developments based on the past year's transactions. And while you know the cliche saying (past performance is not an indicator of future returns, etc.), this still provides a convenient shortlist to start on:

Most profitable condos in 2022/23

Unexpected and noteworthy highlights

1.  Reflections at Keppel Bay

Reflections at Keppel Bay is a bit of a Dr. Jekyll and Mr. Hyde case, having also been featured in the biggest condo losses in 2022/23 as well. Frankly speaking, Reflections at Keppel Bay has a terrible track record in terms of profitability. To date, this condo has seen 72 profitable transactions to 185 losses.

So it's an oddball moment when a unit at Reflections records an annualised gain of 59.8 per cent, with a profit of around $6.625 million. 

Reflections at Keppel Bay does have a few ongoing issues from an investment perspective: worries about the impact of the Greater Southern Waterfront (e.g., will there be many HDB flats crowding its surroundings?), to its leasehold status, to some complaints of odd-shaped layouts in certain units. 

This leads us to conclude that, for someone to pay such an exorbitant price, it must be down to the specific unit rather than the overall project. In this case, we can see it's a unique penthouse unit (7,050 sq ft.), larger than even some landed properties. The buyer is likely not an investor, but simply an affluent homeowner looking for an indulgence. 

Given the track record so far, we wouldn't count on a repeat performance from other regular units though. 

2. The Oceanfront @ Sentosa Cove

Sentosa Cove condos tend to struggle a bit, as landed properties are the home of choice there. Most of the wealthy buyers here want a home that's custom-built and fully theirs to enjoy the waterfront lifestyle living.

Nonetheless, we notice The Oceanfront @ Sentosa Cove has outdone counterparts like Turquoise and Seascape. For starters, the Oceanfront has more profitable than losing transactions (197 profitable to 83 losses), which is good by Sentosa Cove standards. 

The location is one of the best, with The Oceanfront being as close up to the sea as a project can get; it's right along Ocean Drive. It's a reasonably short walk to Ocean Way, where you'll find Quayside Isle - there's a Jason's here for groceries along with a variety of restaurants. 

With this being Sentosa Cove, it's definitely not near any MRT stations, schools, etc. The whole point of this area is its exclusivity: if you want a luxury condo and that sort of convenience, it may be better to look in Orchard. Sentosa's inconvenience, particularly for non-car owners, makes it an unpopular choice among many Singaporeans. Which is why selling a property in Sentosa often involves finding a foreign buyer, adding complexity to the process.

This transaction is similar to the one at Reflections, as it is a penthouse unit sized at 5,985 sq ft. (the transacted psf of $2,389 is the highest since 2011) so this is likely an emotional one.

3. Yong An Park

This project is a familiar name to market watchers, as it has appeared in the news with record gains several times. The most famous would be the last gain of $8.7 million, recorded in 2021. 

Yong An Park is getting on in years (built in 1986), but it has three strong points of appeal: 

First, it's a River Valley condo that's within walking distance of Great World City (which would very soon be connected via the MRT station right outside). Second, this is an '80s condo with unit sizes you can't easily find today. The one-bedder condos here are 1,001 sq ft., while the three bedders are close to double that in size. Third, Yong An Park is sat on a sizeable 105,160 sqm of freehold land with just 288 units. 

Note that the gains may be at least partially due to the opening of Great World MRT (TEL), which started operations last year. Prior to this, residents had to walk all the way to Somerset MRT (almost 12 to 15 minutes) to take the train.

Another downside is the high quantum that invariably comes with such big units — expect even the smallest units to reach $2.4 million or above. But for prime areas like River Valley, high prices are something of a given. 

4. Pandan Valley

We have a detailed run-down of this condo here. As a quick summary though, Pandan Valley is one of the oldest and most unique condos in Singapore. 

Pandan Valley feels more like an estate of its own than a condo — it's full of small shops and eateries, even a vet, piano shop, French restaurant, and other things you wouldn't expect in a condo. There was also a childcare service, the last time we checked. The grounds are sprawling and just like its name, the hilly nature makes things visually more interesting.

(Athough you may have to deal with quirks like tight multi-storey car parks and certain floors that aren't accessible by lifts).

This makes Pandan Valley much more convenient and interesting than it appears on paper. There is no MRT station or mall nearby, but the residents are quite able to make do with the amenities in the condo. 

Unit sizes here are massive, as you'd expect from an older condo — most range from 1,314 to 3,000+ sq ft. (with some even reaching more than 6,000+ sq ft.). Unfortunately, this means that even with a low price psf (around $1,389 psf), even the smallest units sometimes see a quantum of close to $2 million. The bulk of the transactions has also hovered around $2.8 million, pricing out most HDB upgraders. 

5.  Cairnhill Plaza 

Cairnhill Plaza is actually as old as Pandan Valley above, a fact that often goes unnoticed (it does look newer and is generally better maintained). This is one of the better-located condos next to the Orchard shopping belt — the condo is about five minutes walk from Paragon, and is close enough to be convenient, but far enough to escape (most of) the Orchard area traffic. 

We also find that some Orchard-area residents prefer the older malls with more day-to-day amenities, such as hairdressers, nail salons, or good-and-cheap old-school eateries. Cairnhill Plaza is ideal for this group, as it's closer to Far East Plaza and Lucky Plaza than the ritzier malls like ION. 

Cairnhill Plaza does suffer a bit in comparison to newer surrounding condos — it was built in 1978 after all, so the facilities are not as lavish either. But its unique "just right" location, close to Orchard Road but not too close, makes for few alternative choices. 

Cairnhill Plaza, like the older condos on this list, has immense unit sizes — the smallest among recent transactions has been around 2,100 sq ft., with most transacted units being above 2,800 sq ft. This sets a quantum of about $4 million to $5 million, which — in the context of living next to Orchard Road — is not unreasonable. 

ALSO READ: Top 20 most profitable old but freehold condos since 2013

This article was first published in Stackedhomes.