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10 surprising most profitable condos so far in 2022/23

10 surprising most profitable condos so far in 2022/23
PHOTO: Stackedhomes

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

Project District Bought Price Sold Price Gains per cent Gain Date Sold
REGENCY PARK 10 $5,500,000 $14,113,000 $8,613,000 156.6per cent 31 Aug 22
ARDMORE PARK 10 $4,850,000 $13,008,888 $8,158,888 168.2per cent 14 Apr 23
ARDMORE PARK 10 $4,750,000 $12,500,000 $7,750,000 163.2per cent 04 Nov 22
10 $14,736,000 $22,000,000 $7,264,000 49.3per cent 27 Mar 23
4 $11,000,000 $17,625,000 $6,625,000 60.2per cent 12 Sep 22
10 $14,000,000 $20,500,000 $6,500,000 46.4per cent 27 Feb 23
GRANGE RESIDENCES 10 $2,846,466 $8,580,000 $5,733,534 201.4per cent 23 Mar 23
NASSIM 9 10 $4,120,000 $9,500,000 $5,380,000 130.6per cent 01 Mar 23
ARDMORE PARK 10 $9,080,000 $14,080,000 $5,000,000 55.1per cent 05 Jul 22
YONG AN PARK 9 $2,720,000 $7,580,000 $4,860,000 178.7per cent 11 Aug 22
TOMLINSON HEIGHTS 10 $18,300,000 $23,000,000 $4,700,000 25.7per cent 26 Aug 22
TANGLIN RESIDENCES 10 $5,235,300 $9,800,000 $4,564,700 87.2per cent 25 Aug 22
YONG AN PARK 9 $9,578,000 $14,080,000 $4,502,000 47.0per cent 05 May 23
NASSIM 9 10 $6,800,000 $11,200,000 $4,400,000 64.7per cent 27 Oct 22
GRANGE RESIDENCES 10 $3,900,330 $8,188,000 $4,287,670 109.9per cent 15 Sep 22
ARDMORE PARK 10 $6,800,000 $11,000,000 $4,200,000 61.8per cent 01 Jul 22
SCOTTS HIGHPARK 9 $8,692,600 $12,680,000 $3,987,400 45.9per cent 18 May 23
BOULEVARD 88 10 $10,128,000 $14,000,000 $3,872,000 38.2per cent 13 Apr 23
ASTRID MEADOWS 10 $2,220,000 $5,930,000 $3,710,000 167.1per cent 05 Oct 22
THE PEAK 5 $2,000,000 $5,600,000 $3,600,000 180.0per cent 29 Nov 22
FOUR SEASONS PARK 10 $3,650,000 $7,160,000 $3,510,000 96.2per cent 23 Nov 22
ARDMORE PARK 10 $8,000,000 $11,500,000 $3,500,000 43.8per cent 05 Jul 22
THE LADYHILL 10 $3,809,430 $7,280,000 $3,470,570 91.1per cent 13 Apr 23
BOULEVARD 88 10 $10,320,000 $13,780,000 $3,460,000 33.5per cent 09 Dec 22
TOP TEN 9 $1,750,000 $5,185,950 $3,435,950 196.3per cent 19 Jul 22
TOMLINSON HEIGHTS 10 $7,500,000 $10,900,000 $3,400,000 45.3per cent 19 Dec 22
NASSIM MANSION 10 $5,900,000 $9,280,000 $3,380,000 57.3per cent 29 Dec 22
NEW FUTURA 9 $9,134,800 $12,500,000 $3,365,200 36.8per cent 03 May 23
NASSIM 9 10 $7,000,000 $10,300,000 $3,300,000 47.1per cent 10 Mar 23
PANDAN VALLEY 21 $1,880,000 $5,100,000 $3,220,000 171.3per cent 03 Aug 22
SAGE 10 $12,000,000 $15,150,000 $3,150,000 26.3per cent 18 Aug 22
PEBBLE BAY 15 $1,820,000 $4,890,000 $3,070,000 168.7per cent 04 Jul 22
15 $1,980,000 $5,000,000 $3,020,000 152.5per cent 09 Sep 22
NEW FUTURA 9 $9,040,000 $12,000,000 $2,960,000 32.7per cent 09 Dec 22
THE TRILLIUM 9 $4,170,360 $7,100,000 $2,929,640 70.2per cent 20 Dec 22
THE WATERSIDE 15 $1,500,000 $4,380,000 $2,880,000 192.0per cent 14 Nov 22
WATTEN HILL 11 $2,150,000 $5,000,000 $2,850,000 132.6per cent 30 Nov 22
BEVERLY HILL 10 $6,100,000 $8,942,500 $2,842,500 46.6per cent 28 Jul 22
LEEDON RESIDENCE 10 $6,700,000 $9,500,000 $2,800,000 41.8per cent 02 Mar 23
ARDMORE PARK 10 $8,300,000 $11,100,000 $2,800,000 33.7per cent 20 Feb 23
4 $11,500,000 $14,300,000 $2,800,000 24.3per cent 28 Oct 22
THE LADYHILL 10 $4,797,500 $7,580,000 $2,782,500 58.0per cent 13 Apr 23
CAIRNHILL PLAZA 9 $2,600,000 $5,380,000 $2,780,000 106.9per cent 09 Mar 23
TOMLINSON HEIGHTS 10 $7,500,000 $10,250,000 $2,750,000 36.7per cent 19 Aug 22
20 $895,000 $3,628,888 $2,733,888 305.5per cent 23 Feb 23
ASTRID MEADOWS 10 $1,980,000 $4,680,000 $2,700,000 136.4per cent 24 Mar 23
10 $2,000,000 $4,700,000 $2,700,000 135.0per cent 16 Nov 22
REGENCY PARK 10 $3,810,000 $6,477,000 $2,667,000 70.0per cent 06 Mar 23
SUMMERHILL 21 $1,138,000 $3,800,000 $2,662,000 233.9per cent 22 Nov 22
PARC STEVENS 10 $5,199,000 $7,850,000 $2,651,000 51.0per cent 10 Apr 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.

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