November's top 10 condo sales with highest capital gains split by holding periods

November's top 10 condo sales with highest capital gains split by holding periods
Yes, a five-room HDB seller at Sembawang made more than an estimated $300,000 in capital gains after five years.
PHOTO: Google Maps

In November, we covered several condos and HDB flats sold within five 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.

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 five-room HDB resale flat in the non-mature Sembawang estate, which netted the first-time owners an estimated capital gain of $315,000 to $373,000. This is despite them only living there for the mandatory MOP of five years.

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

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 Nov 1 and 25).

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 three years, they will also be subjected to Sellers Stamp Duty.

Top 10 condo sales in November 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/th> 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 Dec 28, 2000 12,500,000 Nov 4, 2022 7,750,000 21.8 163.16 per cent 4.53 per cent
Four Seasons Park 10 Cuscaden Walk 7-9 1994 Freehold CCR 10 2260 3.650,000 April 1, 2000 7,160,000 Nov 23, 2022 3,510,000 22.6 96.16 per cent 3.03 per cent
Tanglin Park 3C Ridley Park 7-9 1988 Freehold CCR 10 1593 2,000,000 Jan 22, 1996 3,800,000 Nov 22, 2022 1,800,000 26.8 90 per cent 2.42 per cent
The Sail @ Marina Bay 2 Marina Boulevard 64-66 2008 99 years CCR 1 1797 1,854,336 Nov 30, 2004 3,600,000 Nov 7, 2022 1,745,664 17.9 94.14 per cent 3.77 per cent
The Morningside 1 Jalan Kuala 22-24 1992 Freehold CCR 10 2411 3,280,000 Jan 7, 2011 5,000,000 Nov 25, 2022 1,720,000 11.8 52.44 per cent 3.63 per cent
The Equatorial 151 Stevens Road 4-6 2002 Freehold CCR 10 1507 1,600,000 March 2, 2004 3,255,000 Nov 1, 2022 1,655,000 18.6 103.44 per cent 3.90 per cent
The Sixth Avenue Residences 172 Sixth Avenue 1-3 2009 Freehold CCR 10 1431 1,409,255 Jan 31, 2007 3,000,000 Nov 4, 2022 1,590,745 15.8 112.88 per cent 4.91 per cent
The Sixth Avenue Residences 160 Sixth Avenue 1-3 2009 Freehold CCR 10 1819 1,645,256 Jan 23, 2007 3,150,000 Nov 10, 2022 1,504,744 15.8 91.46 per cent 4.21 per cent
The Tessarina 20 Wilby Road 4-6 2003 Freehold CCR 10 1313 1,333,000 Oct 1, 2000 2,800,000 Nov 18, 2022 1,467,000 22.1 110.05 per cent 3.42 per cent
Waterfall Gardens 10 Farrer Road 10-12 2010 Freehold CCR 10 4037 7,380,000 June 21, 2007 8,680,000 Nov 18, 2022 1,300,000 15.3 17.62 per cent 1.06 per cent
Holding period of less than 10 years
The Tate Residences 23 Claymore Road 19-21 2010 Freehold CCR 9 3219 7,800,000 Feb 9, 2017 9,550,000 Nov 25, 2022 1,750,000 5.8 22.44 per cent 3.58 per cent
Belmond Green 15C Balmoral Road 1-3 2004 Freehold CCR 10 1066 1,100,000 April 8, 2016 2,350,000 Nov 4, 2022 1,250,000 6.5 113.64 per cent 12.39 per cent
The Cosmpolitan 200 Kim Seng Road 16-18 2008 Freehold CCR 9 1399 2,500,000 Nov 25, 2016 3,700,000 Nov 3, 2022 1,200,000 5.9 48 per cent 6.85 per cent
Belmond Green 50915C Balmoral Road  4-6 2004 Freehold CCR 10 1335 2,260,000 Nov 19, 2015 3,180,000 Nov 2, 2022 920,000 6.9 40.71 per cent 5.06 per cent
Leighwoods 37 Mount Sinai Rise 4-6 1985 Freehold CCR 10 2217 2,900,000 Jan 23, 2018 3,780,000 Nov 24, 2022 880,000 4.8 30.34 per cent 5.64 per cent
Tribeca 60 Kim Seng Road 16-18 2010 Freehold CCR 9 1378 2,480,000 Aug 11, 2017 3,250,000 Nov 1, 2022 770,000 5.2 31.05 per cent 5.37 per cent
Cavenagh Gardens 71 Cavenagh Road 4-6 1975 Freehold CCR 9 1550 1,650,000 Feb 7, 2017 2,370,000 Nov 10, 2022 720,000 5.8 43.64 per cent 6.50 per cent
Amaryllis Ville 20 Newton Road 4-6 2004 99 years CCR 11 1238 1,780,000 July 28, 2015 2,500,000 Nov 7, 2022 720,000 7.3 40.45 per cent 4.80 per cent
Sixth Avenue Ville 43 Sixth Avenue 1-3 1999 Freehold CCR 10 1184 1,670,000 March 26, 2018 2,388,000 Nov 14, 2022 718,000 4.6 42.99 per cent 8.12 per cent
Martin Modern 10 Marin Place 4-6 2021 99 years CCR 9 1012 2,093,847 July 21, 2017 2,800,000 Nov 9, 2022 706,153 5.3 33.73 per cent 5.69 per cent

In the Core Central Region, the top gainer goes to the owner of the Ardmore Park unit in the fourth to sixth floor range. 

Holding on to his 2,885 sqft unit for nearly 22 years, he's made $7.75 million, or a 163 per cent return. Annualised, that's 4.53 per cent 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 per cent return.

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 $1.25 million, or 113.64 per cent. Annualised, his return is 12.39 per cent 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 $3.18 million, realising a lower capital gain of $920,000, or 40.71 per cent.

Most short-term holders of CCR condos made between $700,000 to $1.75 million 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 per cent.

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

Top 10 condo sales in November 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/th> 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 Nov 24, 2003 4,380,000 Nov 14, 2022 2,880,000 18.9 192 per cent 5.83 per cent
Pebble Bay 132 Tanjong Rhu Road 10-12 1997 99 years RCR 15 1895 1,480,000 Nov 14, 2006 3,600,000 Nov 7, 2022 2,120,000 15.9 143.24 per cent 5.74 per cent
Pandan Valley 2 Pandan Valley 4-6 1978 Freehold RCR 21 2131 860,000 Aug 24, 2004 2,800,000 Nov 7, 2022 1,940,000 18.2 225.58 per cent 6.71 per cent
Pandan Valley 2 Pandan Valley 4-6 1978 Freehold RCR 21 2088 1,160,000 Jan 1, 2000 2,950,000 Nov 2, 2022 1,790,000 22.8 154.31 per cent 4.17 per cent
Heritage View 6 Dover Rise 19-21 2000 99 years RCR 5 2583 1,700,000 March 18, 2000 3,280,000 Nov 4, 2022 1,580,000 22.6 92.94 per cent 2.95 per cent
Maplewoods 985 Bukit Timah Road 10-12 1997 Freehold RCR 21 2917 3,850,000 June 9, 2011 5,250,600 Nov 21, 2022 1,400,600 11.4 36.38 per cent 2.75 per cent
Sanctuary Green 181 Tanjong Rhu Road 7-9 2004 99 years RCR 15 1399 842,000 March 24, 2004 2,100,000 Nov 14, 2022 1,258,000 18.6 149.41 per cent 5.04 per cent
The Esta 37 Amber Gardens 1-3 2008 Freehold RCR 15 1507 1,883,750 Feb 27, 2012 3,075,000 Nov 23, 2022 1,191,250 10.7 63.24 per cent 4.70 per cent
Cote D'Azur 62 Marine Parade Road 19-21 2004 99 years RCR 15 1108 705,570 July 17, 2002 1,880,000 Nov 23, 2022 1,174,430 20.3 166.45 per cent 4.94 per cent
Paradise Palms 505 Dunman Road 10-12 2003 Freehold RCR 21 1151 919,112 Oct 31, 2003 2,075,000 Nov 21, 2022 1,155,888 19.0 125.76 per cent 4.38 per cent
Holding period of less than 10 years
Aalto 193 Meyer Road 4-6 2010 Freehold RCR 15 1959 2,900,000 July 19, 2016 4,330,000 Nov 14, 2022 1,430,000 6.3 49.31 per cent 6.62 per cent
Maplewoods 989 Bukit Timah Road 4-6 1997 Freehold RCR 21 1335 1,750,000 Feb 2, 2016 2,932,000 Nov 22, 2022 1,182,000 6.8 67.54 per cent 7.95 per cent
The Blossomvale 900 Dunearn Road 4-6 1999 999 years RCR 21 1324 1,790,000 March 31, 2017 2,740,000 Nov 14, 2022 950,000 5.6 53.07 per cent 7.92 per cent
The Eastside 509 Joo Chiat Road 1-3 2006 Freehold RCR 15 1216 1,600,000 Dec 20, 2012 2,300,000 Nov 11, 2022 700,000 9.8 43.75 per cent 3.76 per cent
The Metropolitan Condominium 6 Alexandra View 28-30 2009 99 years RCR 3 1420 1,820,000 Feb 1, 2017 2,500,000 Nov 16, 2022 680,000 5.8 37.36 per cent 5.68 per cent
Still 123 123 Langsat Road 1-3 2012 Freehold RCR 15 1281 1,180,000 Aug 25, 2014 1,800,000 Nov 16, 2022 620,000 8.2 52.54 per cent 5.31 per cent
Trevista 25 Lorong 3 Toa Payoh 13-15 2011 99 years RCR 12 1281 1,550,000 July 14, 2015 2,160,000 Nov 16, 2022 610,000 7.3 39.35 per cent 4.63 per cent
Commonwealth Towers 232 Commonwealth Avenue 16-18 2019 99 years RCR 3 1302 1,988,000 April 8, 2017 2,590,000 Nov 3, 2022 602,000 5.5 30.28 per cent 4.93 per cent
Spring @ Katong 18 Ceylon Road 1-3 2007 Freehold RCR 15 1023 1,220,000 Nov 12, 2013 1,800,000 Nov 3, 2022 580,000 9.0 47.54 per cent 4.42 per cent
Commonwealth Towers 232 Commonwealth Avenue 10-12 2019 99 years RCR 3 1303 2,028,000 June 18, 2017 2,600,000 Nov 3, 2022 572,000 5.3 28.21 per cent 4.77 per cent

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 $1.2 million and $3 million, or 93 per cent to 226 per cent 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 $1.4 million (36 per cent, 2.75 per cent 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 $1.2 million gain (63per cent).

The list has a mix of freehold and 99-year lease properties, with older freehold developments like Pandan Valley commanding between 154 per cent and 226per cent returns for the two sellers.

One Pandan Valley seller, whose 2131 sqft unit made a $1.94 million gain, had the highest return for holding onto his property for 18 years.

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

For short-term gainers, the Aalto home seller, who sold after about six years, saw a capital gain of $1.43 million, or a 49 per cent return.

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

He earned 68 per cent or 7.95 per cent 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 November 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/th> 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 Sept 1, 1999 2,780,000 Nov 16, 2022 1,782,350 23.2 178.65 per cent 4.52 per cent
Hillview Park 19B Hillview Avenue 10-12 1995 Freehold OCR 23 1248 465,000 June 11, 2003 1,780,000 Nov 8, 2022 1,315,000 19.3 282.20 per cent 7.19 per cent
Kovan Melody 33 Kovan Road 4-6 2006 99 years OCR 19 1420 739,400 Nov 5, 2004 2,000,000 Nov 23, 2022 1,260,000 18.0 170.49 per cent 5.68 per cent
The Eden at Tampines (EC) 31 Tampines Street 34 10-12 2003 99 years OCR 18 1948 664,080 July 10, 2001 1,800,000 Nov 3, 2022 1,135,920 21.3 171.05 per cent 4.80 per cent
The Tampines Trilliant (EC) 11 Tampines Central 13-15 2015 99 years OCR 18 2110 1,201,000 June 1, 2012 2,300,000 Nov 3, 2022 1,099,000 10.4 52.44 per cent 3.63 per cent
Glendale Park 23 Hillview Avenue 4-6 2000 Freehold OCR 23 1248 855,000 July 1, 1999 1,950,000 Nov 1, 2022 1,095,000 23.3 128.07 per cent 3.60 per cent
The Jade 9 Bukit Batok Central Link 19-21 2004 99 years OCR 23 1475 715,000 April 10, 2002 1,808,000 Nov 2, 2022 1,093,000 20.5 152.87 per cent 4.63 per cent
The Springbloom 143 Serangoon Avenue 3 10-12 1999 99 years OCR 1911 1302 695,000 May 4, 19999 1,770,000 Nov 17, 2022 1,075,000 23.5 154.68 per cent 4.06 per cent
Neptune Court 5 Marine Vista 13-15 1975 99 years OCR 15 1636 520,000 June 7, 2001 1,580,000 Nov 8, 2022 1,060,000 21.4 203.85 per cent 5.33 per cent
Parc Oasis 43 Jurong East Avenue 1 4-6 1995 99 years OCR 22 1507 538,000 Feb 23, 2006 1,590,000 Nov 3, 2022 1,053,000 16.7 195.54 per cent 6.72 per cent
Holding period of less than 10 years
Lakeville 11 Jurong Lake Link 16-18 2018 99 years OCR 22 2056 2,410,000 Dec 14, 2015 3,100,000 Nov 21, 2022 689,000 6.9 28.61 per cent 3.70 per cent
Bellewaters (EC) 27 Anchorvale Crescent 10-12 2017 99 years OCR 19 1334 1,058,000 May 8, 2015 1,720,000 Nov 3, 2022 662,000 7.4 62.57 per cent 6.77 per cent
Seletaris 503 Sembawang Road 1-3 2001 Freehold OCR 27 1389 960,000 Sept 4, 2017 1,618,000 Nov 9, 2022 658,000 5.2 68.54 per cent 10.63 per cent
The Topiary (EC) 15 Fernvale Lane 13-15 2016 99 years OCR 28 1389 1,048,230 May 23, 2013 1,700,000 Nov 14, 2022 651,770 9.4 62.18 per cent 5.27 per cent
Bowmont Centre 20 Siglap Drive 1-3 2003 Freehold OCR 15 1883 1,750,000 Sept 15, 2020 2,390,000 Nov 1, 2022 640,000 2.1 36.57 per cent 16.14 per cent
The Vales (EC) 71 Anchorvale Crescent 13-15 2017 99 years OCR 19 1033 820,000 June 19, 2016 1,425,888 Nov 10, 2022 605,888 6.3 73.89 per cent 9.13 per cent
Skypark Residences (EC) 7 Sembawang Crescent 7-9 2016 99 years OCR 27 1529 1,196,000 July 13, 2015 1,790,000 Nov 4, 2022 594,000 7.3 49.67 per cent 5.72 per cent
Skypark Residences (EC) 7 Sembawang Crescent 1-3 2016 99 years OCR 27 1528 1,146,000 April 18, 2016 1,730,000 Nov 18, 2022 584,000 6.6 50.96 per cent

6.46 per cent

Waterbay (EC) 45A Edgefield Plains 10-12 2016 99 years OCR 19 1098 807,7381 Feb 18, 2013 1,380,000 Nov 8, 2022 572,262 9.7 70.85 per cent 5.70 per cent
Botannia 33A West Coast Park 1-3 2009 99 years OCR 5 1270 1,400,000 May 19, 2017 1,970,000 Nov 7, 2022 570,000 5.4 40.71 per cent 6.51 per cent

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 per cent gain, or $1.8 million. 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 $1.099 million, or 92 per cent.

This is because the former bought his 1948 sqft unit much earlier in 2001 for $664,000, while the latter bought his 2110 sqft unit in 2012 for $1.2 million. On a per-square-foot basis, they sold at $924 and $1090 psf, respectively.

Separately, while the 23-year-holding seller from The Clearwater saw the highest capital gain at $1.78 million 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 per cent.

He bought the 1248 sqft unit for $465,000 in 2003 and sold it for $1.78 million in 2022, seeing an annualised gain of 7.19 per cent.

For those who sold within ten years, only one seller at Bowmont Centre sold within three 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 per cent.

Interestingly, all top ten gainers in this list registered absolute gains of between $570,000 and $690,000, 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 $7.75 million 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 per cent 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 $10 million, realising a capital gain of $1.75 million (22 per cent) after about six years.

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

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

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That credit goes to the Belmond Green (CCR) seller, who made $1.25 million, or a 114 per cent return, after six and a half years. Furthermore, his apartment is on a low floor range (first to third) and isn't new (about 18 years old).

Based on our November 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 November 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 per cent returns.

Notably, five out of 10 sellers who sold within 10 years in the OCR realised 62 to 74 per cent gains – four 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).

ALSO READ: Top districts with the most profitable sales (for HDB, condo and landed) in the last 5 years

This article was first published in 99.co.

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