10 stunning, profitable condo transactions in the past 5 years
Here are 10 stunning, profitable condo transactions that has been made in the past five years.
PHOTO: Stackedhomes
PUBLISHED ONJuly 12, 2022 9:00 AMByRyan J
Despite the big losses that we wrote about from those who bought in 2017, the reality is that the majority of people who bought back then would be really happy with their decision.
Just look at the tables of losses versus gains and you'll understand why.
It's not surprising that we've seen condos with huge gains this year — a tighter supply of private homes, plus a flight to safety during the pandemic, have led to a period of sky-high prices.
Even amidst the rising tide, however, some condo units have managed to stand out.
Here are some of the top most profitable transactions since 2017.
Deriving the data
For this list, we looked at properties that were bought in 2017 and were sold anytime after that — it's as simple as that.
Note that these are based on actual transactions, not $PSF changes.
Here are the 10 note-worthy profit-making developments for those who bought in 2017 over the past five years.
| Project | Sell price | Buy price | Bought | Sold | Size (sqft) | $PSF | Gain ($) | Gain (per cent) | Annualised |
|---|---|---|---|---|---|---|---|---|---|
| The Nassim | $20,000,000 | $13,998,000 | 19/2/18 | May 25, 2022 | 4,069 | $4,915 | $6,002,000 | 43 per cent | Nine per cent |
| The Ritz-Carlton Residences Singapore Cairnhill | $15,000,000 | $11,480,000 | 2/1/18 | Oct 15, 2021 | 3,057 | $4,907 | $3,520,000 | 31 per cent | Seven per cent |
| Juniper At Ardmore | $10,250,000 | $7,000,000 | 4/4/17 | Jan 5, 2022 | 3,520 | $2,912 | $3,250,000 | 46 per cent | Eight per cent |
| Boulevard 88 | $12,500,000 | $9,380,000 | 6/6/19 | Jan 12, 2022 | 2,777 | $4,501 | $3,120,000 | 33 per cent | 12 per cent |
| Leedon Residence | $12,500,000 | $9,600,000 | 5/10/17 | July 13, 2021 | 4,704 | $2,657 | $2,900,000 | 30 per cent | Seven per cent |
| Ardmore Park | $12,230,000 | $9,500,000 | 24/4/19 | May 5, 2022 | 2,885 | $4,240 | $2,730,000 | 29 per cent | Nine per cent |
| The Nassim | $13,000,000 | $10,400,000 | 6/2/18 | Oct 26, 2021 | 3,122 | $4,165 | $2,600,000 | 25 per cent | Six per cent |
| 336 River Valley | $4,500,000 | $2,388,888 | 5/3/18 | July 4, 2018 | 1,539 | $2,923 | $2,111,112 | 88 per cent | 575 per cent |
| Tomlinson Heights | $9,600,000 | $7,500,000 | 26/4/17 | March 30, 2022 | 2,745 | $3,497 | $2,100,000 | 28 per cent | Five per cent |
| Leedon Residence | $15,000,000 | $13,125,000 | 12/9/17 | June 25, 2021 | 7,007 | $2,141 | $1,875,000 | 14 per cent | Four per cent |
| New Futura | $11,000,000 | $9,175,800 | 25/5/18 | June 14, 2021 | 2,691 | $4,088 | $1,824,200 | 20 per cent | Six per cent |
| Aalto | $5,228,000 | $3,500,000 | 28/6/17 | Nov 27, 2020 | 2,443 | $2,140 | $1,728,000 | 49 per cent | 12 per cent |
| New Futura | $8,900,000 | $7,224,200 | 8/2/18 | July 13, 2021 | 2,250 | $3,956 | $1,675,800 | 23 per cent | Six per cent |
| Holt Residences | $4,030,000 | $2,580,000 | 23/2/17 |
April 28, 2022
|
2,067 | $1,950 | $1,450,000 | 56 per cent | Nine per cent |
| Cairnhill Plaza | $5,100,800 | $3,665,000 | 24/5/17 | Jan 13, 2022 | 2,852 | $1,788 | $1,435,800 | 39 per cent | Seven per cent |
| The Interlace | $6,100,000 | $4,745,000 | 25/10/18 | Feb 3, 2022 | 5,877 | $1,038 | $1,355,000 | 29 per cent | Eight per cent |
| The Sail @ Marina Bay | $4,850,000 | $3,500,000 | 20/11/18 | Dec 14, 2021 | 2,099 | $2,311 | $1,350,000 | 39 per cent | 11 per cent |
| The Nassim | $12,500,000 | $11,200,000 | 6/12/17 | June 15, 2021 | 3,283 | $3,807 | $1,300,000 | 12 per cent | Three per cent |
| The Trillium | $5,000,000 | $3,770,000 | 20/3/17 | May 20, 2021 | 2,217 | $2,255 | $1,230,000 | 33 per cent | Seven per cent |
| Gramercy Park | $8,880,300 | $7,723,150 | 5/5/17 | Feb 13, 2020 | 2,691 | $3,300 | $1,157,150 | 15 per cent | Five per cent |
| Astrid Meadows | $5,500,000 | $4,350,000 | 17/7/17 | Nov 8, 2021 | 2,583 | $2,129 | $1,150,000 | 26 per cent | Six per cent |
| The Solitaire | $3,550,000 | $2,400,000 | 10/4/17 | April 14, 2022 | 1,561 | $2,275 | $1,150,000 | 48 per cent | Eight per cent |
| Martin Modern | $4,900,000 | $3,753,260 | 21/7/17 | Nov 11, 2021 | 1,733 | $2,827 | $1,146,740 | 31 per cent | Six per cent |
| St Regis Residences Singapore | $6,800,000 | $5,700,000 | 30/3/17 | Dec 22, 2021 | 2,486 | $2,735 | $1,100,000 | 19 per cent | Four per cent |
| The Light @ Cairnhill | $5,480,000 | $4,380,000 | 22/6/18 | Feb 3, 2022 | 2,443 | $2,243 | $1,100,000 | 25 per cent | Six per cent |
| Fontana Heights | $7,000,000 | $5,900,000 | 13/8/19 | Feb 24, 2022 | 3,466 | $2,020 | $1,100,000 | 19 per cent | Seven per cent |
| Martin Modern | $4,230,000 | $3,161,362 | 21/7/17 | Aug 11, 2021 | 1,399 | $3,023 | $1,068,638 | 34 per cent | Seven per cent |
| Rivergate | $4,150,000 | $3,088,000 | 31/5/17 | Dec 30, 2021 | 1,550 | $2,677 | $1,062,000 | 34 per cent | Seven per cent |
| Botanika | $6,250,000 | $5,200,000 | 3/4/17 | April 9, 2021 | 3,294 | $1,898 | $1,050,000 | 20 per cent | Five per cent |
| Beaverton Court | $5,330,000 | $4,300,000 | 27/3/18 | Jan 28, 2022 | 3,229 | $1,651 | $1,030,000 | 24 per cent | Six per cent |
| The Trillium | $5,025,000 | $4,000,000 | 10/3/17 | Sept 1, 2020 | 2,217 | $2,266 | $1,025,000 | 26 per cent | Seven per cent |
| Valley Park | $3,200,000 | $2,188,000 | 23/6/17 | July 19, 2021 | 1,615 | $1,982 | $1,012,000 | 46 per cent | 10 per cent |
| The Metropolitan Condominium | $3,000,000 | $1,988,000 | 4/9/17 | Sept 14, 2021 | 1,894 | $1,584 | $1,012,000 | 51 per cent | 11 per cent |
| Townhouse Apartments | $3,300,000 | $2,300,000 | 10/11/17 | May 10, 2022 | 2,906 | $1,135 | $1,000,000 | 43 per cent | Eight per cent |
| Four Seasons Park | $6,500,000 | $5,500,000 | 16/4/18 | Dec 14, 2021 | 2,260 | $2,876 | $1,000,000 | 18 per cent | Five per cent |
| Coronation Shopping Plaza | $2,800,000 | $1,820,000 | 10/7/17 | Sept 10, 2021 | 1,927 | $1,453 | $980,000 | 54 per cent | 11 per cent |
| Sky@Eleven | $4,088,000 | $3,108,000 | 3/5/17 | Sept 7, 2021 | 2,271 | $1,800 | $980,000 | 32 per cent | Seven per cent |
| Gramercy Park | $7,283,100 | $6,311,760 | 31/7/17 | Feb 13, 2020 | 2,207 | $3,301 | $971,340 | 15 per cent | Six per cent |
| Rivergate | $4,680,000 | $3,720,000 | 4/7/17 | Nov 24, 2021 | 1,722 | $2,717 | $960,000 | 26 per cent | Five per cent |
| Leedon Residence | $6,514,000 | $5,556,000 | 4/5/17 | Dec 22, 2021 | 2,648 | $2,460 | $958,000 | 17 per cent | Three per cent |
| Nadia Mansions | $2,980,000 | $2,050,000 | 23/5/17 | May 5, 2022 | 2,282 | $1,306 | $930,000 | 45 per cent | Eight per cent |
| N.A. | $8,380,000 | $7,450,000 | 13/6/18 | Nov 23, 2020 | 4,306 | $1,946 | $930,000 | 12 per cent | Five per cent |
| One Jervois | $3,480,000 | $2,560,000 | 26/4/17 | Oct 8, 2021 | 1,701 | $2,046 | $920,000 | 36 per cent | Seven per cent |
| One Amber | $2,800,000 | $1,880,000 | 6/4/17 | May 11, 2022 | 1,453 | $1,927 | $920,000 | 49 per cent | Eight per cent |
| Leedon Residence | $9,700,000 | $8,800,000 | 8/9/17 | Sept 29, 2021 | 4,607 | $2,105 | $900,000 | 10 per cent | Two per cent |
| Sky@Eleven | $4,880,000 | $4,000,000 | 20/4/17 | July 15, 2021 | 2,713 | $1,799 | $880,000 | 22 per cent | Five per cent |
| Maple Woods | $2,850,000 | $1,970,000 | 26/12/17 | Nov 28, 2019 | 1,862 | $1,530 | $880,000 | 45 per cent | 21 per cent |
| Gold Coast Condominium | $2,950,000 | $2,070,000 | 23/3/18 | April 27, 2022 | 1,873 | $1,575 | $880,000 | 43 per cent | Nine per cent |
| Emery Point | $1,600,000 | $725,000 | 6/7/17 | April 23, 2019 | 1,302 | $1,228 | $875,000 | 121 per cent | 55 per cent |
| Flamingo Valley | $3,750,000 | $2,880,000 | 28/7/17 | Jan 13, 2022 | 2,573 | $1,458 | $870,000 | 30 per cent | Six per cent |
1. The Nassim
Location: 18 Nassim Hill (District 10).
Developer: Nassim Hill Realty.
Lease: Freehold.
TOP: 2015.
Number of units: 55.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| May 25, 2022 | 4069 sq ft | $13.998m | $20m | $6m | 43 per cent |
The Nassim is one of Singapore's most exclusive condos, with just 55 units. Each unit is huge, however, with the smallest being 1,927 sq ft, and the largest exceeding 9,000 sq ft.
While the Nassim is not directly along Orchard Road (it's about a six-minute drive to the shopping belt), this works in its favour: It's close enough to Orchard to be convenient but is insulated from the noise and traffic of the area.
For residents who want amenities within walking distance, Tanglin Mall is just a short walk down Nassim Hill Road (less than five minutes).
Anyone who lives here probably isn't the sort to need public transport; but in case it's required, the upcoming Orchard Boulevard MRT (Thomson-East Coast Line) is just a seven-minute walk from the Nassim.
The past few years have seen a craze for larger units, so we're not surprised that The Nassim's large, centrally-located units are a big draw. With so few units, and limited chances to buy, affluent home owners would jump at the chance.
It shows with the resale transactions as the three profitable transactions so far have all been above the seven-digit mark (not difficult given the quantum these are going at).
2. Boulevard 88
Location: 86 Orchard Boulevard (District 10).
Developer: Granmil Holdings Pte. Ltd.
Lease: Freehold.
TOP: 2023.
Number of units: 154.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| June 6, 2019 | 2777 sq ft | $9.38 mn | $12.5 mn | $3.12m | 33 per cent |
Boulevard 88 is still under construction, and already this subsale unit has shown the desirability of the project.
It has a look that is inspired by the famous Marina Bay Sands, and before you say it's a copy — it was actually designed by Moshe Safdie (the very same architect).
With a rooftop infinity pool on the 29th floor and also the location of Singapore's first Edition hotel, it is set to be yet another distinct design to be featured within the area.
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While there are other high-end properties nearby, condos such as the nearby St. Regis (completed 2008) and Cuscaden Residences (completed 2002) are much older; and Boulevard 88 will benefit from the contrast in age. (Although Park Nova will certainly give it a run for its money in the luxury department).
The price likely comes from the lack of options, for those who want a new property in the heart of Orchard.
Unlike mass market launches where the smaller units are usually sold out quicker, it's a different story for luxury launches. Instead, you'd find the bigger units to move much quicker as wealthy buyers are willing to pay top dollar for more space.
In the case of Boulevard 88, the developers sold all 50 four bedroom units in over one and a half years — no small feat given the cheapest four bedroom unit sold for $9.6 million.
Hence, the premium paid for this subsale four bedroom unit.
Forum The Shopping Mall is just a two-minute walk, which is great for families (there are high-end childcare options here); just a little further from there is the heart of Orchard Road.
For the more popular ION Orchard, you can get there in about a six-minute jaunt.
3. Ardmore Park
Location: 9 Ardmore Park (District 10).
Developer: Marco Polo Developments Pte. Ltd.
Lease: Freehold.
TOP: 2001.
Number of units: 330.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| 24 April 2019 | 2885 sq ft | $9.5 mn | $12.23 mn | $2.73m | 29 per cent |
For almost two decades now, Ardmore Park has been the baseline: the luxury property against which other luxury condos are often measured against.
With its double-storey clubhouse, landscaped blending with the surrounding park (of the same name), and security that will remember and call you by name, it set the standard for what an Orchard-area condo should look like. It's also known as the condo of choice for expats, with close to a third of the units here being owned by foreigners.
Ardmore Park is about a 10-minute walk to Scotts Road; it's a reasonably short distance to the Goodwood Park Hotel and Far East Plaza, and the rest of the Orchard belt starts further down the road.
This condo is within an exclusive private housing enclave; and it's preferred by those who want to live near Orchard Road, but are still insulated from the traffic and noise.
Units here are not easy to get. Besides being a famous development, Ardmore Park has been a windfall to both its homeowners and landlords (average rental rate of $5.22 psf at the time of writing). We'd be surprised if buyers didn't have to make offers above valuation, for this particularly prized condo.
4. 336 River Valley
Location: 336 River Valley (District 9).
Developer: Not listed.
Lease: Freehold.
TOP: 1984.
Number of units: 28.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| July 4, 2018 | 1,539 sq ft | $2.388 mn | $4.5 mn | $2.1m | 88 per cent |
336 River Valley is rather nondescript, and you might mistake it for another office building in the Somerset area. And to be fair, this really shouldn't be part of the list but it has a very interesting story worth mentioning.
This is an old property dating back to 1984; but it's benefitted immensely from the developments along Somerset.
Orchard Central, 313, and the Orchard Gateway — along with the attached Somerset MRT station — are just a 10-minute stroll from this project. UE Square, in the direction of River Valley Road, is also around the same distance.
That said, if you'd notice the dates, this unit was bought in March 2018, and sold just four months later in July at a $2.1 million profit.
But this was because it was part of an "en bloc" deal as Far East Organisation paid $124.1 million for 27 out of 28 total units of 336 River Valley (which works out to be an average of $2,574 psf).
The highest price for the unit could possibly be to account for the 12 per cent Seller's Stamp Duty that he would incur, as if you were to do the math, it would work out to be around the same psf as the rest ($2,573 psf).
We are assuming here this fortunate buyer just happened to be at the right place at the right time, and still walked away with $1.57 million in a little over four months.
5. Holt Residences
Location: 5 Holt Road (District 10).
Developer: CPC Ventures Pte. Ltd.
Lease: Freehold.
TOP: 2000.
Number of units: 46.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| April 28, 2022 | 2067 sq ft | $2.58 mn | $4.03 mn | $1.45m | 56 per cent |
Holt Residences is probably best known for being the condo opposite the Malaysian High Commission. It's also close to Alexandra Primary School, at just around an eight-minute walk.
This project has benefitted from recent developments at Great World City, such as the Great World MRT station and the mall's refurbishment.
Some residents might also consider Great World to be within walking distance (it's around 11 minutes). For more nearby amenities, Valley Point mall would be a more immediate destination at four minutes (there's a Cold Storage here).
One drawback to this area, however, is that it can feel a bit packed despite being a prime location. This is because of the number of other condos, such as The Horizon, being so close by.
The buyer probably had personal reasons for going so high (the typical quantum for similar units was around $3.3 million to $3.5 million in 2021); and fast-rising prices in the previous year are definitely a contributor.
It may have partly been due to the surrounding prices too, as equivalent units of this size at nearby developments like Valley Park or Trillium would have cost over $2,000 psf.
6. The Interlace
Location: 180 Depot Road (District 4).
Developer: Ankerite Pte. Ltd.
Lease: 99-years.
TOP: 2013.
Number of units: 1,040.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| Feb 3, 2022 | 5,877 sq ft | $4.75 mn | $6.1 mn | $1.355m | 29 per cent |
This transaction wasn't for a typical unit at The Interlace; it was for one of the penthouse units, as you can see from the size. Besides being huge, there's a lot of prestige attached to The Interlace name: It won the World Building of the Year title, and has iconic status.
(Note: This sort of award sometimes leads to speculation that the 99-year leases can be extended or the project will somehow be protected, but that's all it is: Pure speculation).
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The Interlace has certainly done well for itself in 2022, with profitable transactions ranging from a "low" of $110k all the way to $1.355 million. It could be a result of the bigger units that you'd find at The Interlace, as many people have put a premium on because of the pandemic.
The Interlace is close to both Mapletree Business City (seven minutes' drive) as well as the One-North tech and media hub (eight minutes' drive), making it interesting to both home buyers as well as investors; landlords may seek to cater to tenants working in these areas.
The Interlace is also just a four-minute drive to the Queensway or Alexandra area, so residents have a number of malls nearby (Alexandra Central, Anchorpoint, and Queensway Shopping Centre).
This is a condo for those who drive or like the bus, however, as there's no MRT station nearby; and there won't be for the foreseeable future.
7. The Sail @ Marina Bay
Location: 6 Marina Boulevard (District 1).
Developer: Glengary Pte. Ltd.
Lease: 99-years.
TOP: 2008.
Number of units: 1,111.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| Dec 14, 2021 | 2,099 sq ft | $4.85 mn | $3.5 mn | $1.35m | 39 per cent |
In terms of price movement, The Sail is not a condo for the faint of heart. While this transaction turned out well, it also has one of the biggest loss-making transactions since 2017 (in October 2020, a unit here transacted at a 33 per cent loss of $920,000).
This volatile condo is reflected in the love-hate responses it often gets. Buyers tend to either be wowed by the view and location, or put off by the high unit count (1,111 units) and dense surroundings.
It all depends on whether you're the type to enjoy the heart of the CBD. It's invariably a crowded place, and rush hour traffic isn't for everyone.
All this aside, there's no arguing with accessibility. This is probably one of the most well-connected condos you can find, with four MRT lines within walking distance.
The Downtown MRT station is three minutes on foot, while Shenton Way and Raffles Place are about a 10-minute walk. This means access to the East West Line, North South Line, Thomson-East Coast Line, as well as Downtown Line.
Marina Bay is about a five-minute walk away, which can cater to most shopping and dining needs.
8. Martin Modern
Location: 10 Martin Place (District 9).
Developer: Glengary Pte. Ltd.
Lease: 99-years.
TOP: 2021.
Number of units: 450.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| Nov 11, 2021 | 1,733 sq ft | $4.9 mn | $3.753 mn | $1.146 m | 31 per cent |
Martin Modern's main appeal is the proximity to Robertson Quay — this is just a four-minute walk away, while UE Square provides most day-to-day needs (a nine-minute walk, and there's a Cold Storage and childcare).
The area immediately surrounding Martin Modern is also favoured by foodies, with places like Marco Pierre White's The English House and Himonoya nearby. The stretch along the Singapore River is also abundant with (usually high-end) eateries, and upscale watering holes.
The Great World MRT station -— along with the mall itself — is also somewhat within walking distance, at 11-minutes. This is according to Google Maps, but if you were to account for the distance to just one of the exits of the MRT station, it will be a lot shorter.
Martin Modern is quite viable for landlords looking for a proven location; quite a number of expats rent in this area. The above transaction, however, is surprising.
The higher price may simply come from this project's newness, compared to nearby alternatives like Oleanas Residence (1999) and Starlight Suites (2015). However, we note that Martin Modern is a leasehold condo, whereas many nearby projects are freehold or 999-years.
9. Coronation Shopping Plaza
Location: 587 Bukit Timah Road.
Developer: Not listed.
Lease: Freehold.
TOP: 1979.
Number of units: 20.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| Sept 10, 2021 | 1,926 sq. ft. | $2.8 mn | $1.82 mn | $980k | 54 per cent |
This was one of the 20 residential units on top of Coronation Shopping Plaza. There isn't much information available on these units, due to their age and relative obscurity — transactions here are rare in the extreme.
Coronation Shopping Plaza is an old mall, but it still provides good amenities. It has an NTUC, a clinic, and plenty of tuition/enrichment centres for the surroundings. Next door is Coronation Crown, which adds a bit more retail and dining.
The main appeal to us, however, would be the proximity of good schools — St. Margaret's and Nanyang Primary School are both within walking distance (around six minutes); Hwa Chong and Raffles Girls Schools are both within the one-kilometre priority enrolment range.
That said, this is a once-in-a-blue-moon transaction; it's quite rare for homeowners to purchase a unit atop a very old mall.
10. Emery Point
Location: 18 Ipoh Lane (District 15).
Developer: City Developments Limited.
Lease: Freehold.
TOP: 2003.
Number of units: 51.
Most profitable transaction:
| Date | Unit size | Transacted price | Purchase price | Profit | Per cent gain |
|---|---|---|---|---|---|
| April 23, 2019 | 1,302 sq ft | $1.6 mn | $725,000 | $875k | 121 per cent |
While it's not super-accessible, Emery Point is quite an ideal location for families. It has no less than six schools within priority enrolment range. Tanjong Katong Secondary and Tanjong Katong Girls are both within seven minutes walk, while Tanjong Katong Primary, Chung Cheng, Kong Hwa, and Haig Girls' are all within 890 metres.
Amenities-wise, KINEX is just a five-minute walk from Emery Point; there's a Hao Mart and a Guardian here. Another main draw is the proximity to Paya Lebar Quarter, which is a commercial hub — this is a bit far on foot, but some may find a 12-minute walk to be acceptable (the Paya Lebar MRT station is also here).
We can see buyers willing to go above valuation, for reasons of school-proximity; alternatively, they may just figure this is a good way to be close to PLQ, without paying PLQ prices.
That said, it can feel a little packed along Ipoh Lane, especially as you head down toward the HDB blocks near the Haig Road area. Some buyers may feel a need for more spacing between the other projects.
It is worth noting though that this particular unit was sold in two years, which would incur a four per cent SSD — which is still a sizeable gain. While there aren't a lot of units here, many of the owners are sitting on good paper profits as they would have bought for as low as $600 psf in 2003.
This article was first published in Stackedhomes.