Award Banner
Award Banner

Where 2024's most profitable resale property deals were in Singapore (one made $36m)

Where 2024's most profitable resale property deals were in Singapore (one made $36m)
PHOTO: Stackedhomes

While new launches stole the limelight for 2024 (and might for the coming year as well), the resale market has been as active as ever. With the number of new launches we're seeing, it's unsurprising there's a bit of a knock-on effect; and some buyers are likely pondering resale alternatives in light of new launch prices. The following are some of the most profitable resale transactions we've spotted in 2024:

Most profitable resale transactions by quantum (non-landed)

Project Name Gains ($) Gains (per cent) Type Type Of Sale Sell Date Sell Price Holding Period
YONG AN PARK $6,720,000 357per cent Gain Resale to Resale 12/8/24 $8,600,000 26.1
ARDMORE PARK $6,500,000 108per cent Gain Resale to Resale 22/4/24 $12,500,000 17.2
BEVERLY HILL $5,470,000 149per cent Gain Resale to Resale 15/7/24 $9,150,000 28
ASTRID MEADOWS $4,950,000 236per cent Gain Resale to Resale 28/3/24 $7,050,000 19.4
THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL $4,900,000 42per cent Gain Resale to Resale 9/1/24 $16,500,000 7.9

Absolute gains range from $4.9 million to $6.5 million on this list. As those numbers suggest, almost all are prime region properties (Districts 9 and 10). Also, note that a large majority of residential properties in Districts 9 and 10 are freehold so that itself is not an outstanding factor.

PHOTO: Stackedhomes

The high absolute gains are due to the sheer size of these units. The smallest one on the list is an impressive 2,745 sq. ft. (Astrid Meadows), while the largest is a 3,778 sq. ft. unit (Yong An Park). These unit sizes also coincide with the age of the units: 

The newest property on the list (The Ritz-Carlton Residences) is already 13 years old, whilst most of the others are from the '80s and '90s. Condos built during these earlier decades tend to be much larger than their newer counterparts. 

Most profitable resale transactions by quantum (landed)

Address Gains ($) Gains (per cent) Type Type Of Sale Sell Date Sell Price Holding Period
9 ASTRID HILL $36,000,000 277per cent Gain Resale to Resale 9/7/24 $49,000,000 15.1
15 FORD AVENUE $30,000,000 316per cent Gain Resale to Resale 22/3/24 $39,500,000 17.4
19 SUNDRIDGE PARK ROAD $15,588,000 142per cent Gain Resale to Resale 2/12/24 $26,588,000 7.2
57 SIXTH AVENUE $14,420,000 110per cent Gain Resale to Resale 17/5/24 $27,500,000 1.8
36 KINGSMEAD ROAD $13,470,000 341per cent Gain Resale to Resale 26/2/24 $17,420,000 19.6

The trends are comparable to what we saw for non-landed homes, albeit with much more impressive numbers ($13.47 million to $36 million). 

Again, the high absolute gains are due to the huge house sizes. Most, such as the 21,116 sq. ft. transaction, are the province of ultra high net worth buyers, so these properties don't reflect wider market realities. 

We can see, however, that the units are still confined to prime areas, where almost all homes are freehold. For those wealthy enough to be comparing between areas like Sentosa Cove and Sixth Avenue or Astrid Hill, this could be your answer: we don't see any Districts besides 10 and 13 on the list. 

The transaction at Ming Teck Park was an unusual quirk this year, as it was resold in just under two years. 

This would have incurred a Seller Stamp Duty (SSD) of eight per cent on the sale price, or about $2.2 million. We're not aware of the circumstances behind the sale, but the price was probably raised to compensate for this. Resale landed homes usually have much longer holding periods, even among those that aren't top gainers.

Highest percentage gains (non-landed)

Project Name Gains ($) Gains (per cent) Type Type Of Sale Sell Date Sell Price Holding Period
LAGUNA PARK $2,410,000 438per cent Gain Resale to Resale 4/11/24 $2,960,000 25
HAWAII TOWER $3,225,000 416per cent Gain Resale to Resale 2/2/24 $4,000,000 24.9
SHERWOOD TOWER $1,243,888 395per cent Gain Resale to Resale 7/8/24 $1,558,888 18.8
RISING COURT $1,645,000 383per cent Gain Resale to Resale 17/7/24 $2,075,000 22
BOTANIC GARDENS VIEW $3,265,700 379per cent Gain Resale to Resale 9/9/24 $4,128,000 26.2

Once we go by percentage gains, the top winners come from District 15, rather than the usual Districts 9 and 10. This is possibly due to District 15 being considered a prestigious area, even if it's not central — luxury properties like Meyer House, and similar projects along Meyer Road, are a draw to high net worth buyers.

PHOTO: Stackedhomes

One realtor also speculated that the recent slew of launches in District 15 (Emerald of Katong, The Continuum, Tembusu Grand, and Grand Dunman) could have had something to do with this. There may not be a direct connection, but it could have brought more interest to the area in general. 

In any case, long holding periods seem to be the "secret sauce" here, ranging from 18.8 years to 26.2 years. As they say, time in the market beats timing the market. The Sherwood Towers transaction exemplifies that: it's seen significant gains despite being an ageing leasehold property, simply because it was bought for a mere $315,000, way back in 2005. 

Also note that the top gainer, Laguna Park (438 per cent gain) shares a similar trait of being an ageing leasehold property. This demonstrates that freehold status isn't always a guarantee of better resale gains. 

Finally, note that size is again playing a role here: all of these are older condos ranging from 1,507 to 2,896 sq. ft. These were not uncommon in the 1970s and '80s, when these projects were built. Buyers who prize spaciousness struggle to find similarly large units among newer launches (not without an even more outlandish price tag, at least). 

Highest percentage gains (Landed)

Project Name Gains ($) Gains (per cent) Type Type Of Sale Sell Date Sell Price Holding Period
49 LORONG K TELOK KURAU $6,780,000 565per cent Gain Resale to Resale 18/6/24 $7,980,000 24.1
11 CARDIFF GROVE $3,630,000 558per cent Gain Resale to Resale 8/7/24 $4,280,000 18.9
675A EAST COAST ROAD $6,350,000 552per cent Gain Resale to Resale 30/4/24 $7,500,000 25.8
88 NEMESU AVENUE $3,493,000 550per cent Gain Resale to Resale 26/9/24 $4,128,000 25.4
166 PEMIMPIN PLACE $5,500,889 468per cent Gain Resale to Resale 11/11/24 $6,675,889 23

Once we start going by percentage gains, there's much more variety among top-gaining landed properties. Besides established zones like Frankel and Serangoon Gardens, we also see Sembawang Hills and Coral Park marking an appearance. 

Do note that none of the landed options is cluster housing or leasehold — all are freehold or 999-years, which lends some credence to the saying that leasehold and freehold landed are very different markets. 

One of the advantages of "true" landed housing (i.e., not cluster housing) is that owners are free to extend the house, add levels, fully rebuild it, etc.

PHOTO: Stackedhomes

Similar to non-landed however, we can see that long holding periods — stemming from a time when prices were much cheaper — are the main reason behind the gains. Serangoon Gardens, for instance, has gone way past the point where a house could be bought there for $650,000 (apparently possible 18.9 years ago).

Overall, many of the fundamentals have held true in 2024, despite it being an unusual year 

Despite the surge in housing supply, new ABSD rates for foreigners, etc. the top winners show you can still rely on the fundamentals: a long holding period (close to 20 years), coupled with proven locations and larger sizes still win out. The main thing to note is that, with the non-landed segment, freehold isn't absolutely necessary to result in stronger gains, as even older leasehold condos have made the list.

This article was first published in Stackedhomes.

homepage

trending

trending
    'I am deeply remorseful': Calvin Cheng meets with Muslim elders, apologises for statement related to Gaza
    'The world is still beautiful': Huang Biren arranges tingkat meal delivery for Carole Lin after latter suffered another injury
    Calvin Cheng's comments regarding Gaza 'unacceptable and hurtful' to Malay/Muslim community: Masagos
    River Valley fire: 4 migrant workers awarded for saving kids
    'If you see someone in distress please don't shun them': Motorcyclist offers ride to woman walking in middle of PIE slip road
    GE2025: Why this 32-year-old is setting up a political party to contest East Coast GRC
    'Workout buddies': Toddler warms hearts by copying older man doing morning exercises daily
    Hello, Sunny! Simonboy announces birth of son, shares scary moment where 'we lost his heartbeat'
    'Without daddy, nothing would be tidy': David Beckham 'annoys' wife Victoria and kids by being organised
    'We miss cai fan': Why Edwin Goh and Rachel Wan are returning to Singapore after 2 years in Australia
    'Rest in peace, girl': Bouquets seen at the scene of River Valley fire where 10-year-old died
    Changi Airport reclaims World's Best Airport title in 2025, 13th time at top spot

Singapore

Singapore
    • 10-year-old girl dies, 21 others injured as River Valley fire sees construction workers mount rescue
    • Man pleads guilty to taking upskirt photos at Paya Lebar MRT station, injuring victim while fleeing
    • This made my day: Bus captain driving along TPE slip road praised for stepping in to help boy walking alone
    • PM Wong on US tariffs: Growth will be impacted, leading to fewer opportunities and smaller wage increases
    • Myanmar maid tortured to death: Cop is last abuser to be convicted
    • Of bak chor mee and ballot boxes: Can politicians win hearts with hawker food?
    • New CMPB facilities to gradually open come June, fully operational in September
    • Megan Khung's death a 'collective failure of the system', says Singapore Children's Society
    • Concrete slabs fall off trailer, causing traffic jam along Upper Bukit Timah Road
    • MaNaDr must ensure regulatory compliance regardless of its corporate structure: MOH

Entertainment

Entertainment
    • Hong Kong actor and former Olympian Alex Fong visits Singapore for T100 triathlon
    • 'Cannot think of a better community of storytellers to tell our story': Local content announced to celebrate 'Singaporean-ness' for SG60
    • Gossip mill: Tanya Chua and Jane Zhang busk at Clarke Quay, top 10 Korean actors among overseas fans revealed, Ryoko Hirosue arrested for alleged assault
    • Soundtrack of my life: Stefanie Sun's comeback concert a healing experience for this fan of 12 years
    • CM Punk would be 'dead or in jail right now' if he wasn't a wrestler
    • Bruce Springsteen claims he had PTSD from first concert in UK
    • 'I can't picture myself doing it': Ed Sheeran says he doesn't have 'catalogue' to perform at Super Bowl halftime show
    • Anjelica Huston 'in the clear' following private cancer battle
    • Maroon 5 returning with new album and tour
    • Trump's global import tariffs could lead to China banning showings of US movies

Lifestyle

Lifestyle
    • 140 coffeeshops in Singapore offering SG60 promotions and discounts, here's what to expect
    • Sides, viral fried chicken chain by UK YouTubers Sidemen, to open at Bugis+
    • The rise of Chinese F&B brands in Singapore: What stirs Singaporeans' appetites?
    • AI and art: Studio Ghibli-inspired trend sparks debate on ethics and consent
    • PetExpo returns this April 25 to 27 with the largest showcase in its history
    • What to do this weekend (April 11 to 13)
    • Canada's 1970s superhero Captain Canuck has resurgence thanks to Trump
    • Acclaimed chef Damian D'Silva to helm 2 restaurants at National Gallery Singapore
    • COE premiums rise again in first bidding for April 2025
    • Thrill or chill: Enjoy more for less at Resorts World Genting

Digicult

Digicult
    • A $500 wake-up call: How the Samsung Galaxy Ring made me realise my stress
    • Monster Hunter Wilds producer explains how game has remained unique and fresh over 20 years
    • Western intelligence agencies warn spyware threat targeting Taiwan, Tibetan rights advocates
    • Taiwan says China using generative AI to ramp up disinformation and 'divide' the island
    • Russian court fines Telegram app for refusal to remove anti-government content, TASS reports
    • One Beijing man's quest to keep cooking — and connecting with Americans — on camera
    • Nintendo Switch 2 to launch in June with US$449.99 price tag
    • Games in April: RPGs, racing and Ronaldo in a fighting game
    • Is it time to get a MacBook at a good price? The M4 MacBook Air says yes
    • China's Baidu launches 2 new AI models as industry competition heats up

Money

Money
    • Giant deal: Malaysian company to acquire Cold Storage and Giant supermarket chains in Singapore
    • Asean bloc seeks dialogue with US on tariffs but won't retaliate
    • Bill Gates' kids will inherit less than 1% of his fortune to prevent a 'family dynasty'
    • China hits back at Trump tariff hike, raises duties on US goods
    • In stunning U-turn, Trump walks back some tariffs, triggering historic market rally
    • Trump's tariffs kick in, deepening trade war and market rout
    • Punggol HDB flat sold for $850k marks all-time high for executive flats in the area
    • Stocks slide again as US forges ahead with 104% tariffs on China
    • China not backing down as fresh US tariff threat pushes tensions to the brink
    • Nearly 50 countries want tariff deals, Trump trade chief Greer says

Latest

Latest
  • Daily roundup: 4 migrant workers awarded for saving kids from River Valley fire — and other top stories today
  • American academic charged with insulting Thai monarchy released on bail
  • Catholics prepare for an unusual Easter, with Pope Francis out of view
  • South Korea sanctions Chinese nationals, HK, Russian entities over North Korea shipments
  • China says dialogue with US must be based on mutual respect
  • New Zealand parliament rejects controversial indigenous law
  • Aboard a nuclear-powered submarine, 'everything changes on a dime'
  • King Charles makes surprise visit to Pope Francis at Vatican
  • South Korean Constitutional Court overturns justice minister's impeachment

In Case You Missed It

In Case You Missed It
  • Ex-MP Lee Bee Wah introduces former MDDI director Goh Hanyan as potential candidate to Nee Soon residents
  • Robert Ng, son of late billionaire Ng Teng Fong, and 3 children to be designated as 'politically significant persons'
  • 'She should be with her family': Employer gives maid plane ticket, $800 to return to Myanmar and search for missing mum
  • 'He needed something to help him fight,' says man who bought Hokkien mee for dying patient
  • Thai woman struggles to evacuate during earthquake while her dog sleeps unfazed
  • Workers painting exterior of Geylang block discover man's skeletal remains in flat
  • 'New, younger' PAP team vows to reclaim WP-controlled Sengkang GRC, says Lam Pin Min
  • New face Jackson Lam 'very good on the ground' and will be asset to Parliament, says Shanmugam
  • Woman who publicised tips on how she evaded GST for luxury purchases fined $18k
This website is best viewed using the latest versions of web browsers.