There were a total of 26 condos that recorded at least 50 profitable transactions last year. Notably, six of them registered more than 100 profitable transactions (see Table 1). Treasure at Tampines topped the chart with 263 profitable transactions, while Jadescape achieved a record-high profit of $4.35 million.

The 26 condos are located across the island, but District 19 has the highest number of such developments. Notably, all 26 condos are 99-year leasehold properties. They are also all 12 years old or younger, with the oldest being The Minton, which obtained its temporary occupation permit (TOP) in 2013.

Of the 26 condos, only four recorded any unprofitable transactions last year. Kingsford Waterbay had the most, with six unprofitable transactions. Treasure at Tampines, The Florence Residences, and Eight Riversuites each recorded one unprofitable transaction.

Read also: Duplex unit at 3 Orchard By-The-Park for sale at $15.8 mil

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Treasure at Tampines tops the charts

Treasure at Tampines is the largest condo in Singapore, with 2,203 units. It is currently the only condo in Singapore with over 2,000 units and the only one that achieved over 200 profitable transactions last year. Thus far, it has recorded 10 profitable transactions this year.

The large number of units in Treasure at Tampines may have contributed to its high volume of profitable transactions. With more units, the condo naturally enjoys a higher sales volume compared to those with fewer units. Notably, all 26 of the most profitable condos have at least 500 units.

Another contributing factor is the young age of Treasure at Tampines, which obtained its TOP in 2023. Additionally, its proximity to numerous amenities may have given a boost to its price. Located along Tampines Lane in District 18, Treasure at Tampines is adjacent to Tampines Round Market and Food Centre and is just a short drive from the Pan Island Expressway (see Map 1). There are also five primary schools within a 1km radius, namely Changkat Primary School, Chongzheng Primary School, Junyuan Primary School, Tampines Primary School, and Yumin Primary School.

Of the 263 profitable transactions at Treasure at Tampines last year, the unit that generated the highest profit of $981,000 was a five-bedroom unit on the second storey. The 1,690‑sq ft unit was sold in January last year for $2.99 million ($1,768 psf) and was purchased in November 2020 for $2.01 million ($1,188 psf).

Interestingly, the same unit was involved in the sole unprofitable transaction for Treasure at Tampines. The second owner sold the unit in December last year for $2.75 million ($1,627 psf), resulting in a loss of $238,000 (see Table 2).

Of the 10 profitable transactions at Treasure at Tampines this year, the highest profit of $464,000 involved a four-bedroom unit on the seventh storey. The seller sold the unit in January for $2.36 million ($1,768 psf) after purchasing it in October 2021 for $1.9 million ($1,421 psf).

Read also: Three-bedroom unit at Watertown going for $2.4 mil

The 1,335‑sq ft unit has a regular layout with an en-suite master bedroom, while the other three bedrooms share a common bathroom. Additionally, the unit features a balcony accessible from both the living area and Bedroom 3. There is also a utility room and washroom in the yard, which is adjacent to the kitchen (see Floor Plan 1).

Shining the spotlight on District 19

Of the 26 most profitable condos, eight are in District 19, accounting for the highest number among all districts. District 5 comes in second with five condos, while District 14 ranks third with three.

District 19 may have outperformed other districts because it is home to five mega condos, namely Riverfront Residences, The Florence Residences, Kingsford Waterbay, The Minton, and Affinity at Serangoon. These five mega condos, with a combined total of 6,175 units, are among the 26 most profitable condos. The Garden Residences, Sengkang Grand Residences, and Botanique at Bartley complete the list of eight profitable condos in District 19 (see Table 3).

Among the most profitable condos in District 19, The Florence Residences recorded the highest number of profitable transactions last year, while Botanique at Bartley recorded the fewest. However, The Minton is the only condo in District 19 that achieved profits exceeding $1 million.

Last year, The Minton achieved eight transactions with profits over $1 million (see Table 4). The unit involved in the record-high profit of $1.92 million is a four-bedroom penthouse on the 15th storey. The seller purchased the unit in May 2011 for $1.7 million ($854 psf) and sold it in October last year for $3.62 million ($1,818 psf).

The 1,991‑sq ft unit features an en-suite master bedroom and an en-suite Bedroom 2. The other two bedrooms share a common bathroom. There is a spacious balcony with a water feature adjacent to the living and dining areas. The unit also includes a wet and dry kitchen, as well as a storeroom near Bedroom 4 (see Floor Plan 2).

Read also: Park Nova penthouse hits a high of $6,593 psf, second-highest condo psf price in Singapore

A profit of $4.35 million was recorded for Jadescape

While the $1.92 million profit is a record high for The Minton, it pales in comparison to the $4.35 million profit achieved by Jadescape, which is not only a record for the condo but also the highest among the 26 most profitable condos.

The seller of the 4,230‑sq ft unit in Jadescape purchased it from the developer in December 2019 for $5.8 million ($1,371 psf) and sold it in December last year for $10.15 million ($2,399 psf), resulting in a profit of $4.35 million. The spacious unit is located on the 23rd storey.

One possible reason for this substantial profit is Jadescape’s proximity to reputable schools and amenities. Catholic High School (Primary and Secondary), Raffles Institution (Secondary), and Whitley Secondary School are all within a 1km radius (see Map 2). Located along Shunfu Road, the 1,206-unit Jadescape is also within walking distance of Marymount MRT Station, as well as Shunfu Market and Hawker Centre.

Additionally, there are few 99-year leasehold condo units of this size, and even fewer resale transactions involving them. Last year, only 10 resale transactions involved condo units of at least 4,000 sq ft. These 10 units fetched an average resale price of $1,699 psf (see Chart 1).

Of the 10 transactions, the transacted price of $10.15 million ($2,399 psf) for the 4,230‑sq ft unit in Jadescape was the third highest. The highest price of $19.75 million ($3,404 psf) was recorded for a 5,802‑sq ft unit in Eden Residences Capitol, while the second highest price of $13.6 million ($2,439 psf) was paid for a 5,576‑sq‑ft unit at Reflections at Keppel Bay.

Another reason for the record-high profit is the lower-than-average purchase price and higher-than-average sale price. The seller bought the spacious unit for $1,317 psf in 2019, when the average price for Jadescape was higher at $1,693 psf. Additionally, the seller sold it last year at $2,399 psf, when the average price for the condo was lower at $2,171 psf (see Chart 2). If the seller had sold it at last year’s average price of $2,171 psf, they would have earned a significantly smaller profit of approximately $3.61 million.

Kingsford Waterbay has six unprofitable transactions last year

Among the 26 most profitable condos, Kingsford Waterbay recorded the highest number of unprofitable transactions last year, with six transactions. This is despite Kingsford Waterbay being in District 19, which was overrepresented in the list of most profitable condos. Meanwhile, Treasure at Tampines, Eight Riversuites, and The Florence Residences each had one unprofitable transaction (see Table 5).

Located along Upper Serangoon View, Kingsford Waterbay is within walking distance of Sungei Serangoon and Punggol Park. While there are no MRT stations within walking distance, this could be mitigated by the nearby Kallang–Paya Lebar Expressway. Schools within a 1km radius include CHIJ Our Lady of the Nativity, Holy Innocents’ High School, North Vista Secondary School, and Serangoon Secondary School (see Map 3).

The unit at Kingsford Waterbay that incurred the highest loss of $38,000 is a three-bedroom unit on the third storey. The seller purchased the unit in September 2018 for $1.15 million ($1,350 psf) and sold it in July last year for $1.11 million ($1,305 psf).

The 850‑sq ft unit has a typical layout, featuring an en-suite master bedroom and two other bedrooms that share a common bathroom. It also includes a balcony accessible from the living area (see Floor Plan 3).

Kingsford Waterbay experienced six unprofitable transactions last year. However, the losses from each transaction were significantly lower than those recorded for the other three condos. As discussed earlier in this article, the lone unprofitable transaction at Treasure at Tampines resulted in the highest loss of $238,000.

The second-highest loss of $110,000 came from the lone unprofitable transaction at Eight Riversuites. The unit involved was a three-bedroom duplex penthouse. The seller purchased the unit in January 2014 for $2.39 million ($1,121 psf) and sold it in September last year for $2.28 million ($1,070 psf).

The lower level of the 2,131‑sq ft penthouse comprises an en-suite master bedroom and two common bedrooms sharing a bathroom. It also includes a balcony accessible from the living area and a kitchen with a utility room. The upper level of the duplex unit features a private roof terrace with a jacuzzi (see Floor Plan 4).

The loss occurred despite Eight Riversuites' proximity to many amenities. Located along Whampoa East in District 12, the 843‑unit development is adjacent to Bendemeer Primary School. It is also within walking distance of the Kallang River, Bendemeer Market and Food Centre, and Boon Keng MRT Station (see Map 4). Other schools within a 1km radius include Hong Wen School and Bendemeer Secondary School.

The loss could be attributed to the seller selling the unit at a price significantly lower than the then-prevailing average price for Eight Riversuites. The seller sold the unit at $1,070 psf last year, while the average price for the condo was $1,771 psf (see Chart 3). If the seller had sold the unit at the average price of $1,771 psf, they would have made a profit of approximately $1.39 million.

In summary

There are 26 condos that achieved at least 50 profitable transactions last year. Treasure at Tampines topped the charts with 263 transactions. The numerous units in this condo could have contributed to its sales volume, and thus, the number of profitable transactions. However, profits for Treasure at Tampines are under the $1 million threshold, unlike Jadescape, which recorded an eye-watering profit of $4.35 million.

District 19 outperformed other districts, with eight of the most profitable condos coming from this area. This could be because District 19 is home to the most number of mega condos compared to other districts. Each mega condo features at least 1,000 units.

No unprofitable transactions were recorded for the majority of the 26 most profitable condos, with four exceptions. Kingsford Waterbay reported six unprofitable transactions last year, but the losses from each transaction were under $40,000.

Check out the latest listings for The Minton, Jadescape, Treasure At Tampines, Kingsford Waterbay, Eight Riversuites, Condominium properties

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