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|April 17,2024Condo In Keppel Bay Booked Gains Of More Than $1 Million On Average In March
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A city fringe condo project in District 4 – Carribean at Keppel Bay – chalked up average resale gains of more than $1 million across five resale transactions in March. The top 10 most profitable projects in the month of March were varied, with projects located around the island, based on caveats analysed by PropNex Research.
First, some details about the methodology which entails a comparison of sales caveats. The gains garnered for the units were derived by matching the condo resale transactions in March with their previous purchase prices according to caveats lodged. The average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than four transactions during the month are excluded from the study.
Suburban Condos top list of most profitable projects in March
Amidst a pick-up in developers’ sales, transactions in the resale market also gained some momentum in March, with more than 700 condo units being resold during the month – as more opportunistic buyers enter the market to take advantage of the soft market sentiment. In March, the top 10 most profitable projects had average profits ranging from $390,000 to $1,070,000. By a ranking of the average profit, three projects are in the Rest of Central Region (RCR), six out of the top 10 projects are in the Outside Central Region (OCR), while only one project is located in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
Source: PropNex Research, URA Realis
^projects with fewer than 4 transactions in the month are excluded from this analysis
*Gains are derived from the resale transaction for each unit against the unit’s last caveated transaction; the average profit is determined on the profits of all resale transactions in the development which occurred during the month. The profit reflected is gross – it has not accounted for the applicable seller’s stamp duties, interest payable, taxes and other relevant divestment costs.
#Annualised Gains is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property’s last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1
Analysis was done based on available data from URA Realis
Most of the projects that made the top 10 list were developments that have desirable locational or physical attributes, such as being in a central location (D’Leedon, Highline Residences), close to an MRT station (Botanique at Bartley, Seasons Park), or are newly-completed developments (Parc Esta, Forest Woods).
Here are some details about the top 10 projects in March 2024:
CARIBBEAN AT KEPPEL BAY
Details
Location: Keppel Bay Drive
Postal District: 4
Tenure: 99-year leasehold
Nearest MRT: Harbourfront (720 metres)
Year of Completion: 2004
Summary
Caribbean At Keppel Bay is a residential waterfront development in District 4, situated along Keppel Bay. The condominium is located between the Harbourfront MRT interchange and Telok Blangah MRT station. On top of enjoying views of the scenic Keppel Bay, residents can also enjoy much added convenience, with many commercial shopping options within close proximity, such as Vivocity and Harbourfront Centre, as well as being just 5 minutes’ drive from the Sentosa Island. The project was completed in 2004 and has some 969 residential units in the residential blocks, with a wide range of facilities such as a fitness corner, game room, jacuzzi, lap pool, multi-purpose hall, playground, swimming pool, clubhouse, function room, gymnasium room, jogging track, lounge, pavilion, sauna and wading pool.
CARIBBEAN AT KEPPEL BAY Transactions in March 2024
Floor/Unit | Resale Price ($) | Area (SQFT) | Unit Price ($ PSF) | Gains from previous caveat ($) | Purchase date | Annualized Gains (%) |
#06-XX | 1,780,000 | 893 | 1,992 | 998,800 | Nov-00 | 3.6% |
#02-XX | 2,308,888 | 1,281 | 1,803 | 1,238,888 |
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