AWARDS: Best developments by capital appreciation and rental returns

The EdgeProp Value Creation Award aims to recognise property developments that have rewarded homebuyers in terms of capital appreciation and rental returns on their properties. The developments are judged on the following criteria:
Capital appreciation: This is the difference between the developer’s average selling price and the average price achieved on the secondary market, from January 2016 to June 2018. We considered both resale and sub-sale transactions in our computation, but excluded projects with less than five resale transactions.
Rental yield: We calculated the average monthly rent psf from 3Q2017 to 2Q2018 and compared it with the developer’s average psf selling price. The computation excludes projects with less than five resale transactions in the period in review.
The following are the winning developments in this award category.
Coco Palms
Coco Palms is a 99-year leasehold condominium by Singapore-listed property giant City Developments Ltd. The 944-unit development was completed this year and is located on Pasir Ris Grove, off Pasir Ris Drive 1 in District 18. The development is just 200m from Pasir Ris MRT station on the East-West line. Next to the MRT station is the White Sands mall.
The condo is also close to the Pasir Ris Town Park and is connected to several park and bicycle connectors in the neighbourhood. Nearby schools include Elias Park Primary School, Coral Primary School, Meridian Secondary School and Meridian Junior College.
The condo was launched in May 2014 and is 95% sold so far, according to URA caveats. Prices at Coco Palms have ranged from $483,750 ($1,045 psf) for a 463 sq ft, one-bedroom unit that was sold at launch to $2.8 million ($1,191 psf) for a 2,325 sq ft, penthouse unit that was sold in July this year.
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The 944-unit Coco Palms by City Developments Ltd was completed this year and the average capital appreciation of a resale unit is 19.8% (Pictures: Samuel Issac Chua/The Edge Singapore)
The average price of units at the development on the secondary market, including sub-sale transactions, is $1,228 psf, compared with the developer’s average selling price of $1,025 psf. This means the average capital appreciation of a resale unit is 19.8%. All secondary market sales at Coco Palms have been sub-sale transactions so far this year.
The most profitable transaction was that of a...