Three-bedroom unit at The Waterside rakes in $2.8 mil profit

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/ EdgeProp Singapore
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July 7, 2022 4:44 PM SGT
The 2,433 sq ft unit at The Waterside was sold for $4.27 million ($1,755 psf) on June 24.
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SINGAPORE (EDGEPROP) - The sale of a 2,433 sq ft, three-bedroom unit at The Waterside was the most profitable resale transaction during the week of June 21 to 28. The 20th-floor apartment was sold for $4.27 million ($1,755 psf) on June 24. The unit had previously fetched $1.5 million ($617 psf) in September 1998. Thus, the seller raked in a profit of $2.77 million (185%), which translates to an annualised profit of 4.5% over nearly 24 years.
This also makes it the most profitable resale transaction recorded so far at the condominium. It surpasses the previous record set by the sale of a 2,400 sq ft, three-bedroom unit on the 19th floor for $4 million ($1,666 psf) on March 8, 2021. That unit had been bought for $1.55 million ($646 psf) in February 2005. This resulted in a $2.45 million (158%) profit, which translates to an annualised profit of 6% over 16 years.
The Waterside is a freehold development on Tanjong Rhu Road in the Kallang area in District 15. Completed in 1993, the development comprises three- and four-bedroom units of 2,142 to 2,433 sq ft and is made up of six 23-storey residential blocks.
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The Waterside - EDGEPROP SINGAPORE
The 2,433 sq ft unit at The Waterside was sold for $4.27 million ($1,755 psf) on June 24. (Picture: The Edge Singapore)
The 502-unit condo is opposite Dunman High School and is beside the Singapore Swimming Club. It will also be adjacent to the future Katong Park MRT Station on the Thomson-East Coast Line, which is expected to be operational by 2024. Park connectors link the development to the nearby East Coast Park as well as Bay East Garden, part of Gardens by the Bay.
Despite the development’s age, resale data compiled by EdgeProp Singapore shows that the condo continues to be an attractive choice for buyers in the East Coast area. Over the past decade, the average resale price has reflected an uninterrupted upward trend, moving from $1,178 psf in June 2012 to $1,863 psf last month.
The second most profitable resale transaction during the week occurred at Kew Green. It involved the sale of a 3,746 sq ft, five-bedroom unit for $3 million ($814 psf) on June 21. The property had been bought for $1.3 million ($347 psf) back in September 2001. As a result, the seller raked in a profit of $1.75 million (135%), which translates to an annualised profit of 4.2% over almost 21 years.
This supersedes the previous record which saw a 2,992 sq ft, four-bedroom unit fetch $2.6 million ($869 psf) on Nov 25, 2021. This unit had been bought for just $864,688 ($289 psf) in January 1999. Thus, the seller enjoyed a profit of $1.74 million (200%), which translates to an annualised profit of 4.9% over nearly 23 years.
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Kew Green is a 99-year leasehold development on Kew Crescent in District 16. The development was completed in 1997 and comprises 111 units. Despite its condominium designation, the development offers only four- and five-bedroom cluster houses that are each three storeys high.
Kew Green historical monthly price - EDGEPROP SINGAPORE
A chart by EdgeProp Singapore that shows the price trends at Kew Green. The development continues to see a relatively steady volume of resale transactions. (Chart: EdgeProp Singapore)
Kew Green is in a three-storey mixed landed housing estate that is bounded by Upper East Coast Road and Bedok Road. The development is likely to be a choice location for families with school-going children as Temasek Primary School and Temasek Secondary School are less than 1km away. The development will also benefit from enhanced public transport connectivity as it is located opposite Bedok South MRT Station on the Thomson-East Coast Line, which is expected to be operational by 2025.
The 99-year tenure of the land started in 1994 and there are about 72 years left on the lease. But based on resale data compiled by EdgeProp Singapore, the development continues to see a relatively steady volume of resale transactions. So far this year, there have been four resale transactions at Kew Green, and 2021 recorded 11 resale caveats.
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On the other hand, the most unprofitable resale transaction during the week was the sale of a 2,174 sq ft, three-bedroom duplex unit at Orchard Scotts. The fourth-floor apartment fetched $3.2 million ($1,472 psf) on June 23. It had been bought for $4.1 million ($1,890 psf) in February 2010. Thus, the seller suffered a loss of about $909,000 (22%), which translates to an annualised loss of 2% over 12½ years.
Orchard Scotts - EDGEPROP SINGAPORE
The sale of a 2,174 sq ft, three-bedroom loft unit at Orchard Scotts resulted in a loss of about $909,000. (Picture: Samuel Isaac Chua/The Edge Singapore)
Orchard Scotts is a 99-year leasehold development on Anthony Road, off Clemenceau Avenue North in prime District 9. The 387-unit development has a wide mix of units, including two- to five-bedroom units of 936 to 2,820 sq ft.
There have been 10 resale transactions at the condo since 2020 and only one has been profitable — a 2,282 sq ft unit was sold for $3.6 million ($1,578 psf) in October 2020. The seller raked in a profit of $3.1 million (9%), which is an annualised profit of 0.7% over 11 years.
The other transactions resulted in losses that ranged from $100,000 to $2.5 million. The greatest loss involved the sale of another 2,282 sq ft unit for $3.25 million ($1,424 psf) in June 2020. The seller suffered the $2.5 million loss, which translates to an annualised loss of 4.5% over 12 years.

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