20 rare condos that don’t sell many units per year (which may not necessarily be a good thing)

Here’s one of the indicators of a project that is also one of the least helpful to buyers – the number of transactions relative to the number of units.

That’s because few transactions can go both ways, either living there is so good that few want to sell (quite often, they can’t find a replacement property that matches theirs for space, convenience, community spirit, etc.), or there’s just simply weak demand for the project.

Note: we’ve also made the condos the larger ones, with more than 200 units. Otherwise, it wouldn’t be fair, as boutique condos with 50 or fewer units also rarely see transactions; and in their case, it’s more about scarcity than quality.

Condos with the least transactions over the years

 

1. Waterfront @ Faber

Location: Faber Walk

Developer: World Class Land Pte Ltd

Lease: 99-year

Completion: 2018

Number of units: 210 units

With only 32 transactions, not many are aware of this condo next to the Ulu Pandan Park Connector; but it may be back on the radar soon, given the transformation of nearby Jurong East. 

It was also one of those that had slower sales upon launch, but has done relatively well for itself after. It was launched near the 2013 peak and subsequently, the developer had to re-launch the property at a roughly seven per cent discount. This was a median price of around $1,247 sq ft. after the relaunch. 

Waterfront @ Faber had three main highlights: one was the 11 terrace-style, strata-landed homes in the condo. The other is direct access to the Ulu Pandan Park Connector, next to the river – the condo has a side gate that opens up to this, which is ideal for cyclists and walkers. It also provides a good waterfront view.

The third highlight was a dual-key layout for multiple unit sizes – there are dual-key options for two-bedders, three-bedders, and four-bedders alike. 

The location of this condo straddles Jurong and Clementi, so it’s about equidistant to Clementi Mall (the hub of Clementi) and Jurong East (where you’ll find JEM, IMM, the upcoming J’den, etc.) 

Waterfront @ Faber is surrounded by a landed enclave. Coupled with the low unit count (only 210 units), this condo is great if you want a landed living experience; so you can probably see why the sales pitch emphasised the terrace houses in the condo. 

This does, however, bring the usual issues associated with landed-enclave living: there’s no quick walking access to the MRT or malls, as the whole point is to be in a quiet and exclusive area. You definitely want to drive if you live here.

2. Viva

Location: Suffolk Walk

Developer: Allgreen

Lease: Freehold

Completion: 2013

Number of units: 235 units

Viva has only 42 transactions in its history, and is a combination of spacious units, and central living. You can walk to Novena MRT (NSL) in about 10 minutes from this condo, which is not the best, but you are certainly in a central spot.

VeloCity and United Square mall, both near the MRT, provide a wide range of eateries and are major retail malls. There are also offices at VeloCity, and this area is quite close to the CBD; so this condo can work as a rental asset as well. 

The smallest units here are two-bedders at 957 sq ft, and can go up to 1,044 sq ft. So even though the area is heavily built-up, the spaciousness makes it quite viable for families. Note that SJI (Junior) and ACS (Junior) are both also within one-kilometre.

The main drawback is noise and traffic, as this is a highly central area, near Newton’s biggest mall. This is a tradeoff for the convenience you get.

3. The Lanai 

Location: Hillview Avenue 

Developer: Far East Organization

Lease: 999-years from 1885

Completion: 2014

Number of units: 214 units

Despite the low transaction count, you may have heard about The Lanai back in its launch days. At the time, it was hammered for its pricing, with $1,300 psf considered excessive. We also discussed The Lanai’s weak overall performance in this article. 

This is one of those that could go both ways, where the low transaction volume reflects the buyers exercising holding power, waiting for better appreciation over the long term (as their costs were high to begin with).

However, some may simply enjoy its unique location, between Bukit Batok Hill and Bukit Gombak Hill. This is one of the greener areas in Singapore, and it’s still more affordable than many Bukit Timah condos. 

The unfolding development of the Rail Corridor also helps The Lanai, with more park space and retail amenities like The Rail Mall. Hill V2 also provides for most day-to-day amenities.

While it isn’t near an MRT station or mall, it’s probable that buyers here are greenery lovers, who specifically don’t want to look out the window and see train tracks or a lit-up shopping centre. 

All in all, this is still a pleasant condo for families, with a lot of well-sized 1,300+ sq ft. units. We’re less inclined toward the two-bedders though, for layout reasons given in the linked article.

The developer whiffed on the pricing, but don’t let that prejudice you against its strong facility offerings of a tennis court and a couple of swimming pools for just 214 units.

4. Marina Bay Suites

Location: Central Boulevard

Developer: Cheung Kong Holdings, Hongkong Land, and Keppel Land Pte Ltd.

Lease: 99-year

Completion: 2014

Number of units: 221 units

This is the residential portion of Marina Bay Financial Centre (it’s one of the six towers that make up the overall project). Given its location, we probably don’t need to explain that this is a high-quantum luxury property.

Also, you’ve probably seen how packed the Marina Bay area is; there’s limited room for future competition. 

There’s only been 47 transactions at Marina Bay Suites, and we don’t expect to see many more in the near term.

One realtor, who has handled rental transactions here, anonymously told us that Singaporeans make up the minority of owners. We checked on Square Foot Research and this appears to be true: only around 44 per cent of the condo is owned by Singapore citizens, while 38.5 per cent is owned by foreigners or companies; the rest are owned by PRs or unknown entities. 

This could impact the owners’ willingness to sell, as foreigners and companies now pay 60 per cent ABSD. If they were to let go of the property, a replacement unit of similar quality would be prohibitively expensive. 

The gains of the few transactions have not been impressive anyway, with only 10 profitable and 33 unprofitable transactions on record.

It’s likely that whoever bought here did so just to enjoy the location, or is intending to just collect high rent from affluent expats, perhaps indefinitely.