25 surprisingly profitable condos that you may not know about (since 2013)

For those who’ve been keeping tabs on the property market, there have been a few consistently strong performers over the last few years. Some that we can think of immediately have been places like High Park Residences (a recent transaction in Oct 2023 nearly hit $1 million in profit) or Seaside Residences.

But there are also others who have had units that had unexpectedly strong profits. This is at once the most exciting, and aggravating, element of the property market: units and dealings are so individual, even those with slow starts, high prices, etc. can suddenly do well.

Condos with strong performances since 2013:

Source: URA. Includes only buy/sell transactions from 2013.

Here are some developments that were unexpectedly profitable:

1. Lloyd Sixtyfive

Lloyd Sixtyfive is a freehold luxury condo in District 9; and do note that it's yet to finish selling all its units. That's not what we'd consider a good sign, as it's taking a while to move just 76 units (it was completed way back in 2016).

On top of that, most of the developer purchases appear to have been in 2013:

2013 was the last property peak, and the subsequent years saw declining values as repeated cooling measures struck; so this was another reason to expect Lloyd Sixtyfive to show weaker resale gains. 

Nonetheless, the last recorded resale transaction saw a solid gain of over 52 per cent; and that may bode well for future sales. 

Lloyd Sixtyfive is one of the closest condos to Somerset MRT (NSL), which effectively means access to Orchard Road (one train stop, or even just a short walk). And while the last transaction was a small one-bedder, don't be fooled by the layout descriptions: many of the units are large on paper but might not seem as big in reality because of the high ceilings. There are other one-bedders that exceed 904 sq ft, and two-bedders that exceed 1,800+ sq ft. 

These may appeal to more affluent buyers, who want a unit on the cusp of Orchard, but not directly amidst the noise and traffic. 

That said, sales are slow because these are high-quantum, hard-to-move units; and given the pricing, there may be concerns over how much room there is to appreciate further. This might be answered by our next entry though:

2. New Futura

In May of 2023, New Futura set an astounding new high for the development, when a 2,691 sq ft unit hit $4,645 psf. This was at a total quantum of $12.5 million. Even for properties in the Orchard area, this is still quite an eye-popping price. 

There was another such transaction just the year before (2022), when a similar-sized unit managed to sell for $4,459 psf; so it's possible we haven't touched the ceiling with New Futura's prices. This runs contrary to the common criticism that, if you buy in prime regions, there's no real room for prices to appreciate further. 

This isn't so far from another luxury condo that has been performing well, Boulevard 88. The more surprising factor here has been its immediate location, where closeby neighbours like OUE Twin Peaks and Lumos haven't been doing as well.

Currently one of the most prestigious luxury properties in Singapore, New Futura is close to both Somerset (NSL) and Great World MRT (TEL) stations. Residents are just a short walk away from Ngee Ann City, one of the largest malls on Orchard; and access to the TEL means a direct route to Shenton Way, for CBD workers. 

3. Archipelago

When it first launched, Archipelago met with some skepticism. This project had a "townhouse" concept, with low-rise (five storey) blocks, and 24 strata-titled, landed properties (three storeys). This led to some criticism over the views, in relation to the price tag.

To add to the issue, Archipelago had some predictably bad transactions during Covid-19. This isn't really the fault of the condo; it was one of the worst times to sell, and the sellers accepted prices that were 29 per cent below the initial buy price — this skewed perceptions of the condo's performance. For frequent readers, you may recall we identified it as one of the two main condos (besides Tanamera Crest) dragging down District 16's average. 

Nonetheless, the tide may turn as we head into 2024. With upgraders increasingly priced out of new launch, family-sized units, spacious resale projects like Archipelago may see renewed interest. Besides the landed elements, even the smaller units are over 820 sq ft. And with transactions for these units being just $1.2 million, it's a comfortable range for HDB upgraders.

Location-wise, Archipelago takes advantage of its proximity to Bedok Reservoir Park. It's right on the doorstep of the greenery, and those who love cycling or watersports will appreciate the park. It's also reasonably close to Bedok North MRT (DTL), and is well-served by a slew of bus routes. 

4. Whistler Grand

Year-end 2018 saw two new launches struggling: one was Jadescape (see below), and the other was Whistler Grand. 

Don't be fooled by what the old news reports claimed: the developer released very few units (240 of the 716 units) on the launch weekend, mainly to report a higher percentage of sales. We'd opine the response was actually weak: the developer had gone for a highly competitive pricing at around $1,380 psf. This was in stark contrast to its neighbour Twin VEW, which sold 85 per cent of its total units over the launch weekend.

(For reference, the district average for new launches at the time was around $1,545 psf.)

Despite the low bar, they still failed to move all of the released 240 units. This was likely due to new cooling measures in July 2018, when loan curbs were imposed. 

Outside of this, the main criticism we heard at the time was about accessibility. Whistler Grand's closest MRT station at the time was Clementi (EWL), but this would have required a long bus ride to get to. 

(As of 2027, the closest MRT station will be Pandan Reservoir on the TEL — but this is still nowhere near walking distance)

Nonetheless, Whistler Grand has defied expectations, posting gains of over 31 per cent. Homebuyers may be zeroing in on Whistler Grand's combination of a lower price point, as well as very high-end facilities for the price; minus some griping about the lifts, this condo has one of the best (and largest) playgrounds we've seen. And from the gym to the sky lounges, the project is on par with some luxury offerings; if a little far off in terms of location.

5. Jadescape

Jadescape launched just a few months before Whistler Grand, and also faced the 2018 cooling measures. Despite efforts to hype up the "overwhelming response" at launch, the developers moved just around 27 per cent of the total units.

(Only 480 units were released at launch, making 330 units seem like a high percentage of sales; but this condo has over 1,200 units. So someone was angling for a good news report, but we have to admit Jadescape was brilliantly marketed). 

That said, Jadescape had an interesting angle, focusing on smart home technology. The developer did also play to the project's strengths: being a mega-development, Jadescape could boast more spaciousness and better facilities, than the mid-sized developments surrounding it.

Ultimately though, Jadescape's performance also comes down to excellent location. It's within walking distance to Marymount MRT (CCL), which is just one stop away from Bishan. Residents of Jadescape can enjoy amenities like Junction 8, and the rest of Bishan, while paying less. 

Jadescape's surroundings are also very convenient, as the developed Shunfu HDB estate is nearby. This gives residents access to the usual heartland amenities like coffee shops, minimarts, etc. 

Overall, we'd be surprised if Jadescape doesn't continue to appreciate well. If you'd like to read more about its recent $1.1 million profitable unit, you can read more here.

6. Olloi

Just around a year old, Olloi went under the radar at launch. This boutique development, with a mere 34 units, probably didn't show up on any ad banners or brochures you've seen. But Olloi has a strong location, relatively close to the hub of Paya Lebar Quarter (PLQ).

While there isn't an MRT station within convenient walking distance, this project is rather close to the Haig Road area. KINEX Mall, for instance, is borderline walkable from this project. Just across Changi Road, on the other side of Joo Chiat Complex, residents have access to Geylang Serai, with its market and food centre. In the opposite direction, toward Joo Chiat Place, there's an eclectic mix of eateries, including the famous Fei Fei Wanton Mee.

This makes for an interesting alternative to living in Paya Lebar itself. While Joo Chiat is just as built up, the traffic and crowds are far less intense than what you'd find at PLQ. 

While it is a freehold condo, the combination of just a few units (so infrequent transactions) plus a lack of facilities doesn't usually bode quite well for boutique condos. For Olloi, this seems to buck that train of thought, as the only two resale transactions so far have been pretty profitable ones indeed.

ALSO READ: 10 cheapest 3-bedder resale condos in 2023 under $1m

This article was first published in Stackedhomes.