Top 10 old condos that have seen the highest gains since 2010
PHOTO: Stackedhomes
PUBLISHED ONOctober 19, 2020 6:04 AMByRyan J Ong
Sometimes you really just have to look past the dated exterior, peeling paintwork at places, and a facility list shorter than the list of countries we are currently allowed to travel to.
The truth is that old condos still have a lot to offer, with its biggest advantages being the (usually) expansive grounds and more spacious unit sizes.
Some old condos can still be viable investments as well, there are even some buyers who emphatically seek out this “old gold”. Whereas you may see faded playgrounds, tiny pools, and residential blocks that Lara Croft should be exploring, some investors see hidden gold mines.
Here are some of the top (old) condos since 2010, that still impress with their location and gains:
To provide a point of comparison:
Just so you can understand the gains of these old condos, here’s a snapshot of the condo market (excluding ECs) at this point: between 2010 to the present, prices have risen from an average of $1,114 psf, to $1,543 psf.
This is a percentage gain of about 38.5 per cent, or an annualised gain of around 3.3 per cent.
Caveat:
With older condos, the limited volume of transactions is always a factor (e.g. some condos may have seen only one or two resale transactions every few years. As such, there’s a limit to the accuracy possible.
In addition, to try to paint a clearer picture, we have also included the lowest, median, and highest profitable transactions since 2010 (although the condos are sorted by average gain)
Top 10 old condos by average gains:
- Nicon Gardens – 99 per cent
- Coronation Grove – 95.6 per cent
- Finland Gardens – 87.6 per cent
- Katong Gardens – 71.7 per cent
- Chestnut Ville – 64.9 per cent
- Flame Tree Park – 63.4 per cent
- Thomson Grove – 62.4 per cent
- The Hacienda – 59.5 per cent
- Pandan Valley – 57.6 per cent
- Gilstead Court – 52.6 per cent
1. Nicon Gardens
Average gain from 2010: $323 psf to $643 psf (Approx. 99 per cent increase)
Annualised gain of approx. 7.1 per cent
Lowest profitable transaction from 2010: 3.8 per cent
(From $646 psf to $671 psf)
Median profitable transaction(s) from 2010: 5.5 to 6.2 per cent
(From $226 to $352 psf / From $278 to $451 psf)
Highest profitable transaction from 2010: 176.1 per cent
(From $251 to $693 psf)
Address: Choa Chu Kang Road, District 23
Lease: 99-years from 1981
Completion: 1984
Land size (Sqm): 15,290
Number of units: 47
In 2010, Nicon Gardens averaged $323 psf. As of 2020, this has almost doubled to $643 psf (around 99 per cent increase). This is an annualised return of about 7.1 per cent.
Overview:
Nicon Gardens is located along Choa Chu Kang road, where many people mistake the low-rise buildings as disparate landed homes.
But this is a condo development, with a gym, tennis court, etc. and no swimming pool. (This was not outrageous in the early-80’s.)
Nicon Gardens is within seven minutes’ walk to the Bukit Panjang MRT station (Downtown Line), and right across the road from Phoenix LRT station.
For drivers, it’s close to the BKE. So you have the rare combination of being in a quiet enclave, with good general accessibility.
As with most old condos, it’s 47 units are huge compared to today’s launches. We found only two layouts: three-bedders at over 2,000 sq.ft., and four-bedders at around 1,990 sq.ft (Yes, they’re a bit smaller; the ‘80s were a strange time).
The lack of a pool will be off-putting to some buyers though; and be warned that retail / entertainment is a bit sparse in the general area.
2. Coronation Grove
Average gain from 2010: $875 psf to $1,712 psf (Approx. 95.6 per cent increase)
Annualised gain of approx. 6.9 per cent
Lowest profitable transaction from 2010: 2.7 per cent
(From $652 psf to $670 psf)
Median profitable transaction(s) from 2010: 25.5 per cent
(From $697 to $875 psf)
Highest profitable transaction from 2010: 134.3 per cent
(From $670 to $1,570 psf)
Address: Coronation Road, District 10
Lease: 999-years from 1875
Completion: 1985
Land size (Sqm): 5,762
Number of units: 24
Overview:
999-years is effectively freehold, so it’s unsurprising the value of this condo has held. The main draw of this development is the proximity to Hwa Chong Institution (five minutes’ walk), and National Junior College (seven minutes’ drive).
Coronation Plaza is a walkable distance (about 12 minutes), and can provide most day-to-day needs (FairPrice is also located there).
This is not good development for tenants or home buyers who don’t own a car though. The closest MRT station – Tan Kah Kee on the Downtown line is about a 12-minute walk.
Amenities are also sparse apart from Coronation Plaza, so you should expect to drive out for your shopping, entertainment, etc.
3. Finland Gardens
Average gain from 2010: $785 psf to $1,473 psf (Approx. 87.6 per cent increase)
Annualised gain of approx. 6.5 per cent
Lowest profitable transaction from 2010: 3.6 per cent
(From $627 psf to $650 psf)
Median profitable transaction(s) from 2010: 39.9 per cent to 48.2 per cent
(From $678 to $949 psf / From $653 to $968 psf)
Highest profitable transaction from 2010: 124.2 per cent
(From $657 to $1,473 psf)
Address: East Coast Terrace (District 15)
Lease: Freehold
Completion: 1989
Land size (Sqm): 9,131
Number of units: 48
Overview:
Finland Gardens is in a low-density area, close to the landed housing enclave of Siglap. It’s about three minutes to Siglap Centre, and across the road from there is Cold Storage.
The area benefits from proximity to East Coast Road, where i12 Katong (currently closed for renovations) is located. The stretch is about a five-minute car-ride away, and the area is loaded with all-night entertainment and eateries.
This condo is a favourite among tenants and homeowners with pets, incidentally, as Amber Vet is nearby, and Mount Pleasant (another vet) is only a five-minute drive away (so you don’t need to call pet taxis or pet ambulances).
This development is for drivers or those happy to use Grab; but the upcoming Siglap MRT should help a fair bit.
4. Katong Gardens
Average gain from 2010: $765 psf to $1,314 psf (Approx. 71.7 per cent increase)
Annualised gain of approx. 5.5 per cent
Lowest profitable transaction from 2010: 0.65 per cent
(From $612 psf to $616 psf)
Median profitable transaction(s) from 2010: 48.2 per cent
(From $661 to $980 psf)
Highest profitable transaction from 2010: 189.5 per cent
(From $412 to $1,193 psf)
Address: Tembeling Road (District 15)
Lease: Freehold
Completion: 1984
Land size (Sqm): 11,299
Number of units: 80
Overview:
Katong Gardens is located in the proximity of Joo Chiat, where it joins up with East Coast Road.
This stretch is quite known for its increasing number of hipster cafes (e.g. Forty Hands), which joins up with old favourites like Boon Tong Kee. This is a good place to live if you want to gain weight, fast.
Some buyers are surprised to learn the quantum or a two-bedder here reaches $1.57 million; but do note the two-bedder is 1,200 sq.ft. The other alternative, the four-bedder, can reach over 2,300 sq.ft.
Katong Gardens is known as something of an “expat condo”, which is unsurprising given the area is a bit of an enclave. About a quarter of the residents are PRs, while over eight per cent are foreigners.
If you don’t drive or like taking the bus, look somewhere else; this condo is far from any MRT station.
5. Chestnut Ville
Average gain from 2010: $599 psf to $988 psf (Approx. 64.9 per cent increase)
Annualised gain of approx. 5.1 per cent
Lowest profitable transaction from 2010: 0.49 per cent
(From $407 psf to $409 psf)
Median profitable transaction(s) from 2010: 39.9 per cent to 48.2 per cent
(From $678 to $949 psf / From $653 to $968 psf)
Highest profitable transaction from 2010: 124.2 per cent
(From $657 to $1,473 psf)
Address: Dairy Farm Crescent (District 23)
Lease: 999-years from 1882
Completion: 1984
Land size (Sqm): 1,927
Number of units: 45
Overview:
Chestnut Ville mainly benefits from recent developments like the Rail Mall, which is about a four-minute drive away.
The appearance of the Downtown line (Cashew MRT station) has also helped its value; this is about one kilometre or 12-minutes’ walk.
What’s especially attractive is the presence of three schools, all less than five minutes away on foot. These are Fajar Secondary School, CHIJ Our Lady Queen of Peace, and Assumption English School.
Other amenities are sparse, however, so expect to have to go out often for your shopping, entertainment, etc. You need to be the sort to enjoy nature walks and bicycling to Bukit Timah, to fully appreciate living here.
6. Flame Tree Park
Average gain from 2010: $891 psf to $1,456 psf (Approx. 63.4 per cent increase)
Annualised gain of approx. 5 per cent
Lowest profitable transaction from 2010: 1.7 per cent
(From $678 psf to $690 psf)
Median profitable transaction(s) from 2010: 42.5 per cent
(From $628 to $895 psf)
Highest profitable transaction from 2010: 163.1 per cent
(From $413 to $1,087 psf)
Address: Sin Ming Avenue (District 20)
Lease: Freehold
Completion: 1989
Land size (Sqm): 14,915
Number of units: 160
Overview:
This condo was briefly famous in March this year; that’s when a 1,600 sq. ft. unit transacted at $1,381 psf, up 144 per cent from its $565 psf sale price in 2000.
Notably, every resale unit in Flame Tree Park since 2017 has been profitable.
Benefits are mainly on the back of Midview City, an integrated development that’s just eight minutes’ walk from here. Midview City was completed in 2010, and since then it’s become a commercial / light industrial hub (Grab is headquartered here).
It doesn’t hurt that, on top of this nice upgrade, Flame Tree Park is freehold; so it’s age is less of an issue. Expect landlords to still be eyeing units here, and trying to capture tenants from Midview.
There’s no MRT nearby, so you’ll want to drive if you live here (up till Bright Hill MRT is up, at the very least).
7. Thomson Grove
Average gain from 2010: $570 psf to $926 psf (Approx. 62.4 per cent increase)
Annualised gain of approx. 4.9 per cent
Lowest profitable transaction from 2010: 10.6 per cent
(From $498 psf to $551 psf)
Median profitable transaction(s) from 2010: 64.8 per cent
(From $478 to $788 psf)
Highest profitable transaction from 2010: 153.6 per cent
(From $356 to $903 psf)
Address: Yio Chu Kang Road (District 26)
Lease: Freehold
Completion: 1984
Land size (Sqm): 18,694
Number of units: 116
Overview:
Thomson Grove used to have accessibility issues; but prices have risen with the upcoming Lentor MRT station (likely to be finished in 2021). This station will be a three-minute walk from Thomson Grove.
Anderson Primary School and Presbyterian High School are both one kilometre of this development, with Yio Chu Kang Secondary school being a bit further out at 950 metres.
There isn’t much in the way of other amenities (besides a Giant supermarket nearby); and until the MRT station is up, getting around can be inconvenient.
Still, this is freehold property for under $1,000 psf, and the accessibility problem is soon to be rectified.
We feel most of the current buyers are eyeing the en-bloc potential, once Lentor MRT is running.
8. The Hacienda
Average gain from 2010: $936 psf to $1,493 psf (Approx. 59.5 per cent increase)
Annualised gain of approx. 4.78 per cent
Lowest profitable transaction from 2010: 0.35 per cent
(From $560 psf to $562 psf)
Median profitable transaction(s) from 2010: 42.8 per cent to 45.9 per cent
(From $753 to $1,053 psf / From $660 to $963 psf)
Highest profitable transaction from 2010: 137.6 per cent
(From $422 to $1,003 psf)
Address: Hacienda Grove (District 15)
Lease: Freehold
Completion: 1986
Land size (Sqm): 20,532
Number of units: 109
Overview:
The Hacienda is located along a well-known stretch of Upper East Coast Road – it’s where you find eateries like The Black Pearl, or ice-cream parlour Udders (ask east-side inhabitants, and most will immediately know where you’re referring to).
It’s about a six-minute walk to Siglap Centre, where you can get most of your everyday retail needs (there’s also a Cold Storage across from Siglap Centre).
This is a laid-back, low density area, that’s also only a five-minute drive to East Coast Park.
The drawback, however, is the lack of any convenient MRT station; so make sure you drive or are okay to use the bus – although the upcoming appearance of Siglap MRT should go some way to mitigate that.
9. Pandan Valley
Average gain from 2010: $798 psf to $1,258 psf (Approx. 57.6 per cent increase)
Annualised gain of approx. 4.66 per cent
Lowest profitable transaction from 2010: 0.31 per cent
(From $629 psf to $631 psf)
Median profitable transaction(s) from 2010: 51.6 per cent
(From $453 to $687 psf)
Highest profitable transaction from 2010: 218.6 per cent
(From $414 to $1,319 psf)
Address: Pandan Valley (District 21)
Lease: Freehold
Completion: 1978
Land size (Sqm): 80,385
Number of units: 605
Overview:
We have an in-depth review of this grand-daddy of condos, on Stacked. This is one of the oldest developments in Singapore.
To give you some sense of its age, the Vietnam War had only ended three years before Pandan Valley was built.
Pandan Valley feels more like a whole estate than a single condo, with its clinic, restaurants, vet, and HDB-like layout (with regard to the blocks surrounding the playgrounds).
As we’ve mentioned in our review, this development can feel quite messy and unplanned, which gives it a unique vibe.
Pandan Valley is spacious and unique, but it’s not for people who don’t drive.
The nearest MRT station (Dover on the East West line) took us over 22 minutes to get to by bus (perhaps we were just unlucky; but in any case, you really want Grab, GoJek, or your own wheels to live here).
10. Gilstead Court
Average gain from 2010: $1,127 psf to $1,720 psf (Approx. 52.6 per cent increase)
Annualised gain of approx. 4.3 per cent
Lowest profitable transaction from 2010: 3 per cent
(From $583 psf to $601 psf)
Median profitable transaction(s) from 2010: 53.4 per cent to 132.3 per cent
(From $601 to $922 psf / From $485 to $1,127 psf)
Highest profitable transaction from 2010: 214.4 per cent
(From $547 to $1,720 psf)
Address: Gilstead Road (District 11)
Lease: Freehold
Completion: 1978
Land size (Sqm): 7,012
Number of units: 48 units
Overview:
This condo is as old as Pandan Valley, but has the advantage of better accessibility. The Novena MRT station (North-South line) is only about a seven-minute walk; and this is most people’s favourite line as it leads directly to Orchard.
Anglo-Chinese Primary School, and their Barker Road campus, are both around a six-minute walk. The development is also a four-minute drive to Newton Food Centre, making it good for night-time dining.
Coupled with the convenient location and small size (48 units only), it can be hard to buy a unit here even if you want to.
Please note we’re not saying every old condo is a sure-fire investment!
Our point is just that ageing condos, even some leasehold ones, can still be good prospects.
But we don’t want to go too far in that direction either, and convince you that old is always gold; note that the above are the best gainers among a large pool of older condos.
This article was first published in Stackedhomes.