Where 2024's most profitable resale property deals were in Singapore (one made $36m)

While new launches stole the limelight for 2024 (and might for the coming year as well), the resale market has been as active as ever. With the number of new launches we're seeing, it's unsurprising there's a bit of a knock-on effect; and some buyers are likely pondering resale alternatives in light of new launch prices. The following are some of the most profitable resale transactions we've spotted in 2024:

Most profitable resale transactions by quantum (non-landed)

Absolute gains range from $4.9 million to $6.5 million on this list. As those numbers suggest, almost all are prime region properties (Districts 9 and 10). Also, note that a large majority of residential properties in Districts 9 and 10 are freehold so that itself is not an outstanding factor.

The high absolute gains are due to the sheer size of these units. The smallest one on the list is an impressive 2,745 sq. ft. (Astrid Meadows), while the largest is a 3,778 sq. ft. unit (Yong An Park). These unit sizes also coincide with the age of the units: 

The newest property on the list (The Ritz-Carlton Residences) is already 13 years old, whilst most of the others are from the '80s and '90s. Condos built during these earlier decades tend to be much larger than their newer counterparts. 

Most profitable resale transactions by quantum (landed)

Address	Gains ($)	Gains (per cent)	Type	Type Of Sale	Sell Date	Sell Price	Holding Period
9 ASTRID HILL	$36,000,000	277per cent	Gain	Resale to Resale	9/7/24	$49,000,000	15.1
15 FORD AVENUE	$30,000,000	316per cent	Gain	Resale to Resale	22/3/24	$39,500,000	17.4
19 SUNDRIDGE PARK ROAD	$15,588,000	142per cent	Gain	Resale to Resale	2/12/24	$26,588,000	7.2
57 SIXTH AVENUE	$14,420,000	110per cent	Gain	Resale to Resale	17/5/24	$27,500,000	1.8
36 KINGSMEAD ROAD	$13,470,000	341per cent	Gain	Resale to Resale	26/2/24	$17,420,000	19.6

The trends are comparable to what we saw for non-landed homes, albeit with much more impressive numbers ($13.47 million to $36 million). 

Again, the high absolute gains are due to the huge house sizes. Most, such as the 21,116 sq. ft. transaction, are the province of ultra high net worth buyers, so these properties don't reflect wider market realities. 

We can see, however, that the units are still confined to prime areas, where almost all homes are freehold. For those wealthy enough to be comparing between areas like Sentosa Cove and Sixth Avenue or Astrid Hill, this could be your answer: we don't see any Districts besides 10 and 13 on the list. 

The transaction at Ming Teck Park was an unusual quirk this year, as it was resold in just under two years. 

This would have incurred a Seller Stamp Duty (SSD) of eight per cent on the sale price, or about $2.2 million. We're not aware of the circumstances behind the sale, but the price was probably raised to compensate for this. Resale landed homes usually have much longer holding periods, even among those that aren't top gainers.

Highest percentage gains (non-landed)

Project Name	Gains ($)	Gains (per cent)	Type	Type Of Sale	Sell Date	Sell Price	Holding Period
LAGUNA PARK	$2,410,000	438per cent	Gain	Resale to Resale	4/11/24	$2,960,000	25
HAWAII TOWER	$3,225,000	416per cent	Gain	Resale to Resale	2/2/24	$4,000,000	24.9
SHERWOOD TOWER	$1,243,888	395per cent	Gain	Resale to Resale	7/8/24	$1,558,888	18.8
RISING COURT	$1,645,000	383per cent	Gain	Resale to Resale	17/7/24	$2,075,000	22
BOTANIC GARDENS VIEW	$3,265,700	379per cent	Gain	Resale to Resale	9/9/24	$4,128,000	26.2

Once we go by percentage gains, the top winners come from District 15, rather than the usual Districts 9 and 10. This is possibly due to District 15 being considered a prestigious area, even if it's not central — luxury properties like Meyer House, and similar projects along Meyer Road, are a draw to high net worth buyers.

One realtor also speculated that the recent slew of launches in District 15 (Emerald of Katong, The Continuum, Tembusu Grand, and Grand Dunman) could have had something to do with this. There may not be a direct connection, but it could have brought more interest to the area in general. 

In any case, long holding periods seem to be the "secret sauce" here, ranging from 18.8 years to 26.2 years. As they say, time in the market beats timing the market. The Sherwood Towers transaction exemplifies that: it's seen significant gains despite being an ageing leasehold property, simply because it was bought for a mere $315,000, way back in 2005. 

Also note that the top gainer, Laguna Park (438 per cent gain) shares a similar trait of being an ageing leasehold property. This demonstrates that freehold status isn't always a guarantee of better resale gains. 

Finally, note that size is again playing a role here: all of these are older condos ranging from 1,507 to 2,896 sq. ft. These were not uncommon in the 1970s and '80s, when these projects were built. Buyers who prize spaciousness struggle to find similarly large units among newer launches (not without an even more outlandish price tag, at least). 

Highest percentage gains (Landed)

Project Name	Gains ($)	Gains (per cent)	Type	Type Of Sale	Sell Date	Sell Price	Holding Period
49 LORONG K TELOK KURAU	$6,780,000	565per cent	Gain	Resale to Resale	18/6/24	$7,980,000	24.1
11 CARDIFF GROVE	$3,630,000	558per cent	Gain	Resale to Resale	8/7/24	$4,280,000	18.9
675A EAST COAST ROAD	$6,350,000	552per cent	Gain	Resale to Resale	30/4/24	$7,500,000	25.8
88 NEMESU AVENUE	$3,493,000	550per cent	Gain	Resale to Resale	26/9/24	$4,128,000	25.4
166 PEMIMPIN PLACE	$5,500,889	468per cent	Gain	Resale to Resale	11/11/24	$6,675,889	23

Once we start going by percentage gains, there's much more variety among top-gaining landed properties. Besides established zones like Frankel and Serangoon Gardens, we also see Sembawang Hills and Coral Park marking an appearance. 

Do note that none of the landed options is cluster housing or leasehold — all are freehold or 999-years, which lends some credence to the saying that leasehold and freehold landed are very different markets. 

One of the advantages of "true" landed housing (i.e., not cluster housing) is that owners are free to extend the house, add levels, fully rebuild it, etc.

Similar to non-landed however, we can see that long holding periods — stemming from a time when prices were much cheaper — are the main reason behind the gains. Serangoon Gardens, for instance, has gone way past the point where a house could be bought there for $650,000 (apparently possible 18.9 years ago).

Overall, many of the fundamentals have held true in 2024, despite it being an unusual year 

Despite the surge in housing supply, new ABSD rates for foreigners, etc. the top winners show you can still rely on the fundamentals: a long holding period (close to 20 years), coupled with proven locations and larger sizes still win out. The main thing to note is that, with the non-landed segment, freehold isn't absolutely necessary to result in stronger gains, as even older leasehold condos have made the list.

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This article was first published in Stackedhomes.