We recently looked at the top-performing shoebox units, among those who bought new. But what about those who bought resale units? These 500 sq. ft. or smaller units can be even cheaper as resale; and coupled with their already low quantum, some landlords swear by these as rental assets. The question is, whether they can also make you money in terms of resale gains. Here’s a look at some of the top performers, from those who’ve purchased from the resale market:
Top performing resale shoebox units
| Projects | Tenure | Completed | $ (Gains) | % (Gains) | Vol (Gains) |
| THE INFLORA | 99 yrs from 25/05/2012 | 2016 | $104,000 | 20.10% | 13 |
| VIENTO | Freehold | 2013 | $81,400 | 14.30% | 5 |
| SIMS URBAN OASIS | 99 yrs from 29/07/2014 | 2017 | $89,429 | 12.90% | 7 |
| THE HILLFORD | 60 yrs from 19/02/2013 | 2016 | $61,857 | 12.90% | 7 |
| PARC ELEGANCE | Freehold | 2013 | $72,600 | 12.20% | 5 |
| PARC ROSEWOOD | 99 yrs from 07/09/2011 | 2014 | $61,731 | 11.80% | 19 |
| PRESTIGE HEIGHTS | Freehold | 2011 | $60,278 | 11.30% | 9 |
| BARTLEY RIDGE | 99 yrs from 16/04/2012 | 2016 | $76,714 | 11.10% | 7 |
| AIRSTREAM | Freehold | 2012 | $61,503 | 11.10% | 4 |
Notable properties from the list:
1. The Inflora
Location: 59 Flora Drive (District 17)
Developer: Tripartite Developers Pte. Ltd.
Lease: 99-years
TOP: 2016
Number of units: 396
It’s surprising to see Inflora on the list, as it’s quite a niche condo. It seems purpose-built to be a rental asset, mainly catering to those who work at the airport, or within the area of Changi Business Park. Both the airport and the business park are within a five-minute drive of this condo, and traffic is usually light in this area.
There’s also a light industrial area nearby, just past Changi Road North. Some notable firms like ST Aerospace are located here. The Inflora can be considered convenient for those who work here, and this also means more prospective tenants.
As such, a large number of the 396 total units are 1 bedroom – 128 to be exact.
Besides this, the lower initial price of Inflora may explain the gains. According to Square Foot Research, prices in October 2013 were at $964 psf. Given that 2013 was a market peak, The Inflora likely struck buyers as being eminently affordable. Many would have seen a windfall, with prices having now reached an average of $1,307 psf.
The Inflora is still a niche project though. It’s one of the least accessible condos we’ve seen, even at a time when the MRT map looks like a huge mess of lines, as it’s far from any MRT station. There’s also a serious lack of amenities here, with the closest supermarket being at Loyang Point (it’s well over one kilometre away.)
We wouldn’t consider this project if you don’t drive, or are unwilling to use PHVs.
2. Viento
Location: 29 Lorong 30 Geylang (District 14)
Developer: Endo Properties Pte. Ltd.
Lease: Freehold
TOP: 2013
Number of units: 48
If you don’t mind heavily built-up areas, Viento is a boutique freehold condo in a location where it’s teeming with small boutique developments.
On the off-chance you love food, perhaps this will get your attention: Viento is less than five minutes walk from JB Ah Meng. Yes, that JB Ah Meng in Geylang, with the famous San Lou noodles.
This condo is between Old Airport Road and Geylang Road: two all-time favourite foodie stretches, with restaurants and coffee shops that are open till late (or in some cases, 24/7.) From this condo, you can walk to Old Airport Road in about 10 minutes; and Geylang Road in about half the time.
Geylang Road is also jam-packed with convenience stores, minimarts, old-school grocers, hair salons, etc. It’s not the fanciest place to shop, but it is among the cheapest – and almost any day-to-day needs can be met.
(As for the vice issue, you don’t need to worry. Viento is reasonably far from the red light area, so you won’t see such activities in the immediate surroundings.)
Viento is also close enough to Dakota MRT (CCL), at roughly a 10-minute walk; but it’s more convenient to use one of the nearby bus services, like 21, to just head down to Paya Lebar Quarter (PLQ). This is where Paya Lebar MRT (EWL, CCL) is located; and Paya Lebar is itself a major hub with malls, office spaces, etc.
The only drawback is the sheer urban density. The buildings are too close to each other, the traffic noise is near-constant, and there are no parks or green spaces. And this is Geylang, so driving and parking here is the stuff of nightmares.
3. Sims Urban Oasis
Location: 2 Sims Drive (District 14)
Developer: Sims Urban Oasis Pte. Ltd.
Lease: 99-years
TOP: 2017
Number of units: 1,024
Like the newer Parc Esta, Sims Urban Oasis is benefitting from the development of neighbouring Paya Lebar. Paya Lebar Quarter (PLQ) is, as we’ve mentioned above, a major commercial hub with multiple malls, offices, etc.
Sims Urban Oasis is just a 8-minute walk from Aljunied MRT station (EWL), and hence just one stop from PLQ. Prior to PLQ’s development, we recall that the proximity of James Cook University (less than a 10-minute walk from this project) was also a major selling point.
Nearby amenities are also abundant, as the Geylang Road/Sims Avenue area has many shops and eateries (see Viento, above.) Sims Urban Oasis also has the advantage of being near Geylang Road, but not being along the actual road itself – this spares the residents from the busy nature of Geylang, without losing the amenities.
As an alternative to Geylang Road, Sims Urban Oasis is also about a 10-minute walk to Aljunied Crescent. This is a well built-up HDB enclave, with the usual minimarts, coffee shops, and other heartland amenities. Parents may feel safer with their children hanging around here, away from the notorious Geylang traffic.
That said, you will have to be careful of your unit facings here, as some blocks directly face the PIE. This is one of the busiest roads with constant traffic, so you will definitely face some traffic noise here.
4. The Hillford
Location: 178 Jalan Jurong Kechil (District 21)
Developer: Endo Properties Pte. Ltd.
Lease: 60-years lease
TOP: 2016
Number of units: 281
The Hillford is not like the other condos, as it’s on a 60-year lease. This property was intended as a project for older retirees; but it was younger buyers who ended up making a beeline for it.
The Hillford’s price was exceptionally low, given its limited lease and intended demographic. Even today, the 506 sq. ft. units here can transact for below $700,000. We do suspect that, as the years go on, The Hillford will more closely resemble its intended purpose: seniors may not need more than 30 years on the lease, and this is a chance to live in a very nice private project at reasonable prices.
Bonus: having a pool and BBQ pits might incentivise the children and grandchildren to visit more often. Although we agree it’s terrible if that’s the only reason some people are visiting their parents.
The Hillford will be closely watched, as it’s proving that it can be profitable even on a short lease. This may embolden developers to make similar attempts in the future, and it does raise questions about how much value “freehold” really brings.
In the meantime, Hillford’s desirability is easy to understand: it’s a condo close to Beauty World and its various amenities (along with further upgrades once the transport hub and new commercial units from The Reserve Residences and The Linq @ Beauty World are up). And as tenants don’t care about the remaining lease, landlords probably see dollar signs whenever they spot a Hillford listing.
5. Parc Elegance
Location: 115 Telok Kurau Road (District 15)
Developer: Fragrance Realty Pte. Ltd.
Lease: Freehold
TOP: 2013
Number of units: 157
Parc Elegance is a small project with limited facilities; but this is offset by the location. It’s surrounded by lower-density housing – so while it is clearly more for rental (the units are quite small), tenants may appreciate the breathing space.
Parc Elegance is also close to one of the more convenient stretches of Changi Road. Right across from this condo, you’ll find an eclectic mix of local food, cafes, and even artisanal bakeries. There are some possibilities for gentrification here, and perhaps in the future, this area could resemble the Katong lifestyle stretch.
The MRT stations are a bit too far to walk (just over 10 minutes), but there are bus services nearby; these will get you to either Eunos or Kembangan MRT (EWL) in just a few stops. From here, the nearest major hub is Paya Lebar.
Also, if you walk around five minutes to the bus stop after Joo Chiat Place, you can take bus 15 – this will take you to Parkway Parade, which is near the heart of the Katong lifestyle stretch. Marine Parade MRT (TEL) will also be in front of this mall, so you have an added train line here. The station will be up by 2024.
All in all, a quiet project that offers a good deal of privacy, without trading too much convenience.
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