Yahoo Finance Top condo gainers that are sub-sales from Jan to Mar 2023
Updated as of 4 Apr 2023: We have updated this article to take into account other sub-sale transactions up till 17 March 2023 that were previously not registered when we first wrote this article. Thank you to our reader for the feedback on this.
In early March, we shared on our social media a sub-sale transaction at Fourth Avenue Residences. It was a notable transaction due to its S$322k capital gain. The gain is also currently the highest in the project.
Perhaps more importantly for the seller, they don’t need to pay the Seller’s Stamp Duty (SSD) as the holding period is over three years.
What’s a sub-sale?
A sub-sale occurs when a property bought directly from the developer is resold before the project is completed.
There are many reasons why people may resell their units before the project is completed, with one common reason being to make a profit. But such speculative purchases have led to high property prices, prompting the authorities to introduce the SSD around a decade ago.
Owners who have sold their properties within three years will need to pay the SSD. Here’s the rate:
Period of ownership | SSD rate based on purchase price/ market value (whichever is higher) |
Up to 1 year | 12% |
Over 1 year, up to 2 years | 8% |
Over 2 years, up to 3 years | 4% |
Over 3 years | No SSD payable |
While sub-sales have since decreased for 10 years since the introduction of SSD in 2010, its volume started increasing again in 2021. In fact, more recently, Business Times reported that the number of sub-sales in 2022 has hit a 10-year high with 765 transactions.
With that, today we’re going to look at the sub-sales so far this year, up till 17 March 2023.
Condo gainers that are sub-sales in the first 3 months of 2023
As of this update, we found 132 sub-sale condo transactions up till 17 March 2023 that have made capital gains.
Interestingly, out of these sub-sales, 42 transactions (31.8%) had a holding period of five years. Meanwhile, 74 of them (56.1%) had a holding period of four years. The remaining 16 had a holding period of three years.
This means that most of these sub-sale unit sellers do not have to pay the SSD, which would have eaten into their profits.
When we look at the numbers closely, we found that 11 of these sub-sales have actually recorded the highest capital gain in their respective projects. (Do note that these are purely based on the purchase and sale prices, and do not account for other costs such as the SSD.)
Condo | Size (sq ft) | Bought for, date bought | Sold for, date sold | Capital gain | Years held | Annualised return |
743 | S$1.91m 24 Nov 2019 | S$2m 1 Mar 2023 | S$92k (4.8%) | 4 | 1.18% | |
1475 | S$3.51m 26 Nov 2019 | S$3.83m 22 Feb 2023 | S$322k (9.2%) | 4 | 2.22% | |
1108 | S$1.78m 11 May 2019 | S$2.23m 27 Jan 2023 | S$444k (24.9%) | 4 | 5.71% | |
700 | S$1.35m 25 Jun 2019 | S$1.5m 24 Feb 2023 | S$151k (11.2%) | 4 | 2.69% | |
743 | S$1.85m 21 May 2019 | S$2.08m 7 Feb 2023 | S$228k (12.3%) | 4 | 2.95% | |
1195 | S$1.88m 31 Dec 2019 | S$2.4m 2 Feb 2023 | S$525k (28%) | 4 | 6.37% | |
1722 | S$1.92m 20 Aug 2019 | S$2.6m 12 Jan 2023 | S$676k (35.1%) | 4 | 7.82% | |
1680 | S$2.16m 8 May 2019 | S$2.75m 6 Mar 2023 | S$596k (27.6%) | 4 | 6.29% | |
667 | S$1.11m 9 Dec 2019 | S$1.31m 2 Mar 2023 | S$200k (18%) | 4 | 4.23% | |
710 | S$1.23m 25 Jul 2020 | S$1.51m 15 Mar 2023 | S$281k (22.8%) | 3 | 7.1% | |
1173 | S$2.23m 5 Dec 2020 | S$2.61m 27 Feb 2023 | S$384k (17.2%) | 3 | 5.45% |
Among these top condo gainers, nine of them had a holding period of four years. In comparison, two units had a holding period of less than three years and thus, were subject to 4% SSD.
Nevertheless, for these owners, it probably made sense to sell within three years and fork out the SSD. Because even after accounting for the SSD, the gains are still pretty substantial.
Condo | Size (sq ft) | Bought for, date bought | Sold for, date sold | Capital gain | Years held | Capital gain after SSD |
Daintree Residence | 710 | S$1.23m 25 Jul 2020 | S$1.51m 15 Mar 2023 | S$281k (22.8%) | 3 | S$221k |
KI Residences at Brookvale | 1173 | S$2.23m 5 Dec 2020 | S$2.61m 27 Feb 2023 | S$384k (17.2%) | 3 | S$279k |
One explanation for the gains is the current boom in the property market, as the units are sold when prices are soaring.
Sub-sales have also become a viable option due to the construction delays brought on by the pandemic. As some projects have taken more than three years to complete, the owners can sell them without incurring the SSD.
And for the buyers, these units are an attractive option. Since they are almost completed, buying a sub-sale unit allows them to get a brand-new unit and cut down the waiting time.
Condos TOP-ing in 2023
Avenue South Residence
11 Silat Ave · D3
1
1
527 sqft
$1,264,000
Riviere
1 Jiak Kim St · D3
1
1
560 sqft
$1,750,000
Leedon Green
32 Leedon Hts · D10
1
1
474 sqft
$1,419,000
Treasure at Tampines
3 Tampines Lane · D18
1
1
484 sqft
$880,000
Kopar At Newton
4 Makeway Ave · D9
1
1
517 sqft
$1,400,000
Pullman Residences Newton
18 Dunearn Rd · D11
1
1
463 sqft
$1,543,000
Leedon Green
26 Leedon Hts · D10
1
1
474 sqft
$1,419,000
Avenue South Residence
11 Silat Ave · D3
1
2
527 sqft
$1,240,000
Pullman Residences Newton
18 Dunearn Rd · D11
1
1
463 sqft
$1,401,000
Avenue South Residence
13 Silat Ave · D3
1
1
527 sqft
$1,341,000
The Florence Residences
81 Hougang Ave 2 · D19
1
1
603 sqft
$1,047,000
Kopar At Newton
6 Makeway Ave · D9
1
1
517 sqft
$1,380,000
Riviere
1 Jiak Kim St · D3
1
1
560 sqft
$1,660,000
One Pearl Bank
1 Pearl Bank · D3
1
1
431 sqft
$1,226,000
The Florence Residences
93 Hougang Ave 2 · D19
1
1
484 sqft
$900,000
Leedon Green
34 Leedon Hts · D10
1
1
474 sqft
$1,419,000
Sengkang Grand Residences
74 Compassvale Bow · D19
1
1
474 sqft
$1,158,888
Van Holland
188 Holland Rd · D10
0
1
495 sqft
$1,550,150
Riviere
3 Jiak Kim St · D3
1
1
560 sqft
$1,780,000
Van Holland
186 Holland Rd · D10
1
1
495 sqft
$1,550,150
One Pearl Bank
1 Pearl Bank · D3
1
1
441 sqft
$1,228,000
Parc Clematis
8C Jln Lempeng · D5
1
1
710 sqft
$1,200,000
One Pearl Bank
1 Pearl Bank · D3
1
1
527 sqft
$1,388,000
Leedon Green
32 Leedon Hts · D10
1
1
538 sqft
$1,541,000
Leedon Green
32 Leedon Hts · D10
1
1
474 sqft
$1,394,000
Haus on Handy
18 Mount Sophia · D9
1
1
624 sqft
$1,619,000
Riviere
1 Jiak Kim St · D3
1
1
560 sqft
$1,702,000
Haus on Handy
18 Mount Sophia · D9
1
1
624 sqft
$1,619,000
Kopar At Newton
6 Makeway Ave · D9
1
1
517 sqft
$1,425,000
Riviere
1 Jiak Kim St · D3
1
1
560 sqft
$1,702,000
One Pearl Bank
1 Pearl Bank · D3
1
1
570 sqft
$1,520,000
Riviere
1 Jiak Kim St · D3
1
1
560 sqft
$1,661,000
Kopar At Newton
4 Makeway Ave · D9
1
1
517 sqft
$1,425,000
Pullman Residences Newton
18 Dunearn Rd · D11
1
1
463 sqft
$1,458,000
One Pearl Bank
1 Pearl Bank · D3
1
4
570 sqft
$1,491,000
Leedon Green
32 Leedon Hts · D10
2
2
818 sqft
$2,418,000
Leedon Green
32 Leedon Hts · D10
2
2
710 sqft
$1,972,000
Leedon Green
32 Leedon Hts · D10
2
1
614 sqft
$1,837,000
Leedon Green
32 Leedon Hts · D10
2
2
700 sqft
$1,972,000
Treasure at Tampines
1 Tampines Lane · D18
2
1
581 sqft
$950,000
One Pearl Bank
1 Pearl Bank · D3
2
1
700 sqft
$2,054,000
Parksuites
28 Holland Grove Rd · D10
2
1
786 sqft
$1,780,000
Parc Clematis
10 Jln Lempeng · D5
2
2
710 sqft
$1,510,000
Leedon Green
32 Leedon Hts · D10
2
2
667 sqft
$1,720,000
Leedon Green
34 Leedon Hts · D10
2
1
786 sqft
$1,838,000
Kopar At Newton
4 Makeway Ave · D9
2
1
614 sqft
$1,700,000
Pullman Residences Newton
18 Dunearn Rd · D11
2
2
667 sqft
$2,145,000
Leedon Green
32 Leedon Hts · D10
2
2
700 sqft
$1,972,000
Avenue South Residence
13 Silat Ave · D3
2
1
657 sqft
$1,500,000
The Florence Residences
83 Hougang Ave 2 · D19
2
2
667 sqft
$1,230,000
Sky Everton
50 Everton Rd · D2
2
2
674 sqft
$1,966,000
The Florence Residences
83 Hougang Ave 2 · D19
2
2
752 sqft
$1,350,000
The Florence Residences
83 Hougang Ave 2 · D19
2
1
635 sqft
$1,140,000
Leedon Green
32 Leedon Hts · D10
2
1
786 sqft
$1,838,000
Van Holland
186 Holland Rd · D10
2
2
1,001 sqft
$2,917,000
Van Holland
186 Holland Rd · D10
2
1
657 sqft
$1,942,000
Wilshire Residences
30 Farrer Rd · D10
2
2
753 sqft
$1,968,000
One Pearl Bank
1 Pearl Bank · D3
2
2
700 sqft
$2,000,000
Haus on Handy
18 Mount Sophia · D9
2
1
743 sqft
$1,950,000
Parc Clematis
8A Jln Lempeng · D5
2
2
721 sqft
$1,388,888
View at Kismis
15 Lor Kismis · D21
2
2
602 sqft
$1,350,000
Leedon Green
32 Leedon Hts · D10
2
1
614 sqft
$1,820,000
Haus on Handy
18 Mount Sophia · D9
2
1
624 sqft
$1,734,000
Haus on Handy
18 Mount Sophia · D9
2
1
689 sqft
$1,816,000
Leedon Green
32 Leedon Hts · D10
2
2
710 sqft
$1,919,000
Haus on Handy
18 Mount Sophia · D9
2
1
743 sqft
$2,013,000
Kopar At Newton
6 Makeway Ave · D9
2
1
614 sqft
$1,773,000
Van Holland
186 Holland Rd · D10
2
2
1,001 sqft
$2,917,990
Riviere
1 Jiak Kim St · D3
2
2
818 sqft
$2,423,000
Riviere
3 Jiak Kim St · D3
2
2
840 sqft
$2,628,000
Leedon Green
32 Leedon Hts · D10
3
3
1,356 sqft
$4,498,000
One Pearl Bank
1 Pearl Bank · D3
3
3
1,184 sqft
$2,988,000
Riviere
3 Jiak Kim St · D3
3
2
1,141 sqft
$3,450,000
Riviere
3 Jiak Kim St · D3
3
2
1,173 sqft
$3,258,000
Avenue South Residence
11 Silat Ave · D3
3
3
1,109 sqft
$2,800,000
Pullman Residences Newton
18 Dunearn Rd · D11
3
3
1,163 sqft
$3,577,000
Urban Treasures
205 Jln Eunos · D14
3
2
883 sqft
$1,850,000
Pullman Residences Newton
18 Dunearn Rd · D11
3
2
1,163 sqft
$3,250,000
Parc Canberra
19 Canberra Walk · D27
3
2
947 sqft
$1,177,000
Pullman Residences Newton
18 Dunearn Rd · D11
3
3
1,163 sqft
$3,442,000
Riviere
3 Jiak Kim St · D3
3
3
1,249 sqft
$4,035,000
Van Holland
188 Holland Rd · D10
3
3
1,152 sqft
$3,513,330
Riviere
3 Jiak Kim St · D3
3
3
1,173 sqft
$3,313,000
Avenue South Residence
9 Silat Ave · D3
3
2
947 sqft
$2,100,000
Kovan Jewel
51 Kovan Rd · D19
3
2
1,345 sqft
$2,793,900
Treasure at Tampines
41 Tampines Lane · D18
3
2
1,012 sqft
$1,649,999
The Florence Residences
83 Hougang Ave 2 · D19
3
2
936 sqft
$1,650,000
Urban Treasures
205 Jln Eunos · D14
3
2
883 sqft
$1,741,900
Van Holland
186 Holland Rd · D10
3
2
1,152 sqft
$3,513,000
Riviere
1 Jiak Kim St · D3
3
3
1,711 sqft
$4,850,000
Riviere
1 Jiak Kim St · D3
3
3
1,249 sqft
$3,850,000
One Pearl Bank
1 Pearl Bank · D3
3
3
1,098 sqft
$3,133,000
Haus on Handy
28 Handy Rd · D9
3
2
947 sqft
$2,600,000
One Pearl Bank
1 Pearl Bank · D3
3
3
1,184 sqft
$2,900,000
One Pearl Bank
1 Pearl Bank · D3
3
2
1,098 sqft
$2,999,999
Riviere
1 Jiak Kim St · D3
3
2
1,173 sqft
$3,208,000
Treasure at Tampines
1 Tampines Lane · D18
3
3
1,012 sqft
$1,780,000
Haus on Handy
18 Mount Sophia · D9
3
2
947 sqft
$2,599,000
Haus on Handy
28 Handy Rd · D9
3
2
969 sqft
$2,662,000
Van Holland
186 Holland Rd · D10
3
2
1,130 sqft
$3,105,759
Treasure at Tampines
1 Tampines Lane · D18
3
2
915 sqft
$1,550,000
Riviere
1 Jiak Kim St · D3
3
2
1,249 sqft
$3,288,000
Treasure at Tampines
47 Tampines Lane · D18
3
2
915 sqft
$1,450,000
Treasure at Tampines
7 Tampines Lane · D18
3
2
883 sqft
$1,299,000
Riviere
1 Jiak Kim St · D3
3
2
1,141 sqft
$3,130,000
Cairnhill 16
16 Cairnhill Rise · D9
4
5
1,744 sqft
$5,300,000
One Pearl Bank
1 Pearl Bank · D3
4
3
1,399 sqft
$3,800,000
One Pearl Bank
1 Pearl Bank · D3
4
5
2,691 sqft
$9,096,000
One Pearl Bank
1 Pearl Bank · D3
4
4
1,399 sqft
$3,821,000
Van Holland
190 Holland Rd · D10
4
4
1,592 sqft
$4,421,790
Kopar At Newton
4 Makeway Ave · D9
4
3
1,604 sqft
$4,000,000
Pullman Residences Newton
18 Dunearn Rd · D11
4
4
1,378 sqft
$4,533,000
Van Holland
190 Holland Rd · D10
4
3
1,593 sqft
$4,421,790
Parc Clematis
2 Jln Lempeng · D5
4
5
3,466 sqft
$4,442,000
Van Holland
186 Holland Rd · D10
4
4
1,435 sqft
$3,865,000
Wilshire Residences
30 Farrer Rd · D10
4
3
1,270 sqft
$3,556,000
Cairnhill 16
16 Cairnhill Rise · D9
4
5
1,744 sqft
$5,574,000
Leedon Green
32 Leedon Hts · D10
4
2
1,496 sqft
$4,487,000
Van Holland
186 Holland Rd · D10
4
4
1,345 sqft
$3,865,590
Leedon Green
26 Leedon Hts · D10
4
3
1,496 sqft
$5,088,000
One Pearl Bank
1 Pearl Bank · D3
4
3
1,399 sqft
$3,325,000
Treasure at Tampines
7 Tampines Lane · D18
4
3
1,238 sqft
$2,088,000
Treasure at Tampines
1 Tampines Lane · D18
4
3
1,281 sqft
$2,088,000
Riviere
1 Jiak Kim St · D3
4
4
2,002 sqft
$5,300,000
Riviere
1 Jiak Kim St · D3
4
3
1,249 sqft
$3,535,000
Kopar At Newton
4 Makeway Ave · D9
4
3
1,528 sqft
$3,967,000
Pullman Residences Newton
18 Dunearn Rd · D11
4
4
1,378 sqft
$4,411,000
Riviere
1 Jiak Kim St · D3
4
3
2,002 sqft
$5,331,000
One Pearl Bank
1 Pearl Bank · D3
4
3
1,432 sqft
$3,174,000
Riviere
1 Jiak Kim St · D3
4
4
2,002 sqft
$5,331,000
Treasure at Tampines
39 Tampines Lane · D18
4
2
1,270 sqft
$1,829,000
Avenue South Residence
9 Silat Ave · D3
4
3
1,496 sqft
$2,790,000
Cairnhill 16
16 Cairnhill Rise · D9
4
3
1,292 sqft
$3,679,000
One Pearl Bank
1 Pearl Bank · D3
4
3
1,399 sqft
$3,228,000
One Pearl Bank
1 Pearl Bank · D3
4
5
2,691 sqft
$8,646,000
One Pearl Bank
1 Pearl Bank · D3
4
4
1,399 sqft
$3,821,000
Sky Everton
50 Everton Rd · D2
4
3
958 sqft
$3,000,000
One Pearl Bank
1 Pearl Bank · D3
4
3
1,399 sqft
$3,820,000
One Pearl Bank
1 Pearl Bank · D3
4
5
2,626 sqft
$8,400,000
Pullman Residences Newton
18 Dunearn Rd · D11
4
3
1,378 sqft
$4,533,000
Kopar At Newton
4 Makeway Ave · D9
5
5
1,819 sqft
$4,411,000
Treasure at Tampines
39 Tampines Lane · D18
5
3
1,711 sqft
$2,402,000
Wilshire Residences
30 Farrer Rd · D10
5
4
1,270 sqft
$3,500,000
Sky Everton
50 Everton Rd · D2
5
6
1,819 sqft
$5,868,000
Parc Clematis
8F Jln Lempeng · D5
5
5
1,711 sqft
$3,000,000
Wilshire Residences
30 Farrer Rd · D10
5
4
1,270 sqft
To be confirmed
Kopar At Newton
4 Makeway Ave · D9
5
5
1,819 sqft
To be confirmed
Kopar At Newton
4 Makeway Ave · D9
6
5
3,251 sqft
To be confirmed
Sky Everton
50 Everton Rd · D2
5
5
1,819 sqft
$5,868,000
Kopar At Newton
6 Makeway Ave · D9
5
6
1,819 sqft
$4,304,000
Kopar At Newton
4 Makeway Ave · D9
5
5
1,819 sqft
$4,094,000
Sky Everton
50 Everton Rd · D2
5
5
1,819 sqft
$5,868,000
Kopar At Newton
4 Makeway Ave · D9
5
5
1,819 sqft
$4,075,000
Normanton Park
61 Normanton Pk · D5
5
4
1,615 sqft
$3,590,000
Sky Everton
50 Everton Rd · D2
5
5
1,819 sqft
$5,868,000
Normanton Park
49 Normanton Pk · D5
5
4
1,614 sqft
$3,588,000
Parc Clematis
8F Jln Lempeng · D5
5
5
1,711 sqft
$3,000,000
1953
1 Tessensohn Rd · D8
6
4
1,658 sqft
$3,000,000
1953
1 Tessensohn Rd · D8
5
3
1,507 sqft
$2,850,000
1953
1 Tessensohn Rd · D8
5
3
1,507 sqft
$3,000,000
Parc Clematis
8F Jln Lempeng · D5
5
6
3,466 sqft
$4,500,000
Kopar At Newton
4 Makeway Ave · D9
5
5
1,819 sqft
$3,725,100
Parc Clematis
8F Jln Lempeng · D5
5
5
1,711 sqft
$3,080,000
Normanton Park
55 Normanton Pk · D5
5
4
1,615 sqft
$3,600,000
Kovan Jewel
51 Kovan Rd · D19
5
3
1,991 sqft
$4,200,000
Les Maisons Nassim
14A Nassim Rd · D10
5
6
8,600 sqft
$55,000,000
Normanton Park
61 Normanton Pk · D5
5
4
1,615 sqft
$3,590,000
Pullman Residences Newton
18 Dunearn Rd · D11
6
5
2,045 sqft
$7,098,000
Normanton Park
45 Normanton Pk · D5
5
4
1,615 sqft
$3,588,000
Sky Everton
50 Everton Rd · D2
5
5
1,819 sqft
$5,860,000
Sky Everton
50 Everton Rd · D2
5
5
1,819 sqft
$5,868,000
Treasure at Tampines
1 Tampines Lane · D18
5
4
1,690 sqft
$2,680,000
One Pearl Bank
1 Pearl Bank · D3
5
5
2,626 sqft
$7,980,000
Kopar At Newton
4 Makeway Ave · D9
5
5
1,819 sqft
$4,050,000
Sky Everton
50 Everton Rd · D2
5
5
1,819 sqft
$5,868,000
Planning to sell your condo as a sub-sale? Let us help you get in touch with a property agent.
If you found this article helpful, 99.co recommends What hidden costs are there when selling your house? and 4 units at Reflections at Keppel Bay made a loss in January 2023, the biggest at S$1m.
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