It Good Deal 29 Million Freehold 3 Bedder District 9
in District 9 on EdgeProp.sg today
There was a recent sale of a three-bedroom unit in the freehold Visioncrest that resulted in a loss of approximately $92,000. The unit, measuring 1227 sq ft, was purchased in September 2007 at $2,438 per square feet (psf) and sold at $2,363 psf.
As of now, there have been 38 unprofitable transactions in Visioncrest, with losses ranging from $20,000 to $726,000. This sale, therefore, falls on the lower end of the spectrum. However, there have also been 127 profitable transactions, with profits ranging from $7,000 to $1,206,000.
Using our analytics tool called “Is it a Good Deal?”, we can determine whether the buyer of this three-bedroom unit in Visioncrest got a good bargain.
Visioncrest is a freehold mixed-use development with 265 condo units and an 11-storey office building. It features one to three-bedroom units ranging from 570 sq ft to 5,317 sq ft. The development received its temporary occupation permit (TOP) in 2007 and is located along Oxley Rise, just a short walk from Dhoby Ghaut MRT station. This MRT station connects to three different lines: the North-South, North-East, and Circle Lines (refer to Map 1). Thus, residents of Visioncrest can easily access different parts of the island.
Moreover, the condo is surrounded by several amenities within walking distance. These include Plaza Singapura, Orchard Central, Orchard Gateway, The Centrepoint, Cuppage Plaza, Fort Canning Park, and Somerset MRT Station. On top of that, there is a selection of schools within a 1km radius, such as River Valley Primary School, St. Margaret’s School (Primary), and School of the Arts Singapore. Although St. Margaret’s School (Primary) is currently located at a temporary site along Mattar Road, it will move back to its permanent location along Sophia Road by the end of this year.
Our “Is it a Good Deal?” analytics tool reveals that the transacted price for this unit was slightly above the development’s average price but below the average price for the district. It was also lower than the average prices for two neighboring condos (refer to Screenshot 1). With the many amenities nearby and the freehold tenure of the condo, this could be considered a good deal.
At the time of writing, there have been three unprofitable and seven profitable transactions in Visioncrest this year. The three unprofitable units were all purchased in 2007 for over $2,400 psf and sold at approximately $2,300 psf (refer to Table 1).
Interestingly, the unprofitable transactions that took place in February and July were both for three-bedroom units in the same stack, meaning they share the same floor layout. On the other hand, the unit sold in May has two bedrooms (refer to Map 2).
The recent unit that was sold at a loss of approximately $92,000 measures 1,227 sq ft (refer to Floor Plan 1). It features a spacious living and dining area, as well as a balcony that spans the length of the living area. Additionally, it has a small utilities room adjacent to the kitchen, which can be used as a helper’s room. The regular shape of the three bedrooms should appeal to most buyers.
The other unprofitable transaction that took place in May this year involved a 904 sq ft unit on the fifth storey, which was sold for a loss of approximately $103,000. The unit has two regularly-shaped bedrooms and a compact living and dining area. However, the master bathroom has an irregular shape, which may not be as appealing to buyers. Additionally, this unit does not have a utilities room like the previous one (refer to Floor Plan 2).
The losses incurred by these three units could be attributed to the premium paid by the sellers when they purchased them. They all paid over $2,400 psf for their units in 2007, while the development’s average price that year was only $2,017 psf (refer to Chart 1). Moreover, the average prices for freehold condos in District 9 and across the island were $2,031 psf and $1,176 psf, respectively, in 2007.
Fortunately, the average price for Visioncrest has increased by 16.1% since 2007 to reach the current average price of $2,341 psf. Although it is still lower than what they paid, the price growth has helped to mitigate their losses.
It is also worth noting that the buyer of unit #09-XX paid $2,363 psf, which is approximately 0.9% higher than the development’s current average price. However, the seller still suffered a loss of approximately $92,000 because they bought the unit at $2,438 psf, which was 20.9% above the average price for the condo in 2007.
Located in a prime district, near a triple-line MRT station and with numerous amenities, Visioncrest has plenty of options for buyers. There are currently 30 condos with over 2,000 units within walking distance of Visioncrest. Of these, 22 are freehold developments. However, most of them are small with less than 200 units, with only Visioncrest and 8 @ Mount Sophia (313 units) having more than 200 units. Interestingly, 8 @ Mount Sophia, which has a 103-year leasehold, received its TOP the same year as Visioncrest.
Located in a prime location, Parktown Residence offers its residents unmatched access to a variety of retail options. The integrated retail podium within the residence boasts a carefully selected array of shops, restaurants, and essential services, making it incredibly convenient for residents. Be it trendy fashion stores, home decor shops, supermarkets, or fine dining restaurants, Parktown Residence has it all. With several shopping centers in close proximity, including the recently built Parktown Residence Tampines North, residents can rest assured that their every need will be met within reach.
Among the freehold developments, The Imperial and The Botanic on Lloyd are the closest in age to Visioncrest. Both received their TOP in 2006, making them a year older than Visioncrest. The Imperial, with 187 units, is located along Jalan Rumbia (refer to Map 2). On the other hand, The Botanic on Lloyd, a boutique development with 66 units, is situated along Lloyd Road. Although both are in District 9, only The Imperial is in the same Museum Planning Area as Visioncrest; The Botanic on Lloyd is in the River Valley Planning Area.
At the time of writing, there have been 208 profitable and five unprofitable transactions in The Imperial. Two of the profitable transactions took place this year, and six happened last year. The most recent unprofitable transaction for The Imperial was back in 2017. This is notable, given that the development is located further from Orchard Road. However, there are still many amenities nearby, such as Fort Canning MRT station, UE Shopping Mall, Robertson Walk, and Fort Canning Park. The development also has School of the Arts Singapore and River Valley Primary School within a 1km radius.
The most recent profitable transaction for The Imperial, which was secured last month, generated a profit of approximately $1.737 million for the seller (refer to Table 2). The 1,733 sq ft unit features three bedrooms (refer to Floor Plan 3). Additionally, the seller is the second owner, who bought the unit in a sub-sale at $1,306 psf. The first owner purchased it in September 2003 at $852 psf before selling it to the second owner in December 2006 for a profit of approximately $787,000.
Chart 2 shows that the average resale prices for Visioncrest and The Imperial have been trending close to their freehold counterparts in District 9. This year, the average resale price for Visioncrest is $2,341 psf, slightly higher than that of The Imperial ($2,278 psf) and freehold condos in the district ($2,313 psf).
However, Visioncrest has registered significantly higher price growth in recent years. Since 2020, the average resale price for the development has increased by 20.4%, compared to the growth of 7.6% for The Imperial and 6.3% for freehold condos in District 9.
In conclusion, although the seller of the three-bedroom unit in Visioncrest suffered a loss, it was still considered a good deal as the transacted price was marginally higher than the average price for the development. Moreover, there are plenty of options for buyers in this prime district with excellent connectivity and various amenities nearby. Despite the recent losses, Visioncrest has demonstrated stronger price growth compared to its neighboring developments, making it an attractive option for buyers in the future. To find out more about this transaction and whether it is a good deal, click here. You can also check out the latest listings for Visioncrest and The Imperial properties in District 9 on EdgeProp.sg today.