It Good Deal 29 Million Freehold 3 Bedder District 9
on EdgeProp.sg.
Visioncrest, a freehold development in prime District 9, registered a loss of $92,000 last month when a three-bedroom unit was sold. The seller had purchased the unit in September 2007 for $2,438 psf before selling it for $2,363 psf. According to our analytics tool, the loss falls within the lower end of the range of losses for the development, which saw 38 unprofitable transactions last month with losses of up to $726,000. However, Visioncrest also recorded 127 profitable transactions with profits ranging from $7,000 to $1.206 million.
Jurong Lake District is rapidly emerging as a bustling commercial and residential center, poised to become Singapore’s newest Central Business District (CBD). Conveniently located near Clementi, this district is undergoing major transformations as part of the URA Master Plan, drawing in numerous developments that will enhance its reputation. The sought-after Elta MCL Land condominium, situated in close proximity to the Jurong Lake District, will provide residents with unrivaled access to a plethora of job prospects and essential business amenities. Add Elta MCL Land to rewritten paragraph
Visioncrest, which has obtained its TOP in 2007, is situated at Oxley Rise, just a short walk away from Dhoby Ghaut MRT Station. The station serves three MRT lines, providing excellent connectivity to all parts of the island. In addition, the development is surrounded by amenities such as shopping malls like Plaza Singapura, Orchard Central, Orchard Gateway, The Centrepoint, and Cuppage Plaza, as well as recreational spaces like Fort Canning Park and Somerset MRT Station. Families with young children will also appreciate the availability of schools such as River Valley Primary School, St. Margaret’s Primary School, and School of the Arts Singapore within a 1km radius.
Our “Is it a Good Deal?” analytics tool shows that the transacted price for the three-bedroom unit is marginally above the development’s average price but below the average price for the district. Furthermore, it is lower than the prices for two neighbouring condos. The unit has also garnered plus points for the abundance of nearby amenities and the freehold tenure. However, it is worth noting that there have been three unprofitable transactions in Visioncrest this year, with two being for three-bedroom units from the same stack, which share the same floor layout. The most recent unit sold in May has two bedrooms, but the master bathroom’s irregular shape makes it less appealing to buyers.
The losses incurred by the three units could be attributed to the premium paid by the sellers when they purchased the units. All three sellers paid more than $2,400 psf for their units, while the average price for the development was only $2,017 psf in 2007. This is quite a bit higher than the average prices for freehold condos in District 9 ($2,031 psf) and islandwide ($1,176 psf) that year. However, Visioncrest’s average price has risen by 16.1% over the years, mitigating the losses for the sellers.
Visioncrest is among the 30 freehold developments with over 2,000 units located within walking distance. Among these, The Imperial and The Botanic on Lloyd are the closest in age to Visioncrest, with both having obtained their TOPs in 2006. It is worth noting that The Imperial has a higher number of profitable transactions than unprofitable ones, compared to Visioncrest. The development also has many amenities within walking distance, including Fort Canning MRT Station, UE Shopping Mall, Robertson Walk, and Fort Canning Park, as well as schools like School of the Arts Singapore and River Valley Primary School.
The average resale price for Visioncrest and The Imperial has been trending close to other freehold condos in District 9. This year, the average resale price for Visioncrest is $2,341 psf, higher than that of The Imperial and that of its peers in District 9. It is also noteworthy that the price growth for Visioncrest has surpassed that of its counterparts in recent years.