Last month, a five-bedroom unit at Hundred Palms Residences was sold for $3.059 million ($2,001 psf). The seller made a profit of $1.738 million, which is a record high for the 99-year leasehold executive condo (EC). The unit, measuring 1,528 sq ft, was originally purchased from the developer in July 2017 for $1.321 million ($864 psf).
We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of the spacious unit secured a good deal.
Located in District 19
Hundred Palms Residences is an EC located along Yio Chu Kang Road in District 19. The 99-year leasehold EC obtained its temporary occupation permit (TOP) six years ago in 2019. As such, owners would have fulfilled their minimum occupation period (MOP) of five years and are now allowed to sell their units.
EC owners can sell their unit only after meeting the five-year MOP requirement, which is calculated from the TOP date. However, they are only permitted to sell to Singaporeans or Singapore permanent residents (PRs) at the five-year mark. Once the EC reaches the 10-year mark from TOP, owners may sell their units to any buyer, including foreigners.
Hundred Palms Residences comprises 531 units comprising three- to five-bedroom units that range in size from 883 sq ft to 1,636 sq ft. All units were sold out on launch day in July 2017, with the developer receiving more than 2,000 e-applications.
Amenities within walking distance include Hougang 1, Rosyth School, and Bowen Secondary School. Other schools within a 1km radius include Hougang Primary School, Xinmin Primary School, Hougang Secondary School, and Xinmin Secondary School (see Map 1).
Source: EdgeProp LandLens (as at 7 April 2025)
Our tool also indicates that the 99-year leasehold EC has a long remaining lease of 90 years, as the development’s land lease commenced in 2016.
The main drawback of Hundred Palms Residences is the lack of nearby completed MRT stations (see Screenshot 1). The upcoming Serangoon North MRT Station on the Cross Island Line is slated for completion in 2030. However, the station will be more than 800m away.
Source: EdgeProp Is it a Good Deal (as at 7 April 2025)
The transacted price of $2,001 psf is also above the average prices for both Hundred Palms Residences and District 19 (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 7 April 2025)
Nine transactions yielding profits of over $1 million
Thus far, Hundred Palms Residences has recorded 38 profitable transactions, with profits ranging from approximately $548,000 to $1.738 million. Of these, only nine have yielded profits exceeding $1 million, with the subject unit topping the chart at $1.738 million (see Table 1). It is also the first transaction for the EC to cross the $2,000 psf threshold.
The seller had purchased the unit from the developer in July 2017 for $1.321 million ($864 psf) and sold it last month for $3.059 million ($2,001 psf), resulting in a profit of $1.738 million.
Source: EdgeProp Buddy (as at 7 April 2025)
The subject unit is a five-bedroom apartment located on the 13th storey. The 1,528-sq ft unit features two en-suite bedrooms, three additional bedrooms, and a common bathroom. It is ideal for multi-generational families, as the en-suite bedrooms can be occupied by grandparents and parents, while the remaining bedrooms are occupied by the children.
The unit also features a living room with high ceilings. Additionally, it has two balconies. One balcony is accessible from the master bedroom and the other from the living area and Bedroom 4. There is also a yard area, a utility room, and a washroom located in the kitchen (see Floor Plan 1).
Source: EdgeProp Research
Interestingly, the second most profitable transaction involves a unit on the fifth storey, which is from the same stack as the most profitable unit and therefore shares the same layout and size.
The seller of the fifth-storey unit also purchased it from the developer in July 2017, but at a lower price of $1.233 million ($807 psf). In February, the unit was sold for $2.718 million ($1,778 psf). Despite the lower purchase price, the seller earned a lower profit of $1.485 million due to the lower selling price.
Both sellers likely benefited from the overall price growth of Hundred Palms Residences. The average price for the EC has more than doubled, from $842 psf in 2017 to $1,776 psf this year (see Chart 1). Furthermore, both units were sold at prices above the EC’s average, especially the 13th-storey unit, which fetched the highest recorded price. The higher transacted prices could be attributed to the limited number of five-bedroom units. There are only 30 such units out of the 531 in the development. Additionally, Hundred Palms Residences is the only EC in the vicinity.
Source: EdgeProp Market Trends (as at 7 April 2025)
Only EC within a 1km radius
There are no other ECs within a 1km radius of Hundred Palms Residences. However, there are four 99-year leasehold condominiums within the same distance, namely, the 580-unit Regentville, 1,012-unit Affinity at Serangoon, 18-unit Parkwood Residences, and 414-unit Terrasse (see Map 2). Affinity at Serangoon also has 40 landed units.
Of the four, only Regentville is located within a 500m radius. It is also the oldest development, having obtained its TOP in 1999, followed by Terrasse, which received its TOP in 2014. Both Parkwood Residences and Affinity at Serangoon obtained their TOP in 2023.
Source: EdgeProp LandLens (as at 7 April 2025)
However, if the radius is expanded to 2km, there are three completed ECs and seventeen 99-year leasehold condominiums. The ECs within this distance are the 573-unit Esparina Residences, 700-unit The Topiary, and 496-unit Parc Greenwich (see Map 3).
Esparina Residences and The Topiary are older than Hundred Palms Residences, having obtained their TOP in 2013 and 2016, respectively. In contrast, Parc Greenwich is significantly newer, having obtained its TOP last year.
Source: EdgeProp LandLens (as at 7 April 2025)
Esparina Residences is located along Compassvale Bow in District 19. It is located across the road from Buangkok MRT Station and Sengkang Grand Mall. It is also within a 1km radius of five primary schools, namely Montfort Junior School, North Vista Primary School, Palm View Primary School, Punggol Primary School, and Yio Chu Kang Primary School.
The Topiary and Parc Greenwich are located adjacent to each other along Fernvale Lane in District 28. Although Greenwich V is within walking distance, there are no MRT stations nearby. Fernvale LRT Station is approximately 800m away, while Fernvale Primary School and Sengkang Green Primary School are within a 1km radius.
Price trending higher than nearby ECs
The average price for Hundred Palms Residences ($1,776 psf) is higher than that of Esparina Residences ($1,580 psf) and The Topiary ($1,450 psf) (see Chart 2). This could be because Hundred Palms Residences is the youngest of the trio. Parc Greenwich is excluded from the comparison, as the required MOP of five years prevents owners from selling their units in the resale market.
Despite having the lowest average price, The Topiary (14.6%) experienced the highest price growth since 2023, compared to Hundred Palms Residences (8.9%) and Esparina Residences (5.2%).
Source: EdgeProp Market Trends (as at 7 April 2025)
The average resale price of Hundred Palms Residences ($1,776 psf) is also trending above that of ECs aged 10 years and below in District 19 ($1,719 psf) and islandwide ($1,571 psf) (see Chart 3). Thus far this year, 33 transactions have taken place for Hundred Palms Residences, the most among all ECs islandwide.
Despite having the highest average resale price, Hundred Palms Residences has experienced slower price growth of 8.9% since 2023, compared to ECs of a similar age in District 19 (20%) and islandwide (20.6%).
Source: EdgeProp Market Trends (as at 7 April 2025)
Fewer million-dollar profits for Esparina Residences
Since its launch, Esparina Residences has recorded 344 profitable transactions, with profits ranging from approximately $20,000 to $1.335 million. Thus far, only eight transactions have yielded profits of at least $1 million (see Table 2), lower than the nine recorded for Hundred Palms Residences.
Source: EdgeProp Buddy (as at 7 April 2025)
Of the eight transactions that yielded million-dollar profits, only one was concluded this year. The seller purchased the unit on the 18th storey from the developer in December 2010 for $918,000 ($547 psf) and sold it last month for $2.1 million ($1,251 psf), resulting in a profit of $1.182 million.
The unit is a duplex penthouse that measures 1,679 sq ft. It features an en-suite master bedroom, two additional bedrooms, and a common bathroom (see Floor Plan 2). The unit also has a balcony accessible from the living area and two of the bedrooms. The sizable balcony can be used as outdoor dining space if the occupants wish to have a larger living area. The entire upper level of the unit comprises a roof terrace, which would be an ideal garden for occupants with green thumbs.
Source: EdgeProp Research
The transaction that yielded the record-high profit of $1.335 million for Esparina Residences took place in November 2023, when the seller sold the unit on the 14th storey for $2.4 million ($1,756 psf). The seller had purchased the unit from the developer in December 2010 for $1.065 million ($779 psf) (see Table 2). Notably the record-high profit for Esparina Residences is significantly lower than the record-high profit of $1.738 million for Hundred Palms Residences.
The unit measures 1,367 sq ft and comprises an en-suite master bedroom, three additional bedrooms, and a common bathroom (see Floor Plan 3). It also features dry and wet kitchens, as well as a utility room and washroom near the wet kitchen. Additionally, there is a balcony that spans the width of the living/dining area.
Source: EdgeProp Research
Notably, both sellers of the profitable units in Esparina Residences purchased their units in 2010 and sold them recently. Similar to Hundred Palms Residences, the sellers benefited from the overall price growth of Esparina Residences. The average price for the EC more than doubled, from $749 psf in 2010 to $1,502 psf in 2023, and $1,580 psf this year (see Chart 4).
Source: EdgeProp Market Trends (as at 7 April 2025)
Conclusion
Last month’s transaction for Hundred Palms Residences not only yielded the highest profit for the EC, but it also marked the first transaction to cross the $2,000 psf threshold. Notably, the average resale prices for Hundred Palms Residences, as well as ECs of similar age in District 19 and islandwide, are significantly below this threshold.
Buyers might also want to note that there is a mall and a primary school within walking distance of Hundred Palms Residences, but there are no MRT stations within the same distance. The upcoming Serangoon North MRT Station will be the nearest station upon its completion in 2030, but it will not be within walking distance.
However, Hundred Palms Residences is the only EC in the vicinity. Hence, buyers who are keen to live in an EC in the area may have limited options. Furthermore, the subject unit has five bedrooms, which is a rare find in the neighbourhood.
To learn more about this transaction, and whether it is a good deal, click here.
