Serious Nearly 99% Of Sinkies Who Flip EC Condos First Time Make $300k Profit Average! Majulah PAP!

[JohnTan]

EDGEPROP (SINGAPORE) - According to a market report by real estate agency OrangeTee & Tie (OTT), nearly 99% of first-time resale executive condominium (EC) units raked in an average gross profit of about $300,000 when they first changed hands on the secondary market.

This analysis is based on a sampling of 4,266 EC units and was calculated by matching URA new sale caveats between January 2007 and August 2022 with the resale caveats of the matching units. About 4,000 of these sampled units were sold less than 10 years from the initial date of purchase.

Based on research by OTT, this means that about 4,263 first-time resale EC units earned their sellers profits of about $300,000. Of this number, 294 EC units yielded a gross profit of at least $500,000 each.

The EC unit that holds the record profit is a 3,864 sq ft unit on the 15th floor of Citylife @ Tampines. The unit had been bought for $1.91 million ($495 psf) in 2013 and fetched $3.29 million ($851 psf) when it first changed hands last year. This translates to a profit of $1.37 million.

This is followed by the sale of a 2,799 sq ft unit on the 21st floor of The Quintet in Yew Tee. This unit had been bought for $962,100 ($344 psf) in 2007, and eventually changed hands for $1.98 million ($707 psf) when it was sold in 2013. This translates to a profit of $1.02 million.

OTT also notes that larger-sized EC units tend to yield higher profits compared to smaller-sized EC units. The report states that 2,717 units that range from 800 to 1,200 sq ft yielded an average gross profit of $268,493. Meanwhile, EC units of 1,200 to 1,600 sq ft yielded an average gross profit of $362,997.

The very largest EC units of more than 1,600 sq ft raked in an average gross profit of $455,207 each.

OTT says that the median resale price of resale ECs is climbing faster than the sales price of new EC units. The median price of EC units on the secondary market grew 30.3% from $856 psf in 2019 to $1,115 psf over the first eight months of this year (8M2022).

https://www.edgeprop.sg/property-ne...ake-average-gross-profit-300000-orangetee-tie

 

[countryman]

If u flip your EC n make 400k, you'll have to downgrade to HDB pigeon hole again to see the money... Are u willing to give up that lifestyle? I presume it's 50/50...

 

[face the facts]

dont talk cock lah, sell at 1 million have to buy back same at maybe higher if not stay where?
downgrade to 2 rm flat is it?

all this flipping prata is just making future young locals become slaves

 

[NanoRay]

The real flippers are Jiuhu PR in Singapore.

 

[maxxi]

Tampines St 32 EA bought 198k.Sold 950k.

 

[oliverlee]

Lan jiao lah where got so much. So much depends on your location and size of unit. A 2 bedder could never fetch as great a margin as a dual key or 4 bedder. Context is key

 

[sweetiepie]

KNN my uncle say lansai lah KNN as a general rule of thumb and leegardless of when or which year you flipped it the rule is 100k profit for each downsized of 1 room KNN sell high of course buy high KNN Unless you move from mature to non mature estate then add another 100k for the downsizing KNN

 

[ginfreely]

Wow I feel so clever so smart so wise to make $300k profit - for the Spore condo that I bought and sold - without a cent of subsidy or stamp duty rebate or RPGT exemption or whatever from Spore or Malaysia government.

 

[ginfreely]

Wow I feel so clever so smart so wise to make $300k profit - for the Spore condo that I bought and sold - without a cent of subsidy or stamp duty rebate or RPGT exemption or whatever from Spore or Malaysia government.

And without goodie of 90% loan from Singapore or Malaysia banks.

 

[JohnTan]

dont talk cock lah, sell at 1 million have to buy back same at maybe higher if not stay where?
downgrade to 2 rm flat is it?

all this flipping prata is just making future young locals become slaves

Easy. Sell for 1 million, profit $300k.

Buy condo or HDB at suburban areas like Choa Chu Kang, Punggol or Bedok at $500k or less.

 

[ginfreely]

Wow I feel so clever so smart so wise to make $300k profit - for the Spore condo that I bought and sold - without a cent of subsidy or stamp duty rebate or RPGT exemption or whatever from Spore or Malaysia government.

Oh it’s not my sole effort and sole profit lah because it’s my ex matrimonial home. Half of 300k to be precise. Seriously I miss those days can buy 1200 sf brand new condo for half a million.

 

[rushifa666]

So i would sink in 1 mil for 7 to 8 years to make 300k. Sinkies are dumber than pigs? No wonder cant retire

 

[ginfreely]

Oh it’s not my sole effort and sole profit lah because it’s my ex matrimonial home. Half of 300k to be precise. Seriously I miss those days can buy 1200 sf brand new condo for half a million.

But same same lah for those ECs making 300k, definitely not sole profit too since need to qualify as hdb family unit to be able to buy.