Glendale Park Dec 2024 Update

 

Latest transaction in Dec showed a same size low floor unit transacting at S$1790 psf. Another all time high.

Compared with my purchase of $1,147 psf in 2019 that's S$664,219 of total capital gain excluding rental gains. This in percentage term equates to 56.05% capital gain since 2019.

This unit of mine has been rented out since 10th May 2019 till now. Lets break down the gross rental in totality till end of latest tenancy:

10th May 2019 to 23rd March 2020: S$21,000 (S$2,100 per mth)

23rd March 2020 to 22nd March 2021: S$27600 (S$2,300 per mth)

1st April 2021 to 9th July 2021: S$9,200 (S$2,400 per mth)

9th July 2021 to 8th July 2023: S$62,400 (S$2,600 per mth)

9th July 2023 to 8th July 2025: S$88,800 (S$3,700 per mth)

Total gross rental since inception: S$209,000

Total net rental (12% property tax): S$183,920

Total capital gain + net rental: S$848,139

I repriced my home loan on 1st Feb 2021 to a 5 years Fixed 1.5% package. Which means it will end in 1st Feb 2026. Still sometime to go, total loan is now below 400k. I can pay it off but since the rate is so low, will decide nearing the end of the package.

I try to always have a step up in rental after every tenancy renewal. The latest two years tenancy had a jump due to a surge in ocr rental index. Latest rental transactions for my unit size ranges from 3,600 to 4,200. This means the rental market is still robust, which also means potential step up in rental after the tenancy ends next year. Net rental yield to my cost is ard 3.3% pa(higher than Tbill). See how it goes.

Glendale Park Feb 2024 Update

 

Latest February 2024 transaction showed a same size 1,033 sq ft unit changed hands for $1,723 psf which is another all time high. Compared with my purchase $psf of $1,147 in 2019 that's S$595,008 of total capital gain excluding rental gains. This in percentage term equates to 50.22% capital gain since 2019.

Even when the government is pushing for an oversupply discount in Singapore residential market, I suspect the inflow of foreign buyers from HK and China coupled with the drastic price difference between resale and new launch are still attracting higher $psf for resale market especially OCR region.

Increased property tax, MCST and income tax may also be forcing landlord to increase rental and hence driving up the rental yield, causing the asset price to further increase.

Rental quantum for my unit size(1,033 sq ft) is ranging between 3.9k to 4.2k per month now. Which means I may have room to increase my rental(3.7k) when my tenancy is over. See how it goes.

Another perk that I have never mentioned about Glendale Park is its 400m proximity to CHIJ Our Lady Queen Peace. Which is a government aided school. It offers Higher Chinese/Malay/Tamil to Primary 3 students onwards. CHIJ OLQP also has an affiliation to CHIJ Saint Theresa's Convent, which is a government-aided Catholic girls' secondary school.

This means, besides the freehold status, the MRT and mall proximity, Glendale also has a school effect for parents who wants to send their kids to an all girls government aided school with affiliation.

Glendale Park May 2023 Update

 

Tenancy agreement signed, spent $800 to replace the original defective hob. Besides that no other repairs before the 2 years tenancy starts. Its a 3 burner hob from Mayer with a 2 years guarantee. 

Month of April 2023, rental range for 2 bedroom is 3.5k to 4.5k. I am guessing there is a premium to fully furnished or complete renovated units compared to unfurnished original condition ones. The majority of transactions though is still at the high 3k range. 

For the month of May 2023, another all time high transacted psf done at S$1,628. Means ytd Glendale has increased from $1,562 psf(price from end of last year) to current S$1,628 which is a 4.22% increase(S$68,178) ytd. 

Since inception(2019) in terms of capital appreciation basing on our purchase price of S$1,147 psf, is S$496,873 which is around 42% gain. Total gain(capital appreciation + net rental): S$614,853(51.9%)

The capital gain potential for Hillview area is very dependent on the new launches around the area. Have to wait and see, but from what I can perceive, I doubt the reception will be as frenzied as last year.