THE recovery of Singapore's property market since 2009 has been a welcome fillip for the wallets of private home owners.
Based on caveats lodged, private residential home owners pocketed at least $20.3 billion in gross profit since the sector recovered in late 2009, explaining robust developer sales of around $60.1 billion in the period, according to a report by Square Foot Research.
The report also noted that actual profit figures would have been higher as gains from collective sales were not factored into the profit calculations, among various things.
But overall profitability has fallen since the first half of last year - when home owners pocketed more than $4 billion in profit - to $3.2 billion in the second half of 2011 and $2.7 billion in the first half of this year.
Similarly, the percentage of unprofitable transactions in the secondary market has also crept up slightly from one per cent in the latter half of 2011 to 2 per cent during the first half of this year.
But it's not all bad news now, pointed out Square Foot Research.
For one thing, average profitability per transaction in the secondary market registered a new high of $522,056 in the first half of this year, a near-doubling from the $288,991 recorded in H2 2009.
Notably, the top five most profitable secondary market projects in the first six months of this year comprised the likes of Serangoon Garden Estate (most profitable with $59 million in profit realised), The Quintet, Frankel Estate, Seletar Hills Estate and Trevista, according to data from URA and Square Foot Research.
On the flip side, the five most unprofitable projects in the same period included developments such as Reflections at Keppel Bay (the most unprofitable project, where a total loss of $7.4 million was realised), St Regis Residences, Latitude, CityVista Residences and Duchess Residences.