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|January 22,2025Resale Condo Market Performance in 2024
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The resale condo market momentum picked up significantly in 2024, recording better sales activity compared with the previous year. Caution prevailed over the market throughout the year, with buyers reeling from the elevated interest rates, muted global economic growth, as well as the higher stamp duty rates being levied on investors and foreign buyers. In 2024, over 12,100 condo units changed hands in the resale market compared with the 10,200 resale condo units sold in 2023. Resale prices in 2024 continued to rise over the past year. The average price of resale non-landed private homes came in at $1,708 psf in 2024, up by 5% from $1,626 psf in 2023.
PropNex looked at the most profitable condominium projects and districts in the resale market in 2024, ranking the top 10 best-performing projects and districts according to their gross profits. First, some details about the methodology which entails a comparison of resales caveats. The gains garnered for the units were derived by matching the condo resale transactions in 2024 with their previous purchase prices according to caveats lodged. The average profit was then computed on a project basis or district basis.
City Fringe condo projects dominate top 10 gainers list
In a ranking of the average profit, the top 10 projects in 2024 were made up of Rest of Central Region (RCR) and Outside Central Region (OCR) projects - there was only one Core Central Region (CCR) projects in the top 10 list (see Table 1).
The top 10 most profitable projects had average profits ranging from $520,000 to $1 million. The projects on the list were mostly newer developments projects. Unsurprisingly, most of the projects that made the top 10 list are developments that have desirable locational or physical attributes, such as being in the city or city fringe (Trevista, D'leedon, The Interlace), next to a waterbody (Silver Sea, Carribean at Keppel Bay) or close to an MRT station (Costa Del Sol, The Panorama).
Table 1: Top 10 resale condo projects^ in terms of average gross profit*
Project Name | Year Completed | Region | Resale Volume | 2024 Average Resale Pricing ($PSF) | Average Profit gained per resale transaction^ | Average Annualized Profit* |
| TREVISTA | 2011 | RCR | 31 | $1,845 | $1,001,663 | 4.72% |
| COSTA DEL SOL | 2003 | OCR | 39 | $1,740 | $906,965 | 4.12% |
| CARIBBEAN AT KEPPEL BAY | 2004 | RCR | 37 | $1,848 | $765,765 | 3.11% |
| THE INTERLACE | 2013 | RCR | 47 | $1,619 | $686,678 | 3.72% |
| THE PANORAMA | 2017 | OCR | 38 | $1,974 | $644,997 | 5.40% |
| SILVERSEA | 2014 | RCR | 30 | $2,099 | $609,100 | 4.00% |
| THE MINTON | 2013 | OCR | 65 | $1,490 | $595,293 | 5.33% |
| D'LEEDON | 2014 | CCR | 64 | $1,966 | $583,505 | 2.96% |
| A TREASURE TROVE | 2015 | OCR | 47 | $1,503 | $525,038 | 5.03% |
| BARTLEY RIDGE | 2016 | RCR | 42 | $1,860 | $520,733 | 4.50% |
The most profitable project, Trevista, a city fringe condominium project in Balestier, Toa Payoh (District 12), recorded 31 resale transactions in the year, achieving gains of $1 million in excess on average for each transaction. The project is conveniently located within walking distance to the Braddell MRT station. It is also close to schools such as CHIJ School (Primary and Secondary, Toa Payoh), Kheng Cheng School, and Pei Chun Public School. Meanwhile, amenities nearby include the commercial centre at Toa Payoh Central, Toa Payoh West Community Centre and Toa Payoh West Market and Food Centre.
Suburban condo projects dominate top 10 most popular projects
With new benchmark prices for new launches, buyers continued to dip into the resale market to purchase homes. In 2024, by ranking the projects in terms of resale volume, the top 10 transacted projects comprised of only OCR projects (see Table 2). Many of these projects are almost brand new and are mostly in good physical condition - a plus for owner occupiers looking to move in quickly.
In terms of gains, these projects pale in comparison to the top 10 most profitable projects (in Table 1 above), since many of them were recently-built and have been bought at higher entry prices than the older projects. Also, most of them likely had relatively shorter holding periods, which offered a shorter runway for values to appreciate.
Table 2: Top 10 resale condo projects^ in terms of number of units transacted
Project Name | Year Completed | Region | Resale Volume | 2024 Average Resale Pricing ($PSF) | Average Profit gained per resale transaction^ | Average Annualized Profit* |
| TREASURE AT TAMPINES | 2023 | OCR | 210 | $1,699 | $290,973 | 5.65% |
| HIGH PARK RESIDENCES | 2019 | OCR | 88 | $1,558 | $393,049 | 5.54% |
| THE TAPESTRY | 2021 | OCR | 81 | $1,678 | $236,891 | 3.84% |
| THE GARDEN RESIDENCES | 2021 | OCR | 74 | $1,806 | $186,651 | 3.27% |
| KINGSFORD WATERBAY | 2018 | OCR | 73 | $1,446 | $141,850 | 2.34% |
| THE MINTON | 2013 | OCR | 65 | $1,490 | $595,293 | 5.33% |
| BOTANIQUE AT BARTLEY | 2019 | OCR | 58 | $1,893 | $450,390 | 4.92% |
| PARC BOTANNIA | 2022 | OCR | 56 | $1,614 | $221,980 | 3.73% |
| WHISTLER GRAND | 2022 | OCR | 53 | $1,881 | $341,734 | 5.34% |
| PARC RIVIERA | 2019 | OCR | 52 | $1,652 | $302,913 | 4.23% |
The top-selling resale project was Treasure at Tampines - a mega-condominium development in the OCR, that was recently completed in 2023. The project shifted a whopping 210 units on the resale market in 2024. The resale units that were sold in 2024 enjoyed average gains of nearly $291,000 per transaction and average gains of 5.65% per year.
The second top selling project was High Park Residences, a fairly new project that was completed in 2019. The project in District 28 sold 88 units on the resale market in 2024, with average gains of nearly $393,000 or average annualised gains at 5.54% per year.
More suburban districts posting better gains in 2024
On a district level, the Central Region pulled in bigger gains in terms of profit quantum. By ranking of the gross profit, the top 10 districts comprised of projects around the island - of note, more suburban districts, D5 (Pasir Panjang, Clementi), D26 (Upper Thomson) and D22 (Boon Lay, Jurong) made the top 10 rankings (see Table 3).
Table 3: Top 10 districts for resale condo transactions in 2024 by gross gains*
District | Number of Units | Average Gains | Average Annualised Gains (%)# |
| D10 / Ardmore, Bukit Timah, Holland Road, Tanglin | 598 | $867,748 | 3.01% |
| D26 / Upper Thomson, Springleaf | 72 | $756,421 | 5.18% |
| D21 / Upper Bukit Timah, Clementi Park, Ulu Pandan | 352 | $756,364 | 4.50% |
| D11 / Watten Estate, Novena, Thomson | 283 | $751,259 | 3.22% |
| D15 / Katong, Joo Chiat, Amber Road | 947 | $748,622 | 4.35% |
| D20 / Bishan, Ang Mo Kio | 432 | $643,079 | 4.79% |
| D22 / Boon Lay, Jurong | 248 | $543,531 | 4.18% |
| D16 / Bedok, Upper East Coast, Eastwood, Kew Drive | 589 | $519,063 | 3.93% |
| D05 / Pasir Panjang, Hong Leong Garden, Clementi New Town | 577 | $506,216 | 3.78% |
| D09 / Orchard, Cairnhill, River Valley | 542 | $494,612 | 1.97% |
District 10 was the most profitable district in 2024, where a number of transactions fetched eye-watering gains. Projects located in prestigious neighbourhoods such as Ardmore Park and Balmoral had helped to boost the average profit in the district. In 2024, 598 homes in District 10 were sold on the resale market, with an average profit of nearly $870,000 per transaction.
Meanwhile, the second most profitable district was District 26 (Upper Thomson, Springleaf), where 72 homes were transacted for an average profit of more than $750,000 per transaction. A number of condominium projects in the Lentor area have garnered decent gains due to the launch of several new projects in the Lentor Hill estate have helped to boost prices of resale projects in the vicinity.
Coming in at third place, District 21 (Upper Bukit Timah) achieved over 700 resale condo transactions, with an average gross profit of more than $750,000 per transaction. A number of condominium projects along Bukit Timah Road have garnered decent gains - finding favour with buyers who like the city fringe location, and proximity to good schools.
Most profitable individual transactions in 2024
Table 4: Top 5 transactions by profit quantum by region in 2024
Project Name | Unit Number | Transacted Price ($) | Profit ($) | Annualized Profit (%) | Sale Date | Tenure | Year Completed | Postal District | Planning Area |
Core Central Region (CCR) | |||||||||
| GOODWOOD RESIDENCE | 26-XX | 12,900,000 | 7,066,041 | 2.9% | 16-Feb | Freehold | 2001 | 10 | Newton |
| NASSIM PARK RESIDENCES | 18-XX | 12,000,000 | 6,800,000 | 3.6% | 24-Jul | Freehold | 2001 | 10 | Newton |
| BISHOPSGATE RESIDENCES | 13-XX | 8,600,000 | 6,720,000 | 6.0% | 12-Aug | Freehold | 1986 | 9 | River Valley |
| NASSIM PARK RESIDENCES | 15-XX | 12,500,000 | 6,500,000 | 4.4% | 22-Apr | Freehold | 2001 | 10 | Newton |
| SKYLINE @ ORCHARD BOULEVARD | 05-XX | 9,150,000 | 5,470,000 | 3.3% | 15-Jul | Freehold | 1983 | 10 | Tanglin |
Rest of Central Region (RCR) | |||||||||
| JADESCAPE | 23-XX | 10,150,000 | 4,350,000 | 12.1% | 9-Dec | 99 years leasehold | 2022 | 20 | Bishan |
| THE PEAK | B1-XX | 8,300,000 | 4,000,000 | 3.9% | 4-Apr | Freehold | 1988 | 5 | Queenstown |
| THE SOVEREIGN | 15-XX | 8,600,000 | 4,000,000 | 4.5% | 20-Jun | Freehold | 1993 | 15 | Marine Parade |
| PANDAN VALLEY | 16-XX | 5,400,000 | 3,670,000 | 5.0% | 8-Apr | Freehold | 1978 | 21 | Bukit Timah |
| PEACH GARDEN | 06-XX | 5,100,000 | 3,500,000 | 5.1% | 21-Feb | Freehold | 1975 | 15 | Marine Parade |
Outside Central Region (OCR) | |||||||||
| GRAND DUCHESS AT ST PATRICK'S | 05-XX | 5,530,000 | 3,701,960 | 6.6% | 20-May | Freehold | 2010 | 15 | Bedok |
| OCEAN PARK | 17-XX | 4,150,000 | 3,100,000 | 6.6% | 8-Nov | Freehold | 1984 | 15 | Bedok |
| PARC PALAIS | 09-XX | 4,100,000 | 2,900,000 | 5.7% | 22-Oct | Freehold | 1999 | 21 | Bukit Batok |
| OCEAN PARK | 20-XX | 5,600,000 | 2,570,000 | 4.5% | 15-Aug | Freehold | 1984 | 15 | Bedok |
| GRAND DUCHESS AT ST PATRICK'S | 04-XX | 3,880,000 | 2,482,520 | 5.9% | 7-Nov | Freehold | 2010 | 15 | Bedok |
In 2024, the most profitable resale condo transaction was for a 26th-floor unit at Goodwood Residence which went for $12.9 million in February and sold for an eye-watering profit of $7 million in excess. This transaction is also the most profitable deal for the CCR (see Table 4).
Over at the city fringe, the most profitable resale unit sold in 2024 was a 23rd-storey unit at Jadescape, which fetched $10.15 million in December and sold for a tidy profit of $4.35 million.
In the suburbs, the most profitable resale condo unit was found at Grand Duchess at St Patrick, a development that blends modern and historical elements in its architecture, featuring conserved bungalows on its premises. The 5th floor unit was sold for nearly $5.3 million, reaping a profit of $3.7 million.
In 2025, the Singapore real estate market is poised to pick up with the expected economic recovery and interest rate cuts. Together with the new supply completions in 2025 that will inject fresh units into the market, the resale condo segment is expected to stage a modest rebound. This will offer more buying opportunities in the resale market and will help to support pricing. Speak to PropNex's experienced property agents to find out the best buys in the resale market today.
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