The resale residential property market appears to have defied the weight of the cautious sentiment and uncertainties that have so far put a drag on the new home sales segment. In 1H 2024, more than 5,300 condo units changed hands in the resale market - comparatively higher than in 2H 2023 and 1H 2023, which saw 5,055 condo units and 5,178 condo units being resold, respectively. Meanwhile, resale prices in 1H 2024 also climbed, with the average price of resale non-landed private homes coming in at $1,698 psf in 1H 2024, up from $1,626 psf in 2023 and $1,514 psf in 2022.

PropNex looked at the most profitable condominium projects and districts in the resale market in 1H 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.

Suburban condo projects dominate top 10 gainers list

In a ranking of the average profit, the top 10 projects in 1H 2024 comprised mostly Outside Central Region (OCR) projects (7 projects), followed by the Rest of Central Region (RCR) (2 projects); there was only one Core Central Region (CCR) project in the top 10 list (see Table 1).

The top 10 most profitable projects had average profits ranging from $347,000 to $526,000. These are mostly newer projects, with the oldest on the list being The Bayshore which was completed in 1996. Unsurprisingly, most of the projects that made the top 10 list are developments that have desirable location or physical attributes, such as being in the city or city fringe (D'Leedon, Eight Riversuites, Parc Esta), near a waterbody (Q Bay Residences, Lakeville, The Bayshore) or close to an MRT station (Botanique at Bartley, D'nest).

Table 1: Top 10 resale condo projects^ in terms of average gross profit* in 1H 2024

The most profitable project, D'Leedon, a city centre condominium project in District 10, recorded 38 resale transactions in 1H 2024, achieving gains of $526,000 on average for each transaction. The project is known for its contemporary wavy silhouette designed by internationally-renowned architect Zaha Hadid. At over 36-storeys high, D'Leedon is one of the tallest developments in the surrounding low-rise estate, giving residents panoramic views over the nearby Botanic Gardens.

Newer condo projects most popular amongst resale buyers in 1H 2024

With rising prices of new suburban homes in 2024, buyers continued to dip into the resale market to purchase homes at more affordable price points. In 1H 2024, by ranking the projects in terms of resale volume, the top 10 transacted projects comprised a number of 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, the popular 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 purchased at higher entry prices compared with the older projects. Furthermore, most of them likely had 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 in 1H 2024

Project Name	Year Completed	Region	Resale Volume	Average Profit gained per resale transaction^	Average Annualized Profit*
TREASURE AT TAMPINES	2023	OCR	80	$275,038	5.7%
STIRLING RESIDENCES	2022	CCR	45	$285,528	4.6%
PARC ESTA	2022	RCR	43	$413,438	6.1%
D'LEEDON	2014	CCR	38	$526,447	2.9%
THE MINTON	2013	OCR	36	$521,396	5.4%
JADESCAPE	2022	RCR	33	$318,420	5.7%
SIMS URBAN OASIS	2017	Oh no! Enjoy our Content? If it is of any consolation, know that you are not alone in this real estate journey. Let us show you the way to make this journey an interesting and enjoyable one! Do check and try again! Are you ready for more? {{ error ? 'Submit Email' : 'Count me in!'}} Suggested Reads Are There Still Value To Ulu HDBs? Save Money When You Smartify Your Home Upcoming Events View more PWS Masterclass 2025 May 17, 2025 The great divide: Lease Decays vs Million-Dollar HDBs. HDB Owners Whats Your Next Step? May 18, 2025 You may like Convenience, the magic sauce of integrated developments May 14, 2025 Almost Same Price, Which Region Would You Go for? May 13, 2025 Not Ready to Buy? Why 20s Is The Best Time To Start Planning May 08, 2025 Proportion of million-dollar resale flats sold crossed 6% in April 2025 May 07, 2025 Buyer Says One Thing, Bank Says Another - Who's Correct? May 06, 2025 Got Trust Issues? Thoughts on Buying Property on Trust in 2025 May 02, 2025 Enjoy our Content? If it is of any consolation, know that you are not alone in this real estate journey. Let us show you the way to make this journey an interesting and enjoyable one! Are you ready for more? Count me in! You are Set! Stay tuned to our brain-teasing content slated to roll out via email soon. Email Submitted! You subscribed earlier! No biggie, remember to check your junk mail if you have yet to hear from us! Follow us on WeChat