31 most profitable condos over the last 10 years

There's been a slew of interesting launches over the past decade. We've gone from an era when the shoebox craze was just dying down, to en-bloc fever, to the recent trend for larger condo units. This week, we've picked through projects in the past decade that have seen zero losing transactions. Here are the condos that have seen a perfect record so far: 

All top-performing condos between 2013 to 2023

For the following, only projects with at least 10 recorded transactions were taken into consideration. 

1. Clementi Park

Location: Sunset Way (District 21)

Developer: CDL

Lease: Freehold

TOP: 1986

Number of units: 487

Clementi Park, constructed in 1986 by CDL and situated in Sunset Way, is a really quite unique condominium. Its location is what you'd probably term as love or hate, as it's not the most accessible, but it's certainly in a serene spot with good greenery views. Prices per square foot (PSF) for units have experienced a significant uptick over time, currently averaging around $1,564 psf.

One of the striking features of this condo is its vastness, with over 400 units spread across a sprawling plot of 973,984 sq ft. Even studio apartments boast a substantial area, nearing 1,000 sq ft. Despite its age, the condo maintains a reasonable maintenance fee structure, and management appears to be flexible, allowing certain modifications to living spaces for residents' convenience.

Clementi Park consists of varying unit numbers across high and low-rise blocks, with differing designs for each. The grounds resemble a quaint country estate, replete with walking paths, and the most impressive of all is the inclusion of its very own hill for residents to enjoy.

Another notable highlight is the range of facilities available, akin to what one would find in a Country Club. From a swimming pool to repurposed sports courts, residents have an array of recreational choices. However, some facilities, like the clubhouse, require a short trek or drive due to their distance from certain blocks.

On the flip side, there are considerations for potential buyers. The proximity to the PIE expressway could lead to concerns about noise and pollution, especially with potential plans for its expansion and neighbouring constructions. Moreover, the condo's design may not be senior-friendly due to the presence of steps leading to lift lobbies, posing challenges for the less mobile. The overall age of the development indicates that some areas may benefit from refurbishment.

The main transactions to highlight here would be the two people who bought in 2017 and managed to sell their units in February 2023 for gains of more than $1 million (annualised returns of more than eight per cent).

2. Pandan Valley

Location: 1 Pandan Valley (District 21)

Developer: DBS Realty Pte. Ltd.

Lease: Freehold

TOP: 1978

Number of units: 623

Pandan Valley is possibly one of the oldest major development still standing. It dates back to 1978, and its previous competitor in age, Peace Mansions, has since gone en-bloc. As of 2023, most remaining developments from the '70s or earlier are walk-up apartments, or much smaller than Pandan Valley (623 units). 

Pandan Valley still finds willing buyers because of its freehold status, and its sizeable units. In fact, one of the biggest (by square footage) units we've seen was transacted here in July 2023. This was for a massive 6,869(!) sq ft unit at $5.88 million, which works out to a mere $856 psf. Of course, this is one with a lot of outdoor terrace space, which is reflected in its low price per square foot.

Most other units in Pandan Valley are at least 2,000+ sq ft, and transact for just above $1,400 psf. For buyers in 2023, this can be attractive, given that leasehold new launch condos average $2,000+ psf. 

Among those who bought years earlier, Pandan Valley has brought decent gains. A check on Square Foot Research shows average prices of just $1,067 psf in August of 2013, around 10 years prior to the writing of this article. 

The other attraction is Pandan Valley's eclectic mix of shops, and estate-like layout. You can read more about that in our review, where we considered this one of the most unique condos still standing. Simply put, Pandan Valley was built in a more experimental time, when condos were not yet cookie-cutter copies of each other. 

Just keep in mind that, despite the huge unit sizes and attractive price, this is mostly a condo for those who drive. Public transport options are limited for Pandan Valley, and this seems unlikely to change. 

3. Treasure at Tampines

Location: 57 Tampines Lane (District 18)

Developer: Sim Lian

Lease: Mixed

TOP: 2023

Number of units: 2,203

The market wasn't too sure how to react when Treasure at Tampines first appeared. This is by far the biggest condo project ever built, by unit count. At 2,203 units, Treasure is twice the size of many other mega-developments; and a land size of 648,880 sq ft makes the area feel more like an entire estate than a single condo.

A common objection at the time was competition, and overcrowding. There was some skepticism over whether these facilities were sufficient; and we know some investors avoided it for fear of competition (for tenants, or at the point of resale). 

Nonetheless, it's easy to pinpoint why Treasure at Tampines has performed well: and that's down to pricing. At the time of its launch, agents used terms such as "priced like an executive condo" or "cheapest new launch". One of the most widely announced details was that single-bedders here still had developer prices of below $600,000, while Square Foot Research shows median launch prices of just $1,335 psf. 

We also highlighted the pricing issue in our review of Treasure. 

It seems that the sheer number of units hasn't been as big a detriment as market watchers imagine, so there may be a lesson here: a lower price point, with room for appreciation, may be more important than unit count. 

Accessibility is a toss-up for this condo, with Simei MRT (EWL) being a roughly 10-minute walk; but Simei is still the tail-end of the EWL, and not as close to the airport as Tanah Merah. We'd say pricing and facilities are the main draw, along with an okay location. 

4. Parc Esta 

Location: 900 Sims Avenue (District 14)

Developer: MCL Land

Lease: 99-years

TOP: 2022

Number of units: 1,399

Parc Esta was one of those projects that was eagerly anticipated given its convenient location just across from Eunos MRT station, and just one stop away from PLQ. In November 2018, Parc Esta sold 73 per cent of available units (out of the 450 released) over its launch weekend; and the demand seems to have stayed strong. 

Parc Esta’s main strength is being across the road from Eunos MRT (EWL). This matters because Eunos is a single stop from Paya Lebar MRT, where you’ll find the commercial hub of Paya Lebar Quarter (PLQ). This area has multiple malls and Grade A office space, and provides Parc Esta residents with all the amenities they’d need. 

Parc Esta is, however, sufficiently distanced from the traffic and heavily built-up area of PLQ itself, thus having the best of both worlds. 

One of the expected problems of Parc Esta — a place of worship being very near the condo — has also proven to be a minor issue. One resident we spoke to lives on the fifth floor, and says that even from there the noise is quite faint. 

At a median price of $1,669 psf in November 2018, it sounds incredibly affordable at this point in 2023 where most condos are launching past the $2,000 psf mark; but the sheer convenience of being near Paya Lebar, as well as less than a 10-minute drive to the Katong lifestyle area, has helped to push up prices and maintain demand. 

We’ve also heard that the grounds and facilities of the estate are a big draw, but as expected the sole tennis court shared between 1,399 units is definitely an issue for tennis lovers.

There have been 133 profitable transactions since, and at an average of $284,378, early buyers of Parc Esta would certainly have been pleased with their decision.

5. Grandeur Park Residences 

Location: 1 Bedok South Ave. 3 (District 16)

Developer: CEL – Changi Pte. Ltd.

Lease: 99-years

TOP: 2020

Number of units: 720

Usually, you don't want another newer condo appearing close to yours, as it causes competition. But Grandeur Park Residences, along with many older condos around Tanah Merah MRT (EWL), may be benefiting from the recent launch of Sceneca Residence. 

Sceneca Residence is an integrated project, linked to the MRT station; but it's also just across the road from Grandeur Park. The time difference to walk to the station from Grandeur Park is almost negligible; but Grandeur Park averages $1,841 psf, whereas Sceneca averages $2,065 psf. 

Sceneca also introduces something that's been lacking in Tanah Merah for a long time: a commercial component with shops, and most importantly a supermarket. But again, Grandeur Park Residences is just across the road, and the residents will benefit from the same amenities. 

Homeowners have likely taken a look at the two condos, and a few shrewd ones have likely deduced that Grandeur Park is a way to leverage off the same conveniences provided by Sceneca in the future — all while paying less, and being able to move in immediately. 

Grandeur Park, like its neighbouring condos, appeals as much to landlords as to owner-occupiers. This is due to Tanah Merah being the connecting point to Changi Airport, which works well for aviation workers. For owner-occupiers, Changi Airport is also considered a major amenity by some, as they have quick access to places like the Changi Jewel. 

It must also be noted that Grandeur Park Residences was launched in 2017, at a time when the property market was considered to be slow. This led to it being competitively priced as compared to its older neighbours like Urban Vista:

Year	Urban Vista	Grandeur Park Residences	PSF Comparison
2017	$1,432.00	$1,389.31	3.07per cent
2018	$1,433.58	$1,544.98	-7.21per cent
2019	$1,405.89	$1,535.00	-8.41per cent
2020	$1,281.82	$1,513.78	-15.32per cent
2021	$1,374.03	$1,588.49	-13.50per cent
2022	$1,283.33	$1,651.50	-22.29per cent

As such, the early pricing meant that there have been 93 profitable transactions at Grandeur Park Residences so far — with each sale netting its owners an average of $226,789.

6. The Poiz Residences

Location: 4 Meyappa Chettiar Road (District 13)

Developer: MCL Land 

Lease: 99-years

TOP: 2018

Number of units: 731

By coincidence, The Poiz was built by the same developer (MCC Land) as Seneca Residence, which we mentioned just above. In the wider market, the Poiz did a lot for MCC Land's reputation: when it was announced as a mixed-use project, the expectation was a few haphazard shops on the ground floor of the condo. 

As it turns out, the tenant mix was carefully picked out, and included essentials like a supermarket. This also made The Poiz a neighbourhood landmark: prior to this project, Potong Pasir was short on malls, and mainly subsisted on small HDB-style heartland shops. In any case, the back of Poiz Residences adds a lot of amenities anyway, with a mix of coffee shops, food outlets, and smaller supermarkets (there's a Sheng Siong at the Community Club too).

The Poiz is also one of the most conveniently located condos in the Potong Pasir area. It's next to Potong Pasir MRT (NEL), which is one stop from Woodleigh MRT. Note that quite recently, another integrated project (Woodleigh Residences) has also introduced a new mall — and if you take it just one stop further, you'd be in Serangoon MRT with NEX megamall. 

Potong Pasir is not known for its strength as a retail hub. This neighbourhood went for decades without any major mall. But residents at The Poiz have the mall downstairs, another mall one stop away, and a megamall two stops away! 

The Poiz first went up for sale at a median price of $1,440 psf back in November 2015, which was more or less expected for an RCR condo at the time; but the surrounding amenities, as well as changes in nearby Woodleigh, have worked to its advantage. 

As of 2023, The Poiz may also be one of the more affordable ways to live as near to town as you can. Keep in mind that Potong Pasir MRT is just four stops from Dhoby Ghaut Interchange (NSL, NEL, CCL), where you can then reach Somerset or Orchard in one or two stops. Not bad for a condo that averages just $1,899 psf in 2023. 

ALSO READ: 45 new profitable condos since 2017: 6 key things you can learn from the numbers

This article was first published in Stackedhomes.