In recent years, large condominium developments with over 1,000 units have been selling very well. Parc Clematis, a large private residential project in Clementi, sold 70% of its launched units on the first day of sale. Treasure at Tampines, a mega private residential project in Tampines, sold 55.5% of its launched units during its first weekend of sales. Normanton Park was the best-selling project in the first quarter of 2021, having sold 923 units, which is about half of its total units.
There are 22 large condominium developments in Singapore, eight of which are still under construction. All of these large developments have a 99-year leasehold tenure.
List of Large Condominium Developments with Over 1,000 Units
| Project Name | Location | District | TOP Year | Number of Units | Average Price (PSF)* |
| The Sail @ Marina Bay | Marina Boulevard | 1 | 2008 | 1,111 | 1,936 |
| Marina One Residences | Marina Way | 1 | 2017 | 1,042 | 2,439 |
| Stirling Residences | Stirling Road | 3 | 2022 | 1,259 | 2,137 |
| Avenue South Residence | Silat Avenue | 3 | Uncompleted | 1,074 | 2,321 |
| Reflections at Keppel Bay | Keppel Bay View | 4 | 2011 | 1,129 | 1,728 |
| The Interlace | Depot Road | 4 | 2013 | 1,040 | 1,357 |
| Normanton Park | Normanton Park | 5 | Uncompleted | 1,840 | 1,855 |
| Parc Clematis | Jalan Lempeng | 5 | Uncompleted | 1,450 | 1,770 |
| D’Leedon | Leedon Heights | 10 | 2014 | 1,703 | 1,751 |
| Parc Esta | Sims Avenue | 14 | 2022 | 1,399 | 2,022 |
| Sims Urban Oasis | Sims Drive | 14 | 2017 | 1,024 | 1,654 |
| Bayshore Park | Bayshore Road | 16 | 1986 | 1,083 | 1,146 |
| The Bayshore | Bayshore Road | 16 | 1997 | 1,038 | 1,113 |
| Treasure at Tampines | Tampines Road | 18 | Uncompleted | 2,203 | 1,481 |
| Melville Park | Simei Street 1 | 18 | 1996 | 1,232 | 794 |
| Riverfront Residences | Hougang Avenue 7 | 19 | Uncompleted | 1,451 | 1,473 |
| The Florence Residences | Hougang Avenue 2 | 19 | Uncompleted | 1,410 | 1,739 |
| Kingsford Waterbay | Upper Serangoon View | 19 | 2018 | 1,157 | 1,307 |
| The Minton | Hougang Street 11 | 19 | 2013 | 1,145 | 1,220 |
| Affinity At Serangoon | Serangoon North Avenue 1 | 19 | Uncompleted | 1,012 | 1,580 |
| Jadescape | Shunfu Road | 20 | Uncompleted | 1,206 | 1,843 |
| High Park Residences | Fernvale Road | 28 | 2019 | 1,376 | 1,361 |
| *Average price data is sourced from URA’s historical housing transaction data over the past twelve months or the most recent transaction data. Transaction prices may vary depending on specific circumstances and are for reference only. | |||||
The largest uncompleted mega-project, Treasure at Tampines, has 2,203 units. It is also the only development with over 2,000 units. The largest completed mega-development is D’Leedon, with 1,703 units, and it is also the only mega-development in the prime District 10.
District 19 (including Hougang and Serangoon) is the area with the most mega-developments. Three out of the five mega-developments in District 19 are still under construction.
The average prices of mega-developments range from S$794 per square foot at Melville Park to S$2,439 per square foot at Marina One Residences. Melville Park is the second oldest mega-development, having received its Temporary Occupation Permit (TOP) in 1996. The oldest project is Bayshore Park, which obtained its TOP in 1986.
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Why Are Large Developments Attractive to Buyers?
Some buyers prefer large developments with over 1,000 units because they offer more family-friendly facilities. Large developments tend to have larger or more function rooms, giving parents more space to host parties for their children or for children to play. Function rooms can also double as workspaces for parents who work from home. Some large developments even have retail and F&B stalls within the development.
For example, The Florence Residences has 15 themed pavilions, 12 clubs, and 128 facilities, including an 80-meter lap pool. Affinity at Serangoon has five retail shops, a wading pool, a 50-meter lap pool, and three man-made islands, along with various facilities such as a clubhouse and gym.
Additionally, large developments have more owners to share the maintenance costs of common areas and facilities, as well as the cost of replacing or upgrading major equipment like elevators. This can help reduce the regular maintenance fees payable by each owner.
Therefore, large developments tend to attract families with school-going children.
What About Boutique Condominium Projects with Fewer Than 100 Units?
Boutique condominium developments with fewer than 100 units can be broadly divided into two categories – luxury projects that offer buyers exclusivity and privacy, and no-frills developments with limited facilities.
Luxury projects tend to attract affluent local and foreign buyers who are willing to pay a premium for privacy and exclusivity. Buyers also value the unique design features, spacious common areas, and lush landscaping of these luxury condominiums. The limited number of units in such developments means that living in such a property is often seen as a symbol of identity and status.
Small, no-frills developments tend to attract owner-occupiers and investors looking for affordable private housing. They usually do not have a need for common facilities, so they do not mind the lack of them in the project. Furthermore, fewer common facilities mean lower maintenance fees for the owners. Therefore, these no-frills boutique condominium projects tend to attract singles or couples without children, who place more emphasis on affordability and value for money.
District 19: A Hub for Large Developments
District 19 has the highest number of large developments—a total of five, whereas other districts have at most two such large projects. Of the five large developments in District 19, three are still under construction—Riverfront Residences, The Florence Residences, and Affinity at Serangoon.
List of Large Developments in District 19
| Project Name | Location | TOP Year | Number of Units | Average Price (PSF)* | Number of Boutique Condo Projects within 500m Radius |
| Kingsford Waterbay | Upper Serangoon View | 2018 | 1,157 | 1,307 | 0 |
| The Minton | Hougang Street 11 | 2013 | 1,145 | 1,220 | 10 |
| Riverfront Residences | Hougang Avenue 7 | Uncompleted | 1,451 | 1,473 | 0 |
| The Florence Residences | Hougang Avenue 2 | Uncompleted | 1,410 | 1,739 | 6 |
| Affinity at Serangoon | Serangoon North Avenue 1 | Uncompleted | 1,012 | 1,580 | 7 |
| *Average price data is sourced from URA’s historical housing transaction data over the past twelve months or the most recent transaction data. Transaction prices may vary depending on specific circumstances and are for reference only. | |||||
In District 19, three large developments have boutique condo projects within a 500m radius. These three are The Minton, The Florence Residences, and Affinity at Serangoon. Among these three, The Florence Residences is the most expensive, with an average selling price of S$1,739 psf, and it has the fewest nearby boutique condo projects.
On the other hand, The Minton has the lowest average selling price at S$1,220 psf, and it has 10 boutique condo projects nearby, the most of its kind. Unlike The Minton, which has a 99-year leasehold tenure, all 10 of these boutique condo projects are freehold. Additionally, nine of these boutique projects have fewer than 50 units. The only exception is Suites @ Paya Lebar with 99 units, located just across the road from The Minton.
Among the 10 boutique condo projects near The Minton, Suites @ Paya Lebar has the highest selling price at S$1,445 psf—even more expensive than The Minton (S$1,220 psf), even though both condominiums obtained their TOP in 2013. The reason for the price difference is likely because Suites @ Paya Lebar is freehold, while The Minton has a 99-year lease.
It is worth noting that since 2017, the average resale price of The Minton has been consistently lower than the average resale price of condominiums in District 19. However, the average price of Suites @ Paya Lebar has consistently been higher than the average resale prices of both The Minton and District 19.
Compared to Suites @ Paya Lebar, the average resale price of The Minton has also shown less volatility. The Minton’s average resale price peaked at S$1,127 psf in 2015, followed by a decline. However, The Minton’s average price has gradually recovered and surpassed its 2015 peak. In contrast, the average price of Suites @ Paya Lebar hit an all-time high in 2015 (S$1,543 psf) and then turned downwards, and has since been unable to break through its 2015 peak selling price.
Suites @ Paya Lebar only offers one-bedroom or two-bedroom units, making this development less suitable for families. According to the 2020 census data, only 8% of residents in the Hougang planning area are tenants, which means weaker rental demand for the smaller units at Suites @ Paya Lebar. The nearest MRT station, Kovan MRT, is over 900 meters away, further suppressing rental demand.
Paya Lebar Methodist Girls’ Primary School is within walking distance of both condominium projects, making it attractive to parents with daughters in the area. Family households typically prefer large developments with more facilities and spacious layouts. Therefore, despite the difference in lease tenure, we expect the demand for The Minton to be stronger than for Suites @ Paya Lebar. The more affordable price of The Minton makes it even more attractive.
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Comparison of Uncompleted Condominium Projects in District 19
Among the uncompleted large developments in District 19, Affinity at Serangoon has the highest number of boutique condominium projects within a 500m radius. Of the 7 boutique condo projects near Affinity at Serangoon, 5 have a 999-year lease, and 1 is freehold. The remaining project, Parkwood Residences, has a 99-year lease and is currently uncompleted.
Affinity at Serangoon and Parkwood Residences are located diagonally opposite each other. Both condominium projects are developed by Oxley Holdings.
Parkwood Residences has only 18 units, mainly three-bedroom layouts ranging from 800 to 1,000 square feet. This project is a typical boutique condominium designed for singles or couples who value privacy. Both Parkwood Residences and Affinity at Serangoon are sold out.
Based on new home transaction data from the past 12 months, the average prices for Affinity at Serangoon and Parkwood Residences are S$1,580 psf and S$1,562 psf, respectively. However, the average price of Affinity at Serangoon jumped to S$1,748 psf in the third quarter of 2022, while the average price of Parkwood Residences only increased slightly to S$1,580 psf.
However, the smaller number of units at Parkwood Residences means lower sales volume, so each transaction has a greater impact on the project’s overall average price. In contrast, Affinity at Serangoon has more units, meaning each transaction has a smaller impact on the project’s overall average price.
Parc Esta Has 25 Boutique Condominium Projects within a 500m Radius
Among all large developments, Parc Esta has the most boutique condominium projects within a 500m radius. In fact, Parc Esta is an unusual project because its 500m radius is entirely filled with boutique condo projects. Furthermore, Parc Esta is the only leasehold project in the area.
Among these nearby boutique condo projects, Le Reve is the largest, with 65 units. It is followed by Eunos Park, with 55 units. Although all three projects are in District 14, Parc Esta is located within the Geylang planning area, while Le Reve and Eunos Park are in the Bedok planning area.
Of the three projects, Parc Esta is the newest, having just obtained its TOP this year. Le Reve and Eunos Park obtained their TOPs in 2007 and 1995, respectively.
In terms of average price, Parc Esta (S$2,022 psf) outperforms Le Reve (S$1,228 psf) and Eunos Park (S$1,074 psf). This is likely due to the impact of lease decay on the two boutique condo projects. The average resale prices of Le Reve and Eunos Park are also lower than those of freehold condominiums in the Bedok planning area.
For small family buyers, Le Reve could be a good compromise between price and age. This project offers two- and three-bedroom units. Eunos MRT station is 500 meters away. There are two primary schools within a one-kilometer radius of the project.
D’Leedon is the Only Large Development in the Prime District 10
D’Leedon is the only large condominium project in the prime District 10, while Districts 9 and 11 have no such developments. There are 7 boutique condominium projects within a 500m radius of D’Leedon, six of which are freehold, and Charming Garden has a 999-year leasehold.
The Cornwall is the largest boutique condominium project among them, with 99 units. It is followed by the uncompleted Wilshire Residences, which has 85 units.
Among all the boutique condo projects, Wilshire Residences (S$2,631 psf) is the most expensive. It is followed by The Cornwall (S$1,949 psf). The selling prices of both these boutique condo projects are higher than D’Leedon’s (S$1,751 psf). This price difference is likely due to the lease tenure, as both boutique projects are freehold, while D’Leedon is leasehold.
For families who want to live in a prime district, D’Leedon might be a more affordable option. This condominium is less than one kilometer from two popular schools, making it particularly attractive to parents. D’Leedon is also close to the Empress Road Market and Food Centre, and there are two MRT stations nearby.
According to caveat data lodged with the URA, Wilshire Residences has sold 55 units, representing a take-up rate of 64.7%. Well-heeled investors could consider adding a freehold property in a prime location to their portfolio. An important consideration is that the 2020 census shows that 16% of residents in the Bukit Timah planning area are tenants—higher than the island-wide average of 12.1%.
Another uncompleted development nearby is the 638-unit Leedon Green, which at S$2,780 psf, is S$1,029 psf more expensive than D’Leedon. It is not surprising that the freehold Leedon Green has a higher selling price compared to the leasehold D’Leedon. According to URA data, Leedon Green has sold 473 units, with a take-up rate of 74.1%.
The average price trends for Wilshire Residences and Leedon Green are lower than the new home selling prices of freehold condominiums in District 10, so these two developments are worth considering for interested buyers.
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In Summary
- By comparing large developments and nearby boutique condominium projects, we can conclude that there is little correlation between the size of a development and the average price of its units. Prices depend on the project’s location, age, and lease tenure.
- Large developments tend to attract family buyers with their numerous family-friendly facilities.
- Boutique condominium projects can be no-frills apartments that attract buyers with affordable prices, or luxury condos that offer buyers exclusivity and privacy.
- District 19 has five large developments, the most of any district in Singapore. Three of these projects—Riverfront Residences, The Florence Residences, and Affinity at Serangoon—are still under construction.
- The newly completed Parc Esta has the most boutique condominium projects nearby, making it suitable for couples or investors.
- D’Leedon is the only large development in the prime district. Its remaining lease tenure makes it more affordable than the surrounding freehold boutique condominium projects.
- As for which type of project is better to buy, there is no definitive answer. It depends on the buyer’s personal circumstances and housing needs.
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