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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 |
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