In this Stacked Pro breakdown:
Do Mega-Developments Deliver Better Returns Than Mid-Sized Projects?
Comparison
We analysed Affinity at Serangoon (1,052 units) and The Garden Residences (613 units) – two leasehold projects launched in 2018, located just minutes apart, with nearly identical surroundings, to isolate how scale impacts price performance.
Key Insight
Affinity at Serangoon outperformed Garden Residences in annualised gains (2.49% vs. 1.69%) and delivered stronger returns across one- to three-bedroom units, despite starting from a lower price base.
Why This Matters
This case challenges the assumption that mega-developments suffer from resale pressure or underperform due to their scale. Affinity’s listing activity and resale turnover mirrored that of Garden, suggesting that size alone isn’t a limiting factor, and may even offer an edge.
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🔓 Check out our case studies on the following mega developments: High Park Residences, Affinity at Serangoon, and Parc Clematis.
When Affinity at Serangoon launched in 2018, it was everything a mega-development was supposed to be – sprawling land size, over 1,000 units, and resort-like amenities.
Just across the road, The Garden Residences offered a stark contrast: smaller, more private, with fewer units and a tighter layout. Both were launched at almost the same time, in the same neighbourhood, to the same pool of buyers.
Fast-forward to 2025, and Affinity at Serangoon has become a compelling case study in how large-scale projects perform, especially when placed side by side with its neighbour and rival, The Garden Residences.
The two projects’ identical lease terms and nearly identical surroundings (about six minutes’ walk from each other) allow us to isolate the impact of scale. For anyone weighing between a mega-development and a mid-sized condo today,
| Project | Affinity at Serangoon | The Garden Residences |
| Tenure | 99 years | 99 years |
| Launch year | 2018 | 2018 |
| Completion year | 2023 | 2021 |
| Number of units | 1,012 condos and 40 landed units | 613 units |
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Average prices of both projects by year
| Bedrooms | Year | Affinity at Serangoon | The Garden Residences |
| 1 | 2018 | $778,228 | $782,629 |
| 2019 | $792,645 | $738,939 | |
| 2020 | $799,870 | $792,330 | |
| 2021 | $820,921 | $887,080 | |
| 2022 | $835,652 | $845,500 | |
| 2023 | $893,283 | $818,236 | |
| 2024 | $900,984 | $819,060 | |
| 2025 | $950,934 | $866,472 | |
| 2 | 2018 | $1,038,605 | $1,062,845 |
| 2019 | $1,119,128 | $991,862 | |
| 2020 | $1,130,822 | $1,074,975 | |
| 2021 | $1,097,748 | $1,036,400 | |
| 2022 | $1,213,000 | $1,186,667 | |
| 2023 | $1,271,001 | $1,147,619 | |
| 2024 | $1,250,676 | $1,187,204 | |
| 2025 | $1,249,167 | $1,211,434 | |
| 3 | 2018 | $1,476,910 | $1,418,935 |
| 2019 | $1,468,374 | $1,375,352 | |
| 2020 | $1,498,297 | $1,409,768 | |
| 2021 | $1,594,446 | $1,620,245 | |
| 2022 | $1,681,747 | $1,520,600 | |
| 2023 | $1,765,056 | $1,735,000 | |
| 2024 | $1,806,062 | $1,599,576 | |
| 2025 | $1,907,625 | $1,513,000 | |
| 4 | 2018 | $2,261,375 | $2,107,600 |
| 2019 | $2,285,415 | $1,603,800 | |
| 2020 | $2,283,150 | $1,859,930 | |
| 2021 | $2,326,592 | $2,055,822 | |
| 2022 | $2,292,653 | No Data | |
| 2023 | $2,740,000 | $2,300,000 | |
| 2024 | $2,900,000 | $2,333,333 | |
| 2025 | No Data | 2,220,000 |
Although The Garden Residences was a smaller development, its launch prices were comparable to, and sometimes even higher than, those at Affinity at Serangoon.
However, over time, Affinity at Serangoon’s prices caught up. The data suggests that, overall, Affinity at Serangoon has delivered stronger price performance:
| Year | Affinity at Serangoon | The Garden Residences |
| 2018 | $1,527 | $1,634 |
| 2019 | $1,507 | $1,547 |
| 2020 | $1,560 | $1,585 |
| 2021 | $1,564 | $1,600 |
| 2022 | $1,623 | $1,788 |
| 2023 | $1,774 | $1,790 |
| 2024 | $1,769 | $1,807 |
| Annualised | 2.49% | 1.69% |
This is what the sales uptake looks like:
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