Analysing 10 Years of District 15 Boutique Condo Transactions: Insights Into What Drives Profitability

In Singapore’s property market, boutique condos have always divided opinion. Some buyers are drawn to their exclusivity, low density, and neighbourly feel; others see them as risky, offering fewer facilities, a narrower buyer pool, and sometimes higher maintenance costs.

District 15 offers an ideal testing ground for this debate. With one of the highest concentrations of boutique developments in the country, it’s a place where the performance of these small-scale projects can be observed over time.

So, in such a competitive environment, have boutique condos managed to hold their own as investments? We analysed 10 years of resale transactions (2014–2024) to find out.

What counts as a boutique development?

For this analysis, we define boutique condos as those with 150 units or fewer, but note that some are much smaller – there are even tiny projects with as few as 6 units. 

While we’ve gathered as much data as possible, these few ultra-small developments are so far off the market radar that transaction records are scarce. Some may even have just one or two transactions over a period of several years; so, for practical purposes and to avoid distortions, we have excluded these from the study. 

Our focus is on transactions between 2014 and 2024. Out of all the data from 2014 – 2024, we have 2,364 condos in the data set.