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

We analysed 10 years of data on D15 boutique condos. Smaller projects lag in $PSF growth, while mid to large developments see stronger long-term performance.

By Ryan J. Ong

Published 14 August 2025, 9:39 PM SGT · 15 min read · 821

Analysing 10 Years of District 15 Boutique Condo Transactions Insights Into What Drives Profitability 1

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.

Frequently asked questions

What defines a boutique condo in Singapore's District 15?

A boutique condo is defined as a development with 150 units or fewer, with some being much smaller, even as few as 6 units. For analysis, developments with very few transactions are often excluded to avoid distortions.

Do boutique condos in District 15 tend to perform better or worse than larger condos?

Generally, boutique condos tend to underperform larger condos in terms of price movement and $PSF growth, mainly due to limited facilities and higher maintenance fees. However, individual success stories exist.

Does proximity to popular schools like Tao Nan or Kong Hwa increase resale prices of boutique condos in District 15?

The data shows no consistent pattern that proximity to Tao Nan or Kong Hwa Primary schools boosts resale prices. While some top performers are near these schools, others are not, and the effect may be more on saleability than profit.

How does the age of boutique condos in District 15 affect their market performance?

Older boutique condos in District 15 tend to perform better in terms of $PSF growth, possibly due to lower entry prices and larger unit sizes for the same price, making them attractive to owner-occupiers.

What impact does proximity to the Thomson-East Coast Line (TEL) stations have on boutique condo prices in District 15?

Proximity to TEL stations in District 15 does not show a clear pattern of stronger price growth, as some nearby projects perform well while others do not, indicating no guaranteed benefit from station proximity.

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Ryan J. Ong

Partner at Stacked

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan’s expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938’s Open House programme underscores his commitment to providing valuable insights into the property market.