Old vs New Condos In District 15: Which Offers Better Value In 2025?

It’s hard to think of a time when the price gap between new and resale condos was more relevant, than in 2025. With new launches being pricier and smaller, it’s unsurprising that more are turning to the resale market. For a price almost comparable to a new launch, you may be able to find a resale unit in a prime area like District 15 (D15). 

But at the same time, there’s no avoiding the fact that age matters. How much do ageing layouts and facilities, or lease decay (if not freehold), affect the value? Let’s find out with a close-up look at price gaps between newer and older projects in each district. We’ll begin with D15, long known for its coastal living and higher-end projects:

Let’s start by looking at the overall performance of resale condos in D15

Year	D15	All non-landed private properties
2014	$1,230	$1,215
2015	$1,222	$1,197
2016	$1,209	$1,248
2017	$1,306	$1,293
2018	$1,325	$1,323
2019	$1,317	$1,346
2020	$1,321	$1,280
2021	$1,458	$1,354
2022	$1,575	$1,473
2023	$1,711	$1,595
2024	$1,805	$1,681
Annualised	3.90%	3.30%

Overall, we see that D15 has outperformed the overall property market over the past decade. But this is a broad and unspecific view. 

Our next step is to filter out the freehold projects and look at how the leasehold condos in D15 have performed on their own. This is relevant when comparing older to newer condos, because freehold properties are not subject to lease decay.

Here’s how the leasehold properties have performed:

Year	D15	All non-landed private properties
2014	$1,144	$1,066
2015	$1,127	$1,051
2016	$1,051	$1,140
2017	$1,062	$1,123
2018	$1,177	$1,164
2019	$1,168	$1,189
2020	$1,184	$1,159
2021	$1,381	$1,227
2022	$1,469	$1,370
2023	$1,534	$1,516
2024	$1,646	$1,616
Annualised	3.70%	4.25%

When we isolate the 99-year segment, the performance is noticeably weaker. Over the past decade, leasehold condos in D15 have averaged about 3.7 per cent annualised growth, compared to 4.25 per cent for the broader condo market. 

This suggests that D15’s strong showing over the past decade may have come mainly from its freehold properties.

Next, let’s look at the performance of freehold properties in D15:

Note: We group 999-year lease properties with freehold properties in this article, as 999-year lease projects also effectively ignore lease decay.

Year	D15	All non-landed private properties
2014	$1,250	$1,385
2015	$1,248	$1,366
2016	$1,256	$1,393
2017	$1,385	$1,461
2018	$1,369	$1,524
2019	$1,364	$1,572
2020	$1,362	$1,488
2021	$1,478	$1,586
2022	$1,610	$1,709
2023	$1,773	$1,799
2024	$1,865	$1,855
Annualised	4.08%	2.97%

Over the past decade, freehold condos in D15 have done noticeably better than the broader market. Prices here have risen at an annualised rate of around 4.08 per cent, compared to just 2.97 per cent for all freehold condos across Singapore. This supports our earlier view that D15 is mainly propped up by its freehold projects.

Now let’s compare the performance of newer versus older LEASEHOLD projects in D15:

To do this, we’ll split the condos into two broad groups based on age. New condos are defined as those 20 years old and below, while old condos are those above 20 years old. 

(We use 20 years as the mark because, as we’ve shown in this prior study, the average lifespan of a condo before it’s redeveloped is around 19 to 24 years.)

Also, to keep the comparison consistent, we track projects based on their original lease commencement dates, i.e., new condos are projects with leases starting from 1994 to 2014, old condos are projects with leases starting from 1993 and earlier. This ensures we’re following the same set of projects over time; otherwise, new launches appearing during the time period will distort the numbers.

We’re also limiting the data to sub sale and resale transactions. This is to weed out the effect of developer discounts, which are usually present in early launch phases. 

Year	New	Old	Difference
2014	$1,244	$921	$323
2015	$1,244	$892	$351
2016	$1,148	$836	$312
2017	$1,185	$869	$317
2018	$1,238	$990	$248
2019	$1,257	$971	$285
2020	$1,269	$973	$297
2021	$1,374	$1,072	$301
2022	$1,508	$1,152	$356
2023	$1,599	$1,204	$394
2024	$1,708	$1,233	$475
Annualised	3.22%	2.96%

There’s almost no difference in performance between older and newer leasehold projects here. 

From 2014 to 2024, the newer condos saw an annualised growth rate of 3.22 per cent, compared to 2.96 per cent for older projects; a mostly negligible difference.

That said, older condos – despite their lower $PSF – often compensate with much larger unit sizes. This means the overall quantum (the total price you pay) can still be higher than you’d expect. 

To understand how this plays out for actual buyers, let’s take a look at the average transaction prices between new and old projects.

Year	New	Old	Difference
2014	$1,933,390	$1,312,390	$621,000
2015	$2,039,061	$1,291,221	$747,840
2016	$1,804,272	$1,201,896	$602,376
2017	$1,935,110	$1,222,344	$712,767
2018	$1,812,798	$1,357,561	$455,237
2019	$1,954,770	$1,477,881	$476,889
2020	$1,947,815	$1,390,135	$557,680
2021	$2,075,108	$1,527,990	$547,118
2022	$2,319,007	$1,685,072	$633,935
2023	$2,388,717	$1,801,874	$586,843
2024	$2,560,294	$1,811,428	$748,866
% increase from 2014 to 2024	32.43%	38.03%

Quantum-wise, the price gap between new and old projects has widened steadily from 2014 to 2024. But the mix of unit types being transacted can also skew the numbers – so it’s worth breaking things down further before drawing conclusions:

One-bedroom units

Average $PSF

Year	New	Old	Difference
2014	$1,297	$1,087	$210
2015		$947
2016	$957	$1,110	-$153
2017	$1,257	$997	$260
2018	$1,237	$1,205	$33
2019	$1,135	$1,095	$40
2020	$1,382	$1,129	$253
2021	$1,473	$1,281	$192
2022	$1,391	$1,316	$76
2023	$1,690	$1,352	$338
2024	$1,576	$1,526	$50
Annualised	1.97%	3.45%

Older one-bedders outperformed new ones over the past decade; we see 3.45 per cent compared to just 1.97 per cent for new launches. By 2024, the average $PSF was $1,576 for new and $1,526 for old, a negligible $50 gap.

But let’s look at it in terms of actual quantum:

Average price

Year	New	Old	Difference
2014	$1,092,500	$795,600	$296,900
2015		$693,000
2016	$923,000	$742,500	$180,500
2017	$985,467	$711,914	$273,552
2018	$1,131,778	$830,750	$301,028
2019	$1,055,000	$801,500	$253,500
2020	$1,160,000	$752,500	$407,500
2021	$1,176,667	$963,157	$213,509
2022	$1,299,000	$951,667	$347,333
2023	$1,335,000	$989,000	$346,000
2024	$1,434,500	$1,060,429	$374,071
% increase from 2014 to 2024	31.30%	33.29%

While the $PSF gap between new and old one-bedders has narrowed, the price gap in quantum has widened: in 2014, the average new one-bedder cost about $1.09 million compared to $796,000 for an older unit. 

As of last year, the gap had widened, with new one-bedders averaging $1.43 million and older ones at $1.06 million.

While it’s not by a large margin, the older one-bedders have edged out new ones in terms of percentage growth; their average price rose by 33.3 per cent, compared to 31.3 per cent for new launches. 

Let’s also look at the average unit sizes, to put the prices in context:

Year	New	Old
2014	843	732
2015		732
2016	980	673
2017	800	717
2018	924	689
2019	933	732
2020	840	673
2021	804	750
2022	947	723
2023	791	732
2024	912	695

This is the transaction volume: 

Year	New	Old
2014	4	5
2015		1
2016	2	2
2017	6	13
2018	5	4
2019	3	4
2020	2	4
2021	6	12
2022	5	6
2023	2	2
2024	4	7

An interesting difference is that, for one and two-bedders, the older condos have a higher square footage on average. This inversion is due to a few specific projects: Pebble Bay, Costa Rhu, and Cote D’Azur.

These projects built unusually large one and two-bedders; one-bedders can be upward of 840 sq ft., while the two-bedders can be upward of 1,100 sq ft. As such, this skewed the average size for older condos upward.

Now, let’s look deeper into the specific projects sold in 2024

New

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
COTE D’AZUR	$1,425	$1,288,000	904	1	2001
PEBBLE BAY	$1,627	$1,483,333	915	3	1994

Old

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
TANJONG RIA CONDOMINIUM	$1,564	$959,333	614	3	1993
MANDARIN GARDENS	$1,407	$1,030,000	732	2	1982
CASUARINA COVE	$1,589	$1,242,500	780	2	1993

On the surface, Cote D’Azur and Pebble Bay show higher average prices compared to the older developments, with larger unit sizes as well. But as we noted earlier, this is because their one and two-bedders were built much larger than today’s norms.

Let’s take a look at one-bedder units in these specific projects, to see how they’ve performed over the decade:

Year	COTE D’AZUR	PEBBLE BAY	TANJONG RIA CONDOMINIUM	MANDARIN GARDENS	CASUARINA COVE
2014	$1,330	$1,199		$1,087
2015				$947
2016		$957	$1,174	$1,045
2017	$1,152	$1,219	$1,181	$963
2018	$1,275	$1,088	$1,174	$1,235
2019	$1,135			$1,095
2020	$1,382		$1,247	$1,011
2021	$1,453	$1,459	$1,304	$1,214	$1,393
2022	$1,516	$1,155	$1,268	$1,325
2023		$1,658		$1,352
2024	$1,425	$1,627	$1,564	$1,407	$1,589
Annualised	0.69%	3.10%		2.61%

The picture is quite mixed across these projects.

Cote D’Azur has been fairly subdued, with annualised growth of just 0.69 per cent – a far cry from Pebble Bay, which came in at 3.1 per cent. Among the older developments, Mandarin Gardens isn’t far off Pebble Bay’s pace, and clearly outperforms Cote D’Azur.

While Pebble Bay’s performance stands out among the newer condos, age alone doesn’t explain the differences. Some older developments have actually outpaced one of the newer ones, highlighting how much individual project dynamics can matter.

Next, let’s see how these projects fare on rental. We’ll highlight the newer developments to make the comparison clearer.

Project	Average price in 2024	Average monthly rent (June 2024 – June 2025)	Rental yield
CASUARINA COVE	$1,242,500	$3,083	2.98%
PEBBLE BAY	$1,483,333	$3,928	3.18%
COTE D’AZUR	$1,288,000	$3,864	3.60%
TANJONG RIA CONDOMINIUM	$959,333	$3,007	3.76%
MANDARIN GARDENS	$1,030,000	$3,249	3.79%

Note: Gross rental yield = annual rental income/cost of property

Older projects often show stronger yields, largely because of their lower entry prices. Tanjong Ria Condominium is a good example: despite having both the lowest average price and rent, it managed one of the highest yields at 3.76 per cent. Mandarin Gardens was similar, with yields just under 3.8 per cent.

That said, the pattern isn’t absolute. Cote D’Azur, a newer project with a higher average price, still turned in a respectable yield of 3.6 per cent. That’s not far behind the older condos, and even ahead of Casuarina Cove. Pebble Bay, meanwhile, saw the highest average rent but only mid-range yields, reflecting its higher price point.

Overall, it doesn’t appear that age has compromised the ability to attract tenants for the one-bedders.

Next, we’ll look at two-bedroom units

Average $PSF

Year	New	Old	Difference
2014	$1,212	$1,152	$60
2015	$1,201	$1,064	$138
2016	$1,153	$964	$189
2017	$1,171	$1,008	$162
2018	$1,240	$1,141	$99
2019	$1,227	$1,118	$109
2020	$1,288	$1,118	$170
2021	$1,340	$1,239	$101
2022	$1,492	$1,316	$176
2023	$1,588	$1,450	$138
2024	$1,738	$1,532	$206
Annualised	3.67%	2.89%

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We can see that over the past decade, newer two-bedders have outperformed older ones. The price gap has also widened: in 2014, the difference in average $PSF was just $60; by 2024, it had grown to $206. At no point in the last 10 years did older projects pull ahead: the $PSF for newer two-bedders has remained higher throughout.

Now let’s look at overall prices for two-bedders:

Average Price:

Year	New	Old	Difference
2014	$1,268,176	$1,251,429	$16,748
2015	$1,322,900	$1,055,900	$267,000
2016	$1,332,779	$953,250	$379,529
2017	$1,330,526	$1,004,933	$325,592
2018	$1,404,576	$1,053,875	$350,701
2019	$1,281,161	$1,067,167	$213,995
2020	$1,394,714	$1,148,636	$246,078
2021	$1,503,024	$1,319,535	$183,489
2022	$1,665,325	$1,366,500	$298,825
2023	$1,709,000	$1,378,088	$330,912
2024	$1,834,551	$1,617,321	$217,230
% increase from 2014 to 2024	44.66%	29.24%

There’s no difference when we look at quantum. Over the past decade, average prices of new two-bedders climbed by 44.7 per cent, compared to 29.2 per cent for older projects; so the newer two-bedders come out ahead again. 

The gap between new and old has also widened. In 2014, the quantum difference was just under $17,000. By 2024, it had grown to more than $217,000.

In short, buyers who paid the premium for a new launch two-bedder a decade ago made the right choice; most would have come out ahead.

Here are the sizes of the transacted units: 

Year	New	Old
2014	1073	1087
2015	1113	988
2016	1168	986
2017	1149	984
2018	1156	915
2019	1062	947
2020	1097	1016
2021	1129	1067
2022	1131	1030
2023	1088	951
2024	1066	1053

Newer two-bedders had a larger average size, for the same reasons we mentioned earlier – certain projects like Pebble Bay and Cote D’Azur had unusually large one and two-bedders. 

Now here are the transaction numbers: 

Year	New	Old
2014	17	7
2015	30	10
2016	34	8
2017	52	15
2018	66	8
2019	31	6
2020	34	11
2021	75	11
2022	55	6
2023	42	10
2024	47	9

With that, let’s look further into the projects sold in 2024:

New

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
THE RED HOUSE	$1,662	$1,225,000	737	2	2012
SANCTUARY GREEN	$1,741	$1,448,100	832	10	1997
DUNMAN VIEW	$1,764	$1,500,000	850	1	1997
LEGENDA AT JOO CHIAT	$1,471	$1,520,000	1033	1	2001
VILLA MARINA	$1,359	$1,536,000	1130	3	1995
RIVEREDGE	$1,664	$1,630,000	980	1	2004
WATER PLACE	$1,825	$1,650,000	904	1	1998
COSTA RHU	$1,406	$1,891,143	1347	7	1994
COTE D’AZUR	$1,728	$2,027,000	1179	4	2001
SILVERSEA	$2,041	$2,076,074	1019	12	2007
PEBBLE BAY	$1,785	$2,425,200	1358	5	1994

Old

Project	Average $PSF	Average price	Average size	No. of unit sold	Lease start year
MANDARIN GARDENS	$1,432	$1,377,222	958	4	1982
TANJONG RIA CONDOMINIUM	$1,627	$1,443,500	888	2	1993
CASUARINA COVE	$1,602	$2,053,333	1288	3	1993

Among the older condos, average prices for two-bedders often sit within the same range as the newer ones. Mandarin Gardens, for instance, averaged about $1.38 million – not far off The Red House, which came in at $1.23 million despite being much newer. In fact, The Red House was cheaper than any of the older projects on this list, which underlines how project-specific factors can outweigh age alone.

One possible issue with The Red House, which explains the lower price point, is that it’s a 99-year leasehold project sitting on freehold land. This is perceived as a drawback that can weaken en-bloc prospects in the far future. 

Costa Rhu, Cote D’Azur, and Pebble Bay stood out with larger unit sizes and correspondingly higher quantums, while newer high-profile projects like Silversea also commanded premiums above $2 million.

To see how these differences have played out over time, let’s look at the 10-year performance of two-bedders across these projects. For easier comparison, we’ll highlight the newer developments separately.

Year	THE RED HOUSE	SANCTUARY GREEN	DUNMAN VIEW	LEGENDA AT JOO CHIAT	VILLA MARINA	RIVEREDGE	WATER PLACE	COSTA RHU	COTE D’AZUR	SILVERSEA	PEBBLE BAY	MANDARIN GARDENS	TANJONG RIA CONDOMINIUM	CASUARINA COVE
2014		$1,289		$977	$871	$1,501		$1,255	$1,207	$1,565	$1,129	$1,136	$1,189	$1,138
2015		$1,284		$997	$889	$1,339	$1,269	$1,154	$1,267	$1,606	$1,233	$1,054		$1,152
2016		$1,164			$849	$1,391		$1,080	$1,289	$1,429	$1,138	$936	$1,004	$1,025
2017		$1,195		$920	$916	$1,429		$1,137	$1,240	$1,437	$1,225	$945	$1,048	$1,268
2018		$1,303	$1,129	$961	$940	$1,364	$1,383	$1,155	$1,224	$1,634	$1,291	$1,139	$1,069	$1,296
2019	$1,462	$1,247		$929	$975	$1,429	$1,319	$1,253	$1,238	$1,664		$1,100	$1,090	$1,217
2020	$1,456	$1,289	$1,140	$1,026	$975	$1,403		$1,195	$1,347	$1,591	$1,394	$1,067	$1,141	$1,202
2021	$1,442	$1,385	$1,141	$1,082	$1,113	$1,545	$1,438	$1,274	$1,401	$1,669	$1,382	$1,237	$1,244	$1,238
2022	$1,608	$1,521		$1,072	$1,169	$1,633		$1,378	$1,527	$1,833	$1,514	$1,251	$1,340	$1,401
2023	$1,566	$1,634	$1,482	$1,454	$1,271		$1,681	$1,474	$1,702	$1,854	$1,612	$1,446	$1,473	$1,407
2024	$1,662	$1,741	$1,764	$1,471	$1,359	$1,664	$1,825	$1,406	$1,728	$2,041	$1,785	$1,432	$1,627	$1,602
Annualised		3.05%		4.18%	4.55%	1.04%		1.14%	3.65%	2.69%	4.69%	2.35%	3.19%	3.48%

Newer projects like Silversea and Dunman View have shown strong annualised growth of 4.7 and 4.2 per cent respectively, but several older developments have kept pace. Mandarin Gardens and Tanjong Ria Condominium, for example, posted growth rates above three per cent, broadly comparable to mid-level performers like Cote d’Azur. Age doesn’t seem to be having a particularly strong effect.

Next, let’s look at their rental yields. We’ll highlight the newer projects separately for easier comparison:

Project	Average price in 2024	Average monthly rent (June 2024 – June 2025)	Rental yield
DUNMAN VIEW	$1,500,000	$3,300	2.64%
PEBBLE BAY	$2,425,200	$5,843	2.89%
CASUARINA COVE	$2,053,333	$4,980	2.91%
COTE D’AZUR	$2,027,000	$5,305	3.14%
COSTA RHU	$1,891,143	$4,969	3.15%
SILVERSEA	$2,076,074	$5,465	3.16%
TANJONG RIA CONDOMINIUM	$1,443,500	$3,867	3.21%
WATER PLACE	$1,650,000	$4,507	3.28%
MANDARIN GARDENS	$1,377,222	$3,788	3.30%
SANCTUARY GREEN	$1,448,100	$4,092	3.39%
RIVEREDGE	$1,630,000	$4,623	3.40%
LEGENDA AT JOO CHIAT	$1,520,000	$4,425	3.49%
VILLA MARINA	$1,536,000	$4,483	3.50%
THE RED HOUSE	$1,225,000	$3,633	3.56%

It’s a more or less a middle-of-the-road performance for these projects. The Red House, Villa Marina, and Legenda at Joo Chiat all delivered yields above 3.4 per cent, with The Red House topping the list at 3.56 per cent. By contrast, higher-profile projects like Pebble Bay and Silversea, which command steeper entry prices, saw yields dip below three per cent.

This does suggest that tenants aren’t especially opposed to older projects; perhaps they’re willing to overlook it for a highly desirable D15 location (in particular, the Katong/Joo Chiat area is a well-established expatriate enclave.) 

Now, let’s look at three-bedroom leasehold units

Average $PSF

Year	New	Old	Difference
2014	$1,215	$860	$355
2015	$1,243	$855	$388
2016	$1,123	$804	$318
2017	$1,181	$833	$348
2018	$1,228	$951	$276
2019	$1,252	$945	$307
2020	$1,216	$939	$277
2021	$1,324	$1,015	$309
2022	$1,467	$1,125	$342
2023	$1,571	$1,164	$406
2024	$1,737	$1,176	$561
Annualised	3.64%	3.17%

The results are not too different from the smaller units. Over the past decade, newer projects have consistently outperformed older ones, with annualised growth of 3.64 per cent compared to 3.17 per cent.

As of 2024, the gap has widened significantly: from a gap of $355 in 2014 to $561 in 2024.

In short, the premium for newer three-bedders has widened against older counterparts.

Now let’s look at it in terms of overall quantum:

Average price

Year	New	Old	Difference
2014	$1,774,971	$1,356,681	$418,289
2015	$1,934,989	$1,318,112	$616,877
2016	$1,735,980	$1,260,056	$475,925
2017	$1,872,990	$1,314,836	$558,154
2018	$1,841,965	$1,441,574	$400,391
2019	$1,913,837	$1,518,851	$394,986
2020	$1,802,559	$1,437,378	$365,182
2021	$2,010,675	$1,609,227	$401,449
2022	$2,239,229	$1,748,359	$490,870
2023	$2,295,912	$1,826,364	$469,549
2024	$2,721,525	$1,877,446	$844,079
% increase from 2014 to 2024	53.33%	38.39%

The pattern remains the same if we look at quantum. From 2014 to 2024, the average price of new three-bedders rose by 53.3 per cent, compared to 38.4 per cent for older ones.

The gap has also widened – in 2014, the difference in quantum was about $418,000. By 2024, that gap had more than doubled to $844,000.

Both segments saw decent appreciation, but newer three-bedders clearly pulled further ahead.

Here’s a look at the unit sizes:

Year	New	Old
2014	1450	1575
2015	1553	1547
2016	1544	1567
2017	1578	1572
2018	1497	1511
2019	1523	1607
2020	1469	1528
2021	1506	1582
2022	1519	1552
2023	1461	1569
2024	1570	1593

We see a return to normalcy here, compared to the compact units where size was skewed by a few condos with super-large units. For the three bedders, we see a usual situation where older units are bigger on average.

These are the transaction volumes for the units: 

Year	New	Old
2014	64	38
2015	60	49
2016	73	50
2017	112	107
2018	105	54
2019	60	47
2020	67	59
2021	123	80
2022	105	66
2023	66	64
2024	91	79

Now let’s dive into the specific projects sold in 2024:

New

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
EAST BAY GARDENS	$968	$1,355,000	1399	1	1995
LEGENDA AT JOO CHIAT	$1,324	$1,879,167	1460	3	2001
DUNMAN VIEW	$1,546	$1,891,111	1223	9	1997
VILLA MARINA	$1,447	$1,986,500	1400	12	1995
SANCTUARY GREEN	$1,647	$2,061,778	1251	5	1997
WATER PLACE	$1,817	$2,338,000	1286	11	1998
RIVEREDGE	$1,789	$2,388,000	1335	1	2004
COTE D’AZUR	$1,986	$2,643,111	1332	9	2001
COSTA RHU	$1,546	$2,927,000	1899	10	1994
SILVERSEA	$2,190	$3,482,154	1588	13	2007
PEBBLE BAY	$1,780	$3,681,335	2076	16	1994
CAMELOT BY-THE-WATER	$1,530	$4,166,000	2723	1	1996

Old

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
NEPTUNE COURT	$1,019	$1,508,494	1473	27	1975
TANJONG RIA CONDOMINIUM	$1,534	$1,862,222	1214	4	1993
LAGOON VIEW	$1,150	$1,894,222	1647	9	1977
LAGUNA PARK	$1,182	$1,926,167	1641	18	1977
MANDARIN GARDENS	$1,298	$2,287,050	1762	20	1982
CASUARINA COVE	$1,649	$2,680,000	1625	1	1993

The average prices of older three-bedders often overlap with newer ones. Neptune Court, Lagoon View, Laguna Park, and Mandarin Gardens all transacted within the same price range as newer projects like Dunman View, Villa Marina, and Sanctuary Green. 

East Bay Gardens is a curious outlier: despite being a newer development, it recorded both a lower $PSF and a lower average price than Neptune Court, which is two decades older! We can’t see the reason for the pricing data alone, but sometimes project-specific quirks can overturn the usual assumptions. 

With that in mind, let’s look at how three-bedders across these projects have performed over the decade. We’ll highlight the newer developments separately to make the comparisons clearer:

Year	EAST BAY GARDENS	LEGENDA AT JOO CHIAT	DUNMAN VIEW	VILLA MARINA	SANCTUARY GREEN	WATER PLACE	RIVEREDGE	COTE D’AZUR	COSTA RHU	SILVERSEA	PEBBLE BAY	CAMELOT BY-THE-WATER	NEPTUNE COURT	TANJONG RIA CONDOMINIUM	LAGOON VIEW	LAGUNA PARK	MANDARIN GARDENS	CASUARINA COVE
2014	$795	$870	$1,002	$966	$1,154	$1,249	$1,235	$1,256	$1,245	$1,770	$1,351		$777	$1,234	$750	$833	$957	$1,069
2015		$837	$1,001	$925	$1,152	$1,201	$1,269	$1,339	$1,208	$1,629	$1,285		$727	$1,087	$757	$821	$887	$1,058
2016	$795	$849	$953	$869	$1,118	$1,237		$1,240	$1,131	$1,477	$1,279		$702	$1,064	$743	$819	$839	$1,048
2017	$747	$807	$1,000	$854	$1,089	$1,181	$1,290	$1,311	$1,147	$1,571	$1,323	$1,284	$736	$1,128	$782	$866	$861	$1,104
2018	$830	$907	$1,044	$939	$1,166	$1,300	$1,325	$1,405	$1,268	$1,673	$1,402		$887	$1,153	$970	$1,008	$1,023	$1,244
2019	$748	$922	$1,094	$994	$1,182	$1,292	$1,376	$1,262	$1,268	$1,623	$1,479		$907	$1,050	$886	$966	$988	$1,237
2020	$772	$786	$1,065	$997	$1,221	$1,266	$1,355	$1,423	$1,205	$1,624	$1,448		$836	$1,187	$918	$961	$996	$1,153
2021	$887	$1,072	$1,110	$1,003	$1,274	$1,310	$1,420	$1,455	$1,330	$1,681	$1,477	$1,212	$906	$1,194	$1,024	$1,052	$1,074	$1,177
2022	$885	$1,235	$1,278	$1,100	$1,438	$1,526	$1,554	$1,721	$1,448	$2,031	$1,682	$1,629	$996	$1,355	$1,129	$1,150	$1,207	$1,460
2023	$900	$1,333	$1,423	$1,299	$1,478	$1,648	$1,734	$1,798	$1,523	$2,009	$1,762		$1,030	$1,468	$1,151	$1,197	$1,248	$1,474
2024	$968	$1,324	$1,546	$1,447	$1,647	$1,817	$1,789	$1,986	$1,546	$2,190	$1,780	$1,530	$1,019	$1,534	$1,150	$1,182	$1,298	$1,649
Annualised	1.99%	4.29%	4.43%	4.13%	3.62%	3.81%	3.77%	4.69%	2.19%	2.15%	2.79%		2.75%	2.20%	4.37%	3.56%	3.09%	4.43%

Older three-bedders are still able to keep pace with their newer counterparts. Newer developments like Cote D’Azur and Dunman View posted good annualised growth of over four per cent, several older condos – such as Lagoon View and Casuarina Cove – matched or even exceeded that pace.

At the other end of the spectrum, some newer projects, including East Bay Gardens and Silversea, actually saw much lower growth, closer to two per cent. This underlines that age doesn’t always mean weaker performance.

Next, let’s see how these three-bedders stack up in terms of rental yields. We’ll highlight the newer projects separately to make the comparisons clearer:

Project	Average price in 2024	Average monthly rent (June 2024 – June 2025)	Rental yield
CASUARINA COVE	$2,680,000	$6,264	2.80%
COTE D’AZUR	$2,643,111	$6,187	2.81%
SILVERSEA	$3,482,154	$8,492	2.93%
MANDARIN GARDENS	$2,287,050	$5,661	2.97%
PEBBLE BAY	$3,681,335	$9,130	2.98%
DUNMAN VIEW	$1,891,111	$4,728	3.00%
WATER PLACE	$2,338,000	$5,939	3.05%
COSTA RHU	$2,927,000	$7,583	3.11%
RIVEREDGE	$2,388,000	$6,275	3.15%
VILLA MARINA	$1,986,500	$5,395	3.26%
SANCTUARY GREEN	$2,061,778	$5,657	3.29%
TANJONG RIA CONDOMINIUM	$1,862,222	$5,395	3.48%
LEGENDA AT JOO CHIAT	$1,879,167	$5,675	3.62%

Two of the older projects – Casuarina Cove and Mandarin Gardens – posted some of the lowest yields, at around 2.8 to three per cent. 

By contrast, several newer developments delivered stronger rental performance. Legenda at Joo Chiat led the way with a yield of 3.6 per cent, while Sanctuary Green, Villa Marina, and Dunman View all landed above the three per cent mark. Even high-profile projects like Silversea and Pebble Bay, despite their higher price points, managed to keep yields competitive in the 2.9 to three per cent range.

Overall, newer three-bedders appear to offer an edge on rental returns.

Next, we’ll look at four-bedroom units

Average $PSF

Year	New	Old	Difference
2014	$1,365
2015	$1,300	$953	$347
2016	$1,235
2017	$1,243
2018	$1,293
2019	$1,362	$901	$461
2020	$1,388	$848	$540
2021	$1,569	$1,336	$233
2022	$1,714	$1,005	$709
2023	$1,695	$1,103	$592
2024	$1,661	$1,069	$592
Annualised	2.76%	1.28%

We need to use 2015 to 2024 as the time period, since there were no older four-bedder transactions in 2014. 

New four-bedders saw annualised growth of 2.76 per cent, compared to just 1.28 per cent for older ones. The gap has also widened: from $347 in 2015 to $592 in 2024, peaking at more than $700 in 2022.

In short, the premium for newer four-bedders has held, and they’ve stayed ahead of older counterparts.

Now let’s look at the differences in quantum:

Average price

Year	New	Old	Difference
2014	$2,884,236
2015	$2,957,230	$2,925,000	$32,230
2016	$2,672,933
2017	$2,727,075
2018	$2,822,030
2019	$3,056,348	$3,100,000	-$43,652
2020	$3,257,087	$2,600,000	$657,087
2021	$3,379,919	$4,100,000	-$720,081
2022	$4,084,339	$3,820,000	$264,339
2023	$4,060,564	$3,950,000	$110,564
2024	$3,778,300	$3,600,000	$178,300
% increase from 2015 to 2024	27.76%	23.08%

The results are still the same if we go by quantum. Newer four-bedders saw prices rise by 27.8 per cent, compared to 23.1 per cent for older units.

By 2024, the difference from older four-bedders had grown to about $178,000, with occasional years where older projects briefly outpaced on quantum – such as 2019 and 2021. But it was not enough to overturn the long-term trend, and newer condos came out ahead.

These are the sizes of the transacted units:

Year	New	Old
2014	2061
2015	2228	3068
2016	2122
2017	2116
2018	2168
2019	2209	3434
2020	2304	3068
2021	2113	3068
2022	2321	3800
2023	2392	3579
2024	2245	3369

As expected, older four-bedders tended to have larger sizes. 

This is the transaction volume:

Year	New	Old
2014	25
2015	31	1
2016	24
2017	33
2018	25
2019	23	2
2020	23	2
2021	41	1
2022	28	1
2023	22	2
2024	26	1

Because four-bedders come with such high price tags, they are not widely affordable. This results in a lower transaction volume, which we unfortunately have to work with; we have to accept a little more volatility in the prices of such high-cost units.

This would also explain many of the fluctuations in price gaps, between old and newer four-bedders.

Let’s look at the specific projects transacted in 2024:

New

Project	Average $PSF	Average price	Average size	No. of unit sold	Completion year
WATER PLACE	$1,594	$2,385,000	1493	3	1998
VILLA MARINA	$1,226	$2,480,000	2024	2	1995
SANCTUARY GREEN	$1,494	$2,837,600	1942	8	1997
RIVEREDGE	$1,964	$3,150,000	1604	1	2004
COSTA RHU	$1,728	$3,872,500	2239	4	1994
PEBBLE BAY	$1,802	$5,030,000	2788	2	1994
CAMELOT BY-THE-WATER	$1,529	$5,400,000	3531	1	1996
SILVERSEA	$2,001	$5,864,000	2928	5	2007

Old

Project	Average $PSF	Average price	Average size	No. of unit sold	Completion year
LAGUNA PARK	$1,069	$3,600,000	3369	1	1978

For four-bedroom units sold in 2024, most of the transactions were in newer developments. As we warned above, prices were volatile and varied widely – from about $2.4 million at Water Place and Villa Marina, to over $5.8 million at Silversea! 

Larger-format projects like Pebble Bay and Camelot by-the-Water naturally pushed the averages higher, with unit sizes often exceeding 2,700 sq ft.

On the older side, only a single transaction was recorded at Laguna Park. Its price of $3.6 million, which placed it squarely in the mid-range compared to the newer projects.

None of this is particularly representative due to limited transaction volumes, but that’s all we have to work with.

With that in mind, let’s look at how these four-bedders have performed over the past 10 years. We’ll highlight the newer developments separately for easier comparison:

Year	WATER PLACE	VILLA MARINA	SANCTUARY GREEN	RIVEREDGE	COSTA RHU	PEBBLE BAY	CAMELOT BY-THE-WATER	SILVERSEA	LAGUNA PARK
2014	$1,244	$825	$1,169	$1,247	$1,317	$1,406	$1,790	$1,740
2015	$1,247	$785	$1,112		$1,311	$1,380	$1,396	$1,916
2016	$1,179	$786	$1,111		$1,240	$1,342	$1,443	$1,659
2017	$1,202	$796	$1,016	$1,340	$1,276	$1,389		$1,780
2018	$1,202	$808	$1,133	$1,446	$1,430	$1,547	$1,571	$1,858
2019	$1,338	$815	$1,233	$1,378	$1,438	$1,677	$1,573	$1,495
2020	$1,141	$823	$1,280	$1,402	$1,482	$1,629	$1,533	$1,873
2021	$1,304	$914		$1,516	$1,518	$1,724	$1,708	$1,848
2022	$1,444		$1,432	$1,650	$1,669	$1,796	$1,746	$1,940
2023	$1,325	$1,026	$1,621	$2,070	$1,741	$1,788	$2,017	$1,990	$1,083
2024	$1,594	$1,226	$1,494	$1,964	$1,728	$1,802	$1,529	$2,001	$1,069
Annualised	2.51%	4.04%	2.48%	4.65%	2.75%	2.51%	-1.56%	1.40%

It’s hard to see much of a pattern given the limited transaction volume, especially for older projects; so there isn’t much that we can conclude here. 

But let’s turn to rental yields to see how that went. We’ll highlight the newer projects separately for easier comparison:

Project	Average price in 2024	Average monthly rent (June 2024 – June 2025)	Rental yield
CAMELOT BY-THE-WATER	$5,400,000	$11,463	2.55%
RIVEREDGE	$3,150,000	$7,125	2.71%
SILVERSEA	$5,864,000	$13,545	2.77%
COSTA RHU	$3,872,500	$9,280	2.88%
VILLA MARINA	$2,480,000	$5,978	2.89%
PEBBLE BAY	$5,030,000	$12,931	3.08%
SANCTUARY GREEN	$2,837,600	$7,475	3.16%
WATER PLACE	$2,385,000	$7,089	3.57%

(There weren’t any rental transactions for 4-bedders in Laguna Park)

There’s nothing too exceptional that we found here. The rental yields are expectedly lower than compact units, due to the higher cost of the property. It’s also uncommon for landlords to buy such large units as rental assets, as frankly one or two-bedders will suit such purposes better. 

A further observation regarding freehold and leasehold status 

When it comes to tenure, D15 shows a split performance, and the impact of freehold/leasehold is not entirely consistent. 

At the district level, freehold properties are clearly the stronger driver (see above). At the project level, however, the picture becomes more nuanced. Among leasehold condos, the difference between newer and older projects has been negligible: newer projects (20 years old and below) grew at 3.22 per cent annualised, while older ones (above 20 years) managed 2.96 per cent. Lease decay has not yet shown up as a sharp drag within this 10-year window, suggesting that other factors, such as layout and facilities, play a more immediate role than age alone.

Breaking things down further by unit type also shows that tenure is not the sole deciding factor. For one-bedroom units, older leasehold projects actually outperformed newer ones on $PSF growth (although this may be partly due to unusually large one-bedder layouts in projects like Pebble Bay and Costa Rhu. Larger units tend to have a lower $PSF, allowing for more visible percentage gains in this area.) 

By contrast, newer leasehold two- and three-bedroom units consistently pulled ahead, both in $PSF and in quantum. 

Overall, freehold has appreciated better in D15 as a collective whole. But when you drill down, it’s not always clear if 99-year condos suffer more purely on account of being leasehold. 

Due to that, buyers should focus on more decisive elements like layout efficiency, facilities, and state of upkeep. 

Conclusion

Across all unit types, the price gap between new and old projects has widened over the past decade. Outside of the one-bedders, newer projects have also notched higher price growth compared to older ones.

That said, the broad averages may not match experiences on the ground. When you look at individual developments, some older condos still transact at prices comparable to newer ones; and growth trends show that older projects don’t always underperform. Transaction volumes for one- to three-bedders in these older projects also remain healthy, so there’s clearly ongoing demand.

(Four-bedders or larger see lower transaction volume, but that’s always been the case everywhere, due to higher pricing and lower supply in general.) 

On the rental front, newer projects have generally delivered stronger yields, despite higher sale prices. This suggests that there is at least some preference for newer projects among tenants. 

However, realtors have pointed out that this may be specific to a prime area like D15. In these areas, particularly the expat enclave in D15, well-heeled tenants with higher housing allowances can afford more luxury; and that includes newer facilities. In heartland areas with more budget-conscious tenants, we may not see the same advantages for newer units. 

Finally, it’s one thing to know how averages play out across a district; it’s another to decide what this means for your own property goals. Should you be stretching for a newer project with higher yields, or is there an older condo that balances space and value better?

Our agents help buyers make these trade-offs every week, using both transaction data and on-the-ground experience.

If you’d like a clearer view of your options, let’s chat.

We’ll see if this is true in future deep dives in other districts, so follow us on Stacked Pro.