Are Older One- and Two-Bedders in District 9 Holding Up Against the New Launches? We Break It Down

District 9, home to Orchard Road and River Valley, is one of Singapore’s most exclusive addresses. But exclusivity doesn’t always mean better returns, especially when it comes to smaller units. In recent years, one- and two-bedders here have raised questions: are these compact units still in demand, when decentralisation has made even heartland neighbourhoods convenient for tenants? And given the higher prices of even one and two-bedders in D9, are they really profitable? In this piece, we’ll look at how older and newer one- and two-bedders here performed over the past decade, and why the answer isn’t as straightforward as it seems:

A quick note on newer versus older

We use 20 years or younger for newer (not new, mind you, but just newer) because most projects in Singapore last 19 to 24 years – so it’s a good middle point. It’s also generally accepted in the market (by convention and no particular authority) that the 20+ age range is when most condos are referred to as “older.” 

That said, let’s start by looking at the overall performance of resale condos in D9:

On an annualised basis, D9 prices grew at just 1.43 per cent, compared to 3.3 per cent for the broader market. Performance aside, this is not surprising, as D9 is home to luxury condos with very high quantums. The high base price makes percentage growth look slower compared to the wider market.

Since we aim to understand how age affects property values, let’s look at how it performs when we strip away the freehold segment. Freehold properties don’t face the same lease decay issues, so their performance can obscure the picture.

To get a clearer view, let’s look at how 99-year leasehold condos in District 9 have performed over the past decade.

From 2014 to 2024, average resale prices for leasehold condos in District 9 were almost flat, at 0.15 per cent growth. By comparison, the wider market grew at a stronger 4.25 per cent annualised. Even with the excuse of higher base prices, D9 leasehold condos have lagged significantly behind the broader market.

For completeness, let’s also take a look at how 999-year and freehold projects in District 9 have performed in comparison:

It isn’t much better for freehold and 999-year leasehold projects in District 9. Between 2014 and 2024, there was weak annualised growth of 1.67 per cent.

Across the same period, the broader pool of freehold and 999-year properties in Singapore rose about 2.97 per cent.

So even in the segment that should be insulated from lease decay, D9 has still shown slower growth. 

That being said, it’s worth making a quick note on freehold being a norm in D9

D9 consists primarily of freehold condos, and the leasehold options here are in the minority. This could provide another reason for the weaker leasehold showing: when a project is the sole leasehold condo surrounded by freehold counterparts, the contrast is more pronounced; and this can weaken demand for the leasehold condos. 

Let’s narrow the focus to just 99-year leasehold condos in District 9, and compare how newer projects stack up against older ones.

Interestingly, the older projects are coming out ahead. Older projects managed an annualised growth rate of 0.84 per cent, while newer developments actually saw values decline at about –1.57 per cent.

But while older projects tend to transact at lower $PSF, their units are sometimes much larger in size, which pushes up the overall quantum. So let’s take a look at the average quantum of new and old projects over the same period:

The price gap (quantum) between new and old projects has narrowed steadily from 2014 to 2024. In fact, from 2021 onwards, the average quantum of older projects has consistently been higher than that of newer ones. Over the past decade, older projects recorded a price increase of about 20 per cent, while newer projects actually saw prices decline.

That said, we need to be careful about drawing sweeping conclusions from this. The volume of transactions and the mix of unit types sold in any given year can significantly affect the averages. 

To get a clearer picture of what’s happening, let’s break things down further by unit type:

1-bedroom units

Average $PSF

Because there were no transactions in some years, we’ll focus on the 2018 to 2024 period.

Over this span, older one-bedders recorded an annualised growth rate of about 1.59 per cent, while newer ones declined by roughly –2.83 per cent. In most of these years, the average $PSF of older condos was higher than that of newer ones.

While the movements are very volatile, the overall trend from 2018 to 2024 shows the gap widening in favour of older one-bedders. 

Now let’s take a look in terms of absolute prices instead of percentages:

Average price

In terms of quantum, older one-bedders transacted at higher average prices than newer ones, at most points over the decade. By 2024, the average price for an older one-bedder was around $2.12 million compared to just about $1.21 million for a newer one – a gap of more than $900,000.

Just as the $PSF difference has widened, the price gap in absolute terms has also grown in favour of older one-bedders. So far, it appears that buyers in D9 have consistently placed greater value on the older projects.

Could this be due to bigger sizes among the older one-bedders? Let’s have a look:

Average size (based on units transacted)

One possible reason older one-bedders outperform is their much larger sizes. As of 2024, the average size of a new one-bedder was just 567 sq ft, compared to 743 sq ft for an older one. That’s close to being about 30 per cent larger.

By today’s standards, a 743 sq ft unit would be considered a two-bedder at least; so buyers may be willing to pay for the added versatility. Depending on layout, a unit that size might fit a couple or possibly even two parents and a child, and would still be cheaper than a full-blown three-bedder.

Here’s the transaction volume for the one-bedders:

No. of transactions

Now, let’s look at specific one-bedder projects that saw transactions in 2024

New

Old

Among the newer developments, units ranged from very compact formats like 484 sq ft at UP@Robertson Quay, to outsized 732 sq ft units at Cairnhill Nine. Prices generally hovered between $1.06 million and $1.89 million, with $PSF levels mostly around the $2,100–$2,200 range (except for Cairnhill Nine, which reached $2,582 psf.)

By contrast, the only older project with one-bedder sales – The Centrepoint, completed – averaged $2,854 psf, with a much larger size of 743 sq ft and an average price of $2.12 million. It’s also worth noting that Centrepoint is a very old project, completed in 1979; so it’s quite impressive how well it has maintained its value. That said, there are some irregular elements to these transactions: 

For example, we’ve noticed listings on property portals that list these units for $1.85 million – but given that we’ve seen prices reach $1.9 million in 2018, that should mean the price movement is almost flat; and yet the transacted averages on record seem a lot higher.

We can’t explain why anyone would list a unit for $1.85 million when the transacted average seems so much higher; and this is likely some unique quirk related to the unit.

In addition, we note that there have been a number of collective sales here which could affect pricing perspectives (as recently as May 2025). Also, from word on the ground, we were informed that six units here sold on the same date at around $1.8 million – so this is more representative of a collective sale price than general market pricing.

That said, The Centrepoint not only achieved a higher $PSF but also a higher quantum; and this reinforces our earlier observation: the older but bigger one-bedders may still be in demand, because they’re large enough to be versatile. 

To understand if this is a one-off or part of a broader trend, let’s look at the 10-year performance of these same projects. 

We’ll highlight the newer developments for easier differentiation.

Because transactions were not recorded every year, we focus on the period from 2018 to 2024, when most of the projects had sales data.

Over this timeframe, only The Centrepoint – the sole older project – managed positive growth, with an annualised rate of about 1.6 per cent. By contrast, all of the newer projects, including Cairnhill Nine, OUE Twin Peaks, Suites at Orchard, and Sophia Hills, showed negative growth rates.

It would appear that newer one-bedders have struggled to hold their ground, whereas The Centrepoint does fine with its larger one-bedders.

Now let’s look at one-bedder rental yields, to see if it explains the situation

One and two-bedders (below) are the units most likely to appeal to landlords, so a good yield can help to support their prices.

In this context, the Centrepoint’s size (and hence higher quantum) worked against it. Gross rental yield = (annual rental income / total cost), so the Centrepoint going past $2.1 million resulted in a much lower yield than the others. 

By contrast, newer developments like UP@Robertson Quay, Suites at Orchard, and OUE Twin Peaks all turned in yields above four per cent, with Sophia Hills and Cairnhill Nine not far behind at around 3.8 to 3.9 per cent.

This suggests that the newer one-bedders may not be as good for resale gains, but can still perform decently as rental assets.

Two-bedroom units

Average $PSF

Because there were no transactions for older two-bedders in 2014, we will track the period from 2015 to 2024 instead.

Over this span, older two-bedders are clearly ahead with annualised growth of about 6.1 per cent, while newer ones actually declined by around –0.7 per cent. 

While newer condos expectedly held a higher $PSF for most of the period, the difference narrowed over time. By 2023 and 2024, we can see the gap had almost disappeared: by then, we had newer projects averaging about $2,083 psf in 2024, versus $2,002 psf for older ones.

So in terms of $PSF, age has not been a handicap for two-bedders in D9.

Now let’s look at it in terms of average price:

Average price

Looking at overall prices rather than $PSF, we see a turning point around 2019, when the average price of older two-bedders pulled ahead of newer ones. After that, the prices seemed to have maintained their gap. By 2024, older units averaged about $2.42 million, compared to $1.68 million for newer projects, a gap of more than $730,000.

We may be seeing a similar issue as the one-bedders: the older two-bedders may simply be larger and more versatile, thus drawing more prospective buyers than just landlords.

Let’s have a look at the sizes:

Average size (based on units transacted)

This tracks with our supposition. As you can see, older two-bedders are consistently much larger than their newer counterparts. From 2015 to 2024, older units averaged between 1,200 and 1,450 sq ft, while newer ones typically ranged from just over 800 to around 1,000 sq ft.

By 2024, the average size of an older two-bedder was about 1,230 sq ft, compared to only 815 sq ft for a newer one – roughly a 50 per cent difference.

At an average size of over 1,200+ sq ft, some of the older two-bedders are even larger than three-bedders today. So unlike conventional compact units, they’re not too small for families, and can see good owner-occupy demand as well. 

This is the number of transactions we’ve seen:

No. of transactions

Now, let’s look at the specific projects transacted in 2024

New

Old

Among the newer developments, Sophia Hills stood out with the highest number of sales, though its units were compact at just 664 sq ft and averaged about $1.42 million. Meanwhile, the two older projects – Orchard Court (1973) and The Centrepoint (1979) – sat firmly at the upper end of the overall price range. Orchard Court posted the lowest $PSF at $1,583, but with its large 1,453 sq ft layout, the overall price still reached $2.3 million*. The Centrepoint, meanwhile, averaged $2,211 psf and $2.48 million, putting it on par with or ahead of many newer developments.

*It’s a norm for larger units to have a lower $PSF.

To understand if this is an anomaly or part of a longer trend, let’s look at how the two-bedder units in these projects have performed over the decade. We’ll highlight the newer developments for easier differentiation.

Because not all projects had sales every year, we focus on two time periods:

From 2015 to 2024, only two projects had consistent transactions: Suites at Orchard (new) and The Centrepoint (old). Suites at Orchard saw an annualised decline of about –2.7 per cent, while The Centrepoint managed healthy growth of 4.5 per cent. Once again, the older project pulled ahead.

From 2021 through 2024, when we have more transactions to work with, the story is still similar. Sophia Hills, Leonie Suites, and Suites at Orchard (all newer) posted mixed to negative growth, while Cairnhill Nine held modest gains. The standout performer was still The Centrepoint, which recorded about 4.3 per cent annualised growth.

Like one-bedders, it’s clear that the older but outsized two-bedders tend to outperform their newer counterparts in D9.

Now let’s look at their rental yields:

The older developments – The Centrepoint and Orchard Court – came in at 2.1 per cent and 3.2 per cent respectively, both trailing behind most of the newer condos.

By contrast, the newer projects delivered stronger yields, typically in the 3.4 to 3.8 per cent range. Cairnhill Nine and Orchard Scotts, for instance, achieved average monthly rents of $8,262 and $6,550, translating to yields of 3.8 per cent despite their higher entry prices. Even mid-tier projects like Suites at Orchard and Leonie Suites posted healthier returns than their older counterparts.

Tenants appear more willing to pay a premium for newer facilities, but this is just one part of the reason. We still need to keep in mind that the older and larger units have a much higher quantum, which contributes to their lower yield. 

Conclusion

Overall, the data suggests that in D9, older one- and two-bedders often pull ahead in terms of capital appreciation. This is likely thanks to their significantly larger layouts – unlike “true” shoebox-style or roommate sharing units, these older layouts are still viable as family homes; their size makes them more versatile and provides demand. 

But by contrast, newer units usually deliver stronger rental yields thanks to their lower quantum; this makes them more appealing to landlords.

Overall, this means that buyers should be careful not to overstate the impact of age. In D9, even older leasehold one and two-bedders still see good demand and price support. 

The key takeaway is that age alone isn’t the deciding factor. Even older leasehold one- and two-bedders in D9 continue to see healthy demand and price support. The real question is whether you should be prioritising space, rental income, or long-term value.

That’s where a conversation with our team can help. We’ve worked with buyers facing these exact trade-offs in the Core Central Region, and can show you which developments best match your goals. Let’s chat about what makes sense for your next move.

Next, join us as we explore the three and four-bedder units in D9.