Previously, we looked at price movements of older versus newer one and two-bedders in District 9 (D9). When it comes to family-sized units, however, there could be some major differences. Will we see the same gains in units that are predominantly for owner-occupiers, rather than investors? And how will the older projects fare, given their often outsized layouts and higher quantum? In this piece, we’ll dive into three- and four-bedder trends in D9, and see whether their age makes a difference at this end of the market:
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.”
Let’s start with a look at three-bedder prices and how they’ve moved, in different age brackets:
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Three-bedroom units
Average $PSF
| Year | New | Old | Difference |
| 2014 | $2,903 | ||
| 2015 | $1,938 | ||
| 2016 | $2,395 | $771 | $1,624 |
| 2017 | $2,492 | $1,195 | $1,297 |
| 2018 | $1,711 | ||
| 2019 | $2,129 | $1,467 | $661 |
| 2020 | $2,422 | $661 | $1,761 |
| 2021 | $1,675 | $609 | $1,066 |
| 2022 | $1,898 | $1,904 | -$6 |
| 2023 | $2,064 | $1,633 | $431 |
| 2024 | $2,206 | $1,608 | $598 |
| Annualised | -1.03% | 9.62% |
Since there were no old three-bedder transactions in 2014 and 2015, we’ll look at 2016 to 2024 instead.
2 Comments
I know this info is not easy to get, but for these properties, it is not really fair to compare rental yields without taking maintenance & sinking fund fees into account because you could be talking $500/mth compared to $1500-2000/mth.
Hey Siew Wei Ngiam, you’re absolutely right — maintenance fees and sinking funds can make a meaningful difference to actual rental yields, and it’s not always fair to compare without factoring them in.
Property is nuanced in so many ways: things like renovations, layouts, facilities, and even how well a condo is maintained can all affect returns.
In this piece, we looked at the numbers in aggregate to spot broader systemic patterns that might be useful as a starting point. That said, we take feedback like yours seriously, and when we have the resources, we’ll definitely aim to dive deeper into individual developments to account for things like maintenance and sinking funds.
Thanks for raising this — it’s an important reminder of the complexity behind the numbers!