5 “Benchmark” Condos In Singapore To Pay Attention To
In Singapore’s dynamic property market, certain condos have come to serve as unofficial “benchmarks.” These aren’t guidelines laid out in any rulebook, but rather an unspoken consensus among buyers, agents, and investors. Whether it’s their prominence, their size, or simply their longevity in the market, these condos are often used as a bellwether to gauge the health of a district or to assess whether another property’s price is considered fair. When looking at a new launch or resale unit, people tend to reference these benchmark condos, subtly anchoring their expectations based on the performance and pricing of these familiar names.
1. Rivergate
Living along the Singapore River is a luxury that only a few people can boast of, what more when it occupies such a long frontage. RiverGate was a condo that was launched in 2005, and at 43-storeys high it is an unmissable landmark on the riverfront.
RiverGate holds the distinction of being the first residential project in Singapore to receive landmark status from the URA, which may contribute to its reputation as a benchmark in the area. This status is awarded exclusively to buildings that are strategically situated and showcase innovative architectural design.
We’ve written about it before, but RiverGate has been a profitable one for many of its first owners.
According to Square Foot Research, Rivergate has seen 431 profitable transactions and 32 losses since it was completed. But in the last 5 years, there has only been one losing transaction (which was bought for an excessively high price in 2007.
In 2006, the average sub-sale price for Watermark was about $1,073 psf, noticeably lower than RiverGate’s $1,336 psf. Under typical circumstances, this kind of price disparity would suggest weaker returns for RiverGate buyers. Yet, despite the competition, RiverGate buyers still managed to secure an impressive annualised return of 3.35 per cent.
Tribeca also serves as an interesting point of comparison. In 2006, Tribeca’s average price of $1,422 psf was higher than RiverGate’s, but by the next year, RiverGate had surpassed it. About half of Tribeca’s units were purchased in 2007, but its performance has been weaker overall, with 144 profitable and 15 unprofitable transactions, six of the losses occurring in 2007 alone. This, too, is for a development located just 300 meters from RiverGate.
2. Ardmore Park
Ardmore Park is probably the most iconic Orchard Road condo, despite getting on in years (it was completed in 2001, but like most Orchard-area condos it’s freehold and doesn’t have lease decay issues). Over the past two decades, Ardmore Park has developed a reputation for mind-boggling resale gains.
In October 2017, while the property market was in a downturn, Ardmore Park saw a four-bedder transact at a $4.25 million profit. This was for a 2,885 sq. ft. unit on the 22nd floor, which was bought for $5.35 million and sold for $9.6 million, with a holding period of about 15.5 years.
More recently in February 2024, Ardmore Park saw another headline-making transaction with a $7.07 million profit. This was for a 2,885 sq. ft. unit on the 26th floor, which was bought for just $5.8 million way back in 1996; the sale price was $12.9 million.
Ardmore Park has also appeared twice on our list, for the most profitable short-term property flips to date. And whilst Ardmore Park has got some losing transactions (see here for details), it still stands out as a top performer among older luxury condos.
At this point, it’s not an exaggeration to say that Ardmore Park is to condos what Pinnacle @ Duxton is to HDB flats. Besides its reputation for churning out highly profitable units, Ardmore Park is next to other icons like Sculptura Ardmore (one of Singapore’s most expensive projects ever), and The Claymore. You can walk to the Orchard shopping belt in around 10 minutes from this condo.
Due to Ardmore Park’s famed spaciousness and unit sizes, you’ll often find that layouts of other luxury condos are often compared to this project.
As of 2024, Square Foot Research shows Ardmore Park has an average price of $4,304 psf, recording 31 profitable transactions and three unprofitable ones.
Despite its age, Ardmore Park may face more resistance to collective sale proposals, due to the 2023 cooling measures. Foreigners now pay 60 per cent ABSD on residential property purchases, so any replacement unit after an en-bloc is much pricier. This will impact Ardmore Park more than many other condos, as close to a third (31 per cent) of the property is owned by foreigners. In any case, given the resale prices here over the last few years, any buy out attempt would have to be at eye-watering levels.
Nonetheless, Ardmore Park is the baseline for a luxury property and is likely to remain so for many years.
3. Leedon Residence
Leedon Residence is the most common point of comparison, for condos in the Holland Village area. This small (381-unit) project, completed in 2015, has managed to maintain its status despite “encroachment.” The completion of Leedon Green, as well as a huge saturation of new entrants in 2021, hasn’t had any adverse effect on its prices.
In fact, in December last year, Leedon Residence managed to hit a new high of $2,909 psf, from a previous high of $2,776 psf; and Square Foot Research shows prices averaging $2,663 psf. There have been 51 profitable transactions and only seven minor losses (most of the losses are below a single percentage point).
The highlight here is the land area (522,322 sq. ft.), which is massive given that there are just 381 units. For comparison, the neighbouring Leedon Green is just around 316,700+ sq. ft. and has 638 units.
Besides spaciousness, Leedon Residences also tends to be highlighted for price comparisons. The most typical example of this is D’Leedon, where a common marketing pitch is to position it as a more affordable alternative. D’Leedon is a leasehold mega-project with 1,715 units, averaging 1,959 psf.
If you’ve viewed condos in this area, you may have realised these two projects have an oddly complementary relationship, as they’re such polar opposites (freehold versus leasehold, and small versus mega-development, but in the same area and almost the same age). So the two constantly riff off each other as the “more sensibly priced one” and the “more luxurious one.”
That being said, Leedon Residence has proven that certain qualities – such as proper spacing between blocks and generous facilities – can make a project’s prices very resistant to oversupply. This is still “the” luxury condo to beat in the Holland V area.
4. Park Infinia At Wee Nam
Park Infinia was famous from the get-go, as when it launched in 2007 it was marketed as the largest condo in the Newton area. This was significant because, then as now, Newton is a densely packed area where the few existing condos are all boutique projects. Park Infinia broke the trend by offering a large full-suite condo, with a proper-sized gym, clubhouse, big lap pool, etc.
(Although to clarify, a unit count of 486 units is still considered on the small side; it’s just big for Newton).
Park Infinia was also a roller coaster during its initial sales, due to unfortunate timing: the Global Financial Crisis struck in the latter half of sales, which did this to the developer prices:
So the buyers of the larger remaining units here, if they moved in during the crisis, could have seen some strong returns. Park Infinia currently averages $2,374 psf, and has seen 49 profitable transactions and just one unprofitable one.
As of 2024, it’s still among the biggest options in the area, although there are new entrants like Kopar at Newton (although this is leasehold), and if you want spacious units in Newton it’s your best bet. Just be warned that its size also means a high quantum, with its typical 1,464 sq. ft. units often reaching a price of over $3.3 million.
5. Maple Woods
Maple Woods is the iconic Bukit Timah condo: it’s got big units, spacious grounds (593,779 sq. ft.), and is famously next to King Albert Park and Methodist Girls’ School. Whilst old (it was built in ‘97), it’s also freehold and avoids any lease decay issues.
Maple Woods’ fame may have been due to the ruckus over the Downtown Line, many years ago – at the time, residents petitioned then Prime Minister Lee Hsien Loong to reposition a part of the station further away. It may have been one of the few times that condo owners were not enthusiastic about the MRT station being built so close.
Another reason for this condo’s popularity is King Albert Park’s former reputation as a bit of a hub: this used to be where students and people from around the neighbourhood hung out. Never before had we seen so much affection for a McDonald’s outlet, when the area was redeveloped. While King Albert Park never quite regained its former vibe, Maple Woods had already become a bit of a landmark just by virtue of proximity.
That aside, Maple Woods is also famed for its landscaping, and is one of the greenest condos you’ll find; the coconut trees, palms, etc. make this one of the most resort-like condos you’ll find. And facilities-wise, the space is well-used, with this being one of the rare condos with four tennis courts. So despite being an older condo, its common facilities are often used as a benchmark for its neighbouring projects.
Maple Woods has seen a pick-up since the completion of King Albert Park MRT next door (DRL, CRL), and it had a notable win in 2021 when a unit sold for a $2.63 million profit. As of this year, units of around 1,496 sq. ft. have transacted at a quantum of around $3.2 million, whilst smaller units of 850 sq. ft. have been sold at around $1.86 million (not too out of reach for some HDB upgraders).
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