We Compared Old vs New Condos in One of Singapore’s Fastest-Changing Neighbourhoods — Here’s What We Found Out

District 14 (D14) is one of the most interesting parts of Singapore, when it comes to the property market. Part of this is due to a sharp transformation since around 2019: when Paya Lebar Quarter (PLQ) was built, it transformed the area into a major commercial hub. Besides that, the residential stretch from Geylang to Paya Lebar has been tough to classify: it’s convenient but heavily urbanised, it’s somewhat-close-to-the-east but still quite central, and it’s a district that’s viable for both investors and owner-occupiers. So it’s perhaps it’s in D14, where the question “should you buy a newer or older condo” becomes very relevant:

Let’s start by looking at the overall performance of resale condos in District 14

We’re using resale to avoid any distortions from developer discounts.

D14 has performed better than the wider condo market, rising by close to five per cent versus the broader 3.3 per cent. 

Let’s see if it’s as true for leasehold (99-year) properties in D14, versus freehold properties:

Leasehold

Leasehold properties in D14 also outperformed the general market by 5.6 per cent versus 4.25 per cent.

Freehold and 999-year leases

The results are the same for freehold. The units in D14 rose 3.45 per cent, versus the Singapore-wide average of around three per cent.

Now let’s get to our main question, which is the age gap. How well do newer versus older leasehold condos perform?

We’re focusing only on 99-year leasehold condos, as this is where the effects of lease decay are most significant. For this analysis, “new” refers to condo projects that are 20 years old or younger, while “old” refers to those beyond the 20-year mark.

We use 20 years as the dividing line for two reasons. First, it aligns with how long most condo projects tend to last, and most condos go en bloc between 19 and 24 years of age. Second, it’s consistent with how the market itself views ageing projects, as condos above 20 years are conventionally regarded as “older” by buyers.

For newer condos, we’ll include projects with leases starting from 1994 to 2014. For older condos, we’ll look at those with leases starting from 1993 and earlier. This ensures we’re tracking the same pool of projects over time.

Finally, we’ll use only subsale and resale transactions to avoid distortions caused by developer discounts.

In a general sense, on a $PSF basis, newer projects saw much stronger growth (4.1 per cent) than older counterparts (2.4 per cent).

However, older projects tend to be much larger. This makes $PSF less useful, as they tend to have a lower $PSF but a much higher overall price (quantum.) So we need to check the price gap based on the average quantum as well:

In terms of average price, older properties were more expensive than newer ones for most of the past decade. Like we said above, the older ones tend to be larger, even if they have a lower $PSF. 

But by 2024, we started to see newer projects narrow the gap – with average prices now just edging above older ones. Still, over the ten-year period, older condos saw stronger overall price growth (about 33 per cent versus 17 per cent for newer units).

Next, we need to examine transaction volume and the types of units (i.e., the number of bedrooms) to gain a more practical understanding of the new-to-old price gap. 

The price gap between a newer and older two-bedder, for example, may end up being quite different from a newer and older three-bedder. So let’s take a look:

Note: There are no comparisons for one-bedders and four-bedders, because the older condos in this district do not have these classifications 

2-bedroom units

Average $PSF

Newer two-bedders have seen better price growth on a $PSF basis, over the past decade. It’s also widened over time, from $86 back in 2014 to $324 today. Newer two-bedders also saw better percentage growth (4.5 per cent, versus 3.1 per cent for older projects). 

Here’s the difference in terms of quantum:

Average price

In terms of quantum, the price difference between new and old two-bedders has narrowed. Older two-bedders saw a higher percentage increase in price (around 36 per cent versus 29 per cent for newer counterparts), but the older ones still cost less on average. 

Since the quantum is impacted by size, let’s also see the difference in square footage between old and new units

Average size (based on units transacted)

For most of the past decade, older two-bedders in D14 have been larger in most years. This has been consistent since 2019 onward, with the size discrepancy widening over time. 

This explains why older D14 units showed lower percentages in $PSF, yet achieved higher overall price appreciation. They’re just much bigger, and hence more expensive overall, than their newer counterparts.

These are the total number of transactions we looked at:

No. of transactions

With the exception of 2021 (when there was a housing shortage in the aftermath of COVID), there are many more transactions among the newer projects compared to older ones. Buyers might want to consider, when they do exit, a newer D14 project may be easier to sell.

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

New (sorted by price low to high)

Old

For 2024, only one older project had two-bedroom transactions: Astoria Park.

Astoria Park’s average price of about $1.29 million is at the lower end compared to newer projects; it averaged $1,349 psf for a 958 sq ft unit.

Several newer developments transacted at a quantum similar to or even lower than Astoria Park. For instance, Tre Residences and Sims Urban Oasis both recorded a lower quantum despite being newer, on the basis of their smaller size.

Let’s examine the performance of the 2-bedders in these few projects, over the last 10 years

Not all developments recorded transactions every year, so we will consider only those with both 2014 and 2024 data.

Overall results are mixed. Some newer projects, such as Sims Urban Oasis and Tre Residences, showed stronger appreciation compared to the older ones. Several of the older developments, including Astoria Park, Aston Mansions, and Central Grove, also recorded steady long-term growth; in some cases, even beating newer projects like The Trumps and Dakota Residences.

While newer projects generally achieved higher $PSF levels in recent years, the long-term growth gap between newer and older two-bedders is not as wide as we expected. 

This shows that many factors besides age – such as being closer to an MRT station or the timing of the transaction – can have a bigger effect on price. 

Next, let’s take a look at the rental yields of these projects

This will let us know if tenants are really paying more for the newer condos:

Several newer projects achieved higher yields than Astoria Park, our only older point of comparison. Tre Residences and Sims Green recorded yields above four per cent, compared to around 3.6 per cent for Astoria Park.

One reason for this is the lower quantum of the newer projects. Gross rental yield = (Annual rental income/Total price), so a lower quantum translates to higher yield percentages. Older, larger condos with a higher quantum thus appear weaker in terms of yield. 

That aside, we can see the typical “expected” rental rate for two-bedders here is around $4,000 a month, in most projects.

Now let’s look at three-bedder units

Average $PSF

With the three-bedders, newer projects have recorded a higher growth rate. The average $PSF for newer condos has widened against older ones. 

Now let’s look at the actual quantum:

Average price

The average price of newer three-bedders rose faster by about 42 per cent, compared to around 20 per cent for older ones. The price gap between the two groups has widened over the decade, with newer projects now averaging about $350,000 more than older counterparts.

That’s unusual, as we would expect the larger and older three-bedders to cost more. Let’s have a look at the unit sizes:

Average size (based on units transacted)

Surprisingly, newer three-bedders in D14 have been larger than their older counterparts for most of the past decade. 

In 2024, the newer units averaged about 1,175 sq ft, compared to 1,234 sq ft for older ones; only a modest difference. So with regard to three-bedders specifically, the older ones in D14 may not have a particularly huge size advantage. 

This explains why newer three-bedders have managed to pull ahead in both $PSF and quantum. 

These are the number of transactions we looked at:

No. of transactions

The number of transactions for older three-bedders is much lower compared to newer ones, which would make their resale prices more volatile. 

Let’s look at the specific projects for these three-bedder transactions

New

Old

As of 2024, newer three-bedders were generally more expensive than older ones; this is both on a $PSF and quantum basis. However, there are exceptions. A few newer developments – such as Tre Residences and Astor – recorded lower average prices than Astoria Park, the only older project with three-bedder transactions.

Astoria Park’s three-bedders averaged about $1.5 million, which is near the lower end for newer projects. Astor, despite being a newer development with a 2002 lease start, had the lowest average price among all at around $1.3 million.

Again, we’re seeing that age is hard to neatly isolate as a factor, and other qualities like location or the time of the sale could have an equal impact. 

Next, we’ll look at how these three-bedder units have performed over the past 10 years.

As before, not all developments recorded transactions every year, so we’ll focus on those with both 2014 and 2024 transactions.

Overall, newer projects generally achieved higher annualised growth than older ones. Tre Residences, Sims Urban Oasis, and Waterbank at Dakota all posted growth rates above four per cent per year, while older projects such as Astoria Park and Central Grove saw slower gains.

That said, there are exceptions. Some mid-aged developments like Euhabitat and The Alcove performed competitively despite their age.

Now let’s take a look at the rental yields of the three-bedders

Our older project, Astoria Park, falls within the midrange in terms of rental yield. There are a few impressive standouts among the newer projects – notably Sims Green, which is generating around $5,233 per month in rent, despite being notably cheaper ($1.38 million) compared to most other projects.

Perhaps this is due to the short walking distance to Aljunied MRT station (EWL), or the convenience of its location (it’s near the practically 24-hour food cluster where the famous JB Ah Meng is located).

An important side-note on D14

While the vice areas around Geylang have diminished over the years, they still create a point of distortion within D14. Properties located near the remaining red-light zones tend to be stigmatised, and some banks may limit or even deny financing for these addresses. This can skew transaction data and depress pricing within the immediate vicinity.

In contrast, the Paya Lebar Quarter (PLQ) area presents a completely different picture – properties here are markedly more upscale, surrounded by malls, Class A office spaces, and major transport links. Because of this unusual juxtaposition of two different environments in the same district, property performance can vary sharply depending on which side of Geylang a project is closer to.

Conclusion:

One unfortunate factor is that, in D14, the majority of 99-year leasehold projects were built after 1993, so data for older developments is limited. Among the older condos, Astoria Park stands out as the only project with consistent resale activity.

Looking at price growth over the past decade, older two-bedders and newer three-bedders have recorded the strongest percentage gains here. Overall, newer developments have generally outperformed older ones, though there are a few cases where older projects held their value just as well.

On the rental front, performance is mixed. Newer two-bedders and older three-bedders currently deliver higher rental yields; but this is mainly due to their lower average quantum. There is no clear indication that tenants here pay significantly more for newer projects. 

Geylang is tough to generalise as a district: the older projects around “foodie” Geylang and its vice area are quite different from the upscale PLQ, and both these areas differ from the quiet residential enclaves around Eunos. This is a district where buyers need to be highly selective, as rental or homeowner demand can change very significantly within even a one-kilometre distance. 

For more insights into the performance of newer and older properties around Singapore, stay with us on Stacked Pro. If you’d like to get in touch for a more in-depth consultation, you can do so here.