Larger Condo Units But Higher PSF? The Strange 2024 Singapore Property Trend You Need to Know

With the exception of some penthouses or very special premium units, the rule of thumb is “Smaller unit = higher price psf”. Condos like Piccadilly Grand, for example, had one-bedders which were priced at close to $2,200 psf at launch, while the biggest 5-bedders were just below $1,900 psf. 

Conversely, some of the biggest Sentosa Cove bungalows may have a price psf as low as $1,200, although they’re so big the overall quantum could well be $15 million or more. So it’s unusual that, over the past year or so, we’ve seen a trend where bigger units seem to show a higher price psf, sometimes even surpassing smaller ones. What’s happening? Let’s have a closer look:

A snapshot of the overall pattern

First, we want to see what we can learn from the data, and see if there’s some kind of emerging pattern. Second, we’ll try to identify when exactly the trend began, as that might also give some clue as to what’s going on. To wit, here’s a general look at the price movements, based on the following size categories:

• 500 sq. ft. or under (Shoeboxes)
• 850 sq. ft. or under 
• 1,200 sq. ft. or under
• 1,800 sq. ft. or under
• Anything above 1,800 sq. ft.

Divided this way, these are the prices psf of private non-landed homes (excluding ECs) since 1995:

Year	1) Less Than 500 Sq Ft	2) Less Than 850 Sq Ft	3) Less Than 1,200 Sq Ft	4) Less Than 1,800 Sq Ft	5) More Than 1,800 Sq Ft
1995	$730	$794	$686	$675	$682
1996	$964	$908	$770	$764	$918
1997	$838	$996	$726	$743	$849
1998	$738	$629	$518	$511	$533
1999	$691	$789	$632	$604	$607
2000	$732	$849	$684	$690	$699
2001	$785	$741	$589	$558	$572
2002	$709	$767	$574	$560	$571
2003	$689	$695	$571	$530	$539
2004	$683	$736	$600	$547	$617
2005	$701	$812	$628	$618	$670
2006	$992	$900	$700	$692	$997
2007	$1,128	$1,237	$925	$933	$1,408
2008	$1,263	$1,156	$836	$848	$1,210
2009	$1,282	$1,153	$888	$859	$1,168
2010	$1,453	$1,404	$1,084	$1,018	$1,384
2011	$1,545	$1,355	$1,076	$1,083	$1,421
2012	$1,398	$1,334	$1,113	$1,122	$1,357
2013	$1,541	$1,503	$1,258	$1,269	$1,475
2014	$1,496	$1,454	$1,287	$1,210	$1,469
2015	$1,405	$1,378	$1,206	$1,145	$1,444
2016	$1,520	$1,486	$1,264	$1,214	$1,397
2017	$1,651	$1,560	$1,326	$1,231	$1,455
2018	$1,621	$1,645	$1,367	$1,332	$1,670
2019	$1,777	$1,755	$1,461	$1,393	$1,818
2020	$1,808	$1,747	$1,463	$1,352	$1,602
2021	$1,969	$1,851	$1,547	$1,496	$1,760
2022	$1,885	$1,974	$1,670	$1,681	$1,980
2023	$2,017	$2,138	$1,831	$1,780	$2,075
2024	$1,900	$2,018	$1,835	$1,733	$1,831

This table shows the percentage premium or discount, compared to the 500 sq. ft. or smaller shoeboxes:

The discounts in the 850 and 1,800 sq. ft. categories are the largest, in relation to the shoeboxes. But the important thing is that, since 2022, there’s been a premium rather than a discount, for units in the 500 and 850 sq. ft. categories. The trend is clearly upward for these smaller units.

Next, we’ll look specifically at new launches, and see how the prices have moved there:

Year	1) Less Than 500 Sq Ft	2) Less Than 850 Sq Ft	3) Less Than 1,200 Sq Ft	4) Less Than 1,800 Sq Ft	5) More Than 1,800 Sq Ft
1995	$1,515	$764	$701	$696	$835
1996	$1,475	$898	$756	$741	$1,149
1997	$876	$1,051	$717	$762	$1,059
1998	$879	$608	$504	$495	$438
1999	$694	$841	$626	$598	$598
2000		$920	$710	$709	$754
2001	$785	$732	$591	$571	$559
2002	$741	$827	$581	$578	$585
2003		$738	$606	$581	$653
2004	$757	$790	$667	$617	$795
2005	$770	$849	$716	$723	$836
2006	$1,020	$933	$791	$797	$1,349
2007	$1,151	$1,364	$1,093	$1,079	$1,802
2008	$1,296	$1,188	$956	$935	$1,641
2009	$1,305	$1,146	$961	$931	$1,329
2010	$1,457	$1,440	$1,270	$1,206	$1,637
2011	$1,537	$1,323	$1,080	$1,175	$1,619
2012	$1,370	$1,300	$1,087	$1,125	$1,368
2013	$1,518	$1,496	$1,268	$1,326	$1,478
2014	$1,472	$1,446	$1,368	$1,357	$1,785
2015	$1,375	$1,365	$1,257	$1,208	$1,578
2016	$1,517	$1,461	$1,354	$1,352	$1,739
2017	$1,639	$1,565	$1,439	$1,425	$1,429
2018	$1,658	$1,710	$1,578	$1,689	$2,238
2019	$1,860	$1,814	$1,637	$1,864	$2,914
2020	$2,025	$1,836	$1,667	$1,717	$2,449
2021	$2,456	$2,062	$1,896	$1,921	$3,018
2022	$2,669	$2,393	$2,131	$2,244	$2,925
2023	$2,740	$2,507	$2,426	$2,479	$3,119
2024	$2,453	$2,365	$2,270	$2,359	$3,285

And the relevant premium/discounts:

While the pattern is generally similar, a difference is that the greatest premium comes from the largest units, which are 1,800+ sq. ft. This is different from the 500 to 1,800 sq. ft. category, where discounts can still be found. 

This quirk may be due to the very largest units, such as penthouses or other special units, having a different pricing model. It’s possible for a penthouse to be both bigger and have a higher price psf, for instance, as the developer is pricing in added luxury features (high ceiling, etc).

Perhaps the trend is not universal though, but only in certain regions; so we need to check this out too.

The market for different unit sizes can vary significantly by region. Some landlords, for instance, believe that shoebox units can only do well in the CCR but not the OCR, as the CCR has a higher composition of single expatriate tenants. 

Now it’s not our intent to prove or disprove that theory right now - the point is that unit sizes weigh differently based on region. So let’s break it down this way, starting with just the CCR:

Year	1) Less Than 500 Sq Ft	2) Less Than 850 Sq Ft	3) Less Than 1,200 Sq Ft	4) Less Than 1,800 Sq Ft	5) More Than 1,800 Sq Ft
1995	$1,515	$852	$911	$984	$1,271
1996	$1,475	$1,216	$1,071	$1,071	$1,711
1997		$1,267	$1,229	$1,262	$1,718
1998		$859	$790	$723	$718
1999	$992	$1,047	$886	$855	$997
2000		$1,208	$1,004	$1,008	$1,099
2001		$927	$891	$859	$879
2002		$959	$877	$812	$804
2003		$757	$831	$820	$908
2004	$777	$905	$929	$852	$1,028
2005	$815	$1,011	$911	$997	$1,062
2006	$1,145	$1,197	$1,171	$1,220	$1,692
2007	$1,481	$1,887	$1,707	$1,777	$2,140
2008	$1,496	$1,515	$1,579	$1,901	$2,766
2009	$1,859	$1,462	$1,480	$1,526	$1,756
2010	$2,112	$2,036	$1,945	$1,930	$2,114
2011	$2,159	$2,207	$2,133	$2,041	$2,365
2012	$2,234	$2,304	$1,969	$1,920	$2,186
2013	$2,263	$2,256	$2,000	$1,626	$2,005
2014	$2,324	$2,269	$2,184	$1,992	$2,166
2015	$2,359	$2,180	$2,088	$1,989	$1,964
2016	$2,299	$2,271	$2,259	$2,372	$2,230
2017	$2,349	$2,135	$2,270	$2,218	$2,310
2018	$3,041	$2,952	$2,655	$2,625	$2,715
2019	$2,947	$2,700	$2,548	$2,935	$3,474
2020	$2,567	$2,501	$2,506	$2,795	$3,172
2021	$2,789	$2,631	$2,613	$2,896	$3,670
2022	$2,955	$2,775	$2,734	$2,930	$3,344
2023	$3,229	$2,905	$2,893	$3,047	$3,393
2024	$3,342	$3,129	$3,090	$3,194	$3,487

And the relevant premium/discount:

As matches the general overview, the largest 1,800+ sq. ft. units seem to seeing a premium, compared to smaller counterparts.

Next, let’s look at the RCR:

Year	1) Less Than 500 Sq Ft	2) Less Than 850 Sq Ft	3) Less Than 1,200 Sq Ft	4) Less Than 1,800 Sq Ft	5) More Than 1,800 Sq Ft
1995		$819	$725	$700	$745
1996		$977	$796	$806	$773
1997	$876	$1,094	$852	$849	$963
1998	$879	$730	$570	$546	$584
1999	$677	$781	$617	$576	$663
2000		$902	$728	$779	$752
2001	$775	$748	$631	$649	$553
2002	$687	$674	$581	$581	$449
2003		$701	$590	$553	$416
2004	$718	$654	$630	$605	$483
2005	$720	$696	$625	$651	$568
2006	$782	$726	$661	$701	$578
2007	$928	$1,001	$1,067	$1,163	$1,441
2008	$1,137	$1,042	$1,024	$920	$1,082
2009	$1,170	$999	$968	$942	$948
2010	$1,329	$1,359	$1,322	$1,266	$1,226
2011	$1,496	$1,484	$1,396	$1,456	$1,576
2012	$1,419	$1,474	$1,345	$1,412	$1,593
2013	$1,587	$1,566	$1,443	$1,527	$1,242
2014	$1,484	$1,531	$1,518	$1,418	$1,608
2015	$1,539	$1,551	$1,520	$1,443	$1,490
2016	$1,604	$1,548	$1,516	$1,483	$1,339
2017	$1,788	$1,703	$1,590	$1,527	$1,713
2018	$1,822	$1,789	$1,720	$1,691	$1,548
2019	$2,012	$1,945	$1,800	$1,883	$2,050
2020	$2,031	$1,907	$1,763	$1,847	$1,890
2021	$2,429	$2,115	$2,013	$2,101	$2,568
2022	$2,554	$2,326	$2,127	$2,295	$2,695
2023	$2,639	$2,551	$2,489	$2,415	$2,605
2024	$3,038	$2,657	$2,534	$2,473	$2,745

Again, the results suggest the same trend as our overview. The largest 1,800+ sq. ft. units have a premium (or at least show the lowest discount) versus the shoeboxes. It’s also worth noting the recency of the trend, and that this totally wasn’t the case between 1988 to 2006.

Finally, let’s look at the most important region to the average homeowner, the OCR:

Year	1) Less Than 500 Sq Ft	2) Less Than 850 Sq Ft	3) Less Than 1,200 Sq Ft	4) Less Than 1,800 Sq Ft	5) More Than 1,800 Sq Ft
1995		$630	$621	$608	$596
1996		$687	$708	$673	$575
1997		$688	$634	$678	$589
1998		$522	$463	$450	$377
1999		$577	$557	$540	$413
2000		$660	$628	$633	$547
2001	$929	$584	$542	$539	$433
2002	$867	$667	$498	$515	$435
2003		$614	$491	$513	$417
2004		$633	$521	$518	$392
2005		$584	$548	$518	$418
2006		$615	$568	$540	$484
2007	$747	$781	$690	$686	$609
2008	$884	$894	$797	$769	$742
2009	$1,041	$937	$741	$697	$695
2010	$1,268	$1,063	$977	$859	$752
2011	$1,326	$1,106	$974	$944	$826
2012	$1,211	$1,154	$999	$974	$840
2013	$1,367	$1,293	$1,090	$1,054	$886
2014	$1,313	$1,240	$1,148	$1,145	$903
2015	$1,218	$1,222	$1,145	$1,069	$994
2016	$1,279	$1,297	$1,216	$1,128	$1,053
2017	$1,433	$1,402	$1,228	$1,246	$1,044
2018	$1,438	$1,437	$1,348	$1,357	$1,244
2019	$1,510	$1,482	$1,403	$1,405	$1,645
2020	$1,621	$1,558	$1,492	$1,471	$1,625
2021	$1,739	$1,643	$1,589	$1,529	$1,473
2022	$2,249	$2,064	$1,894	$1,747	$1,655
2023	$2,227	$2,187	$2,108	$2,049	$1,846
2024	$2,025	$2,196	$2,113	$2,099	$1,954

Here we finally see a difference from the general view. The OCR seems slower to pick up on the trend, and units here have maintained the “Bigger unit = lower price psf” expectation. 

To veteran market watchers though, this may not come as a surprise. The OCR is where most mass-market condos are located, and perhaps the buying trend here is related to an affordability issue. 

This suggests the phenomenon of bigger units costing more psf may be a regional one 

While there’s no objectively accurate way to determine why, we can go by what we’ve seen on the ground. Some possible reasons are:

• The CCR and RCR have a greater proportion of high-end or luxury buyers, and developers cater to this. The biggest units in these regions aren’t just attractive because they’re big, they’re marketed with other features too (e.g., high ceilings for a loft feel, private lifts and rooftop terraces, etc.) Buyers in more prime areas may simply be willing to pay more, whereas OCR buyers exhibit a more practical approach.

• It may simply be a matter of prestige. Having a small one-bedder along Orchard Road may give the impression you can barely afford to live there, whereas having a huge five-bedder on Orchard shows real purchasing power. Some people do flaunt it. 

• One could argue that even condos in the OCR are barely affordable to HDB upgraders these days. And given that most upgraders are families who need bigger units (most want at least a three-bedder), there are natural constraints on the prices of bigger units in fringe regions.

That being said, notice that new launches in the OCR, as of this year, have shown signs of a potential change. The discount for 1,800+ sq. ft. units has dipped from 17.1 per cent last year, to just 3.5 per cent of late; so whilst it’s nowhere near its RCR and CCR counterpart, larger units here do seem to be getting pricier as well. We’ve also seen how that trend has bucked even in new launches like Sora, where the 3-bedders were priced at a higher psf than the 1-bedroom units.