Kovan Melody, a 99-year leasehold condo in District 19, had a surprisingly low-profile sales launch given the strength of its location. The 778-unit development on Kovan Road sold 35 units when it launched over the Aug 28 and 29 weekend in 2004, according to transaction data.
This is a project that sits next to Kovan MRT station on the North-East Line (NEL), and is one stop away from Serangoon MRT Interchange where the NEX Megamall is located. But Kovan Melody is also next to Heartland Mall Kovan, and this proximity makes it one of the most conveniently located condos in the Outside Central Region (OCR). Nonetheless, there was no big launch crowd and no instant sellout. The development was completed in 2006, and by the end of that year had sold 520 units (67%).
Kovan Melody seemed to slip under the radar for decades, before emerging in 2025 as one of the top performing resale condos. Here’s a look at why this leasehold, 778-unit condo topped our chart this year:
A quick note on methodology
For this analysis, we looked at units that were purchased in 2014 and were held by the same owner until the unit was sold in 2025. We also focused only on projects with at least five resale transactions in 2025 to avoid distortions from outliers.
Past performance is a useful signal, but it's not a forecast. The projects that outperformed over the last cycle aren't guaranteed to do so again, and the reasons they outperformed may no longer apply.
The more useful question is whether a particular property still makes sense at today's price, given your budget, objectives and timeline. That's where many buyers find it helpful to get a second opinion.
Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
Let’s look at Kovan Melody’s performance from its launch in 2004 to Q3 2025:
| Year | Average $PSF |
| 2004 | $520 |
| 2005 | $545 |
| 2006 | $555 |
| 2007 | $627 |
| 2008 | $751 |
| 2009 | $741 |
| 2010 | $859 |
| 2011 | $1,011 |
| 2012 | $1,047 |
| 2013 | $1,154 |
| 2014 | $1,100 |
| 2015 | $1,076 |
| 2016 | $1,049 |
| 2017 | $1,039 |
| 2018 | $1,117 |
| 2019 | $1,129 |
| 2020 | $1,140 |
| 2021 | $1,220 |
| 2022 | $1,324 |
| 2023 | $1,487 |
| 2024 | $1,662 |
| 2025 (Up to Q3) | $1,750 |
| Annualised | 5.95% |
One notable detail about this transaction history is the Global Financial Crisis (GFC), which reached crisis levels in 2008. The GFC resulted in a temporary price decline across Singapore’s private residential market, but the subsequent recovery saw a significant increase in private residential real estate prices that culminated in a peak in the property market in 2013.
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