Why Condos Bought 20 Years Ago Are Now Netting Up to $8.5 Million in Profit In Singapore

2025 feels like something of an inflection point for the Singapore property market. In the immediate aftermath of COVID, especially from 2022 to 2023, we saw steep price hikes as eager buyers returned and construction delays squeezed supply.

Since then, price growth has moderated into a steadier rhythm, and new economic pressures are starting to weigh on sentiment. Against that backdrop, we looked at some of the top current resale outcomes: this covers units purchased over various past periods, but which were sold in 2025. These are the projects where owners have walked away with the biggest gains so far over the years – and perhaps some clues as to what drives profitable exits.

And if you’ve been following how profits have evolved since the post-COVID surge, it helps to look beyond headline gains to see what really drove them, timing, entry price, or just “luck” in unit selection. Tell us what you’re analysing and we’ll connect you with one of our trusted partner agents who can share real transaction data and help you identify which current projects mirror those same conditions.

The following are the most profitable condo transactions of 2025, divided by unit type 

1BR Biggest Quantum Gain

1BR Biggest % Gain

2BR Biggest Quantum Gain

2BR Biggest % Gain

3BR Biggest Quantum Gain

3BR Biggest % Gain

4 BR Biggest Quantum Gain

4BR Biggest % Gain

(Most of these have the biggest landscaped area, blocks not too close together, looks better even after it’s older – add land size to table) 

Looking across the data, a few patterns stand out. One-bedders proved they can still deliver strong percentage returns, even though they’re viewed as harder to sell – The Sea View (232 per cent) and The Plaza (218 per cent) show how well-situated and priced one-bedders can still excel as investments.

But in terms of dollar quantum, the biggest wins naturally came from the larger formats. Three and four-bedroom apartments like Regency Park ($5.34 million), Ardmore Park ($8.54 million), and Grange Residences ($6.5 million) dominate the list: their percentage gains may not be the highest, but even small upticks translate to high absolute profits. 

Prime freehold projects in Tanglin, Newton, River Valley, and the East Coast recur throughout, but we also see that freehold is not a requirement to be a list-topper. 99-year estates such as Mandarin Gardens, Bishan Loft, and Lakepoint still turned in 300+ per cent returns. 

Most of the top sellers were bought in the late 1990s to mid-2000s, held for 20 to 25 years, and sold into today’s high-price environment. So all of the above supports the old saying that “time in the market > timing the market.” 

Let’s take a further look at the details:

Key observations from the top performers

• Most of the biggest winners were bought between the late 1990s and mid-2000s
• In terms of absolute gains, high quantum, prime condos were leaders
• Freehold may not be as big a contributor as it seems 
• A lot of strong gains are from older, overlooked condos that later saw local neighbourhood improvements 

1. Most of the biggest winners were bought between the late 1990s and mid-2000s

The strongest profits came from owners who entered the market after the first property cooling measures (1996 to 1998), and the subsequent early-2000s downturn. These were among the few times we saw property prices dip, and some related factors were the dot-com bubble burst, SARS, the Asian Financial Crisis, and others (you can see all the timeline factors in this article).

We see that with Ocean Park – bought in 1999 and sold in 2025 for a 324 per cent gain – and Botanic Gardens Mansion, bought in 1999 for $730,000, sold in 2025 for a remarkable 407 per cent return. 

In the cases of the top performers bought in the mid-2000s, such as Regency Park (bought 2005) and The Waterside (bought 2006), these purchases caught the upswing before the Global Financial Crisis in 2008, and the owners subsequently rode out the dip and benefited from the sharp recovery period between 2009 to 2013. 

To be clear, a lot of these gains are not purely about timing. The holding period is a definite factor, as almost any property held for a long period, like 20 to 25 years, is likely to see strong gains. But it just so happens that buying in the late 1990s and mid-2000s before the crisis helped to amplify the gains. 

The mid-2000s boom that peaked just before the 2008 Global Financial Crisis. The post-GFC recovery (2010–2013) helped these buyers, and then they saw another strong cycle from the COVID rebound of 2021–2023.

Holding for 20+ years meant they captured several growth waves instead of just one.

2. In terms of absolute gains, high quantum, prime condos were leaders

When it comes to dollar profits, size and location made all the difference. The top gains all came from large-format units in prime, freehold developments like Ardmore Park ($8.54 million profit on a four-bedder), Grange Residences ($6.5 million on a four-bedder), and Regency Park ($5.34 million on a three-bedder). 

These homes tend to show weaker percentage returns, like Ardmore Park’s 183 per cent pales next to Botanic Gardens Mansion’s 407 per cent. But the sheer quantum of the units meant that even a modest percentage climb translated into a multi-million-dollar windfall. By contrast, one-bedder standouts like The Sea View delivered a healthy 232 per cent ROI but capped out at under $1 million in gains. 

For some investors, this absolute profitability is what matters more: $5 – $8 million in hand is less abstract than a percentage gain (and also a $PSF gain, incidentally.) 

That said, we have to wonder if we’ll see continued performance from these high quantum units. As of 2025, a 60 per cent ABSD on foreigners has hit prime markets hard. Local buyers in these areas are more likely to focus on smaller units with a tolerable quantum, as we saw with the likes of Promenade Peak. In this project, prices for three-bedders stayed around the $3 million range. 

Without affluent foreign investors, it’s uncertain if demand for oversized $5 million+ units (and older units at that) will be as strong as before. 

3. Freehold may not be as big a contributor as it seems 

At first glance, the tables seem to show freehold condos dominating the biggest wins: Ardmore Park, Regency Park, The Claymore, and other freehold projects all chalked up multi-million gains. But it would be misleading to identify tenure as the cause.

First, because several 99-year leasehold projects – even fairly old ones – also delivered standout performances: Mandarin Gardens (365 per cent), Bishan Loft (325 per cent on a three-bedder and 289 per cent on a four-bedder), and Lakepoint Condominium (371 per cent) all made it on our list as well. 

Second, the “freehold” element often overlaps with – and is hence confused with – locational advantage. Many of Singapore’s prime districts – Tanglin, Newton, River Valley, Meyer Road, etc. – are dominated by freehold projects. In these cases, being freehold wouldn’t help the project to stand out, as most surrounding properties are also freehold anyway. 

As an additional factor, you may notice that 99-year leasehold condos tend to show a higher percentage gain. This is because the leasehold condos above were held for relatively similar periods, but were bought at lower prices (due to the lack of freehold premium). This suggests that, if you’re looking for gains but don’t have an especially long holding period (you intend to sell in 10 years or less), leasehold might deliver better results.

4. A lot of strong gains are from older, overlooked condos that later saw local neighbourhood improvements 

Some of the strongest percentage gains didn’t come from the iconic or benchmark condos. We’d bet most readers haven’t heard of Ocean Park or Windy Heights; that’s because they’re older (built in the 1980s) and have been under-the-radar for decades. 

Yet both surged when they saw major upgrades, such as the Thomson–East Coast Line (TEL) and new lifestyle amenities like Parkway Parade’s revamp and the clean-up of Joo Chiat/Katong. 

Likewise, Braddell View (330 per cent) and Bishan Loft (325 per cent) rode on the transformation of their heartland districts: the Circle Line (CCL) and North East Line (NEL) boosted accessibility in Toa Payoh and Serangoon, while the Downtown Line (DTL) and TEL turned Bishan into one of the best-connected neighbourhoods.

The takeaway here is that location is not static. Projects that looked peripheral or old-fashioned 20 years ago can be substantially transformed. It may not even be a particularly flashy, planned transformation (e.g., Jurong East or One North), but a gradual build-up of conveniences; even this is enough to substantially push up prices, given time. 

When it comes to property, sometimes, time can eliminate the need for guesswork  

A combination of long holding power, steady urban improvements (inevitable in tiny Singapore), and rising on multiple growth cycles makes it tough to go wrong, provided you remain patient. 

For owner-occupiers focused on the long-term, this means you shouldn’t feel bad about picking properties that align with personal comforts first, like picking a condo in a neighbourhood where you grew up, just because you heard advice that a fancy new launch further away “might” do better. Leave that to investors or those who need to contend with short holding periods.