District 11 (D11) covers Newton, Novena, Watten Estate, and parts of Thomson. This has long been one of Singapore’s most established high-end enclaves, an area that blends city proximity with quiet residential pockets, home to reputable schools, and a mix of luxury condos and landed housing.
In our earlier analysis, we compared older and newer one- and two-bedder condos in D11, and saw older developments outperform due to their size advantage. Yet, smaller units tend to follow investor demand, not family demand. So what happens when we look at the larger end of the market, three- and four-bedders, where motivations and pricing behaviour are often very different?
Let’s find out:
Quick summary:
- Newer three-bedders lead in price and growth, but older ones like Hillcrest Arcadia still perform strongly thanks to larger layouts and lower entry prices.
- Older four-bedders cost more overall due to their sheer size, though newer ones have seen faster price appreciation over the past decade.
- Rental yields stay healthy across both segments, with older projects matching or even surpassing newer ones despite their age.
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A quick note on how we compare:
For this next part, we’ll use the same comparison methods that we used for one and two-bedders previously:
First, we’re only looking at leasehold projects, as this is where age has the most tangible effect.
Second, newer condos are defined as projects with leases commencing between 1994 and 2014, and older condos as those with leases starting in 1993 or earlier.
This is because most condos in Singapore seem to typically last around 19 to 24 years before redevelopment, making 20 years a good midpoint. It’s also conventionally accepted in the market that an “old” or “older” condo is one that’s past the 20-year mark.
We’ll continue to analyse only sub-sale and resale transactions, to avoid distortions from launch-period pricing.
With that framework in place, let’s see how these larger homes have fared:
3-bedroom units
Average $PSF
| Year | New | Old | Difference |
| 2014 | $1,515 | $1,110 | $405 |
| 2015 | $1,444 | $967 | $477 |
| 2016 | $1,406 | $913 | $493 |
| 2017 | $1,390 | $833 | $557 |
| 2018 | $1,536 | $1,033 | $503 |
| 2019 | $1,571 | $1,007 | $564 |
| 2020 | $1,568 | $1,016 | $552 |
| 2021 | $1,666 | $1,096 | $570 |
| 2022 | $1,756 | ||
| 2023 | $1,905 | $1,294 | $611 |
| 2024 | $1,876 | ||
| Annualised (2014 to 2023) | 2.58% | 1.72% |
Since there were no transactions for older three-bedders in 2024, we’ll base our comparison on annualised growth rates from 2014 to 2023.
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