Why Rivergate Outperformed Its District 9 Rivals—Despite Being Nearly 20 Years Old

In a numbers-obsessed market, ROI tends to dominate the conversation. And yet, condos like Rivergate challenge that viewpoint. Even though its long-term gains don’t always top the charts, this freehold condo has something many others lack: consistency and a unique appeal to family buyers, particularly in a strong central location. Since its launch in 2005, Rivergate has quietly delivered solid performance in the 3- and 4-bedroom segments, and one of the highest volumes of profitable transactions. In this Stacked Pro breakdown, we explore why ROI alone doesn’t tell the full story, and how Rivergate proves that value goes beyond this simple metric.

A quick profile of Rivergate

Rivergate is a freehold condominium located at Robertson Quay in District 9, which was completed in 2009. This is a notably tall project, consisting of 43-storey towers with a total of 545 units. It’s also within walking distance of Great World and Havelock MRT stations (Thomson-East Coast Line), and is situated right at the Robertson Quay lifestyle area. 

As we’ll see below, this project is also outstanding for large units, with even two-bedders reaching over 1,000 sq. ft., and four-bedders coming close to 1,900 sq. ft. 

Let’s start by looking at the overall performance of Rivergate, from launch to 2024

Rivergate was launched in 2005 at an average of $1,102 psf, and by 2024, that figure has grown to $2,843 psf; an annualised growth rate of 5.11 per cent over two decades. 

We see some short-term fluctuations during the 2008 financial crisis and the 2013 to 2015 cooling measures period; but overall, Rivergate has shown remarkable resilience. Notably, prices rebounded strongly post-2015 and continued to grow, even through periods when other luxury condos in District 9 saw stagnation or decline (more on this below). 

Next, we’ll compare its performance to other freehold/999-year leasehold condos across Singapore, and subsequently to District 9 in particular.

If we look at simple annualised growth in this way (e.g., not differentiating between transaction types), Rivergate’s annualised growth of 5.11 per cent is very slightly below the average of 5.23 per cent for District 9; although a difference of 0.12 per cent is arguably negligible. 

In terms of the island-wide average for 999-year and freehold condos, Rivergate does fall behind by a little over half a percentage point; it’s at 5.11 per cent versus the wider average of 5.7 per cent. 

Here we have our first point of caution, in oversimplifying ROI. Notice that while Rivergate is behind the District 9 average by a thin sliver, it managed to avoid steep declines during tough market years: these are 2008, 2014, and 2015 in particular, when other high-end condos saw much sharper corrections. 

In fact, between 2023 and 2024, when average prices across District 9 and the wider market dipped slightly, Rivergate continued to inch upward, from $2,807 to $2,843 psf. 

In other words, Rivergate may not have the flashiest ROI numbers, but it has delivered strong, stable growth with very few down years; this makes it a safe bet in the (often volatile) high-end condo market. 

To exclude possible distortions from developer pricing, let’s look at its performance in terms of resale transactions alone

So far, it seems congruent with the wider snapshot. Between 2009 and 2024, Rivergate recorded an annualised growth of 3.36 per cent for resale prices. Again, this trails behind the District 9 average of 3.66 per cent, and the islandwide freehold/999-year benchmark of 4.91 per cent. But this does not tell you the full story. 

If we look from 2020 onward (i.e., in the aftermath of COVID and beyond), Rivergate outpaced the broader market, growing from $2,284 psf to $2,843 psf. This is a 24.5 per cent increase in just four years, outstripping resale growth in both District 9 and the wider freehold segment in the same period. 

This suggests market changes in the years since COVID have disproportionately benefited Rivergate. COVID changed what homebuyers were seeking, and Rivergate became a beneficiary of renewed interest in spacious city-fringe units. 

So while the resale CAGR looks conservative over 15 years, Rivergate’s recent trajectory shows a shift about to happen; and it shows how we need to re-evaluate ROI within specific timeframes. 

Next, let’s make a comparison between Rivergate and its neighbouring condos

Now we’ll look at their ROI for comparison, and we’ll start by looking at ROI since launch (i.e., all transactions, including new and resale). 

Due to a lack of transaction data prior to 1995, we can’t look at the performance of the older projects from their launch date, so we have excluded Mirage Tower and Yong An Park. 

We would consider Rivergate’s performance to be quite impressive, compared to its neighbours. Despite being nearly 20 years old, Rivergate is still one of the top performers in its immediate vicinity, with an ROI of 5.11 per cent.

Rivergate very narrowly trails Watermark Robertson Quay (5.32 per cent), while Martin Modern and Riviere  – launched from 2017 and 2019 respectively – underperformed Rivergate at 2.55 per cent and 0.03 per cent, respectively.

Irwell Hill Residences, one of the newest launches in the area (TOP 2024), has only managed an annualised ROI of 1.74 per cent so far; but that figure reflects a short holding period, so we would dismiss this for now. 

Only The Cosmopolitan, a freehold development from the mid-2000s, has quietly kept pace with Rivergate (it’s actually 0.1 per cent ahead, but this is a negligible gap.) But here’s something to observe: 

From 2005 to 2013, Cosmopolitan grew by about 71 per cent ($1,237 to $2,117) in eight years. But from 2013 to 2024, the growth was only 31.2 per cent over 11 years. This suggests a plateau effect after its initial popularity; possibly due to competition, age, or layout constraints. 

(From word on the ground, realtors have opined that this happens due to developer sales phases. It’s probable that the first batch of buyers for Cosmopolitan did very well, or got stronger discounts at purchase, but subsequent buyers failed to see equal benefits, hence the project’s appreciation flattening afterwards). 

In contrast, Rivergate’s prices kept climbing post-2015, and even accelerated post-COVID. Its late-stage growth is stronger, so this still suggests better long-term prospects. 

For other freehold comparisons, projects like The Trillium, Martin Place Residences, and Centennia Suites have annualised returns below three per cent, and also trailed behind Rivergate.

As before, let’s now filter it down to just resale prices, to eliminate developer pricing as a factor:

Martin Modern, Riviere, The Avenir and Irwell Hill Residences are fairly new and do not have as much resale data; we will exclude them from this comparison, as their handful of transactions don’t make for meaningful data. Also, Centennia Suites only has resale transactions from 2015 onwards, so to be fair, we will look at the same time period for all the projects. Once we filter down to resale performance only, Rivergate becomes the undisputed leader in ROI. It leads with a 4.52 per cent annualised return over the past decade, higher than all nearby freehold competitors. 

This is after stripping away the effects of developer discounts and launch-era hype; and we can see Rivergate’s supposedly “mediocre” ROI is actually concealing a high-performing project. 

Next, let’s look at how units of specific sizes at Rivergate have fared

We will be looking and comparing among two, three, and four-bedders, as these are the unit sizes available for Rivergate.

2-bedroom units

3-bedroom units

4-bedroom units

Now let’s look at the unit sizes and overall quantum, so we can draw some conclusions.

We’ll start with the two-bedders:

Average 2-bedroom prices

Average 2-bedroom sizes (for units sold between 2015 and 2024)

Tribeca leads in PSF appreciation (4.13 per cent), the average size of its two-bedders at 1,097 sq. ft. and transacting at a typical quantum of around $2.62 million. Rivergate’s two-bedders averaged 1,039 sq. ft. That’s slightly smaller, but still offers more space than most other projects in the area still; and it’s not too far behind.

Now let’s look at the three-bedders

Average 3-bedroom prices

Average 3-bedroom sizes (for units sold between 2015 and 2024)

Rivergate leads the pack for three-bedders (4.42 per cent), while staying in the mid-range for pricing. Based on recent transactions, Rivergate’s three-bedders tend to be around 1,541 sq. ft. on average, with typical prices in the $4.2 million range. 

We can see, however, that the larger and more expensive unit sizes at condos like Trillium (1,798 sq. ft. at $4.746 million) delivered only 2.62 per cent; so it seems Rivergate again fell into the “sweet spot” – spacious enough to be desirable, but not unnecessarily huge and pushing the quantum too high. 

Next, let’s look at the four-bedders

Average 4-bedroom prices

Average 4-bedroom sizes (for units sold between 2015 and 2024)

Rivergate’s four-bedroom segment doesn’t lead in terms of ROI, falling into the category of stable but slightly underperforming (in comparison to the others listed here). But it does offer a more reasonable price tag for a larger demographic of buyers; for example, Rivergate’s four-bedders are around 35 to 40 per cent less than developments like Yong An Park (which has an $8 million price that’s frankly unrealistic for most buyers).

Again, we can see good price stability and ongoing demand, just because it’s in a sweet spot for size, location, and overall quantum. 

What if we compare based on just profitability?

Yong An Park

Mirage Tower

Roberson 100

Watermark Robertson Quay

The Cosmopolitan

Rivergate

Tribeca by the Waterfront

The Trillium

Martin Place Residences

Centennia Suites

In terms of sheer profitability, Rivergate is somewhere in the middle of the pack (fourth out of ninth place) at 40.7 per cent returns. Rivergate comes in second if you go by absolute returns though, at an average of $1.04 million. We’d also note that Rivergate had the highest number of profitable transactions (152 in total).

Rivergate’s record of 152 profitable transactions (versus only 15 losing sales) is still the highest number of profitable sales in this area, from 2015 to 2024. 

While Yong An Park and Mirage Tower have an apparently perfect track record of 100 per cent profitable sales, they had only 29 and 38 transactions respectively; the lower volumes mean more volatile results, so there’s a risk these are more influenced by outlier transactions. 

Overall, Rivergate has a level of consistency that makes it excellent for risk-sensitive investors; something not clearly shown by pure ROI. 

Next, let’s compare Rivergate to other launches that came up in the same year

If there are any conditions specific to its year of launch leading up to 2024, this will also help to reveal them:

Let’s also look at how some of the projects that were launched in the same year as Rivergate have performed

From 2005 to 2024, Rivergate maintained an upward price trend, with its annualised growth of 5.11 per cent being slightly below the non-landed market average of 5.81 per cent. 

It is, however, among the most consistent performers. We can see that Rivergate managed to see price growth between 2014 and 2017, when Citylights, Domain 21, The Calrose, and 8 @ Mount Sophia saw price dips:

These years were down periods for the wider property market, as they followed a slew of cooling measures after the 2013 peak. So even though Rivergate may not head the pack, it shows the greatest resilience and consistency among condos launched in the same era. 

Now let’s look at Rivergate’s floor plans, compared to the closest equivalents in nearby condos

We’ll start with the two-bedders:

Both Rivergate and Martin Place offer two-bedroom, two-bathroom units of various sizes, all above 1,000 sq. ft.. 

Martin Place is slightly less squarish, which is a minor drawback; but it does allow for a landscape-layout where the living and dining areas are side-by-side. This provides a greater sense of spaciousness, and may even forgive the rather wasteful and large balcony for some homebuyers. 

At Rivergate, the living and dining areas are arranged in a stacked configuration, resulting in a more compact balcony that extends only across the living room.

Rivergate’s unit also includes a home shelter located in the kitchen – useful for storage – while Martin Place Residences does not have this feature. Both projects, sadly, come with wasteful bay windows and planter boxes. We give a slight edge to Rivergate because the planter boxes still allow for full-height sliding doors in the common bedroom, which is better for ventilation.

There isn’t a clear winner here in terms of layout alone, as a lot of this will come down to subjective preference. 

Now let’s look at the three-bedders

The units have the same square footage, but Rivergate is configured to be a straight three-bedder, whilst Watermark aims at being a 3 + Study. 

Both units, unfortunately, have balconies, but Watermark may have the edge here. Watermark has a single, elongated balcony that runs from the living area to the master bedroom; this is generally better for practicality and the view, compared to Rivergat,e which has two small separate balconies (one in the living area and one in the master bedroom). 

Watermark also includes a study next to the master bedroom, which could be converted into a walk-in wardrobe or used as a flexible space. This has the downside of making the unit feel smaller than its Rivergate counterpart, but we think it’s an edge for Watermark; most homebuyers today appreciate having another room. 

Watermark’s kitchen also has a utility room and a private lift (although we know some buyers consider private lifts an unnecessary contribution to maintenance fees).

Again, though, it’s hard to find a very clear winner here.

Finally, let’s look at the four-bedders

This one falls more clearly in favour of Rivergate. First, all of Rivergate’s bedrooms are able to accommodate queen-size beds, whereas one of the rooms at Martin Place Residences is smaller and may struggle with something bigger than a single.

Second, Rivergate has bay windows and planter boxes in just two of the bedrooms. Martin Place has bay windows in all of the bedrooms and even the two bathrooms, which is just less efficient. Martin Place does use Jack-and-Jill bathroom doors, though, which is generally considered more functional, but not everyone loves this feature.

The kitchen in Martin Place is also placed closer to the bedrooms, which some homebuyers dislike. 

Other than this, the most differentiating factor will be the private lift for Martin Place, which again is not considered a boon by every homebuyer. So overall, we’d give the win to Rivergate for four-bedders.

Overall conclusion:

Rivergate’s ROI disguises its strength as an investment. Over nearly two decades, its prices have shown a continued upward trend; and what’s significant isn’t so much the ROI of 5.11 per cent, but the fact that it continued to climb even during property downturns. 

This is true even looking at resale transactions from 2015 to 2024, where Rivergate stands out as the best-performing project in its immediate neighbourhood. This reflects on strong fundamental demand; this is particularly evident in the three and four-bedder segments, where Rivergate posted the highest growth rates. It only trailed Tribeca in the two-bedder categories, but this may not matter given that families buying resale units will probably focus on the larger units anyway. 

This shows that Rivergate remains a reliable long-term investment, especially for buyers who hold their units over a full market cycle; and there’s definitely room for growth, given its unit sizes are the right balance between quantum and spaciousness for the 2025 buyer market. 

So while many buyers are focused on headline ROI figures, we hope we’ve shed light on why Rivergate’s performance goes deeper than that. It’s not just about a 5.11% annualised return, it’s about long-term resilience, family-sized layouts that still make sense in today’s market, and a track record of growth even during downturns.

And right now, Rivergate stands out as one of the few large-unit condos in Robertson Quay with both consistent upside and strong buyer appeal.

Curious how these principles apply to your own investment or upgrading journey? Let’s chat, we’re happy to share what we’re seeing in this segment, and how it compares to other resale options in District 9.

Next up, we’ll be looking at Forest Woods and Kingsford Hillview, to further reveal how to read ROI in proper context; so join us on Stacked Pro for the case studies.