A 40-Year-Old Prime District 10 Condo Is Back On The Market — As Ultra-Luxury Prices In Singapore Hit New Highs

Since the start of this year, at least five of the condominium units at The Draycott, a freehold development in prime District 10, have changed hands, according to resale transaction data. Over these seven weeks, the most expensive unit sold, in terms of absolute price, was a 2,637 sq ft unit on the seventh floor that transacted for $5.95 million ($2,256 psf) on Jan 30.

The recent sales activity at The Draycott comes as a portfolio of more than 20 units was discreetly put on the market in 2025. Between February and March last year, five condo units from this portfolio were sold.

The most expensive unit sold during those two months was a 2,637 sq ft unit on the 20th floor that transacted for $6.42 million ($2,434 psf) when it was sold on March 6. This is also the record resale price for a condo unit at The Draycott, according to caveats lodged.

The portfolio of condo units on the market is linked to the family of the late Tan Chwee Boon, a local developer who founded his namesake company in the 1970s. It was Tan’s company that developed The Draycott, which has been a landmark condo in the Draycott Road enclave since it was completed in 1980.

The project is recognisable for its tri-circular tower block and prominent location on a sloping site bounded by Stevens Road and Draycott Drive. Typical units in the 34-storey high-rise tower comprise three stacks of 2,637 sq ft four-bedroom units and six penthouse units. The Draycott also features low-rise residential blocks comprising walk-up maisonettes and bachelor apartments.

The portfolio of units linked to the Tan family comprise units throughout one stack, which has views towards Ardmore Park and the Balmoral Road neighbourhood. Prices start from approximately $2,275 psf for the lower floor units, and increase for units on the higher floors. Units can also be purchased individually.

Buying sentiment hits a rebound

The availability of the portfolio of condo units at The Draycott comes as buying sentiment for prime residential properties in Singapore hits a rebound, with strong developer sales for new prime and luxury condos in 2025 and a continuation of buying interest this year.

There were at least seven new project launches in the Core Central Region (CCR) last year, across a selection of landed projects, mixed-use developments, and luxury residences. Given the number of prime residential areas and districts in the CCR, projects in that region often set benchmark prices.

Some of the standout developments in the CCR that entered the market in 2025 were the 188-unit Aurea, the luxury residential component of Golden Mile Singapore on Beach Road; The Collective at One Sophia, comprising 367 units, is the residential component of the mixed-use project One Sophia; as well as Mount Rosie Signature Collection, a landed project with four terraced houses and two bungalows.

A noteworthy project in the CCR that entered the market last year was River Green, a 99-year leasehold condo by Wing Tai Holdings. Most of the market commentary related to the project noted the relatively narrow price gap between new CCR developments and new launch projects in the city-fringe and suburbs (or Rest of Central Region and Outside Central Region, respectively).

This was not lost to buyers who were keen to snap up a new home in a prime district – something that might soon be increasingly out of reach to more buyers as price growth in the CCR picks up pace this year.

As a result, the 524-unit River Green moved 460 units (88%), and set an average selling price of $3,130 psf, during its initial sales launch over the Aug 2 and 3 weekend. Today, River Green has sold 483 units (92%) and maintained its average selling price since launch, based on caveats. Read our full review of River Green here.

But River Green’s position as the best-performing new launch CCR project in 2025 was lapped by the overwhelming sales response of Skye at Holland, a 99-year leasehold project which entered the market two months later.

The 666-unit Skye at Holland, in prime District 10, sold 658 units (99%) at an average price of $2,953 psf during its initial sales weekend last October. This made it the strongest project launch performance in 2025. Read our full review of Skye at Holland here.

The 99-year leasehold project is jointly developed by a who’s-who of local developers – UOL Group, Singapore Land Group, CapitaLand, and Kheng Leong Co.

Today, Skye at Holland is nearly sold out and has moved 661 units to date. The most expensive unit sold is a 1,765 sq ft five-bedroom premium apartment on the 40th floor, the highest in the project, that transacted for $5.94 million ($3,367 psf) on Jan 14 this year.

Selling prices are climbing for new ultra-luxury projects

While the sales performance and selling prices of new 99-year leasehold projects in River Valley and Holland Village have been impressive so far, most market watchers point to the transactions for more premium and ultra-luxury residences in recent months which have moved the needle in terms of luxury home prices.

The headline ultra-luxury project in recent months is 21 Anderson, a boutique freehold condo by Kheng Leong Co, which is the private property arm of the late billionaire banker Wee Cho Yaw’s family. The development company was also one of the joint venture partners behind Skye at Holland.

21 Anderson is in the exclusive Ardmore Park-Draycott Park residential enclave in prime District 10. Some of the most expensive condos and Good Class Bungalows (GDBs) in Singapore that command jaw-dropping prices are usually found in this neighbourhood. It’s close to the Nassim Road and Cluny Park GCB areas, and prominent condos include Le Nouvel Ardmore, Ardmore Park, Sculptura Ardmore, and The Draycott.

While 21 Anderson is the newest project in the area, its ultra-luxury residential positioning is thanks to a comprehensive renovation. The property had previously been a serviced apartment owned by Far East Consortium International. Kheng Leong bought the property for $213 million back in 2021.

The ultra-luxury development comprises 18 apartments housed in a nine-storey block, with just two units per floor. The first floor features a pair of 3,197 sq ft two-bedroom units, while the second to eighth floors feature four-bedroom units of 4,489 sq ft. Crowning the project is a pair of 10,452 sq ft, duplex five-bedroom penthouses.

Typically, it takes longer for ultra-luxury properties like this to find a buyer, since most of these ultra high-net wealth individuals take their time to analyse the development, the exclusivity of its location, the build quality, architecture, project amenities, and arrange financing.

The project was discretely launched last April. But it took less than three months for the first penthouse to be sold, and it fetched an eye-watering $52.25 million ($4,999 psf) when it was sold on July 16 last year. The other penthouse was also quickly snapped up when it was also sold for $52.25 million ($4,999 psf) on Aug 12.

As of Feb 18, at least 13 units (72%) at 21 Anderson have been sold to date, prices range from $52.25 million to $9.43 million. Excluding the penthouses, other units sold include the pair of four-bedroom units on the eighth floor, which each transacted for $24 million ($5,347 psf) when they were sold on May 9 and Sept 1 last year, respectively.

Based on caveats, the average selling price at 21 Anderson is about $4,855 psf. While it is a newer project, this is more than double the average price recorded for resale condo units at The Draycott over the past five years – over 18 transactions the average price was $2,133 psf.

Record prices being set for 99-year leasehold condos

21 Anderson is one of four new ultra-luxury freehold projects to have sold a unit for more than $5,000 psf over the past five years. The other projects are Les Maison Nassion on Nassim Road, Park Nova on Tomlinson Road, and one unit at Klimt Cairnhill on Cairnhill Road.

The most expensive freehold condo unit sold by a developer to date is at Les Maison Nassim, and involved a 12,077 sq ft unit that fetched $75 million ($6,210 psf) when it was sold in 2021. It is followed by a 11,226 sq ft unit at the same development that transacted for $68 million ($6,057 psf) when it was sold in 2022.

In general, given the prestige of luxury non-landed projects in Singapore, and their allure as trophy assets among ultra high-net worth individuals, buying demand for these new freehold projects has been broadly consistent over the years.

Sales activity is occasionally deferred when new property cooling measures are implemented, such as the hikes in additional buyer stamp duties, and buyers often respond by pull away from the market for a relatively short time before stepping back in when a new prestigious development is launched. But, new freehold luxury developments don’t enter the market are rare, especially as enbloc deals for older freehold developments become more challenging given rising land prices.

As a result, buying interest for new luxury properties has started to swing towards 99-year leasehold projects. Leading the charge is The Skywaters, soon to be Singapore’s tallest mixed-use skyscraper in the Central Business District.

The sale of a 7,760 sq ft unit on the 57th floor made headlines when it became the first 99-year leasehold condo unit in Singapore to transact for more than $6,000 psf. The unit fetched $47.34 million ($6,100 psf) when it was sold in May 2024.

This record was beaten in Oct 2025 when another unit at The Skywaters was sold for $11.68 million ($6,501 psf). The unit on the 30th floor is one of the units at the development managed by Aman Singapore, an ultra-luxury hospitality brand who is making its first presence in Singpore at The Skywaters.

The Draycott

But market sources say that most high net-worth buyers still prefer the legacy power  and capital growth thatis encapsulated in a freehold luxury asset, and ever since units at The Draycott (especially those within the portfolio linked to the family of Tan Chwee Boon) have been on the market buying interest has been high.

Given the price of new freehold, and even some 99-year leasehold luxury properties in prime residential districts, most discerning high net-worth buyers are looking for large-sized and relatively under-valued existing properties, says Kristie Dong, client advisor at Christie’s International Real Estate Singapore, one of the marketing agents for the portfolio of units.

None of the units for sale are vacant and most will likely be sold with existing tenancies, with remaining rental periods ranging from a few months to about two years, in most cases.

This arrangement tends to work well with most of the prospective buyers we have encountered so far, since the time until the end of the lease allows the new owner to make arrangements to sell their existing home, says Dong.

Overall, the condition of each unit has been relatively well-kept and generally in move-in condition, barring some renovation works to refresh parts of the units to fit the new owners lifestyle needs and interior design preferences, she says.

At first glance, the circular shape of the tower blocks may give the impresion that unit layouts are excessively circular, which may create some inefficiencies. However, this is not the case even for crucial living areas like the master bedroom, the living room, the kitchen and the service yard.

From the main door, the layout opens to a spacious dining room which has been designed to act as the focal point of the home, and for some units this area features a sunken floor. The layout is ideal for families who value daily interaction since all ensuite bedrooms are directly connected to this common space.

The dining room also leads seamlessly to the living room, with space to comfortably host invited guests. The standout feature of the living room are the wide views of the surrounding area. Since the development sits on an elevated site, even the low flor units have a clear view of the surrounding area. Stacked visited the unit on the fifth floor and the unit height cleared the tops of the nearby trees.

Meanwhile, the master bedroom is spacious with plenty of space in the room despite the slightly curved layout. There’s more than enough space here for a dressing table, as well as a chaise lounge.

The kitchen is in an enclosed room and the space is much more spacious compared to some newer luxury non-landed properties. At the unit which Stacked visited, a serving hatch had been built between the living room and the kitchen. This feature helped to visually and spatially connect these two spaces, and coupled with the direct access to the living room, greatly improved the sense of space.

The unit also features a bedroom that could be turned into a study, as well as a dedicated helpers room that is connected to the kitchen and service yard, which also features a service entrance.

So far, prospective buyers who have visited The Draycott for the first time have been plesantly surprised with the spacious and efficient layout of the units here, says Dong. The estimated maintainance fee is about $640 per month for the typical four-bedroom unit, and ownership comes with a carpark lot.

Buyers have been a mix of locals, permanent residents, and foreigners who have lived in Singapore for a long time, says Dong. She adds that most of them are already familiar with the Draycott Road-Ardmore Park neighbourhood and have either rented homes in this area in the past or already own properties in this locale.

Some buyers are also members at some of the exclusive clubs in the area, such as The Tanglin Club and The American Club. While, The Draycott may not have the full range of resident amenities that newer luxury condos have to offer, it’s proximity to the Orchard Road shopping belt and several high-end clubs is an appealing attribute, says Dong.

Value-buys are getting tough to find among the luxury segment

Buyers in the prime luxury residential market are very discerning and make it a point to compare similar projects in an area before closing a deal, says Dong. She adds that within this neighbourhood, most tend to use the nearby Ardmore Park as a benchmark in terms of unit sizes and price.

Ardmore Park is a 330-unit luxury condo on Ardmore Park, and the freehold condo is within walking distance to The Draycott.

Completed in 2001, Ardmore Park features a trio of 30-storey residential towers with four-bedroom units of 2,885 sq ft as well as six duplex penthouses spanning 8,740 sq ft. Within the Ardmore-Draycott residential enclave, Ardmore Park commands one of the highest resale prices, with most resale units changing hands for more than $4,200 psf.

This is about half the average resale price recorded at The Draycott so far.

Excluding penthouses, the most expensive resale unit at Ardmore Park (in terms of absolute price) was a unit on the 17th floor that transacted for $14.08 million ($4,881 psf) when it was sold in July 2022. This sale also set the record for the highest psf price at the condo to date.

Last year, five units at Ardmore Park were sold, with prices ranging from $11.8 million ($4,090 psf) for a unit on the 10th floor to $13.2 million ($4,576 psf) for a unit on the 7th floor. Collectively, the average selling price at the freehold condo, based on resales last year, is about $4,285 psf.

Looking ahead, the sales volume for new CCR projects and luxury condos in recent months is a clear indication that buying interest for prime residential homes has picked up significantly. This is backed by the transaction activity for projects like Skye at Holland and Newport Residences.

Luxury home buyers have also signalled an willingness to consider 99-year leasehold luxury projects, and developers are responding by raising selling prices to levels previously deemed unpalatable for these so-called non-traditional legacy assets.

As a result, existing freehold developments in prime neighbourhoods stand to benefit from a spillover in demand, especially projects like The Draycott where average resale prices are comparatively less compared to neighbouring developments like Ardmore Park.

With more than 20 units still linked to the Tan family, who have held on to these properties for over 40 years, it’s clear that they will take a measured sales approach and are unlikely to budge on price given their commanding holding power.