Top-Performing Condos with the Most Profitable Transactions: Where Are 2024’s Biggest Moneymakers

Owning a condo in Singapore is often aspirational, with many homebuyers drawn to the unbeatable mix of ample facilities, modern amenities and prime locations that such dwellings offer. These perks come at a cost, but the potential rewards do justify the investment.

In 2024, the private residential price index continued its steady climb, maintaining the momentum of past years with a 3.9% year-on-year increase. Although this uptick translates into pricier purchases for potential buyers, it also reflects a thriving market with promising opportunities for future returns.

To support this view, we have identified condo developments with the highest volume of profitable transactions in 2024, all involving properties with holding periods of four years or less. Below are key details about these moneymakers in each region, along with bite-sized insights into their successes.

Best-performing Core Central Region (CCR) projects with the most number of profitable deals

Table 1: CCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

Source: ERA Research and Market Intelligence, URA (as of 20 Feb 2025)

#1: Kopar at Newton (16 profitable transactions in 2024)

Taking the top spot within the CCR with 16 profitable transactions is Kopar at Newton, a luxury condominium located in District 9. Fresh from obtaining its Temporary Occupation Permit (TOP) last year, Kopar at Newton enjoyed an advantage in the sub-sale market, being particularly appealing to buyers who value newer, move-in-ready homes over resale properties in the same vicinity.

This preference becomes apparent when looking at the numbers: Among Kopar at Newton’s 16 profitable transactions, ten were sub-sale deals, which demonstrates the willingness of buyers to pay for the convenience of immediate occupancy.

#2: Leedon Green (13 profitable transactions in 2024)

Moving down the list, Leedon Green took second place in the CCR with 13 profitable deals, all of which were sub-sales due to its TOP attainment in 4Q 2023. The development also stood out for achieving the highest absolute gains among all regions, with a luxury 4-bedroom unit + private lift (1,496 sq. ft) raking in an impressive $1.15M profit.

In the same vein, Leedon Green’s smallest recorded profit of $92,000 also exceeds the baseline for absolute gains made at other top-performing CCR developments on this list; this may well be due to the development’s location within the prestigious Leedon Heights area and its freehold status in the CCR.

#3: The M (10 profitable transactions in 2024)

Coming in third, with a total of ten profitable transactions, is The M – a premium 99-year leasehold, mixed-use development located on Middle Road. Given its address in District 7, much of The M’s price appreciation can be attributed to its premium location and convenience.

To begin with, the development is located near not one but three key MRT stations: Bugis (East-West, Downtown Lines), City Hall (North-South, East-West Lines), and Esplanade (Circle Line). Likewise, The M also benefits from the Government’s ongoing efforts to transform the surrounding Bugis area into an extension of the Central Business District, which contributes to the desirability of its homes.

Additionally, in recent years, District 7 has also seen various new developments breathing new life into the area. As such, successful projects within the area, like DUO Residences and City Gate, may have also contributed to The M’s price growth since its initial launch in 2020.

Best-performing Rest of Central Region (RCR) projects with the most number of profitable deals

Table 2: RCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

Source: ERA Research and Market Intelligence, URA (as of 20 Feb 2025)

#1: Penrose (98 profitable transactions in 2024)

Within the RCR, Penrose secured the top spot for the best-performing residential development, achieving 98 profitable transactions last year. This 99-year leasehold project is situated at Sims Drive, offering a convenient location near the Paya Lebar Precinct and within the broader, desirable District 14 area.

Penrose’s strong profitability may also be traced back to its competitive launch pricing nearly five years ago. In 2020, while the median unit price of new launches in D14 stood at $1,666 psf, the equivalent for Penrose was $1,547 psf; this made the project a compelling value proposition in D14, while also providing first movers a higher margin for appreciation as home prices grew in the area.

Likewise, Penrose’s proximity to Aljunied MRT station, as well as the potential upside from the Kallang Alive Master Plan in the nearby Kallang district, also bodes well for future growth.

#2: Normanton Park (60 profitable transactions in 2024)

Recording a total of 60 profitable transactions last year, Normanton’s Park’s success as a top performer can be attributed to various strengths, including its strong potential to generate passive income through rentals, as well as its status as a mixed-use mega development.

Beyond its 1,862 residential units, the development also features eight commercial units, providing residents with a level of doorstep convenience. As for its leasing viability, Normanton Park is also located in the vicinity of various business nodes, including Science Park, Mapletree Business City, and one-north, which is a live-work-play-learn district of the future.

#3: Jadescape (54 profitable transactions in 2024)

Securing its position as the RCR’s third best-performing condo, Jadescape recorded 54 profitable deals last year – a strong showing for this 99-year leasehold project at Shunfu Road that reached TOP status in 2023.

However, Jadescape’s success isn’t limited to just its volume of money-making transactions. Just a few weeks ago, in January, the development made local headlines following the lucrative sale of a penthouse unit, which netted its sellers a record profit of $ 4.4 million. Likewise, a 2,098 sq. ft. five-bedroom suite also sold for a remarkable $1.06 million profit in a resale transaction.

This string of successes, combined with Jadescape’s attractive locational attributes (e.g., proximity to Marymount and Upper Thomson MRT, as well as the Bishan-Thomson area) cements its status as one of the RCR’s most lucrative projects.

Best-performing Outside Central Region (OCR) projects with the most number of profitable deals

Table 3: OCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

Source: ERA Research and Market Intelligence, URA (as of 20 Feb 2025)

#1: Treasure at Tampines (197 profitable transactions in 2024)

Considering that Treasure at Tampines holds the distinction of being among the biggest condo developments in Singapore with 2,203 units, it comes as no surprise that it also clocked the most secondary transactions in the OCR last year – of which 197 were profitable with gains ranging from $25,000 to $981,000.

This 99-year leasehold development along Tampines Lane is also located within close proximity to key amenities and roadways, including the iconic Tampines Round Market and Food Centre, the Pan Island Expressway, and the Tampines South Flyover.

Further contributing to Treasure at Tampines’s convenience (and hence, price growth) are the retail, dining, and entertainment options available at Tampines Mall, Century Square, and Eastpoint Mall, which are roughly 1 km away from its doorstep.

#2: Parc Clematis (92 profitable transactions in 2024)

Though they are situated in districts at almost opposite ends of Singapore, Parc Clematis (District 5 in the west) and Treasure at Tampines (District 18 in the east) share a fair number of commonalities that have contributed to their success.

Like its counterpart, Parc Clematis status as a mega-development lends well to its price growth. In total, the development consists of an impressive 1,450 units – a feature that often translates into higher transaction volumes and a steadier pace of price appreciation.

Additionally, as expected, Parc Clematis offers convenient access to a range of neighbourhood amenities, including Clementi MRT Station, Clementi Mall, NEWest, and Grantral Mall. Its close proximity to the Ayer Rajah Expressway (AYE) also ensures connectivity via car to key destinations across the city, including Raffles Place, Shenton Way, and the Marina Bay Financial District.

#3: The Florence Residences (87 profitable transactions in 2024)

Given that the preceding top performers on this list are both mega-developments, it is hardly unexpected that The Florence Residences is also one. Comprising 1,410 units, this project sits on the former site of Florence Regency – a Housing and Urban Development Company (HUDC) flat that was privatised in 2014 and later sold en bloc three years later.

Moreover, The Florence Residences is just a 5-minute walk (approximately 600m) from Hougang MRT Station, positioning it to benefit significantly from the upcoming Cross-Island Line (CRL). This is the case, as once Phase 1 of the CRL launches in 2030, Hougang MRT Station will become an interchange linking the CRL and the North-East Line, thereby enhancing both the convenience and long-term growth potential of The Florence Residences.

So, what do these best-performing projects tell us?

A closer examination of these top-performing projects, ranked by the volume of profitable transactions, reveals several key insights.

For starters, properties can yield favourable returns, even with relatively short holding periods of 4 years or less.

Table 4: Breakdown of profitable secondary market transactions in 2024, by market segment

Source: ERA Research and Market Intelligence, URA (as of 20 Feb 2025)

This finding is particularly evident among newly TOP-ed properties, which attract buyers due to their move-in-ready condition and the appeal of a brand-new development. Additionally, this pattern is observable across all regions, as seen by the more significant proportion of sub-sales compared to resale transactions among profitable secondary market deals in 2024.

Second, homes in mega developments have greater potential to outperform smaller developments in the same district in terms of price growth.

In turn, this can be attributed to two key factors: the diversity of unit types available in mega developments and the sheer volume of units on offer. These characteristics typically create more transaction opportunities, thus generating higher sales activity, and ultimately, a comparable or greater rate of price appreciation over time.

So, if you’re considering purchasing a new home in a mega development – or for that matter, any new launch in 2025 – do check out our comprehensive list of new launches taking place this year. Alternatively, feel free to reach out to an ERA Trusted Advisor for personalised property recommendations tailored to your specific housing needs and preferences!

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