Top 20 most profitable old but freehold condos since 2013
PHOTO: Stackedhomes
PUBLISHED ONJune 06, 2023 5:05 AMByRyan J
In the Singapore property market, sometimes appearances can be deceiving. Despite the aged facades, peeling paintwork, and limited amenities, some old condos have managed to defy expectations and offer a trove of advantages that can't be overlooked.
These gems from the past boast expansive grounds and more spacious unit sizes, something that many newer condos just cannot provide.
While faded playgrounds and modest swimming pools may not initially captivate the casual observer, that are some experienced homebuyers that see beyond the surface.
They recognise the hidden potential and untapped opportunities that lie within these aged residential blocks.
But this doesn't mean that every old resale condo - particularly older ones with a low price per square foot - are always a value buy. Rather, check out the following older condos, which have managed to defy expectations:
Note: Some of these older condos have lower transaction volumes, which can cause price volatility.
It is, however, inevitable that fewer transactions occur with significantly older units; so while we can show the most profitable ones based on existing data, do note that the prices for these condos are much less predictable.
Most profitable old condos between 2013 to 2023
For this article, our definition of "old condo" refers to projects with a completion date in 1990 or earlier. In the following table, we have arranged transactions by average gains and losses, so all transactions between 2013 to the present have been averaged out in terms of percentage gain.
We've also removed leasehold condos, but left 999-year leasehold developments in. If we counted 99-year leasehold developments, Laguna Park and People's Park Complex would've made it into the top 20, but all others are still freehold.
| Project | Completed | Tenure | Total Average of per cent | Total Average of quantum | Volume | Min Gain ($) | Max Gain ($) | Min Gain (per cent) | Max Gain (per cent) |
| Jade Mansion | 1982 | Freehold | 75.2 per cent | $2,180,000 | one | $2,180,000 | $2,180,000 | 75.2 per cent | 75.2 per cent |
| Goodwill Court | 1983 | Freehold | 48.7 per cent | $950,000 | one | $950,000 | $950,000 | 48.7 per cent | 48.7 per cent |
| Thomson Grove | 1984 | Freehold | 47.9 per cent | $735,000 | one | $735,000 | $735,000 | 47.9 per cent | 47.9 per cent |
| Joo Chiat Mansions | 1986 | Freehold | 45.6 per cent | $513,000 | one | $513,000 | $513,000 | 45.6 per cent | 45.6 per cent |
| Gemini Apartments | 1989 | Freehold | 45.0 per cent | $495,000 | two | $410,000 | $580,000 | 37.3 per cent | 52.7 per cent |
| The Balmoral | 1986 | Freehold | 42.7 per cent | $1,600,000 | one | $1,600,000 | $1,600,000 | 42.7 per cent | 42.7 per cent |
| Serene View Mansions | 1984 | Freehold | 41.3 per cent | $660,000 | one | $660,000 | $660,000 | 41.3 per cent | 41.3 per cent |
| Kilat 19 | 1986 | Freehold | 38.8 per cent | $590,000 | one | $590,000 | $590,000 | 38.8 per cent | 38.8 per cent |
| Hong Heng Gardens | 1987 | Freehold | 38.3 per cent | $490,000 | one | $490,000 | $490,000 | 38.3 per cent | 38.3 per cent |
| St Martin's Apartment | 1986 | Freehold | 38.2 per cent | $650,000 | one | $650,000 | $650,000 | 38.2 per cent | 38.2 per cent |
| Kilat Centre | 1989 | Freehold | 37.1 per cent | $430,000 | two | $300,000 | $560,000 | 25.0 per cent | 49.1 per cent |
| Unit 8 | 1984 | Freehold | 36.7 per cent | $1,800,000 | one | $1,800,000 | $1,800,000 | 36.7 per cent | 36.7 per cent |
| Apollo Gardens | 1984 | Freehold | 36.6 per cent | $553,000 | two | $430,000 | $676,000 | 24.3 per cent | 49.0 per cent |
| Clementi Park | 1983 | Freehold | 36.0 per cent | $601,392 | 13 | $150,000 | $1,330,000 | 8.2 per cent | 61.9 per cent |
| One Akyab | 1984 | Freehold | 35.8 per cent | $615,000 | two | $600,000 | $630,000 | 33.3 per cent | 38.2 per cent |
| Eastville Apartments | 1966 | Freehold | 35.2 per cent | $345,000 | two | $320,000 | $370,000 | 32.7 per cent | 37.8 per cent |
| Orchid Apartments | 1977 | Freehold | 33.3 per cent | $551,500 | two | $510,000 | $593,000 | 31.9 per cent | 34.7 per cent |
| Windy Heights | 1983 | Freehold | 32.6 per cent | $578,000 | four | $340,000 | $760,000 | 16.0 per cent | 44.7 per cent |
| Cairnhill Plaza | 1978 | Freehold | 32.3 per cent | $1,238,600 | three | $300,000 | $1,980,000 | 5.5 per cent | 52.1 per cent |
| Beverly Hill | 1983 | Freehold | 31.5 per cent | $2,021,250 | two | $1,200,000 | $2,842,500 | 16.4 per cent | 46.6 per cent |
Other notable developments on the list
As mentioned above, one of the issues we face with older condos is the lack of transaction volume - so while the above was the most profitable by highest average gain, that's going on their sole (most recent we can find) transaction.
If we were to go by transaction volume, we will see other names crop up instead - Bedok Court, Clementi Park, Pandan Valley, and Bayshore Park among others.
The common denominator among these older condos is that, unlike our top average gains above, they are not boutique condos; a factor that partly contributes to the higher sale volume.
For more risk-averse buyers, who want a more predictable resale gain, it's better to look to these full-fledged developments, rather than those with double-digit units.
A further quick look at some of the interesting top gainers (they are all freehold)
1. Jade Mansion
| Specifications | Details |
| Location | 10 Leedon Road (District 10) |
| Developer | Glory Realty Co. Pte. Ltd. |
| Lease | Freehold |
| TOP | 1982 |
| Number of units | 27 |
Jade Mansion is one of the boutique condos that are dotted around Holland V, from an era when it was regarded as part of Orchard (for most of the 1980s, Holland V was seen as the suburban outskirt of the shopping belt).
Jade Mansion is only a single block with 27 dual-level maisonette units, so the facilities are not very extensive if you were to compare them to bigger condos.
There's a pool and tennis court, which for just 27 units is a pretty fantastic offering (for example, Stirling Residences has one tennis court shared among 1,259 units).
The appeal is the proximity to Holland V: It’s about a five-minute stroll to the centre of the neighbourhood, where Holland V MRT is located (CCL).
The other appeal comes from its location along Leedon Road. This situates Jade Mansion in an area with mostly low-density landed housing. If you want the experience of living in a landed enclave, without the price or maintenance issues of a landed property, this condo is a good choice.
The downside is that, with only 27 units, chances to buy are rare - there hasn't been a single transaction since September 2022, and before that, the last transaction was back in 2021.
From conversations with realtors, we understand that some of the owners expect good gains from a potential en-bloc.
We're on the fence about this: In theory, a small freehold plot in walking distance of Holland V is enticing to developers.
On the other hand, the huge supply in the Holland V area, of both old and newer condos, maybe a dissuading factor if you have a shorter timeline.
Another possible issue for some homeowners is the stairs: The units are double-storey, making it rough on some older folks.
They do have very interesting floor plans though, which could make sense for a multi-gen family:
2. Goodwill Court
| Specification | Details |
| Location | 79 Upper East Coast Road (District 15) |
| Developer | Unknown |
| Lease | Freehold |
| TOP | 1983 |
| Number of units | Seven |
This boutique condo is next to the Tiong Bahru Bakery outlet along Upper East Coast Road. This area lacks MRT access at the moment but is much more convenient than it seems (Siglap MRT on the Thomson East Coast line will be up soon).
Apart from loads of restaurants nearby, a short walk down (around five minutes) will bring you to Siglap Centre.
There's a Cold Storage right across the street from Siglap Centre, as well as an NTUC FairPrice along the same stretch. The only thing lacking is a major retail presence, so you'll probably need to travel further to the Katong area for shopping and entertainment.
Buses 10, 12, and 14, just across the road from the condo, can get you close to malls like i12 and Parkway Parade, in just a handful of stops. When Marine Parade MRT (TEL) is built near Parkway Parade, residents can use the bus as a connecting point to the wider rail network.
The main highlight will be living close to the landed enclaves of Siglap, which is a lower-density area. This is good for larger families (unit sizes tend to reach about 2,500 sq ft) who value privacy.
There are just seven units here though, so transactions are few and far between. In the last couple of years there have only been three transactions, with the last one before 2018 all the way back in 2011.
3. Thomson Grove
| Specification | Details |
| Location | 580 Yio Chu Kang Road (District 26) |
| Developer | Far East Organisation |
| Lease | Freehold |
| TOP | 1984 |
| Number of units | 116 |
Transactions for Thomson Grove are few, but we can expect them to post strong gains. This is due to the opening of Lentor MRT (TEL) across the road; an unexpected boon when the condo was built back in 1984.
This will also be further improved once Lentor Modern is built, as there are amenities such as 96,000 sq ft of commercial space, a 12,000 sq ft supermarket and a 10,000 sq ft childcare centre.
Prior to this, Thomson Grove was considered inaccessible for decades. There is, for instance, only one bus service (825) at the closest bus stop; and in days past the closest MRT station was Yio Chu Kang, over a kilometre away.
Thomson Grove has large units, being an '80s-era condo. These range from over 1,400 sq ft to around 2,900 sq ft in recorded transactions; a good size for extended family living.
The condo still lacks across-the-road amenities in the meantime, however, and there's nothing much in the way of retail or entertainment nearby.
4. Joo Chiat Mansions
| Specification | Details |
| Location | 156 Joo Chiat Terrace (District 15) |
| Developer | Unknown |
| Lease | Freehold |
| TOP | 1986 |
| Number of units | 24 |
Like many Joo Chiat properties, the stronger gains come from those who bought between the early 2000s to 2010s and sold later as the area gentrified.
(For those who don't know, Joo Chiat was quite sleazy during the early 2000s to mid-2010s, eventually prompting a government clean-up).
Joo Chiat Mansions was around even before that era, and now has seen it come and go.
At present, this walk-up apartment has serious hipster appeal: It's large enough (around 1,200 to 1,800+ sq ft) to accommodate most custom themes, and it's along a major foodie stretch.
There's also historical flavour where Joo Chiat spills over into Katong, a heritage area known for its once-strong Peranakan presence.
The downside is that this walk-up is actually a bit far from the heart of the Katong lifestyle area, at least on foot. There's also no MRT access nearby, and walk-up apartments are an inherent issue for some older folks.
For many years in my 20s, my family owned and operated a Peranakan restaurant in this area. If we had bought the shophouse instead of renting it, we would have made a fortune.
But back then, the shophouse was next to a dirty massage parlour and a dive bar behind us, and didn't look appealing at the time.
5. Gemini Apartments
| Specification | Details |
| Location | 67 Jalan Tua Kong (District 15) |
| Developer | Unknown |
| Lease | Freehold |
| TOP | 1989 |
| Number of units | 12 |
If you want to live in the Siglap landed enclave, minus the impossible landed home prices, Gemini Apartments might do the trick.
This boutique development (12 units) is surrounded almost entirely by landed projects (it is next to the Park East condo) and is about as peaceful and quiet as you can get.
Gemini Apartments also shares some amenities of the landed enclave it's in - Springleaf Prata, the grocery store across from it, and a few other small shops and eateries are within walking distance.
Siglap Centre, with the Cold Storage across from it, is also within rough walking distance. It may be a little over 10 minutes though, so some might consider it far.
Once you hit the stretch along Upper East Coast Road, however, you'll find plenty of cafes and restaurants, at different price ranges.
As you would expect from a landed area though, there are no large malls or MRT access nearby (the nearest would be Bedok MRT and Siglap MRT station, but these are too far to walk daily).
You'll probably need to drive to Bedok or Marine Parade for any serious shopping.
ALSO READ: 5 commonly overlooked condos that are very convenient but in noisy, high-density areas
This article was first published in Stackedhomes.