Among the 40 condos launched in 2014, only 13 reported a price growth of at least 20% from the time they were launched until last year (see Table 1). Coco Palms topped the list with a price increase of 59.6%, followed by The Panorama at 53.1%. These two condos are also the only ones with a price growth exceeding 50%.
Notably, The Hillford is among the 13 condolaus, despite having a shorter-than-usual tenure of 60 years. Another key observation is that all 13 condos are located outside the Central Region, with Commonwealth Towers and Highline Residences being the only exceptions.
Coco Palms: Highest price growth
The average price of Coco Palms surged from $1,024 psf in 2014 to $1,634 psf last year, placing the 99-year leasehold condo at the top of the chart with a price growth of 59.6% (see Table 1). However, its average price has slipped marginally to $1,629 psf this year (see Chart 1).
Source: EdgeProp Market Trends (as at 2 June 2025)
Driven by its extraordinary price growth, Coco Palms recorded 304 profitable transactions, with profits ranging from approximately $10,000 to $1.04 million. At the time of writing, no unprofitable transactions have been recorded for the condo.
The transaction that yielded the record-high profit of $1.04 million took place in April. The seller had purchased the 1,475-sq ft unit from the developer in July 2014 for $1.298 million ($880 psf) and sold it for $2.338 million ($1,585 psf). So far, it is the only transaction at Coco Palms that has generated a profit exceeding $1 million (see Table 2).
Source: EdgeProp Buddy (as at 2 June 2025)
One reason for Coco Palms’ strong price growth and numerous profitable transactions could be its convenient and well-connected location along Pasir Ris Grove and within District 18. Pasir Ris MRT Station, Pasir Ris Integrated Transport Hub, Pasir Ris Mall, White Sands, and Elias Park Primary School are some of the amenities within walking distance of the condo. The Tampines Expressway is also just a short drive away (see Map 1).
Furthermore, Pasir Ris MRT Station is expected to serve as an interchange station for the East–West Line and the upcoming Cross Island Line, which is scheduled for completion in 2032.
Source: EdgeProp LandLens (as at 30 May 2025)
Additionally, the 99-year leasehold condo obtained its temporary occupation permit (TOP) in 2018, making Coco Palms only seven years old. However, its land lease began in 2008, so the 944-unit development has a remaining lease of approximately 82 years.
Another contributing factor to Coco Palms’ stellar price performance could be its competitive launch price. In 2014, the average new sale price for Coco Palms was $1,024 psf; marginally lower than that of other 99-year leasehold condos in District 18 ($1,044 psf), and significantly below the average for similar condos islandwide ($1,392 psf) (see Chart 2).
In 2014, 693 new sales took place for Coco Palms, representing 14.1% of all new sale transactions that year. The low price of Coco Palms could have boosted demand, making it the condo with the highest number of new sale transactions that year.
Source: EdgeProp Market Trends (as at 2 June 2025)
Among all the condos with new sales in 2014, The Santorini is the only other condo in District 18 with at least 100 transactions. In addition to recording 153 new sales in 2014, The Santorini also achieved a price growth of 24.3% from 2014 to last year (see Table 1).
The weaker demand for The Santorini could be attributed to its higher average new sale prices from 2014 to 2016 compared to Coco Palms (see Chart 3). The higher initial price for The Santorini may have contributed to its relatively weaker price growth too.
Furthermore, the average new sale price for The Santorini dipped by 1.7% from 2014 to 2018. In contrast, Coco Palms saw its average new sale price rise by 24.9% over the same period. However, the average new sale prices for both condos consistently trended below those of other 99-year leasehold condos in the East Region, which saw an increase of 34.6% from 2014 to 2018.
Source: EdgeProp Market Trends (as at 2 June 2025)
The Santorini is a 99-year leasehold condo that comprises 597 units and received its TOP in 2017. As its land lease began in 2013, the development has a remaining lease of 87 years.
The weaker price performance of The Santorini could be due to its less ideal location compared to Coco Palms. The Santorini is located along Tampines Street 86 in District 18. Tampines West MRT Station is the nearest MRT station, but it is approximately 1.4 km away. There are limited amenities within walking distance, which includes only Springfield Secondary School and Bedok Reservoir (see Map 2).
Source: EdgeProp LandLens (as at 30 May 2025)
Since its launch, The Santorini has recorded 200 profitable transactions; significantly fewer compared to Coco Palms (304 transactions). Additionally, there are eight unprofitable transactions for The Santorini, whereas Coco Palms has none. Losses for The Santorini ranged from approximately $620 to $39,280.
Profits for The Santorini ranged from approximately $2,000 to $760,000 (see Table 3). This is significantly lower than Coco Palms, which recorded five transactions with profits exceeding $760,000.
Source: EdgeProp Buddy (as at 2 June 2025)
The record-high profit of $760,000 for The Santorini was achieved in December last year, when the seller sold the unit for $2.17 million ($1,214 psf). The unit had been purchased from the developer in April 2017 for $1.41 million ($789 psf).
The unit is a three-bedroom duplex measuring 1,787 sq ft. The lower level features a bedroom with an attached bathroom, a small kitchen, and living and dining areas. The upper level includes an en-suite master bedroom, an additional bedroom, a common bathroom and a spacious kitchen. As the unit is located on the first storey, the living and dining areas open up to a private enclosed space (see Floor Plan 1).
The duplex is ideal for multi-generational families, who can use the lower level as a granny flat. Alternatively, savvy owners can generate rental income by turning the duplex into a dual-key unit and renting out one of the levels.
Source: EdgeProp Research
The Hillford: Defying expectations
As a result of lease decay, prices for condos tend to decline as their remaining lease shortens. However, The Hillford seems to be an exception, having achieved a price growth of 29.3% from 2014 to last year (see Table 1) despite its shorter-than-usual tenure of 60 years. The land lease for the condo started in 2013, so it has a remaining lease of only 48 years. Having obtained its TOP in 2016, the condo is already nine years old.
The shorter tenure of The Hillford is because it was launched as a retirement village. However, no age restrictions on buyers were imposed at launch. All 281 units were sold on the first day despite the shorter-than-usual tenure and limited nearby amenities.
Located along Jalan Jurong Kechil within District 21, Beauty World MRT Station is the nearest station to The Hillford, but it is approximately 800 m away. Other than a row of shops on the ground floor of the development, there are limited nearby amenities. There are only two schools within a 1 km radius, namely Bukit Timah Primary School and Pei Hwa Presbyterian Primary School (see Map 3).
Source: EdgeProp LandLens (as at 30 May 2025)
The stellar sales performance during its launch could be attributed to The Hillford’s attractive total price, driven by the sizes of its units. The condo features a mix of one-bedroom and two-bedroom units ranging from 398 sq ft to 657 sq ft. Given its average new sale price of $1,105 psf in 2014 (see Chart 4), the largest unit (657 sq ft) would cost approximately $726,000, while the smallest unit (398 sq ft) would cost approximately $440,000.
After its launch, The Hillford continued to see robust demand, with at least 15 resale transactions from 2018 to 2023. However, resale volume slowed to 14 transactions last year and five transactions thus far this year. Despite the slowdown in demand, the average price for the condo continued its upward climb, rising from $1,429 psf last year to $1,449 psf this year.
Source: EdgeProp Market Trends (as at 2 June 2025)
The average resale price of The Hillford ($1,449 psf) has consistently trended below that of 99-year leasehold condos, 10 years old or newer, in the West Region ($1,917 psf) and islandwide ($2,016 psf) (see Chart 5). Hence, The Hillford presents an affordable option for buyers keen to purchase property in the neighbourhood, resulting in continued demand for the condo.
However, lease decay seems to be affecting The Hillford, with its average resale price growing at a slower pace of 3.4% since 2023, compared to 99-year leasehold condos of a similar age, in the West Region (9.4%) and across the island (8.6%).
Source: EdgeProp Market Trends (as at 2 June 2025)
Since its launch, The Hillford has generated 152 profitable transactions. However, profits have been well under $300,000, ranging from approximately $2,000 to $270,000. This is unsurprising given the relatively low total prices of the units. On the bright side, the 13 unprofitable transactions recorded for the development resulted in losses under $100,000, ranging from approximately $1,000 to $77,440.
At the time of writing, only five transactions have taken place for The Hillford this year (see Table 4). The most recent transaction occurred in May and yielded a profit of $220,584; the second highest so far this year. The seller bought the unit in February 2014 for $529,416 ($1,046 psf) and sold it for $750,000 ($1,482 psf).
Source: EdgeProp Buddy (as at 2 June 2025)
The unit involved measures 506 sq ft and is on the highest storey. It features two bedrooms and a common bathroom. There is also a galley-style kitchen, as well as a small living and dining area (see Floor Plan 2).
Source: EdgeProp Research
Central Region represented by Commonwealth Towers and Highline Residences
Among the 13 condos on the price growth list, only two are in the Central Region, namely Commonwealth Towers and Highline Residences. Both are 99-year leasehold developments in District 3 and are located within a stone’s throw of a MRT station.
Commonwealth Towers obtained its TOP in 2017, a year earlier than Highline Residences (TOP in 2018). However, the land leases for both condos started in 2013, so both have remaining leases of 87 years.
Located along Kim Tian Road, Highline Residences is within walking distance of Tiong Bahru MRT Station, Tiong Bahru Plaza, Havelock Road Cooked Food Centre, Tiong Bahru Market and Food Centre, and Zhangde Primary School (see Map 4).
Source: EdgeProp LandLens (as at 30 May 2025)
Likewise, Commonwealth Towers, located along Commonwealth Avenue, is within walking distance of an array of amenities, including Queenstown MRT Station, Margaret Drive Market Place and Hawker Centre, Mei Ling Market and Food Centre, Queenstown Primary School, Queenstown Public Library, and Queenstown Stadium and Swimming Complex (see Map 5).
Source: EdgeProp LandLens (as at 30 May 2025)
Despite being located further from the CBD and Orchard Road, Commonwealth Towers (34.7%) achieved stronger price growth compared to Highline Residences (27.1%) (see Table 1). This could be due to the lower average price recorded by Commonwealth Towers ($1,633 psf) in 2014 compared to Highline Residences ($1,856 psf) (see Chart 6). The lower initial price of Commonwealth Towers gave it more room to grow before buyers’ resistance set in.
Source: EdgeProp Market Trends (as at 3 June 2025)
The average resale price of Commonwealth Towers ($2,211 psf) also trends below that of Highline Residences ($2,358 psf) and 99-year leasehold condos in District 3 that are 10 years or newer ($2,320 psf) (see Chart 7).
Source: EdgeProp Market Trends (as at 3 June 2025)
Commonwealth Towers (845 units) is also a significantly larger development compared to Highline Residences (500 units). While both condos feature a mix of one-bedroom to four-bedroom units, those in Commonwealth Towers are smaller, ranging from 441 sq ft to 1,302 sq ft. In contrast, units in Highline Residences measure from 506 sq ft to 2,260 sq ft.
The vast difference in the number of units in both condos, coupled with their dissimilar price growth rates, could explain the significant disparity in the number of profitable transactions recorded by Commonwealth Towers (271 transactions) and Highline Residences (92 transactions).
On the bright side, Highline Residences has only three unprofitable transactions compared to five for Commonwealth Towers. However, neither condo has recorded any unprofitable transactions since 2023, indicating improved profitability for both developments in recent years.
The record-high profit of $797,700 for Highline Residences was recorded in August last year when the seller sold the seventh-storey unit for $2.7 million ($2,435 psf). The seller had purchased the three-bedroom unit from the developer in November 2016 for $1.902 million ($1,716 psf) (see Table 5).
Source: EdgeProp Buddy (as at 3 June 2025)
Likewise, the seller of the most profitable unit in Commonwealth Towers also sold the unit last year. The purchase price for the 1,055-sq ft unit was $1.669 million ($1,582 psf). The seller had bought the three-bedder on the 29th storey in March 2017 for $2.45 million ($2,323 psf), resulting in a profit of $781,300 (see Table 6).
Source: EdgeProp Buddy (as at 3 June 2025)
While the highest profit for Commonwealth Towers is lower than that for Highline Residences, the former has 20 transactions with profits of at least $500,000. In comparison, Highline Residences has only 11 such transactions.
Conclusion
Our analysis of the price performance of condos launched in 2014 revealed several interesting observations. Only 13 of the condos recorded price growth of at least 20% from 2014 to last year, and the majority of them are 99-year leasehold developments.
From 2020 to this year, the average resale price for 99-year leasehold condos islandwide, that are 10 years or newer, surged by 37.4% to $2,016 psf. Meanwhile, the average resale price for similar freehold condos rose by only 9.4% over the same period (see Chart 8). Hence, it is hardly surprising that 99-year leasehold condos launched in 2014 are outperforming their freehold peers.
Source: EdgeProp Market Trends (as at 3 June 2025)
This could be because freehold condos tend to be launched at higher prices compared to their leasehold counterparts, which gives freehold condo prices less room to grow before encountering resistance from buyers. As discussed above, many condos with strong price growth had competitive launch prices.
The majority of the 13 condos on the price growth list are not located in the Central Region. Commonwealth Towers and Highline Residences are the only exceptions. However, these condos, outside the Central Region, are popular with buyers because they are surrounded by a variety of amenities, including MRT stations and schools. Coco Palms, which topped the price growth chart, is an excellent example.
Lastly, The Hillford shows that it is possible for affordability to override tenure. The condo was fully sold on launch day despite its shorter-than-usual tenure of 60 years. The overwhelming demand could be attributed to its low launch price. Additionally, The Hillford’s low average resale price compared to its 99-year leasehold neighbours has contributed to its continued demand.
