We In contrast Previous vs New Condos in One in every of Singapore’s Quickest-Rising Districts — Right here’s What We Discovered for Household-Sized Items

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District 5 (D5) has long carried the reputation as Singapore’s “education belt”, anchored by NUS and a network of higher education institutions such as INSEAD and ESSEC. But in recent years, the district has evolved beyond its academic roots. The transformation of One North into a thriving tech and media hub has drawn a new generation of professionals and investors, pushing D5 into a different territory: it now appeals equally to homeowners and landlords.

In our previous analysis, we examined how one- and two-bedroom units here performed across different project ages, and what that revealed about lease decay and long-term value. This time, we turn our attention to the larger segments.

How do three- and four-bedroom units in D5 stack up, and does age still play a defining role in their performance?

For consistency, we’ll use the same criteria as the earlier half of our study: newer condos refer to projects with leases starting from 1994 to 2014, and older condos are those from 1993 and earlier. All data is based solely on resale and sub sale transactions, to avoid the effects of new launch discounts or developer pricing strategies.

As before, note that Parc Clematis played a major role in lifting D5’s overall performance after 2019, thanks to its large scale and affordable launch pricing. We also continue to group projects by lease start year rather than TOP year, which is why developments such as Dover Parkview and Heritage View (completed later but with leases starting in 1996) fall under the “older” category.

So if you’ve been analysing D5 and wondering whether size changes the story, it might be worth looking beyond averages. Larger units tend to behave differently, especially when family demand and rental yields overlap. Tell us what you’re planning and we’ll connect you with one of our trusted partner agents who can help you see how the trends differ once you move from compact to family-sized homes.

With that in mind, let’s see whether age still matters when we move up to the larger three- and four-bedder units in D5.

3-bedroom units

Average $PSF

Year	New	Old	Difference
2014	$1,087	$989	$99
2015	$1,105	$871	$234
2016	$1,054	$875	$179
2017	$1,057	$855	$202
2018	$1,117	$1,000	$118
2019	$1,132	$1,016	$116
2020	$1,168	$962	$205
2021	$1,282	$1,048	$234
2022	$1,423	$1,149	$274
2023	$1,508	$1,238	$270
2024	$1,545	$1,315	$230
Annualised	3.58%	2.90%

Over the past decade, newer three-bedders in D5 saw a higher annualised growth rate in $PSF. The $PSF gap between old and new has also widened slightly over the decade, from around $99 in 2014 to $230 in 2024.

However, we also need to look at quantum (overall price) and not just $PSF:

Average price

Year	New	Old	Difference
2014	$1,541,692	$1,281,750	$259,942
2015	$1,501,833	$1,188,353	$313,480
2016	$1,432,409	$1,160,410	$271,998
2017	$1,366,982	$1,146,594	$220,388
2018	$1,474,398	$1,195,278	$279,121
2019	$1,451,335	$1,296,313	$155,023
2020	$1,542,354	$1,241,805	$300,549
2021	$1,653,607	$1,345,144	$308,463
2022	$1,855,016	$1,461,579	$393,437
2023	$1,945,353	$1,582,044	$363,308
2024	$1,994,048	$1,614,156	$379,892
% increase from 2014 to 2024	29.34%	25.93%

The performance between the two is quite close, which is surprising, as you might expect lease decay to have a deeper impact on the 20+ year old projects. 

The gap between new and old units has widened slightly over the decade, from about $260,000 in 2014 to nearly $380,000 in 2024. Spaciousness might explain this, so let’s look at the unit sizes:

Average size (based on units transacted)

Year	New	Old
2014	1434	1325
2015	1363	1394
2016	1362	1345
2017	1290	1364
2018	1316	1198
2019	1296	1284
2020	1332	1291
2021	1306	1285
2022	1315	1276
2023	1306	1284
2024	1312	1230

This is also an unexpected result. In most cases, we would expect older projects to have larger average sizes, but we can see that in recent years, it’s the newer three-bedders that have been larger.  

For buyers, it may be worth noting that in D5, the older projects aren’t consistently the bigger ones. 

These are the total number of three-bedder transactions we looked at: 

No. of transactions

Year	New	Old
2014	49	20
2015	74	17
2016	56	29
2017	84	32
2018	84	18
2019	68	16
2020	76	17
2021	142	20
2022	107	19
2023	86	20
2024	96	18

The transaction numbers on both sides are decent and enough to be representative. 

Now let’s look at the specific projects that were transacted in 2024:

New (sorted by price low to high)

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
WESTCOVE CONDOMINIUM	$1,099	$1,437,329	1314	6	1995
FABER CREST	$1,247	$1,575,076	1264	9	1996
BLUE HORIZON	$1,417	$1,640,984	1158	7	2000
WATERFRONT @ FABER	$1,551	$1,643,833	1061	6	2013
SEAHILL	$1,683	$1,830,000	1087	2	2011
HERITAGE VIEW	$1,617	$1,984,389	1227	20	1996
THE TRILINQ	$1,810	$1,996,639	1121	20	2012
THE VISION	$1,556	$2,043,333	1313	3	2008
CLEMENTIWOODS CONDOMINIUM	$1,408	$2,187,500	1556	4	2006
ONE-NORTH RESIDENCES	$1,734	$2,295,000	1324	4	2005
VARSITY PARK CONDOMINIUM	$1,416	$2,339,750	1674	8	2004
THE ROCHESTER RESIDENCES	$1,554	$3,031,500	2034	7	2005

Old (sorted by price low to high)

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
WEST BAY CONDOMINIUM	$1,153	$1,458,633	1266	6	1991
REGENT PARK	$1,391	$1,633,571	1175	7	1993
DOVER PARKVIEW	$1,405	$1,773,600	1262	5	1993

On average, the older three-bedders tend to be cheaper, as expected, but it’s not entirely clear-cut.  While older projects like Dover Parkview and Regent Park still cost less overall, several newer three-bedders overlap in pricing. Westcove Condominium, for instance, is technically a newer project (lease from 1995), yet it recorded the lowest average price and $PSF among the newer group.

This is likely a proximity issue, as Westcove is not near any MRT station, and it demonstrates how factors like this can have a deeper impact than age. 

We can also see that The Rochester Residences and One-North Residences sit at the high-end of the scale. This isn’t just about age; Rochester Residences has a commercial component and is next to Star Vista and Buona Vista MRT station (EWL, CCL), while One-North Residences has access to One North MRT (CCL) as well as the amenities of Fusionopolis. 

Proximity to transport and retail amenities weigh much more than age, for D5 three-bedders. 

Here’s a look at the performance of the above projects over the past decade:

Year	VARSITY PARK CONDOMINIUM	HERITAGE VIEW	THE VISION	BLUE HORIZON	REGENT PARK	CLEMENTIWOODS CONDOMINIUM	ONE-NORTH RESIDENCES	DOVER PARKVIEW	FABER CREST	THE ROCHESTER RESIDENCES	WEST BAY CONDOMINIUM	WESTCOVE CONDOMINIUM	SEAHILL	THE TRILINQ	WATERFRONT @ FABER
2014	$1,012	$1,171	$1,164	$1,080	$1,062	$1,086	$1,348	$1,123	$1,008	$1,267	$953	$908
2015	$1,047	$1,147	$1,186	$1,040	$929		$1,352	$1,010	$831	$1,339	$839	$827
2016	$1,030	$1,108	$1,180	$990	$855	$1,004	$1,369	$998	$844	$1,258	$790	$767
2017	$1,072	$1,113	$1,176	$1,005	$863	$1,000	$1,373	$1,030	$820	$1,340	$791	$817		$1,268
2018	$1,061	$1,217	$1,259	$1,048	$999	$966	$1,495	$1,185	$931	$1,318	$817	$842	$1,346	$1,341
2019	$1,107	$1,177	$1,117	$1,060	$983	$1,013	$1,510	$1,115	$917	$1,377	$819	$829	$1,363	$1,463
2020	$1,098	$1,189	$1,243	$1,062	$1,015	$1,051	$1,428	$1,091	$896	$1,283	$811	$806	$1,294	$1,547	$1,348
2021	$1,121	$1,262	$1,296	$1,134	$1,019	$1,130	$1,486	$1,198	$961	$1,353	$868	$942	$1,417	$1,527	$1,404
2022	$1,227	$1,419	$1,506	$1,241	$1,220	$1,188	$1,575	$1,312	$1,052	$1,503	$1,011	$1,002	$1,531	$1,638	$1,453
2023	$1,360	$1,575	$1,579	$1,329	$1,263	$1,476	$1,687	$1,376	$1,235	$1,567	$1,073	$1,062	$1,640	$1,788	$1,530
2024	$1,416	$1,617	$1,556	$1,417	$1,391	$1,408	$1,734	$1,405	$1,247	$1,554	$1,153	$1,099	$1,683	$1,810	$1,551
Annualised (2014 to 2024)	3.42%	3.28%	2.95%	2.75%	2.73%	2.63%	2.55%	2.27%	2.15%	2.06%	1.93%	1.92%	–	–	–

Some of the projects don’t have transactions in both 2014 and 2024, so we’ve focused on the ones that do. 

Over the past decade, three-bedders across D5 show a fairly even mix of outcomes between older and newer projects. Some of the newer ones, such as Varsity Park Condominium and Heritage View, have performed quite well with annualised gains of around 3.4 and 3.3 per cent respectively; but several others like The Vision, Blue Horizon, and One-North Residences hover between 2.5 and 3 per cent, broadly matching the older projects. Among the older group, Dover Parkview and Regent Park hold their ground at roughly 2.3 to 2.7 per cent annualised growth.

Overall, this suggests that age wasn’t a particularly big factor for D5’s three-bedders.

While three-bedders are infrequently bought as rental assets, their yield still offers insight into pricing and rental expectations; so let’s have a look:

Project	Average price in 2024	Average monthly rent (June 2024 – June 2025)	Rental yield
WATERFRONT @ FABER	$1,643,833	$3,967	2.90%
THE TRILINQ	$1,996,639	$5,497	3.30%
CLEMENTIWOODS CONDOMINIUM	$2,187,500	$6,045	3.32%
REGENT PARK	$1,633,571	$4,588	3.37%
VARSITY PARK CONDOMINIUM	$2,339,750	$6,767	3.47%
THE ROCHESTER RESIDENCES	$3,031,500	$8,786	3.48%
FABER CREST	$1,575,076	$4,601	3.51%
THE VISION	$2,043,333	$6,062	3.56%
HERITAGE VIEW	$1,984,389	$5,993	3.62%
ONE-NORTH RESIDENCES	$2,295,000	$6,939	3.63%
DOVER PARKVIEW	$1,773,600	$5,568	3.77%
SEAHILL	$1,830,000	$6,045	3.96%
BLUE HORIZON	$1,640,984	$5,500	4.02%
WESTCOVE CONDOMINIUM	$1,437,329	$4,835	4.04%
WEST BAY CONDOMINIUM	$1,458,633	$4,960	4.08%

Unsurprisingly, the highest yields come from projects with the lowest prices, as gross rental yield = (annual rental income/total price). 

West Bay Condominium, an older development, tops the list at just over four per cent, followed closely by Westcove Condominium, a newer but competitively priced project. 

Among the mid-range performers, Dover Parkview and Blue Horizon sit comfortably in the 3.7 to four per cent range. We would consider this impressive for family-sized units, which often see yields at three per cent or lower due to their higher quantum. D5’s status as an education belt, plus the growing strength of One North, contributes to steady tenant demand. 

We can also see it in how The Rochester Residences, Varsity Park Condominium, and One-North Residences still manage healthy yields of around 3.5 to 3.6 per cent despite their higher price points. 

4-bedroom units

Average $PSF

Year	New	Old	Difference
2014	$1,032
2015	$1,040
2016	$907
2017	$980
2018	$1,040
2019	$1,120
2020	$1,101
2021	$1,250	$1,205	$45
2022	$1,295	$1,378	-$83
2023	$1,407	$1,197	$210
2024	$1,450
Annualised (2021 to 2023)	6.11%	-0.33%

Here we run into a common issue with four-bedders. These very large, very high cost units are much fewer in number, and transactions tend to be limited. 

Still, going by the few transactions we have, it appears that newer four-bedders pulled far ahead in $PSF, whilst older four-bedders saw stagnant prices. But this is a very small number of transactions, and it’s important to look at actual average prices too:

Average price

Year	New	Old	Difference
2014	$1,927,545
2015	$1,859,425
2016	$1,755,625
2017	$1,780,617
2018	$1,948,059
2019	$2,548,951
2020	$2,324,308
2021	$2,558,384	$2,685,000	-$126,616
2022	$2,493,722	$2,730,000	-$236,278
2023	$2,515,350	$2,668,000	-$152,650
2024	$2,653,608
% increase from 2021 to 2023	-1.68%	-0.63%

Both newer and older four-bedders in D5 saw a slight dip in quantum, though it was worse for newer four-bedders than older ones. This is likely due to older four-bedders being much larger, so let’s have a look at their sizes:

Average size (based on units transacted)

Year	New	Old
2014	1854
2015	1804
2016	1927
2017	1827
2018	1890
2019	2285
2020	2148
2021	2074	2228
2022	1961	1981
2023	1898	2228
2024	1936

As expected, the older four-bedders are generally larger. This explains their higher average prices, and lower $PSF compared to newer counterparts.

Unfortunately, the number of transactions remains too low to draw many conclusions from this:

No. of transactions

Year	New	Old
2014	11
2015	16
2016	8
2017	12
2018	15
2019	9
2020	13
2021	31	1
2022	22	1
2023	20	1
2024	21

Since older projects did not have any transactions in 2024, we will only look at projects with transactions in 2023

New (sorted by price low to high)

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
WATERFRONT @ FABER	$1,495	$1,951,600	1307	5	2013
FABER CREST	$1,157	$2,077,500	1798	2	1996
VARSITY PARK CONDOMINIUM	$1,404	$2,330,000	1663	2	2004
CLEMENTIWOODS CONDOMINIUM	$1,336	$2,334,000	1755	2	2006
THE VISION	$1,576	$2,528,000	1604	1	2008
THE TRILINQ	$1,413	$3,067,250	2423	8	2012

Old

Project	Average $PSF	Average price	Average size	No. of units sold	Lease start year
DOVER PARKVIEW	$1,197	$2,668,000	2228	1	1993

In 2023, only a single older project, Dover Parkview, recorded a sale. Its average price of about $2.67 million puts it roughly in the middle of the range compared to newer four-bedders (around $1.95 million at Waterfront @ Faber to over $3 million at The Trilinq). Unfortunately, the comparison isn’t too meaningful, given the single data point.

Among the newer group, The Trilinq posted the highest average price, largely because its four-bedder was the largest at over 2,400 sq ft.

Let’s look at the performances of these projects over the past decade

Year	VARSITY PARK CONDOMINIUM	CLEMENTIWOODS CONDOMINIUM	FABER CREST	THE VISION	WATERFRONT @ FABER	THE TRILINQ	DOVER PARKVIEW
2014	$849	$1,006	$887
2015	$1,010	$1,007	$807	$1,189
2016	$1,036	$993	$801
2017	$1,109	$1,011	$817	$1,222
2018	$1,086	$1,038	$842	$1,143		$1,070
2019	$1,178	$1,129	$946			$1,080
2020		$994	$935		1362	$1,215
2021	$1,067	$1,085	$954	$1,370	1401	$1,351	$1,205
2022	$1,247	$1,315	$1,029		1449	$1,343	$1,378
2023	$1,404	$1,336	$1,157	$1,576	1494.6	$1,413	$1,197
2024	$1,452		$1,209	$1,621	1474.5	$1,379
Annualised (2021 to 2023)	14.71%	10.94%	10.12%	7.26%	3.29%	2.24%	-0.33%

Since we’re basing this on a very short and volatile period (the aftermath of COVID from 2021 to 2023), these results should be read with caution. 

Most of the newer four-bedders recorded rapid price growth, ranging from about two to nearly 15 per cent annualised; Varsity Park Condominium, Clementiwoods Condominium, and Faber Crest in particular saw double-digit annualised gains. 

As most market watchers will tell you though, nearly every property saw good gains in 2021 to 2023, as there was a post-Covid housing supply crunch; so what we see above isn’t unique to D5 or its four-bedders. 

Dover Parkview, the only older project in this dataset, showed a slight dip; but there isn’t much to be drawn from this single data point.

It’s uncommon that units the size of four-bedders are bought to be rented out, but let’s have a look for completeness

Project	Average price in 2023	Average monthly rent (June 2024 – June 2025)	Rental yield
THE TRILINQ	$3,067,250	$7,013	2.74%
DOVER PARKVIEW	$2,668,000	$6,900	3.10%
FABER CREST	$2,077,500	$5,458	3.15%
THE VISION	$2,528,000	$7,083	3.36%
WATERFRONT @ FABER	$1,951,600	$5,750	3.54%
CLEMENTIWOODS CONDOMINIUM	$2,334,000	$7,543	3.88%
VARSITY PARK CONDOMINIUM	$2,330,000	$8,019	4.13%

Rather impressively, almost all the projects here maintain gross yields above three per cent and even creep over four per cent (for Varsity Park). This is despite the high quantum of the units involved. 

Varsity Park Condominium, by the way, is well known for seeing strong tenant demand from NUS staff, students, and expatriate families in the West Coast area. As the name implies, it’s a good place to stay if you need access to the university. 

Notably, Dover Parkview still manages a respectable rental yield of around 3.1 per cent,  not far behind several newer counterparts. 

Conclusion:

Overall, age doesn’t seem to have impacted D5’s three- and four-bedders too much. While newer projects do show stronger price growth in $PSF terms, older developments continue to hold their ground: that’s both in terms of overall quantum and rental returns. 

This balance may reflect D5’s unique qualities: proximity to institutions like NUS, One-North, and major business parks can mitigate the age factor.

For three-bedders, the difference between old and new remains modest: newer projects such as Heritage View and Varsity Park Condominium have grown at roughly three per cent annualised, only slightly ahead of long-standing developments like Dover Parkview and Regent Park. Buyers in this district should consider amenities and MRT access over concerns of age. 

Four-bedders, on the other hand, are far harder to assess. Transaction volumes are low, and the data is too sparse to draw reliable conclusions. 

Ultimately, D5 continues to be one of Singapore’s most in-demand districts: whether you’re an upgrader or an investor eyeing yields, D5 seems to have something to offer. But from what we see above, don’t expect the older projects here to come with more affordable price points; they’re holding their own even past 20 years of age. 

Follow us on Stacked Pro, as we continue to explore the effect of the age gap in various districts. If you’d like to get in touch for a more in-depth consultation, you can do so here.

The post We Compared Old vs New Condos in One of Singapore’s Fastest-Growing Districts — Here’s What We Found for Family-Sized Units appeared first on Property Blog Singapore – Stacked Homes.

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