It’s been said that the past five years have changed Singapore’s property market more dramatically than the two decades before. And perhaps that’s true — Covid-19, supply bottlenecks, and shifting buyer priorities have turned old “rules” upside down.

For example, small units once thought to be investor-only are now occupied by young professionals, while prime central homes — once the domain of wealthy foreigners — are being snapped up by local families seeking prestige and convenience. Amid all these shifts, one group of properties has been particularly interesting to watch: newly completed condos.

Over the last few years, these developments have defied market uncertainty, delivering solid resale results and — in some cases — life-changing gains. But what’s really behind these profits, and which types of units have performed the best?

Let’s take a closer look.

In the city’s west, Clavon has quietly become one of the more talked-about leasehold projects in District 5. Completed in 2024 with 640 units, it didn’t make headlines during its early days — but its resale prices tell a different story. Since launch, prices have climbed from around $1,640 psf in 2020 to more than $2,000 psf by mid-2026, with larger units leading the charge.

Owners of four-bedroom units, in particular, have seen gains of more than $700,000 on average, translating to returns above 30 per cent. Even one- and two-bedders, though less spectacular, have stayed comfortably in the black.

Real estate agents say this has less to do with speculation and more to do with simple math. As newer launches nearby — such as Elta and Parc Clematis — began pushing prices well above $2,000 psf, completed projects like Clavon suddenly looked like a bargain. Buyers eager to move in immediately, rather than wait for years of construction, have been driving resale demand.

Over in District 14, Penrose has followed a similar trajectory. Completed in 2024, this 566-unit development saw average resale prices rise from $1,588 psf in 2020 to over $2,100 psf by mid-2026. Three-bedders there have performed especially well, earning owners close to $560,000 in profit on average — again, with no recorded losses.

Agents note that while Penrose’s annualised growth trails the overall district average, it’s misleading to call it a “slow performer.” Larger nearby projects, such as Parc Esta and Grand Dunman, have lifted the district’s averages skyward, making Penrose’s numbers appear smaller by comparison. In reality, its resale performance remains consistently strong.

Moving to the Core Central Region, Irwell Hill Residences in District 9 tells a different, but equally positive story. Since launching in 2021, its average prices have grown modestly at about 2.2 per cent annualised, slightly ahead of the district’s own pace.

The real strength lies in its larger units. Three-bedders there, priced around $2,200 psf, have seen average profits exceeding $400,000 after just a few years. The project’s location near Great World MRT and family-friendly amenities has helped it stand out in a traditionally investor-heavy area.

In the east, Pasir Ris 8 shows how integrated developments can set a new price benchmark for an entire region. Completed in 2024, this project’s average prices have risen from $1,619 psf in 2021 to just above $2,000 psf in 2026. Three-bedder owners have earned close to $480,000 in gains, while even one-bedders have achieved solid five-figure profits.

Realtors point out that although Pasir Ris 8 appears to lag behind District 18’s headline growth, it was actually one of the catalysts for that very increase. Its early pricing reset expectations for nearby projects such as Aurelle and Park Town, which later boosted the district average further.

Finally, there’s AMO Residence in District 20 — not yet completed but already showing promise. With subsale transactions reflecting average gains of $100,000 to $350,000, this project may be setting the tone for the Lentor area’s next phase of growth.

Across all five developments, a few consistent trends stand out. Larger units — especially three- and four-bedders — have seen the strongest appreciation, often outperforming smaller one- and two-bedroom layouts. This mirrors a shift in buyer demographics: more families and upgraders are prioritising space and long-term comfort over pure investment play.

There’s also a timing element at work. Many of these condos launched just before or during Singapore’s post-pandemic housing crunch, when new supply was scarce and demand surged. Those fortunate enough to buy early effectively rode the wave that followed, reaping the benefits as prices climbed.

In short, while the market has evolved rapidly, one thing remains constant: well-located, thoughtfully designed condos continue to hold their value — and for those who bought at the right time, the rewards have been significant.

Some owners have walked away with hundreds of thousands in gains. A few — particularly those holding larger units in projects like Clavon or Penrose — have earned returns exceeding $700,000 in under five years.

It’s a reminder that even in a changing market, the fundamentals still matter: timing, location, and unit choice. And for many of these condo owners, that combination has paid off handsomely.