If you’ve been keeping an eye on Singapore’s private property market, you’ll know that sub-sales – where owners sell their unit before the project is completed – are a growing area of interest, especially among investors looking to capitalise on shorter holding periods. And in 2024, with private home prices having surged since 2020, it’s no surprise that some sellers were willing to offload early, even if it meant paying Seller’s Stamp Duty (SSD).
But not all sub-sales are equal. Some units may show impressive gains, but are they just one-off success stories, or do they belong to projects with consistent track records? Others may not top the charts in absolute profit, but show strength in numbers – a higher volume of profitable sub-sales, which suggests broader demand and stability.
In this article, we’ll break down the top-performing sub-sale units in 2024, taking a deeper look not just at total capital gains, but also at annualised returns and projects with consistent positive performances.
Table of contents
- What exactly are we looking at?
- Would you pay SSD when sub-selling?
- What were the top sub-sale capital gains in 2024?
- Top 5 sub-sale transactions with the highest capital gains in 2024
- Leedon Green takes the sub-sale profit spotlight in 2024
- Leedon Green location highlights
- Top 5 sub-sale transactions with the highest capital gains per year in 2024
- Here’s what you need to know about Parc Clematis
- How is Parc Clementis in terms of location and accessibility?
- Top 5 projects with the most profitable sub-sale transactions in 2024
- What’s behind the surge in profitable sub-sales?
What exactly are we looking at?
To give you a clearer and more useful perspective, we’re not just showcasing the properties that saw the highest capital gain last year. Instead, we’re also highlighting projects that have been delivering steady returns year after year, as well as those that recorded the largest number of profitable sub-sales – even if the gains weren’t the highest.
Why does this matter? Because when more units in a project experience positive returns, it suggests consistency, rather than just one or two outlier transactions. And that’s especially helpful for investors like you who are trying to make smarter, data-backed decisions about where to put your money.
Here’s what we’re analysing:
- Holding period (Years): This refers to the number of years between the previous transaction and the most recent sub-sale.
- Capital gain per year: This is the annualised return, calculated by dividing the total gain by the number of years held. It gives you a better idea of investment performance over time, compared to just looking at the absolute gain.
- Capital gain: The total profit made from selling, calculated as the difference between the sub-sale price and the previous purchase price.
Note: These figures exclude additional costs like stamp duties, legal fees, and mortgage interest.
Would you pay SSD when sub-selling?
One thing you might notice is that most sub-sales only happen after the three-year mark. That’s not a coincidence – it has everything to do with avoiding SSD.
If you sell your property within:
- the first year, you’ll pay 12% of the selling price in SSD,
- the second year, it’s 8%,
- and in the third year, it drops to 4%.
Because of this, most sellers wait until the fourth year to offload their units. It’s a strategic move to avoid extra costs and protect their profits.
If you’re considering a sub-sale yourself and want to understand what to watch out for, don’t miss our full guide here: Selling your condo before TOP? Here’s what you should know about sub-sale and SSD
What were the top sub-sale capital gains in 2024?
When looking at sub-sale transactions, there’s more than one way to define what’s “top.” Most people tend to focus on the highest capital gain, which highlights the single transaction that generated the largest profit for a seller. But that doesn’t always paint the full picture.
Sure, some projects made headlines with million-dollar profits – but these could very well be exceptional, one-off sales rather than an indication of the project’s overall profitability.
So instead of just spotlighting the biggest winners, it’s also worth looking at another key measure: Which projects saw the most consistent gains across multiple transactions? In other words, which developments had the highest number of profitable sub-sales in 2024?
With that in mind, we’ll break it down into three angles:
- Top sub-sale transaction by absolute capital gain
- Projects with the highest annualised capital gain, and
- Projects with the highest volume of positive capital gains.
All three tell different stories – and together, they provide a clearer view of where sub-sale value was really found this past year.
Top 5 sub-sale transactions with the highest capital gains in 2024
Here’s a breakdown of the top five profitable sub-sales for the year:
| Rank | Property name | Initial purchase price | Sub-sale price | Holding period | Capital gain | Capital gain (%) | Gains per year |
| 1 | Leedon Green | S$3.75M | S$4.9M | 3 years | S$1.15M | 30.67% | S$383K |
| 2 | The Avenir | S$7.888M | S$8.888M | 4 years | S$1.00M | 12.68% | S$250K |
| 3 | Treasure At Tampines | S$2.044M | S$2.95M | 3 years | S$981K | 44.32% | S$245K |
| 4 | Clavon | S$2.007M | S$2.988M | 4 years | S$906K | 48.88% | S$302K |
| 5 | Parc Clematis | S$2.563M | S$3.458M | 3 years | S$895K | 34.92% | S$298K |
In 2024, the sub-sale transaction that brought in the highest capital gain came from Leedon Green, where the seller walked away with an impressive S$1.15 million profit after just three years of holding the property. However, while this sale saw the largest gain, it wasn’t the one with the highest return percentage. That title goes to a unit at Clavon, where the capital gain amounted to S$906,000, representing a 48.88% increase from its initial purchase price.
Interestingly, some sellers chose to sell within the 3-year SSD window, which meant paying the 4% SSD rate rather than waiting another year to avoid the penalty. This move likely reflects their confidence in locking in profits, especially since private property prices in Singapore climbed about 33.4% from 2020 to 2024, based on URA’s index. With such a sharp rise, even after accounting for SSD, the gains remained attractive enough to motivate earlier exits.
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Leedon Green takes the sub-sale profit spotlight in 2024
Taking the top spot is Leedon Green, a premium freehold condo development located in the exclusive Leedon Heights area in District 10. The project is a collaboration between MCL Land and Yanlord Land Group, two reputable names in real estate.
Spread over approximately 320,000 to 326,000 sqft, the estate comprises 7 residential blocks, each standing 12 storeys tall, and includes 638 units. Options range from 1-bedroom apartments to large 4-bedroom units with private lifts, and even five two-storey Garden Villas sized around 2,400 to 2,680 sqft.
Conceptualised by DCA Architects, with landscaping by Ecoplan Asia, the design draws inspiration from the nearby Good Class Bungalow areas, aiming to offer residents a tranquil, resort-style living environment rich in greenery. Residents enjoy a full suite of facilities such as multiple pools (Grand Pool, Play Pool, Lap Pool), private jacuzzis, sky terraces, gym, themed pavilions, club lounges, concierge services, and more.
The project provides 510 standard parking lots and 7 accessible lots for residents.
Leedon Green location highlights
Conveniently located at 26 to 38 Leedon Heights, it’s close to both Farrer Road and Holland Village MRT stations. Easily accessible via PIE and AYE, residents are well-connected to the rest of Singapore.
Nearby landmarks include the Singapore Botanic Gardens, Holland Village, Dempsey Hill, and the Orchard Road shopping belt. The development is also near several top-tier schools like Nanyang Primary, Raffles Girls’ Primary, and St. Margaret’s Secondary, making it ideal for families.
With its luxury positioning, freehold status, and strategic central location, it’s no surprise that Leedon Green is delivering such strong capital gains – even in relatively short holding periods.
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Top 5 sub-sale transactions with the highest capital gains per year in 2024
When it comes to the best-performing sub-sale deals of the year, it’s not just about how much profit was made, but how quickly it was made. That’s why looking at capital gain per year – instead of absolute figures – can give you a clearer picture of which properties delivered the strongest returns relative to their holding period.
Here are the top five sub-sale transactions in 2024 ranked by annualised capital gains:
| Rank | Property name | Estimated capital gain per year | Holding period (Years) |
| 1 | Leedon Green | S$383K | 3 |
| 2 | Clavon | S$302K | 4 |
| 3 | Parc Clematis | S$298K | 3 |
| 4 | Parc Clematis | S$281K | 3 |
| 5 | Parc Clematis | S$274K | 3 |
Once again, Leedon Green takes the top spot. However, Parc Clematis dominates the list with three of its transactions making it into the top five – meaning that strong gains aren’t isolated events for this project.
Here’s what you need to know about Parc Clematis
This performance isn’t surprising when you consider what Parc Clematis offers. It’s SingHaiyi Group’s first mega development – and still their largest project to date.
Located in District 5’s Clementi area, Parc Clematis is a large-scale private residential estate occupying more than 633,000 sqft of land, making it the biggest new private development in Clementi Town. The project features nine 24-storey towers and two rows of strata-landed homes, bringing the total to 1,468 residential units ranging from 1- to 5-bedroom layouts, plus 18 landed units including terraces and bungalows.
Its architecture is split into four design styles – Contemporary, Elegance, Signature, and Masterpiece – each tailored to different lifestyle needs and aesthetics.
Impressively, only 20% of the land is built on. The rest is reserved for lush greenery, extensive water features, and over 60 recreational facilities, including themed clubhouses, beach-style pools, hydrotherapy and aqua-therapy pools, tennis courts, gardens, and pavilions. Other standout amenities include a 50-metre lap pool, indoor gym, multipurpose courts, reflexology paths, and more.
All towers are north-south facing to avoid the direct afternoon sun, and they’re carefully spaced for better airflow, natural light, and privacy.
How is Parc Clementis in terms of location and accessibility?
The project sits at the junction of Jalan Lempeng and Clementi Avenue 6, within walking distance of Clementi MRT Station, bus interchange, and Clementi Mall.
Well-connected via major expressways like the AYE, PIE, and CTE, residents can reach hubs such as Jurong Gateway, One-North, Alexandra, and the CBD in under 20 minutes.
Families benefit from proximity to top schools like Nan Hua Primary and High School, ACS, Singapore Polytechnic, NUS, and UWCSEA. It’s also near key medical facilities including National University Hospital (NUH) and Ng Teng Fong General Hospital.
Positioned as a luxury development with high investment potential, Parc Clematis is strategically placed near growth areas like the Jurong Lake District, Jurong Innovation District, and One-North.
Given its scale, amenities, and location, it’s no wonder Parc Clematis is turning out big profits for early owners – especially in today’s competitive market.
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Top 5 projects with the most profitable sub-sale transactions in 2024
So far in 2024, the following five developments have seen the highest number of sub-sale transactions that resulted in positive capital gains for sellers:
| Property name | Number of sub-sale transactions |
| The Florence Residences | 158 |
| Parc Clematis | 133 |
| Affinity at Serangoon | 120 |
| Penrose | 99 |
| Riverfront Residences | 81 |
Now, while these projects may not have posted the highest capital gains on a per-unit basis, what stands out is the sheer volume of profitable sub-sales.
That tells you something important: there’s steady resale demand for these developments, and that demand hasn’t just come from one-off sales. Instead, multiple sellers have been able to secure profits – indicating broader market confidence in these properties and their locations.
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What’s behind the surge in profitable sub-sales?
A few broader trends are helping to explain this spike in gains for many of the other sub-sale units featured in this article.
First, many owners who bought their units between 2018 and 2020 have seen substantial price growth over the past five years. With resale prices now at or near peak levels in many areas, some are seizing the chance to cash out – often with six-figure profits. In fact, sub-sale sellers in these top-performing projects averaged around S$270,000 in profit per unit this year.
Another factor contributing to this uptick is tied to the construction delays caused by the COVID-19 pandemic. A number of units changed hands before completion, especially in 2023 and early 2024, as some buyers chose not to hold the properties long-term and instead offloaded them for a gain once the projects neared Temporary Occupation Permit (TOP).
Looking ahead, this trend of early resale activity could carry on into 2025, particularly with more owners considering how to safeguard their capital in light of economic uncertainties and shifting interest rates. But the current pace of sub-sale transactions may not last forever. As more new projects are completed and added to the supply pipeline, the market is likely to see a more even pace of resale activity, potentially returning to more typical levels by the latter part of the decade.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
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