Recently, we saw a freehold boutique condo near Newton MRT resold at a hefty loss. But just a few kilometres west in District 21 (Upper Bukit Timah, Clementi Park), a seller walked away with nearly S$4 million in profit from a 4-bedroom unit near King Albert Park MRT, making it the most profitable condo transaction in May 2025.
So, what makes this resale stand out? And how do sellers in District 21 unlock big gains? Let’s unpack the numbers.
Table of contents
Top 5 profitable condo resales in May 2025
| Project | Area (sqft) | PSF (S$) | Price (S$) | Profit (S$) | Years Held |
| Maplewoods | 2,551 | 2,136 | 5.45M | 3.99M | 21.3 |
| Rivershire | 2,088 | 2,069 | 4.32M | 2.94M | 26 |
| Varsity Park Condominium | 2,152 | 1,426 | 3.06M | 2.25M | 19.6 |
| Teresa Ville | 1,981 | 1,610 | 3.18M | 2.21M | 18.9 |
| Viva | 1,959 | 2,563 | 5.02M | 2.21M | 15.6 |
District 21 claimed the first spot for the most profitable condo resale with a S$5.45 million deal at Maplewoods. On May 2, a 4-bedroom unit spanning 2,551 sqft on the 9th floor sold for S$2,136 psf. The seller had originally purchased the unit in January 2004 for S$1.46 million (S$572 psf). Over 21 years, this resulted in an absolute gain of S$3.99 million, averaging about S$190,000 per year.
Looks like a big number but... Earlier in April, a 4-bedroom at Ardmore Park in District 10 netted roughly S$427,600 per year. Another spectacular example: A penthouse unit at Jadescape in District 20 made a S$4.35 million profit in just 5 years, or around S$870,000 annually.
So, what makes the transaction noteworthy?
Record-breaking capital gain in District 21 (Upper Bukit Timah, Clementi Park)
Although the annual gain may not scream headlines, this S$3.99 million profit at Maplewoods has broken the record for capital gains ever made in District 21. The previous record was held by a unit at Pandan Valley, which sold for a S$3.67 million profit in April 2024. That sale translated to around S$156,000 gain per year over 23.5 years.
Most profitable condo transactions
Maplewoods and Pandan Valley actually lead the board for profitable condos in District 21. According to transaction data so far, there have been 524 sales with profits of a million dollars and above. These two developments, both freehold, accounted for over 26% of those sales, totalling 138 transactions.
They also dominate the top 10 profitable condo resales in District 21. See the record below:
| Project | Transaction Date | Profit (S$) | Years Held |
| Maplewoods | May 2, 2025 | 3.99M | 21.3 |
| Pandan Valley | Apr 8, 2024 | 3.67M | 23.5 |
| Pandan Valley | Aug 3, 2022 | 3.22M | 25.2 |
| Parc Palais | Oct 22, 2024 | 2.9M | 22.4 |
| Maplewoods | Sep 3, 2021 | 2.79M | 22.4 |
| Pandan Valley | Oct 25, 2017 | 2.75M | 18.9 |
| Pandan Valley | Sep 21, 2023 | 2.7M | 18.9 |
| Summerhill | Nov 22, 2022 | 2.66M | 19.2 |
| Maplewoods | Jan 22, 2021 | 2.63M | 14.2 |
| Maplewoods | Sep 10, 2024 | 2.6M | 25.9 |
All these high-profit transactions came from freehold projects held for 14 to 26 years. This affirms what many seasoned investors already know: the combination of freehold tenure and long-term holding remains a reliable formula for significant capital appreciation.
But does that mean you always need to wait decades for a profitable exit?
Holding period of high-profit sales
To answer that, we analysed all resale deals in District 21 with profits of at least S$1 million. Here’s what the holding periods looked like:
| Holding Period | No. of Sales | Percentage of transactions (%) |
| < 5 years | 20 | 3.82 |
| 5 – 10 years | 69 | 13.17 |
| 10 – 15 years | 136 | 25.95 |
| 15 – 20 years | 139 | 26.53 |
| > 20 years | 160 | 30.53 |
While it’s only making up the smallest portion, sellers in the district have been gaining significant profits even without waiting for a decade. Notably, a seller made S$1 million profit in just 4 years and 8 months, with the sale of a 99-year leasehold unit at Southhaven I in 2011. It was the only high-profit sale involving leasehold property in a holding under 5 years.
Among the 69 deals that cashed in within 5 to 10 years, a few trends stood out:
- 7 sales were from 99-year leasehold projects: Pine Grove, Sherwood Towers, Cavendish Park, and Beauty World Centre.
- 5 sales came from two 999-year leaseholds, The Blossomvale and Southhaven II.
- 4 transactions were part of en bloc sales for Brookvale Park, Mayfair Gardens, and Goodluck Garden.
- The rest of the high-profit sales were freehold condos.
Comparative analysis: Maplewoods vs. Pandan Valley
Circling back to the top 2 performing freehold projects in District 21, let’s compare Maplewoods and Pandan Valley to see how they stack up in the resale market. Both are long-established developments with solid facilities, but they’re nearly two decades apart in age.
| Maplewoods | Pandan Valley | |
| Address | Bukit Timah Road | Pandan Valley |
| Completion Year | 1997 | 1978 |
| Developer | Wing Tai Holdings | DBS Realty |
| Total Units | 697 | 623 |
| Land Size | Approx. 593,000 sqft | Approx. 865,000 sqft |
| Unit Types | 2- to 4-bedroom units | 2- to 5-bedroom units |
| Unit Size | 850 to 2,756 sqft | 1,173 to 6,867 sqft |
| Nearest MRT | King Albert Park (350m) | Dover MRT (1.6km) |
| School Proximity | Methodist Girls’ School, Pei Hwa Presbyterian | Henry Park Primary |
Many people may assume that Pandan Valley is located in District 10 because it neighbours Allsworth Park and Ridgewood condominium. However, due to how the land was zoned, Pandan Valley actually falls under District 21, which is a good thing because you can get a similar location without paying the premium. However, it lacks immediate MRT access, a drawback for those who rely on public transport.
Maplewoods, on the other hand, benefits from enhanced connectivity, with less than a 5-minute walk to King Albert MRT station. Its unit layouts are generous, though not as large as Pandan Valley’s, which is known for its extremely spacious units, typical of 1970s design trends.
Maplewoods resale price trend
So far in 2025, Maplewoods units have been transacting at an average of S$2,150 psf. It’s nearly 14% above District 21’s average resale psf of S$1,854 for freehold condos.
Likely due to the already-high price point, Maplewoods lags behind the overall District 21 in resale price growth. Over the past 5 years, its price psf increased by 24.88%, while District 21 as a whole saw over 34% growth.
Pandan Valley resale price trend
Meanwhile, Pandan Valley condo units are currently changing hands below the district average. In 2025, its average resale price stood at S$1,544 psf, around 20% lower than District 21’s S$1,854 average.
In terms of resale price growth in the past 5 years, Pandan Valley slightly edged the overall District 21 by 3.5%. Interestingly, when compared with freehold condos in District 10, Pandan Valley has significantly outperformed them/the market in price growth.
Compared to Pandan Valley’s robust growth of 37.75%, the District 10 freehold condo resale market has been so much slower with its 23.5% growth rate. Even better? Units at Pandan Valley are now transacting at over 50% cheaper than the average freehold units in District 10. A unit is currently listed on 99.co for as low as a negotiable price of S$858 psf, offering exceptional value for buyers looking for long-term upside.
4
3
4
4
4
4
4
4
4
3
4
4
4
3
4
4
4
5
3
3
4
3
4
4
3
3
4
4
4
3
3
3
4
3
4
4
4
4
4
3
4
4
Wrapping up
District 21 may not always steal the spotlight, but it clearly has strong investment stories of its own. The million-dollar profits at Maplewoods and Pandan Valley proved that long-held freehold condos in this area, despite their old age, can quietly outperform expectations. Additionally, the capital gain data also shows that short- to mid-term gains are possible, particularly in rare cases like en bloc deals or well-timed entries into underpriced leaseholds.
As prices continue to climb across Singapore, buyers and investors looking for large units, freehold tenure, and long-term growth without paying a central region premium may want to give District 21 a second look.
Enjoying this in-depth analysis? 99.co Condo Cash or Crash covers monthly notable transactions in Singapore’s private property market.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment