Identifying a Good Investment Property: A Guide
TLDR When it comes to navigating the real estate market in Singapore, understanding key factors can make a significant difference...
Read More
TLDR
Boutique condos, with fewer than 100 units, are known for price fluctuations due to infrequent transactions and higher upkeep costs. Despite challenges, they attract buyers seeking exclusivity. From 2014 to 2024, notable projects like LA SUISSE and LE CONNEY PARK showed annualized returns between 6.8% and 1.5%. Districts 10 and 15 emerged as top performers, with significant activity in Katong/Joo Chiat. Larger units (over 1,400 sq ft) yielded higher profits but had lower trading volumes. Challenges include limited market presence and smaller developers. Individual circumstances dictate whether to buy or sell now.
Boutique condos stand out as a unique and specialized purchase. With a limited number of units, usually no more than 100 and sometimes as few as a mere dozen, these properties are notorious for their fluctuating nature.
The rarity of transactions makes even a single outlier capable of significantly skewing prices in either direction. On top of that, the upkeep costs are typically higher due to the small unit count.
Despite these challenges, the allure of exclusivity draws in certain individuals, leading them to ask the question: where can I discover a lucrative boutique condo? In pursuit of the answer, we embarked on a journey to explore some of the most triumphant boutique condos and unearth valuable insights.
Gains And Losses Of Boutique Condos
Spanning from 2014 to 2024 and showcasing a minimum of 5 noteworthy buy/sell transactions:
| Projects | District | Planning Area | No. of Buy/Sell Tnx | Avg. Annualised (%) |
| LA SUISSE | 11 | Bukit Timah | 5 | 6.8% |
| LE CONNEY PARK | 15 | Bedok | 6 | 5.0% |
| CITY LOFT | 8 | Kallang | 6 | 4.8% |
| MABELLE | 15 | Bedok | 8 | 4.7% |
| THE PRINCETON | 10 | Tanglin | 6 | 4.7% |
| THE BALE | 15 | Bedok | 5 | 4.6% |
| VIENTO | 14 | Geylang | 6 | 4.5% |
| THE MEDLEY | 15 | Bedok | 5 | 4.4% |
| THE SPINNAKER | 11 | Novena | 5 | 4.3% |
| EVELYN MANSIONS | 11 | Novena | 5 | 4.1% |
| AXIS @ SIGLAP | 15 | Bedok | 6 | 3.8% |
| ONE TREE HILL RESIDENCE | 10 | River Valley | 5 | 3.7% |
| BLISS LOFT | 12 | Novena | 5 | 3.7% |
| PRESTIGE LOFT | 15 | Bedok | 5 | 3.5% |
| THE VUE | 19 | Serangoon | 5 | 3.3% |
| THE GLACIER | 15 | Bedok | 5 | 3.1% |
| DAISY SUITES | 13 | Serangoon | 5 | 2.9% |
| MAYFAIR RESIDENCES | 15 | Bedok | 7 | 2.6% |
| EDENZ SUITES | 14 | Geylang | 5 | 2.4% |
| THE SILVER FIR | 15 | Geylang | 5 | 2.2% |
| RESIDENCES 88 | 14 | Bedok | 5 | 2.1% |
| LAVERNE’S LOFT | 15 | Bedok | 6 | 2.1% |
| THE SANCTUARY @ GEYLANG | 14 | Geylang | 6 | 2.0% |
| PALMERA RESIDENCE | 15 | Bedok | 6 | 2.0% |
| DE CENTURION | 15 | Kallang | 5 | 1.9% |
| VIIO @ BALESTIER | 12 | Novena | 9 | 1.9% |
| CITIGATE RESIDENCE | 8 | Kallang | 5 | 1.9% |
| SUITES @ KOVAN | 19 | Hougang | 6 | 1.8% |
| NATURALIS | 15 | Bedok | 6 | 1.8% |
| LA FLEUR | 14 | Geylang | 6 | 1.7% |
| THE NAVIAN | 14 | Bedok | 11 | 1.7% |
| LOFT 33 | 14 | Geylang | 11 | 1.6% |
| SUITES @ EUNOS | 14 | Bedok | 5 | 1.6% |
| SUITES @ SIMS | 14 | Geylang | 6 | 1.5% |
| 24 ONE RESIDENCES | 5 | Queenstown | 5 | 1.5% |
| BERKELEY RESIDENCES | 15 | Bedok | 9 | 1.5% |
| FLORAVILLE | 28 | Ang Mo Kio | 10 | 1.5% |
| LEICESTER SUITES | 13 | Toa Payoh | 6 | 1.5% |
| DEVONSHIRE 12 | 9 | River Valley | 5 | 1.4% |
| THE BENTLY RESIDENCES@KOVAN | 19 | Hougang | 11 | 1.3% |
| ASCENT @ 456 | 12 | Novena | 11 | 1.3% |
| 8 FARRER SUITES | 8 | Kallang | 5 | 1.2% |
| PARK RESIDENCES KOVAN | 19 | Hougang | 5 | 1.2% |
| THE COTZ | 15 | Bedok | 9 | 1.1% |
| HILBRE28 | 19 | Hougang | 7 | 1.1% |
| 183 LONGHAUS | 20 | Bishan | 7 | 0.9% |
| MULBERRY TREE | 11 | Novena | 6 | 0.9% |
| REZI 35 | 14 | Geylang | 5 | 0.9% |
| LOFT@HOLLAND | 10 | Bukit Timah | 6 | 0.9% |
| PARC SOMME | 8 | Kallang | 5 | 0.8% |
| TREASURES@G6 | 14 | Geylang | 11 | 0.7% |
| TREASURES @ G20 | 14 | Geylang | 6 | 0.7% |
| VETRO | 12 | Kallang | 5 | 0.7% |
| R MAISON | 13 | Serangoon | 7 | 0.6% |
| WILKIE 80 | 9 | Rochor | 5 | 0.6% |
| SUNNYVALE RESIDENCES | 15 | Bedok | 7 | -0.4% |
| THE ASANA | 10 | Bukit Timah | 9 | -0.5% |
| 28 RC SUITES | 8 | Rochor | 6 | -0.6% |
The boutique condo market may boast an average annualised gain of 3.57 per cent, aligning with the private property sector. However, don’t be deceived by the word ‘average’ when outliers like One Robin (with a staggering 49 per cent annualised gain) and Casero @ Dunman (suffering an unfortunate 11.1 per cent loss) prove otherwise. To truly understand this segment, let’s take a district-based approach and see how boutique condos fare.
| District | Breakeven | Gain | Loss | Grand Total | Total Volume |
| 27 | 9.5% | 9.5% | 1 | ||
| 21 | 6.3% | 6.3% | 11 | ||
| 26 | 5.6% | 5.6% | 1 | ||
| 3 | 5.0% | 5.0% | 4 | ||
| 10 | 5.6% | -2.9% | 5.0% | 147 | |
| 15 | 0 | 4.6% | -2.6% | 4.2% | 401 |
| 16 | 4.4% | -0.6% | 4.1% | 22 | |
| 17 | 4.4% | -1.7% | 4.0% | 17 | |
| 4 | 3.8% | 3.8% | 3 | ||
| 19 | 0 | 4.1% | -1.1% | 3.5% | 111 |
| 11 | 3.9% | -3.9% | 3.5% | 85 | |
| 9 | 0 | 3.8% | -2.4% | 3.5% | 79 |
| 23 | 4.8% | -2.9% | 3.2% | 5 | |
| 12 | 3.8% | -1.7% | 3.1% | 81 | |
| 1 | 2.9% | 2.9% | 1 | ||
| 13 | 2.8% | -1.6% | 2.7% | 29 | |
| 5 | 2.9% | -1.3% | 2.6% | 28 | |
| 14 | 0 | 3.0% | -1.1% | 2.5% | 186 |
| 8 | 3.6% | -3.8% | 1.7% | 75 | |
| 7 | 1.6% | 1.6% | 1 | ||
| 20 | 0 | 1.9% | -2.1% | 1.5% | 13 |
| 28 | 1.7% | -0.4% | 1.5% | 10 | |
| 6 | -0.4% | -0.4% | 1 | ||
| Grand Total | 0 | 4.1% | -2.2% | 3.6% | 1312 |
Above, it is evident that units 10 and 15 reign supreme in the realm of boutique developments. District 15, in particular, boasts an abundance of boutique condos nestled in the vibrant Katong/Joo Chiat vicinity.
This bustling neighborhood yields a higher number of transactions, which could account for its superior annualized returns. However, we must note that Vibes @ East Coast and Casero @ Dunman, with their respective losses of 26.9% and 11.1%, deviate from this trend due to their short holding periods. It is fair to assume that these properties stand as anomalies, perhaps influenced by unique circumstances of the sellers.
One could attribute this success of District 15’s boutique condos to the recent gentrification of the once-notorious Joo Chiat stretch, infamous for its abundance of massage parlors and shady bars. As the area underwent a facelift, the value of these boutique developments saw a significant upturn.
Neighboring District 14, encompassing Eunos to Paya Lebar, also boasts a commendable transaction volume, albeit with a slightly lower annualized return. This district is home to older properties, with a higher percentage likely rented out. While the dense urban setting may not appeal to all families, it positions these properties strategically to benefit from the nearby Paya Lebar hub.
Finally, District 10, boasting the affluent neighborhoods of River Valley, Tanglin, and Holland V, serves as the ideal location for boutique projects. While there is no dearth of high-end condos in this area, discerning buyers gravitate towards a sense of exclusivity and privacy, which boutique developments expertly provide.
Looking At Results By Size
It is evident that boutique condos thrive when designed with larger units, yet this advantage is not limited to this specific type of housing.
| Size Category | Average Profit | Average % Profit | Average Annualised Returns (%) |
| Less Than 500 sq ft | $80,619.02 | 12.81% | 2.44% |
| Less Than 900 sq ft | $147,930.82 | 15.34% | 2.92% |
| Less Than 1,400 sq ft | $272,479.32 | 20.69% | 3.91% |
| More Than 1,400 sq ft | $489,416.63 | 21.84% | 4.27% |
| Grand Total | $227,220.66 | 17.80% | 3.39% |
Take note that while profits increase with larger units, the trading volume of these mammoth spaces remains relatively low. This can be attributed to their elusive nature, making them a coveted commodity. This, in turn, may play a pivotal role in achieving favorable returns.
Furthermore, our musings lead us to believe that these grandiose units are more commonly snatched up by pure owner-occupiers (as landlords tend to shy away from such extensive spaces, considering the maximum number of tenants and the potential dip in rental yields). After all, for homeowners, the comfort of their loved ones outweighs any potential resale gains.
To add to this, owner-occupiers are known to have a longer investment horizon, which could explain their significant gains. It’s safe to say, bigger units not only offer more living space but also deliver bigger payoffs in the long run.
Uncovering the Hidden Challenges of Boutique Condos: Beyond Price Volatility
Not only are boutique condos physically compact and discreet, but their market presence is also comparably modest. These exclusive abodes, often challenging to promote upon their debut, are crafted by smaller developers with tighter budgets, relying heavily on the networks and word-of-mouth of agents. Moreover, trust becomes a factor as these boutique projects may bear unfamiliar developer names. Unlike the prominent industry giants such as CapitaLand, GuocoLand, and CDL, who dominate full-scale developments, buyers are met with a sense of unease when faced with boutique options.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Top 5 Things to Do in Singapore on a Rainy Day
Singapore, the beautiful island city-state, is known for its sunny weather and stunning attractions. However, even in this tropical paradise,...
Read More
Top 5 : Best Street Art Murals in Singapore
Singapore, a vibrant and multicultural city-state, is not only known for its iconic landmarks and delicious cuisine but also for...
Read More
Surprising Prediction: Will Singapore Property Prices Drop in 2024?
TLDR When considering the current real estate market in Singapore, it's crucial to understand the impact of factors such as...
Read More
Top 5 : What Are The Key Factors That Drive Foreign Investment In Singapore’s Real Estate Market
Singapore, a thriving city-state in Southeast Asia, has become a magnet for foreign investors looking to capitalize on its booming...
Read More
Decoding the HDB Classification: The New Prime, Plus & Standard – What It Means for Singaporeans
TLDR The National Day Rally 2023 introduced a new classification for HDB flats, replacing the old 'mature versus non-mature estates'...
Read More
Should We Upgrade to a Condo Now or Wait for Interest Rates to Go Down?
TLDR Considering the Singapore property market trends and financial factors, it's crucial to make informed decisions about upgrading from an...
Read More
When to Strike Gold: The Ultimate Guide to Selling Your House in Singapore!
TLDR When deciding the best time to sell your property, consider various factors such as market trends, financial goals, and...
Read More
Top 5 Cocktail Bars in Singapore for a Night Out
Singapore, the vibrant city-state known for its impressive skyline and diverse culture, is also home to an exceptional cocktail scene....
Read More
Are You Ready to Take on the Singapore Property Market in 2023? 12 Reasons to Be Hopeful (Or Wary)!
2022 sure was a rollercoaster ride for the property market, and the world! From war in Europe to skyrocketing interest...
Read More
Top 5 Best Secret Gardens in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to a plethora of hidden...
Read More
Why Can’t We Have More Housing Options For Singles?
TLDR The blog post discusses the evolving regulations for single individuals to purchase public housing in Singapore. It highlights the...
Read More
Market Mistakes in Property Investment: Key Lessons and Strategies for Success
TLDR In property investment, common mistakes include lack of research, overleveraging, and neglecting due diligence. To succeed, conduct thorough market...
Read More
Are Early Bird Discounts At New Launches Genuine Or A Marketing Gimmick?
TLDR When considering investing in new property projects, understanding developers' pricing strategies is crucial. Early bird discounts are not just...
Read More
Why It’s Not Financially Sensible to Pay Off Your HDB Flat Home Loan in Advance
TLDR When deciding whether to repay your HDB flat loan early, consider the limitations of not being able to obtain...
Read More
What’s The Difference Between An Offer To Purchase And An Option To Purchase?
TLDR Understanding the crucial difference between an Offer to Purchase and an Option to Purchase (OTP) is vital when buying...
Read More
What Is The Cost Of Constructing A Landed Property In Singapore?
TLDR Building a landed property in Singapore can be a costly endeavor, with prices ranging from $300 to $500 per...
Read More
How to Build a Property Empire in Singapore: Scaling Your Investments
Real estate investing is a popular way to build wealth and generate passive income. However, like any investment, it comes...
Read More
Top 5 : Benefits of Investing in Older vs. Newer Singapore Property Market Condos for International Buyers?
Singapore's property market has long been an attractive investment destination for international buyers, offering a stable and well-regulated environment with...
Read More
Top 5 Reasons to Invest in Commercial Property in Singapore – Expert Insights!
Singapore, a thriving business hub in Southeast Asia, offers a robust real estate market with diverse investment opportunities. While residential...
Read More
