Thomson mega condo preview draws over 10,000 visitors; strong resale gains no guarantee of profit, analysts say

A preview of Thomson Reserve, a mega condominium development set to launch soon, drew more than 11,800 visitors last week, reflecting buyers’ appetite for such projects.

Several sites for mega condos have emerged recently, including a white site at Jurong Town Hall Link whose tender closes next month, heralding a surge in the supply of such developments in Singapore’s private housing market.

Analysts interviewed said mega condos generally perform well in the resale market, with price increases often outstripping those of conventional private housing developments in the same area. However, their large number of units means owners may face stiffer competition when selling, and some units may still incur losses. Mega condos are no guaranteed route to wealth.

A “mega condo” is a large private residential development with more than 1,000 units. Those completed in recent years include Treasure at Tampines, Parc Clematis, Normanton Park and JadeScape.

Data compiled by Huttons shows that these mega condos have performed well in the resale market, with most recording price increases of at least 30% between 2020 and the third quarter of this year.

Parc Clematis was the strongest performer. The average price at the 1,468-unit development in Clementi rose 36.7%, from $1,628 per square foot in 2020 to $2,226 in the third quarter of this year — an increase of $598 per square foot.

By comparison, the 716-unit Whistler Grand, which is in the same area and was completed at around the same time, posted a more modest price increase of 29.4%.

Huttons’ senior director of data analytics Lee Sze Teck told Lianhe Zaobao that mega condos generally outperform conventionally sized developments in the same area over the same period. As the transaction volume is higher, buyers may find it easier to establish the selling price, with a clearer sense of market conditions helping them determine a reasonable price.

CBRE’s head of research for Southeast Asia Tricia Song, also said that more active trading in mega condos helps buyers gauge market prices more accurately, while making it easier for owners to sell their units at a fair valuation and shortening the time needed to complete a transaction.

However, Song added, “If the mega condo’s particular unit layouts or floors are unpopular and many owners decide to sell at the same time, fierce competition in the resale market will kick in.”

Data shows that prices at the 1,862-unit Normanton Park rose just 10.4% over roughly the past six years, below the 11.6% increase at the 548-unit Kent Ridge Hill Residences in the same area.

According to EdgeProp, some sub-sales at Normanton Park incurred losses, averaging $36,485. The largest loss involved a 527 sq ft unit that changed hands for $950,000 in November 2025 after its owner had held it for 3.7 years. The loss amounted to $83,000, or about 8%.

Song said the loss-making units at Normanton Park were believed to be mainly smaller units bought as investments. Meanwhile, chief research officer at MOGUL.sg Nicholas Mak said Normanton Park was the furthest from an MRT station among the mega condos discussed, possibly leaving it with the weakest resale demand. This also shows that mega condos do not guarantee a profit.

On the outlook for mega condos, Mak noted that an average of one such project had been launched every two years over the past six years. From next year to 2029, however, at least four are expected to be ready for launch — equivalent to about 1.3 projects a year, which is a marked acceleration.

The four mega condos include One Chuan Grove in Lorong Chuan, with 1,060 units, as well as developments on sites at Bayshore Drive with 1,280 units, New Upper Changi Road with 1,010 units, and Jurong Town Hall Link with 1,200 units.

Newmark’s head of research Wong Shanting said mega condos offer a diverse range of facilities and spacious landscaped grounds. They are expected to continue attracting buyers, particularly those optimistic about their potential for resale profits.

Such developments also make it easier for developers to achieve economies of scale.

Song also noted that a lower threshold for en-bloc sales of older private residential developments is expected to encourage more such transactions, bringing more mega condos to the market.