Boutique condo near Kent Ridge Park sets district's resale profit record at $5.4m

District Five has a new record for condo resale capital gains. 

The milestone came from an ageing freehold boutique condominium tucked away along Pepys Road beside Kent Ridge Park, where a four-bedroom unit recently changed hands for a $5.4 million profit.

Recorded in early July 2026, this record-breaking resale transaction involved a four-bedroom unit at The Peak, a low-rise freehold condo in District Five. 

The 5,522 sqft home located on the second floor changed hands for $8.5 million, or around $1,539 per square foot (psf).

The seller had bought the home in February 2005 for $3.1 million ($561 psf). After holding the property for about 21 years, the transaction generated a profit of approximately $5.4 million, representing a 174.2 per cent capital gain.

It is now the most profitable resale transaction ever recorded at The Peak, overtaking the previous record set in 2024, when another four-bedroom unit earned its owner a S$4 million profit.

What makes the latest transaction particularly interesting, however, is that despite delivering a record-breaking gain for the seller, the apartment was sold at a lower price on a per-square-foot basis compared to similar freehold developments in the surrounding neighbourhood.

Sold below nearby freehold competition

The Peak sits within an enclave of predominantly freehold developments around Pasir Panjang MRT, where large-format luxury apartments remain relatively scarce.

Over the past six months, resale transactions among neighbouring freehold condominiums averaged around $1,620 psf. In comparison, the latest sale at The Peak achieved $1,539 psf, around five per cent below that average.

The price gap becomes even more noticeable when compared against the broader District Five market. 

Across freehold resale condominiums in the district – covering areas such as West Coast, Buona Vista and Clementi – homes have transacted at an average of $1,673 psf over the same period.

This places The Peak's latest resale at roughly eight per cent below the district average on a psf basis. 

Yet despite changing hands below prevailing market benchmarks, the owner still walked away with the largest profit the development has ever recorded.

It highlights an important characteristic of boutique luxury developments: Absolute gains can remain substantial even when pricing trails the wider market, especially after two decades of capital appreciation.

Why does The Peak trade below surrounding developments?

Completed in 1988, The Peak is one of the oldest luxury freehold condominiums in this part of District Five. 

The boutique development comprises just 20 residences spread across four low-rise blocks, with every home offering a generous foiur-bedroom layout ranging from 4,349 sqft to 5,543 sqft.

Its location next to Kent Ridge Park provides a quiet, low-density living environment rarely found in Singapore today, attracting buyers who prioritise space, privacy and greenery over convenience.

However, the surrounding enclave is also dominated by newer freehold developments. 

The Peak's age likely explains why its resale prices continue to trade at a lower point on a psf basis, despite the development maintaining its appeal among buyers looking for large-format luxury homes.

For purchasers, that lower entry psf may also represent an opportunity to secure sizeable freehold homes in a tightly held neighbourhood at a relative discount compared to nearby alternatives.

Record resale price at The Peak condo was set in 2013

Looking at historical data, the highest price within the freehold condo took place more than a decade ago. In September 2013, a 5,501 sqft four-bedroom unit changed hands for $9 million, or $1,636 psf. It was the only transaction at The Peak that year.

The sale also stood out relative to the wider market. At $1,636 psf, the unit transacted at more than 20 per cent above the average psf of surrounding freehold condominiums at the time.

The seller reportedly walked away with a profit of around $4 million after owning the property for less than seven years – one of the shortest holding periods recorded within the project. 

Despite the relatively brief ownership, the transaction remains one of the development's strongest resale performances in both price achieved and capital gain.

Only 7 resale transactions recorded in the past decade

Having just 20 units in the development, the frequency of resale transactions is expected to be low for The Peak. 

Over the past ten years, just seven resale transactions have been recorded, reinforcing how tightly held the development is. Owners here tend to purchase for long-term occupation rather than short-term investment.

Before this year's sale, the most profitable resale was recorded in 2024, when another 5,522 sqft four-bedroom apartment changed hands for $8.3 million. 

The seller had purchased the property in 2006 for S$4.3 million, earning a profit of approximately $4 million after around 17 years of ownership.

That transaction in 2024 achieved $1,503 psf, around 10 per cent below the surrounding area's average at the time.

Taken together, the two most recent sales suggest a consistent pricing pattern. 

While The Peak typically transacts below neighbouring freehold condominiums on a psf basis, owners have nevertheless enjoyed sizeable capital appreciation over long holding periods, thanks largely to the development's rarity and generous unit sizes.

The sole unprofitable condo resale at The Peak

However, The Peak has recorded just one unprofitable resale transaction throughout its entire history, and this took place in 2020, when a unit changed hands for $6.8 million, or $1,236 psf. It resulted in a loss of around $900,000 for the seller.

Interestingly, despite the loss, the transaction was completed at a psf that was still above the neighbourhood average then.

While the pandemic dampened activity across Singapore's luxury residential market during that period, The Peak proved relatively resilient. 

Even in a softer market, the unit changed hands at a psf above the surrounding area's average, underscoring the development's ability to maintain its market positioning.

Record-high condo resale profit in District 5

The recent $8.5 million resale at The Peak has done more than rewrite the development's own record books. With a capital gain of $5.4 million, it now stands as the most profitable condominium resale ever recorded in District Five.

What's perhaps even more noteworthy is that this isn't an isolated success story.

Looking at the district's all-time most profitable condo resales, The Peak accounts for four of the top five transactions. The only other development to make the list is Island View, another freehold project, whose record gain of $3.5 million was recorded in November 2024.

All four of The Peak's record transactions involved owners who held their properties for between 17 and 21 years, with the exception of the 2013 sale, where the owner realised a $4 million profit after fewer than seven years.

As seen in both the 2024 and 2026 resales, the development's consistently strong capital gains also highlight how absolute profits and psf performance are not always closely linked.

Much of this can be attributed to The Peak's fundamentals. Every apartment exceeds 4,300 sqft, meaning even modest increases in psf over a long holding period can translate into millions of dollars in capital appreciation.

These profitable transactions also reinforce The Peak's position as one of District Five's strongest long-term wealth creators. 

Although the development no longer commands the highest psf in its neighbourhood, its combination of scarce supply, generous unit sizes, and long-term capital appreciation has enabled owners to realise exceptional gains over time.

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This article was first published in 99.co.