The Deal

A 1,658 sq ft four-bedroom unit at Fifth Avenue Condominium along Fifth Avenue in District 10 changed hands for S$4.1 million on March 27, delivering the seller a capital gain of S$3.2 million. The unit was acquired in November 2009 for S$900,000, or roughly S$543 psf, and resold at S$2,473 psf — a 356% price appreciation over 16 years and four months. The transaction ranks among the most profitable resales recorded in the Bukit Timah corridor this quarter, translating to an annualised return of 9.9%.

  • Transaction price: S$4.1 million
  • Unit size: 1,658 sq ft
  • Price PSF: S$2,473
  • Purchase price (2009): S$900,000 (S$543 psf)
  • Capital gain: S$3.2 million (+356%)
  • Annualised return: 9.9%

Market Context

Fifth Avenue Condominium, a 423-unit freehold development completed in 2000 by Allgreen Properties, has benefitted from its proximity to Sixth Avenue MRT on the Downtown Line, which opened in late 2015. Transaction volumes at the project have averaged 14 resales a year since 2020, with prices climbing from a median S$1,750 psf in 2020 to S$2,450 psf across the first quarter of 2026 — a 40% uplift that outpaces the wider Core Central Region (CCR) non-landed index, which gained roughly 11% over the same period.

The March transaction is the third four-bedder at the project to clear above S$4 million in the past 12 months. A comparable 1,658 sq ft unit on a higher floor transacted for S$3.98 million in June 2025 at S$2,400 psf, while a smaller 1,496 sq ft four-bedder sold for S$3.75 million in October 2025. The latest deal therefore sets a new psf benchmark for the stack and reinforces the pricing gap between Fifth Avenue Condominium and neighbouring leasehold projects along Bukit Timah Road.

Rental performance has underpinned the capital story. Median monthly rents at the project rose from S$4.20 psf in 2021 to S$6.10 psf by end-2025, delivering gross yields of about 3% for owners who purchased at pre-2015 prices. For the outgoing seller, accumulated rental income across the holding period is estimated to have added a further S$600,000 to S$800,000 in returns on top of the capital gain.

What This Means for Investors

The resale signals that freehold CCR stock with direct MRT access and four-bedroom layouts remains a defensible hold, particularly as new launch psf in District 10 has pushed past S$3,000. Buyers eyeing entry into the segment should note that remaining four-bedder inventory at Fifth Avenue Condominium is thinning, with fewer than five units listed below S$2,400 psf as of April. Investors seeking similar long-hold yield profiles may need to pivot to comparable freehold projects in Districts 11 and 21, where psf still trails District 10 by 8% to 12% despite narrower rental differentials.