Project Spotlight: Most affordable condos in District 3
Condos in District 3 tend to command high prices but there are hidden gems that are more affordable. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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As discussed in our previous article, the list of the most expensive 99-year leasehold condos in the Rest of Central Region (RCR) is dominated by District 3. Riviere, which took the top spot with an average resale price of $2,942 psf then, is also in District 3.
Fortunately for those keen to live in District 3, there are more affordable options. We analysed the average resale prices of 99-year leasehold condos in the district. Of the 10 least costly leasehold condos in District 3, only Meraprime has an average resale price above $2,000 psf (see Table 1). Furthermore, the average resale prices for all 10 condos fall below the district’s overall average resale price of $2,179 psf.
Unsurprisingly, most of the 10 condos obtained their temporary occupation permit (TOP) before 2000, with Ascentia Sky and The Crest being the only exceptions. The onset of lease decay may have had a dampening effect on their prices.
Convenient and connected location
Among the most affordable 99-year leasehold condos in District 3, Emerald Park has the lowest average resale price at $1,561 psf.
The condo is located along Indus Road and is within walking distance of three MRT stations—Havelock, Great World, and Tiong Bahru—as well as nearby amenities such as Tiong Bahru Plaza, Great World City, Valley Point Shopping Centre, Tan Boon Liat Building, Zion Riverside Food Centre, Beo Crescent Market, and Havelock Road Cooked Food Centre (see Map 1). It is also a short drive to Orchard Road and the CBD. Primary schools within a 1km radius include Alexandra Primary School, River Valley Primary School, and Zhangde Primary School.
Source: EdgeProp LandLens (as at 16 September 2025)
Despite its excellent locational attributes, Emerald Park’s average resale price is lower than its peers in the same district, likely due to its age and shorter remaining land lease. Emerald Park received its TOP in 1993, making the condo 32 years old. It also has a remaining lease of 65 years, as its land lease commenced in 1991.
Impact of Thomson-East Coast Line
Havelock MRT Station on the Thomson-East Coast Line (TEL) is the nearest MRT station to Emerald Park. Prior to its opening in November 2022, residents had to walk further to Tiong Bahru MRT Station on the East-West Line (EWL) (see Map 1).
The opening of a nearer MRT station had a positive impact on Emerald Park’s prices, with the average resale price surging 21.1% y-o-y from $1,292 psf in 2022 to $1,565 psf in 2023 (see Chart 1).
Source: EdgeProp Market Trends (as at 18 September 2025)
From 2022 to 2023, smaller price growths were recorded for 99-year leasehold condos aged 31 to 40 years in District 3 (9.1% y-o-y) and the Central Region (13.3% y-o-y), underscoring the positive impact of the opening of Havelock MRT Station on Emerald Park’s prices.
Unfortunately, the price surge for Emerald Park did not last long. The condo’s average resale price has since fallen by 0.3%. Emerald Park ($1,561 psf) also has a current average resale price that is lower than the average resale prices of similar condos in District 3 ($1,640 psf) and the Central Region ($1,567 psf) (see Chart 2).
The recent price decline for Emerald Park could be attributed to the negative effects of lease decay. In comparison, the overall average resale price for 99-year leasehold condos in District 3 ($2,179 psf) and the Central Region ($2,024 psf) is higher than Emerald Park ($1,561 psf) (see Chart 3).
Furthermore, the average resale prices for 99-year leasehold condos in District 3 (8.5%) and the Central Region (7.9%) increased since 2023, whereas Emerald Park’s average resale price fell by 0.3%.
Source: EdgeProp Market Trends (as at 18 September 2025)
Affordable and profitable
Despite having the lowest average resale price among its peers in District 3, Emerald Park has recorded 45 profitable and no unprofitable transactions since 2020. Profits range from approximately $20,000 to $1.443 million. Of the 45 profitable transactions, five yielded million-dollar gains (see Table 2), and all occurred in 2023 or 2024.
Source: EdgeProp Buddy (as at 18 September 2025)
The transaction that yielded the highest profit of $1.443 million took place in April 2024, when the seller sold the 1,432-sq ft unit for $1.963 million ($1,371 psf). The seller had purchased the 14th-storey unit in December 1998 for $520,000 ($363 psf).
At the time of writing, no million-dollar profits have been recorded for Emerald Park this year. The record-high profit for 2025 is $917,000, resulting from a transaction concluded in August, when a 926-sq ft unit was sold for $1.455 million ($1,572 psf). The seller had bought the unit in March 2009 for $538,000 ($581 psf).
Interestingly, the same unit was involved in a previous transaction that yielded a smaller profit of $100,000. The previous seller purchased the first-storey unit in March 2004 for $438,000 ($473 psf) and sold it in March 2009 for $538,000 ($581 psf) (see Table 3).
Source: EdgeProp Buddy (as at 18 September 2025)
Six completed condos within walking distance
There are six completed condos, comprising approximately 1,300 units, within walking distance of Emerald Park. Of these six neighbours, only Harvest Mansions and Meraprime have 99-year leases. The other four condos are 999-year leasehold developments (see Table 4). Notably, the 99-year leasehold condos are located in District 3, while those with 999-year tenures are in District 10.
Unsurprisingly, Emerald Park is the most affordable among its neighbours. Furthermore, it is the only condo with a current average resale price below $2,000 psf. Hence, Emerald Park may be most appealing to buyers who want to live in the neighbourhood but have a modest budget. However, these buyers will need to compromise on the age of the condo and the length of its remaining lease.
Interestingly, one of Emerald Park’s neighbours, Meraprime, is also among the 10 most affordable leasehold condos in District 3 (see Table 1). However, Emerald Park’s average resale price ($1,561 psf) has consistently trended below Meraprime’s ($2,079 psf) (see Chart 4). This may be due to Meraprime’s (51.5%) stronger price growth since 2015, compared with Emerald Park (37.8%).
Source: EdgeProp Market Trends (as at 19 September 2025)
The stronger price growth recorded by Meraprime could be attributed to the fact that it is 13 years younger than Emerald Park. Meraprime obtained its TOP in 2006, while Emerald Park received its TOP in 1993.
Another reason could be Meraprime’s arguably more convenient location. It is situated adjacent to Tiong Bahru MRT Station and Tiong Bahru Plaza, and within a short walk of Beo Crescent Market, Havelock Road Cooked Food Centre, Tiong Bahru Market and Food Centre, and Tiong Bahru Park (see Map 2).
Source: EdgeProp LandLens (as at 17 September 2025)
Several uncompleted condos in the vicinity
There are also several upcoming condos and government land sales (GLS) sites near Emerald Park (see Map 3). Some of the uncompleted condos that have been launched for sale received a stellar response from buyers, attesting to continued demand for condo units in the vicinity.
Source: EdgeProp LandLens (as at 17 September 2025)
During its launch day in August, Promenade Peak achieved a take-up rate of 54%. Based on caveats lodged at the time of writing, the 596-unit development has achieved an improved take-up rate of 55.9% and an average price of $2,966 psf.
River Green was also launched in August, achieving a take-up rate of 88% during its launch weekend. At the time of writing, 455 caveats have been lodged for the 524-unit development, which also achieved an average price of $3,121 psf.
Zyon Grand is expected to be launched before the end of this year. It is slated to be a mixed development with 706 condo units, serviced apartments, and a mall. Meanwhile, River Valley Green (Parcel B) was awarded to GuocoLand in February, who submitted the top bid of $627.84 million ($1,420 psf ppr). The developer plans to build a high-end waterfront residential development comprising 475 condo units and commercial space on the first storey.
Lastly, River Valley Green (Parcel C) is on the Reserved List and will not be made available for tender unless a developer triggers the site. An estimated 470 units can be built on the site.
Despite being near Emerald Park, only Promenade Peak and Zyon Grand are in District 3. River Green and the two GLS sites along River Valley Green are in prime District 9. This difference in district could explain the higher average price that River Green ($3,121 psf) commands compared with Promenade Peak ($2,966 psf). Nevertheless, Promenade Peak’s average price remains significantly higher than Emerald Park’s, highlighting the latter’s comparative affordability.
Conclusion
District 3 is a desirable residential neighbourhood due to its central location and numerous amenities. Hence, it is not surprising that many condos in the district can command higher prices than their peers in the RCR. However, affordable gems can still be found in the district.
Among 99-year leasehold condos in District 3, Emerald Park has the lowest average resale price at $1,561 psf. Its lower price could be attributed to its age and shorter remaining lease. Although its average resale price showed strong growth from 2022 to 2023 following the completion of nearby Havelock MRT Station, it has since declined marginally, while prices for its peers continued to rise.
Despite its affordability compared with its peers, Emerald Park has proven profitable for its sellers, with 45 profitable and no unprofitable transactions since 2020. The condo has also recorded five transactions yielding million-dollar profits, with the highest profit reaching $1.443 million.
Check out the latest listings for Emerald Park, Meraprime, District 3, Tiong Bahru, Havelock properties
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