A resale transaction at The Waterina in Geylang has just set a new benchmark for District 14. The freehold condominium saw a unit change hands for S$3.7 million in June 2026, allowing its owner to walk away with an estimated S$2.7 million profit, the highest gain ever recorded within the district.
Table of contents
- 4-bedder at The Waterina sold for S$3.7M
- Most expensive unit within the development
- Capital gain of S$2.7 million in 24 years
- Condo resale profit record in District 14
- Resale price trend: The Waterina vs District 14
- About The Waterina
4-bedder at The Waterina sold for S$3.7M
Officially recorded on 3 June 2026, this resale transaction at The Waterina involved a 1,744-sqft 4-bedroom unit on the 7th floor. The unit changed hands for S$3.7 million, which works out to approximately S$2,122 psf.
The pricing stands out even within the broader District 14 (Eunos, Geylang, Paya Lebar) market. Based on recent resale data, freehold condominiums in the district have been transacting at around S$1,528 psf.
This means the latest Waterina resale achieved a price that was about 38.9% higher than the current district average, highlighting the premium buyers continue to place on larger waterfront homes within the development.
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Most expensive unit within the development
At S$3.7 million, or S$2,122 psf, the transaction has established a new record for The Waterina in both absolute price and psf terms. The previous record by quantum stood at S$3.5 million, achieved in October 2024. That sale involved a larger 2,142-sqft 4-bedroom unit on a lower floor and translated to S$1,633 psf.
On a psf basis, the previous benchmark came from a smaller 1,066-sqft 3-bedroom unit that sold for S$2.25 million in September 2025, or S$2,110 psf. With the latest transaction surpassing that figure, only two units in the project’s history have managed to cross the S$2,100 psf threshold.
So far in 2026, The Waterina has recorded three resale transactions at an average of around S$1,970 psf. The latest sale at S$2,122 psf therefore secured a 7.7% premium over the development’s current average, suggesting that buyers remain willing to pay more for well-positioned larger units despite the project’s age.
Capital gain of S$2.7 million in 24 years
The 4-bedroom unit was originally purchased from the developer in May 2002 for S$1.03 million, or approximately S$592 psf. Based on the project’s average launch pricing of S$608 psf at the time, the buyer secured the unit at a price that was roughly 2.6% below the development average.
After holding the property for about 24 years, the owner eventually sold it for S$3.7 million, resulting in an estimated capital gain of S$2.7 million before transaction costs and taxes.
That slightly lower entry price may have contributed to the sizeable gain achieved today. However, the result also reflects the development’s long-term resilience, particularly given its freehold tenure and sizeable unit offerings that have become increasingly scarce in newer launches.
Resale profitability at The Waterina
Looking further back, The Waterina has a relatively strong track record when it comes to resale profitability. The most recent loss-making transaction occurred in 2009, when a 3-bedroom unit that had been held for a short period was sold for S$820,000, resulting in a modest loss of around S$10,000.
Beyond that, most of the project’s unprofitable transactions were concentrated during 2007, a period marked by heightened market volatility relative to the Global Financial Crisis. Several of the unprofitable sales also involved subsale transactions made before the development obtained TOP in 2005.
Since then, the project has largely delivered positive outcomes for owners, with many long-term holders benefiting from substantial capital appreciation over the years.
Condo resale profit record in District 14
The S$2.67 million gain achieved from this latest resale at The Waterina has also rewritten the record books for District 14. Based on available transaction records, it is now the highest capital gain ever recorded from a condominium resale in District 14, surpassing the previous district record by approximately S$94,000.
Before this, the record belonged to a penthouse unit at Windy Heights. The expansive 4,974-sqft residence was sold for S$3.9 million in October 2015 after being held for more than 15 years. Having originally been purchased for S$1.32 million (S$265 psf) in June 2000, the seller walked away with a capital gain of approximately S$2.58 million.
Located along Jalan Daud in the Kembangan neighbourhood, Windy Heights is a freehold development completed in 1983. The project is known for its exceptionally large apartment sizes, with typical 4-bedroom units and penthouses spanning close to 5,000 sqft. These oversized layouts have helped support strong long-term capital appreciation over the years.
| Project | Tenure | TOP | Profit (S$) | Transaction Date | Holding Period |
| The Waterina | Freehold | 2005 | 2.675M | Jun 2026 | 24 years |
| Windy Heights | Freehold | 1983 | 2.580M | Oct 2015 | 15 years |
| Windy Heights | Freehold | 1983 | 2.470M | May 2025 | 21 years |
| Windy Heights | Freehold | 1983 | 2.400M | Sep 2025 | 24 years |
| Dakota Residences | 99 years | 2010 | 2.146M | Oct 2025 | 17 years |
In fact, Windy Heights has been a recurring feature in the district’s profit rankings. Prior to The Waterina’s latest record-breaking transaction, three of the five highest condo resale gains ever recorded in District 14 came from Windy Heights, underscoring the enduring appeal of large freehold homes in the area.
Resale price trend: The Waterina vs District 14
Circling back to The Waterina, the latest resale deal also reflects a broader trend that has been unfolding over the past few years. Despite being completed more than two decades ago, the freehold development has managed to outperform the wider District 14 resale market in terms of price growth.
Over the last five years, the project’s average resale price has increased by approximately 42%, slightly ahead of the 38% growth recorded across District 14 during the same period. While the difference may appear modest, it is notable given that the district contains several newer developments that would typically command stronger price momentum.
Based on transactions recorded in 2026 so far, units at The Waterina have changed hands at an average of around S$1,970 psf, compared to District 14’s overall average of approximately S$1,773 psf. This places the development at a 11.1% premium to the district average.
The comparison becomes even more striking when benchmarked against only the district’s freehold and 999-year leasehold condominium segment. While many older freehold developments in District 14 continue to trade at a discount due to age, The Waterina has maintained a significantly stronger price position. Its current average psf is about 29% higher than the average achieved by freehold and 999-year projects across the district.
About The Waterina
Several factors may have contributed to The Waterina’s stronger-than-average price growth. Beyond its freehold tenure, the development offers a combination of location, connectivity, and spacious layouts that have become increasingly difficult to find in the current market.
Completed in 2005, The Waterina comprises 398 residential units, making it one of the larger freehold condominium projects in the city-fringe region. Homes at The Waterina were built during a period when developers prioritised larger living spaces, which allows the project to remain relevant among families seeking generous layouts without moving further away from the city.
Situated along Lorong 40 Geylang, the development sits on the edge of the rapidly evolving Paya Lebar precinct, one of Singapore’s major decentralised business hubs. Over the years, the transformation of the area has introduced new offices, retail offerings, and lifestyle amenities, enhancing the appeal of surrounding residential projects.
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Connectivity remains one of the project’s strongest attributes. Residents are within walking distance of Dakota MRT Station and a short journey from the Paya Lebar interchange, providing seamless access to both the Circle Line and East-West Line. For drivers, major roads such as Mountbatten Road, Guillemard Road, and the PIE offer convenient routes to the CBD, Marina Bay, and Changi Airport.
Families are well served by a broad selection of schools nearby. Established institutions such as Kong Hwa School, Geylang Methodist School (Primary), Tanjong Katong Primary School and Dunman High School are all located within a short distance, adding to the development’s appeal among owner-occupiers.
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