How Do Old Leasehold Condos Hold Up Against Newer Projects? A Case Study Of Orchid Park

Orchid Park was a condo completed in 1994, in a very different era of the Singapore property market. It was a time when Executive Condominiums (ECs) didn’t exist yet (the EC scheme was introduced a year later in 1995), and condos in heartland areas like Yishun were comparatively rare. In this sense, Orchid Park can be said to be a pioneer or a first mover, and it’s also a good example of how leasehold condos fare over the decades. 

Here’s what we can learn from its performance to date:

A quick profile of Orchid Park 

Orchid Park is a 99-year leasehold condo located in Yishun (District 27), completed in 1994. It’s a 615-unit project facing the Lower Seletar Reservoir on one side, and the Yishun HDB enclave on the other. The closest MRT station is Khatib (NSL). 

The reason we’ve picked Orchid Park for our study is that, unfortunately, we’ve found it trails far behind many older leasehold condos. This is based on a study of annualised returns from 2016 to 2024*:

*As the period from 1995 to 2024 spans nearly three decades, comparing annualised gains over such a long timeframe doesn’t offer meaningful insights (almost every project will appear to have been a windfall, with so much time to appreciate). Instead, we’ve focused on their performance from 2016 to 2024 for a more relevant snapshot.

From 2016 to 2024, we see the two worst-performing projects are Orchid Park Condominium with an annualised growth rate of 3.92 per cent, and The Tanamera with an annualised growth rate of 3.93 per cent. 

So what’s happening at Orchid Park? 

Let’s start by doing some general comparisons of its performance, compared to islandwide averages:

2-bedroom units

3-bedroom units

4-bedroom units

One advantage of older resale condos is supposed to be larger units, but we can see this didn’t help much at Orchid Park 

From 2016 to 2024, Orchid Park Condominium saw its price gap widen against the wider non-landed private market, even though its units are more spacious. For example: 

Two-bedders in Orchid Park are 12 to 15 per cent larger than the average two-bedder in Singapore; and yet, the price gap widened from 36.6 per cent in 2016 to 40.6 per cent in 2024. 

Likewise, four-bedders at Orchid Park (from transactions in 2024) are about 1,700 sq. ft., a bit larger than the Singapore-wide average of 1,600 sq. ft. But even so, the price gap widened by about 38.7 per cent over the eight-year period, from 2016 to 2024. 

For three-bedders, there’s no real size difference, and Orchid Park meets the wider average; but even so, the price gap widened by nearly four percentage points between 2016 and 2024. 

So from this general snapshot, we can see that (1) Orchid Park is trailing behind its peers and (2) the larger unit sizes may not mitigate the issues of lease decay, or the contrast against newer condos with more efficient layouts, better facilities, etc.

As island-wide comparisons are quite general though, we should also make a comparison with nearby leasehold projects

These are the leasehold condos close to Orchid Park:

Note that Orchid Park is the oldest condo among all of these, and was completed a full 19 years before the next oldest project (The Estuary in 2013). We consider this yet another contributing reason for the weaker performance:

A 19-year age gap is significant, and it’s what we would call a generational difference. In contrast with its neighbours, Orchid Park is a previous-generation condo with a dated facade, less efficient unit layouts, and older facilities. 

Additionally, Signature at Yishun and The Criterion would have a huge advantage over Orchid Park as they’re ECs. They were subsidised at launch, and would have seen price growth from becoming privatised and entering the resale condo market. 

This is not something the original buyers could have foreseen: remember that ECs didn’t even exist when Orchid Park was launched and built.

Besides having more room for price growth, the ECs Signature and Criterion would also put downward pressure on Orchid Park’s resale value. Most homebuyers, when comparing condos in the area, would choose the newer ECs, especially if they find the quantum is close. 

On the topic of prices, let’s now look at how the surrounding condos – including the ECs – compare to Orchid Park

Average 2-bedroom sizes and prices

Average 3-bedroom sizes and prices

Average 4-bedroom sizes and prices

*There were no four-bedders sold in The Miltonia Residences in 2024, so we used transactions from 2023 

Although Orchid Park has a lower price psf compared to its neighbours, its larger unit sizes mean that the quantum is often comparable, typically within 10 per cent of newer condos.

Signature at Yishun and The Criterion showed the largest price gap growth, again due to their status as ECs, which launched at lower prices and had more room for growth.

Now let’s take a look at comparisons based on unit layouts:

Two-bedder units in Orchid Park versus its neighbours

Orchid Park had the largest two-bedders in the area (average of 929 sq. ft.) while nearby projects are around 685 to 770 sq. ft. The closest in quantum, among two-bedders, is The Wisteria ($911,898) versus Orchid Park ($914,833).

Here’s a look at the layout differences:

We would rate the two-bedder units at Orchid Park Condominium more favourably overall. They’re significantly larger at 958 sq ft and far more practical. These units come with two bathrooms, an enclosed kitchen, a yard, a utility room, and a WC, making them suitable even for families (as the size is a three-bedder by today’s standards).

In contrast, the Wisteria’s 2-bedders are much more compact, ranging from 635 to 685 sq ft. Yet despite being 24 years newer, its average 2024 transacted price was just 0.32% lower than Orchid Park’s. This highlights a key challenge for Orchid Park: even with a superior layout and larger space, its pricing may appear high when compared to much newer developments like The Wisteria. 

Three-bedder units

Again, Orchid Park has the advantage of size, at 1,189 sq. ft. versus 1,001 sq. ft. from The Criterion. 

Interestingly, Criterion’s layout for the three-bedders is a bit old-school and arguably less efficient, with a separation between private and communal spaces (ie, the bedrooms are all on one side and the communal living spaces on another). The hallway space is a bit wasteful compared to Orchid Park. 

The only real edge is that the utility room in Criterion is a bit more flexibly positioned, and can be used as a study nook or other storage area. 

The problem for Orchid Park is not the layout here. It may be that Criterion is priced only around eight per cent more than Orchid Park, despite the significant age difference between the two; and given they’re leasehold condos, buyers may overlook Orchid Park’s larger size and layout.

Four-bedder units

When it comes to four-bedders, Orchid Park defines the term “too big for its own good.” It’s 1,700+ sq. ft. and also features a duplex layout, in contrast to Criterion’s single-level design. Duplex units, whilst grand, can be problematic with age: it’s riskier for older folk (and some might also argue children) to go up and down the stairs. 

Dual levels offer natural advantages like four bathrooms instead of two, and an eye-catching balcony that can run across both the living room and lower-floor bedrooms. But this is tougher to maintain, and the ceiling height could have incurred strata void charges*.

Due to the massive size of the Orchid Park unit, a four-bedder at Criterion is actually around 11 per cent cheaper, despite the age difference. So once again, we see the larger unit size and quantum working against Orchid Park, rather than in its favour. 

*In pre-GFA harmonisation condos, the empty space between the floor and high ceiling may have been strata space that factored into the cost. 

Comparing Orchid Park to all 99-year leasehold condos in Yishun

Sadly, Orchid Park is not just trailing newer developments in terms of price growth; it’s also underperforming compared to the average resale condo in Yishun. 

From 2016 to 2024, Orchid Park Condominium saw an annualised price growth of just 3.92 per cent, below the 5.42 per cent average for all 99-year leasehold condos in Yishun. This underperformance is notable, especially since Yishun itself already ranks among the slowest-growing towns in the OCR during this period.

In comparison, other OCR towns such as Choa Chu Kang (7.05 per cent), Jurong East (7.46 per cent ), and Clementi (seven per cent) outpaced Yishun significantly. In fact, Yishun recorded the third-lowest annualised growth among OCR towns, ahead of only Hougang (5.43 per cent) and Jurong West (5.52 per cent).

While Orchid Park was among the first condos in Yishun, the initial first-mover advantage has waned, and the project seems to be suffering from the contrast against a wide range of newer projects in the area. Projects that are also seen as cheaper, because the smaller sizes result in a more palatable quantum. 

But there is a glimmer of hope here:

Unit supply in Yishun

No. of resale transactions in Yishun in recent years

We do notice, from this table, that larger units in Yishun continue to see healthy transaction activity. This suggests that size still commands some interest, particularly in a market where newer launches are skewing toward smaller and more compact units. Perhaps this will lead buyers to value Orchid Park’s larger units more in the near future.

Finally, let’s look at rental yields as a factor

2-bedroom units

3-bedroom units

4-bedroom units

Rental yields at Orchid Park have generally improved over the last eight years, especially for smaller unit types. 

Two-bedders have done well at Orchid Park: between 2016 to 2024, the gross yield rose from 3.58 per cent to 4.14 per cent. We feel this reflects an ongoing demand for spacious two-bedders (some of which are nearly three-bedders by today’s standards), and it helps that Orchid Park is closer to Khatib MRT than some competitors. 

We also see rental yields going up from 3.67 per cent to 4.11 per cent in the larger (and hence higher quantum) three-bedders. In fact, Orchid Park has among the highest yields for its three-bedders, compared to nearby developments in 2024. A combination of space and accessibility would make three-bedders here easy to rent, especially to family tenants. 

Four-bedders saw a dip in yield, from three per cent around 2.9 per cent since 2016. However, the yield compression is due to the very high quantum for the aforementioned duplex units. This isn’t a major factor, however, as very few people buy a double-storey, house-like unit just to rent it out! We doubt many of the four-bedder owners at Orchid Park care much about rental yield.

A rental yield comparison to Orchid Park’s neighbours: 

2-bedroom units

3-bedroom units

4-bedroom units

In the two-bedder segment, Orchid Park’s units are priced lower ($914,833 on average), but they also command slightly lower rental rates ($3,153 per month). Nonetheless, its yield of 4.14 per cent is in line with its neighbours (4.1 to 4.2 per cent). This is a good example of how age may not significantly penalise rental yield, so long as landlords ensure units are well-kept, and accessibility is good.

Three-bedders remain the area where Orchid Park shines, recording one of the highest yields in the area at 4.11 per cent. This is due to the lowest average price for three-bedders ($1.7 million) coupled with a competitive rental income of $3,995 per month. 

Unit sizes work in Orchid Park’s advantage here, as its large three-bedders meet the trinity of affordability, space, and – for an OCR location – decent accessibility. 

As for four-bedders, it’s like we said earlier: we doubt anyone is buying duplex units of this size for rental purposes. It would be surprising if the yield were above its current 2.9 per cent due to the overall costs, and it makes very little sense for most landlords to even consider Orchid Park’s four-bedders.

Overall, Orchid Park holds its own in the two-bedder segment and leads in three-bedder yields. For landlords, this means stronger returns are found in the smaller unit types at Orchid Park, especially if size and Khatib MRT proximity remain drawcards for tenants. The remaining lease is less of a factor here (tenants don’t care), and in fact, it only helps to lower the quantum.

Overall summary:

From 2016 to 2024, Orchid Park Condominium saw the price gap between itself and other non-landed private properties widen by an average of 4.2 per cent across all unit types; not a great performance. 

The main issue is one of quantum: despite being the oldest development in its area by nearly two decades, the overall price difference compared to newer projects isn’t as wide as one might expect. This is especially for two and three-bedder units, where the gap between a newer neighbour is often 10 per cent or less.

For four-bedders, Orchid Park even transacted at higher prices than four newer projects, largely due to its significantly larger unit sizes. This did not translate into better returns, though: The Criterion, for example, offers newer three and four-bedders at similar price points.

Taken together, these factors likely explain why Orchid Park – despite its early mover advantage – has underperformed in the long run, both in absolute and relative terms. A key takeaway here is that size can also work against a resale project. 

Yes, it’s true that larger units are generally easier to sell; but when the units are so large that even newer surrounding condos come close in total price, buyers may lean toward newer counterparts. This is especially true where lease decay is a concern. 

If nothing else, this case challenges the assumption that older leasehold condos are always undervalued gems waiting to be discovered. Sometimes, they’re fairly priced – not because the market has overlooked them, but because resale dynamics have moved on.

Curious how these resale factors apply to your own search or portfolio? Our team has analysed hundreds of condos across Singapore using the same framework. Tap into our insights before your next move.

Join us next as we examine case studies of The Tanamera, The Arcadia, and Loyang Valley on Stacked Pro.