Does the number of units move the price?
Do boutique, low-unit condos really fetch a premium? We compared matched pairs — projects alike in district, tenure, era and MRT distance, but differing sharply in unit count — on where each trades today (median $psf, last 12 months of URA caveats; today’s price, not launch price, which reflects marketing).
TL;DR
- In 14 of 15 matched pairs the larger project trades higher $psf today — a median of +18%. The “boutique premium” runs the other way.
- The gap appears in every segment and roughly doubles in the prime CCR (up to +59%).
- Boutique blocks trade thinner — weaker liquidity, fewer facilities and less financing comfort mean a softer resale $psf.
- Very large isn’t automatically best: 1000+ unit mega-projects give a little back as resale supply competes.
- Best for: favour mid-to-large projects (a few hundred units) for pricing power and exit strength; don’t pay a boutique premium for resale upside.
The conclusion
Bigger projects cost more per sq ft — consistently
In 14 of 15 matched pairs the larger project trades higher per sq ft today — a median of +18%. The gap appears in every segment and roughly doubles in the prime core (up to +59%, ARDMORE PARK). So the “boutique commands a premium” belief is, if anything, backwards.
Larger project’s median $psf vs its smaller matched neighbour, by URA market segment:
All 15 pairs (median)
+18%
One caveat on the prime core. In the CCR, projects range from normal to ultra-luxury (Ardmore Park, for one), so part of that +38% reflects build quality and positioning, not size alone. The OCR and RCR pairs — where quality is more uniform — are the cleaner read on the pure size effect, and they still show a solid ~+15%.
The evidence — 15 matched pairs
Each pair is two neighbours alike on district, tenure, era and MRT distance — so the main difference is size. Amber = boutique; green = larger; the badge is the larger project’s $psf premium (or discount) today. We work up from the suburban OCR to the prime CCR.
Outside Central Region (OCR) — the suburbs
Suburban heartland. Even here, well-matched freehold pairs favour the larger project; a couple of leasehold estates land near-even.
D21 · OCR · FreeholdBoth ~1998–1998 · 364 m apart · similar MRT distance
The larger SIGNATURE PARK (928 units) currently transacts about 17.5% higher per sq ft than the boutique SHERWOOD CONDOMINIUM (116 units) nearby.
D23 · OCR · FreeholdBoth ~1998–1996 · 306 m apart · similar MRT distance
The larger HILLVIEW HEIGHTS (360 units) currently transacts about 18.3% higher per sq ft than the boutique CHANTILLY RISE (120 units) nearby.
D19 · OCR · 99 year leaseholdBoth ~2001–2003 · 373 m apart · similar MRT distance
Boutique
THE SUNNYDALE70 units · TOP 2001 · ~626 m to MRT
$1,380 psf
+18.2%larger vs smaller
Larger
SUNGLADE475 units · TOP 2003 · ~327 m to MRT
$1,656 psf
The larger SUNGLADE (475 units) currently transacts about 18.2% higher per sq ft than the boutique THE SUNNYDALE (70 units) nearby.
D16 · OCR · 99 year leaseholdBoth ~1999–2002 · 470 m apart · similar MRT distance
Boutique
PALMWOODS87 units · TOP 1999 · ~570 m to MRT
$1,260 psf
+1.5%larger vs smaller
Larger
EAST MEADOWS482 units · TOP 2002 · ~333 m to MRT
$1,291 psf
The larger EAST MEADOWS (482 units) currently transacts about 1.5% higher per sq ft than the boutique PALMWOODS (87 units) nearby.
D19 · OCR · 99 year leaseholdBoth ~2011–2014 · 516 m apart · similar MRT distance
+1.1%larger vs smaller
Larger
PARC VERA452 units · TOP 2014 · ~395 m to MRT
$1,489 psf
The larger PARC VERA (452 units) currently transacts about 1.1% higher per sq ft than the boutique KOVAN GRANDEUR (74 units) nearby.
Rest of Central Region (RCR) — the city fringe
City-fringe districts just outside the prime core.
D15 · RCR · FreeholdBoth ~2010–2010 · 244 m apart · similar MRT distance
+19.3%larger vs smaller
Larger
ONE AMBER562 units · TOP 2010 · ~245 m to MRT
$2,393 psf
The larger ONE AMBER (562 units) currently transacts about 19.3% higher per sq ft than the boutique SUITES @ AMBER (28 units) nearby.
D8 · RCR · FreeholdBoth ~2008–2009 · 429 m apart · similar MRT distance
Boutique
SOHO 18849 units · TOP 2008 · ~82 m to MRT
$1,822 psf
+13.4%larger vs smaller
The larger CITY SQUARE RESIDENCES (910 units) currently transacts about 13.4% higher per sq ft than the boutique SOHO 188 (49 units) nearby.
D14 · RCR · FreeholdBoth ~2014–2014 · 66 m apart · similar MRT distance
Boutique
LEVENUE43 units · TOP 2014 · ~826 m to MRT
$1,674 psf
-4.1%larger vs smaller
The larger VACANZA @ EAST (473 units) currently transacts about 4.1% lower per sq ft than the boutique LEVENUE (43 units) nearby.
D12 · RCR · FreeholdBoth ~2012–2010 · 465 m apart · similar MRT distance
Boutique
DOMUS104 units · TOP 2012 · ~615 m to MRT
$1,939 psf
+2.2%larger vs smaller
Larger
THE ARTE336 units · TOP 2010 · ~726 m to MRT
$1,982 psf
The larger THE ARTE (336 units) currently transacts about 2.2% higher per sq ft than the boutique DOMUS (104 units) nearby.
D15 · RCR · FreeholdBoth ~1997–1998 · 688 m apart · similar MRT distance
+24.3%larger vs smaller
Larger
THE MAKENA504 units · TOP 1998 · ~372 m to MRT
$2,244 psf
The larger THE MAKENA (504 units) currently transacts about 24.3% higher per sq ft than the boutique SANTA FE MANSIONS (45 units) nearby.
Core Central Region (CCR) — prime
The prime core — D9/10/11 and Sentosa Cove. Premiums are largest here, but so is the spread in project quality (see the caveat above).
D10 · CCR · FreeholdBoth ~1997–2001 · 579 m apart · similar MRT distance
Boutique
NASSIM JADE39 units · TOP 1997 · ~522 m to MRT
$2,696 psf
+59.1%larger vs smaller
Larger
ARDMORE PARK330 units · TOP 2001 · ~683 m to MRT
$4,290 psf
The larger ARDMORE PARK (330 units) currently transacts about 59.1% higher per sq ft than the boutique NASSIM JADE (39 units) nearby.
D4 · CCR · 99 year leaseholdBoth ~2010–2013 · 307 m apart · similar MRT distance
Boutique
TURQUOISE91 units · TOP 2010 · ~3083 m to MRT
$1,484 psf
+47.4%larger vs smaller
Larger
CAPE ROYALE302 units · TOP 2013 · ~3321 m to MRT
$2,198 psf
The larger CAPE ROYALE (302 units) currently transacts about 47.4% higher per sq ft than the boutique TURQUOISE (91 units) nearby.
D9 · CCR · FreeholdBoth ~2011–2009 · 186 m apart · similar MRT distance
Boutique
MARTIN NO 3888 units · TOP 2011 · ~523 m to MRT
$2,517 psf
+18.5%larger vs smaller
Larger
RIVERGATE545 units · TOP 2009 · ~365 m to MRT
$2,983 psf
The larger RIVERGATE (545 units) currently transacts about 18.5% higher per sq ft than the boutique MARTIN NO 38 (88 units) nearby.
D11 · CCR · FreeholdBoth ~2004–2008 · 320 m apart · similar MRT distance
Boutique
NEWTON 2169 units · TOP 2004 · ~322 m to MRT
$2,346 psf
+6.0%larger vs smaller
The larger PARK INFINIA AT WEE NAM (486 units) currently transacts about 6.0% higher per sq ft than the boutique NEWTON 21 (69 units) nearby.
D9 · CCR · FreeholdBoth ~2014–2011 · 137 m apart · similar MRT distance
The larger MARTIN PLACE RESIDENCES (302 units) currently transacts about 37.6% higher per sq ft than the boutique STARLIGHT SUITES (105 units) nearby.
What it means — findings & actionables
Why bigger wins: deeper resale liquidity (more transactions → confident pricing, smaller discounts to sell), full facilities that scale pays for, and brand & financing comfort. Boutique blocks trade thinner, so a softer $psf. Only 1000+ unit mega-projects give some back, as resale supply competes.
For a buyer or investor:
- Favour mid-to-large projects for resale strength — a few hundred units is the sweet spot for liquidity and pricing power; the edge is clearest in the prime CCR.
- Don’t pay a “boutique premium” for resale upside — small blocks usually resell at a softer $psf than a larger neighbour.
- In the suburbs, weigh other factors first — MRT, schools, tenure and price move returns more than unit count.
- Very large isn’t automatically better — 1000+ units can face heavy resale supply.
- Use size as a tie-breaker between similar options — the larger project defends price better on exit.
A tendency, not a law. Build quality, exact location, unit mix and timing all vary, and a well-run boutique freehold can still outperform — as one pair here shows. Treat this as the base rate, then judge the specific project.
How is this worked out? — assumptions, data & sources
Prices
Median $psf of URA caveats over the trailing 12 months (per project, gross outliers removed) — the same transaction records that power the rest of HomeVestor.
Matched pairs
Pairs match on district, tenure class, completion year (within ~4 years, all 10+ years old) and nearest-MRT distance, then take the widest unit-count gap available.
Lease-adjusted
Every premium is computed on a
freehold-equivalent $psf — each project’s price divided by its remaining-lease discount from our
lease-decay curve — so a size gap can never be a lease-age artefact. It barely shifts the result (avg
+18.7% lease-adjusted vs +18.9% raw), confirming the premium is genuinely about
size, not tenure.
Segments
Follow URA’s CCR / RCR / OCR definitions; coordinates from OneMap, distances straight-line.
For educational purposes only — not financial advice.
Local case study: Amber Road freehold — boutique vs large in District 15 › — where boutique projects actually trade at a discount, with much thinner liquidity.