Is it a Good Deal?: A freehold condo in prime district 9 was sold at a loss of $6.3 million

In March 2025, a five-bedroom penthouse at St Thomas Suites was sold for $16.03 million ($2,086 psf), resulting in a loss of $6.3 million. The seller had purchased the 7,686-sq ft unit for $22.33 million ($2,905 psf) in September 2011.

We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of the unit from this freehold condo in prime District 9 secured a good deal.

Sandwiched between Orchard Road and River Valley

Located along St Thomas Walk, St Thomas Suites is within walking distance of Somerset and Great World MRT stations, giving residents easy access to the North-South and Thomson-East Coast lines (see Map 1). Other nearby amenities include Ngee Ann City, 313 @ Somerset, Orchard Gateway, Orchard Central and Great World City.

The main locational drawback of this condo is the lack of nearby schools, as River Valley Primary School is the only school within a 1 km radius. However, when the radius is extended to 2 km, more schools fall within the distance, including Alexandra Primary School, St. Margaret’s School (Primary), Zhangde Primary School, Gan Eng Seng School and the School of the Arts, Singapore (Secondary and Junior College).

The 76-unit condo features a mix of three-bedroom to five-bedroom units. The majority range in size from 1,819 sq ft to 4,672 sq ft. At 7,686 sq ft, the subject unit is one of the largest units in the development and one of its few penthouses.

St Thomas Suites obtained its temporary occupation permit (TOP) in 2010, making the freehold development 16 years old.

Our tool also indicated that the price paid for the subject unit align with condo’s lowest per-square-foot price and below the average for District 9.

The average resale price of St Thomas Suites crossed the $2,000 psf threshold in 2020 and has since increased by 13.7% to reach $2,286 psf last year.

Notably, the average resale price of St Thomas Suites ($2,286 psf) has consistently remained below that of freehold condos in District 9 of a similar age ($2,416 psf). Meanwhile, the average resale price for similar condos islandwide ($1,980 psf) is significantly lower than that of St Thomas Suites and its District 9 peers.

Despite having the lowest average resale price, these condos islandwide achieved the highest price growth of 24.2% from 2020 to 2025. In comparison, St Thomas Suites recorded price growth of 13.7%, on par with its counterparts in District 9 (12.1%).

Last year, nine units at St Thomas Suites were sold, with the subject unit fetching the highest price of $16.03 million. In contrast, a 1,819-sq ft three-bedroom unit on the second storey fetched the lowest price of $4.22 million.

However, a closer examination reveals that the subject unit actually transacted at the lowest price on a per-square-foot basis. In addition, the $2,086 psf paid for the subject unit is significantly below the condo’s average resale price of $2,286 psf last year. This could have contributed to the eye-watering loss of $6.3 million incurred by the seller of the subject unit.

Among the nine units sold last year, a 2,013-sq ft four-bedroom unit on the 14th storey ($2,434 psf) was the only unit whose sale price exceeded the $2,400 psf threshold.

Notably, the subject unit was involved in an earlier transaction that resulted in an estimated profit of $7.84 million for the seller. The first owner bought the unit from the developer for $14.49 million ($1,885 psf) in February 2007. In September 2011, the owner sold it for $22.33 million ($2,905 psf), significantly above the condo’s average resale price of $2,141 psf at the time.

The unit that achieved last year’s highest profit ($1.62 million) was a four-bedroom unit on the 31st storey. The seller bought the 3,757-sq ft unit for $7.28 million ($1,938 psf) in March 2022 and sold it for $8.9 million ($2,369 psf) in April 2025.

Surrounded by freehold condos

There are 50 condos within a 500 m radius of St Thomas Suites. Of these, only six are leasehold developments. Among the 44 freehold neighbours, most are small developments with fewer than 200 units.

St Thomas Suites is adjacent to The Suites at Central and opposite The Metz. Both neighbours are freehold condos located along Devonshire Road in District 9. The Metz is larger, with 169 units, while The Suites at Central has 157 units. However, both are smaller than the 176-unit St Thomas Suites.

The Suites at Central obtained its TOP in 2009, while The Metz obtained its TOP in 2007. Both developments are slightly older than St Thomas Suites, which obtained its TOP in 2010.

Despite being the newest development, St Thomas Suites ($2,286 psf) recorded the lowest average resale price last year compared to The Metz ($2,664 psf) and The Suites at Central ($2,554 psf). This may be because The Metz and The Suites at Central are nearer to Somerset MRT Station and the malls in the Somerset area.

However, St Thomas Suites posted the strongest price growth of 13.7% from 2020 to 2025. In comparison, The Metz and The Suites at Central recorded price growth of 11.5% and 9.8%, respectively.

Conclusion

St Thomas Suites is located in prime District 9 and within walking distance of Somerset and Great World MRT stations. Despite its attractive location and freehold tenure, the condo’s average resale price continues to trend below that of similar freehold developments in the same district. However, its price growth remains on par with its District 9 peers.

Last year’s transaction involving the subject unit resulted in a loss of $6.3 million for the seller. In contrast, an earlier transaction involving the same unit in September 2011 generated a profit of $7.84 million. These vastly different outcomes can be attributed to selling the unit below or above the condo’s prevailing average resale price at the time.
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Further analysis of last year’s transactions also shows that the $2,086 psf paid for the subject unit was below the condo’s average resale price of $2,286 psf. It was also the lowest transacted price among all units sold at St Thomas Suites last year.