On May 8, 2025, a 1,733 sq ft, three-bedroom unit on the third floor of Gallop Gables sold for a record $2,354 psf, raising eyebrows in the prime District 10 market — and rightly so. Completed in 1997 and housing just 102 low-density units along Farrer Road, Gallop Gables is hardly the newest address on the block. Yet, despite its age, the development has now soared past its previous psf high of $2,299, set in November 2024 when a larger 4-bedder sold at that rate.
This begs a key question: why is a nearly three-decade-old condo still breaking records today? The answer lies in understanding how “effective age” often matters more than chronological age — especially in prime, freehold developments. Here are six lessons this unit sale imparts to buyers, investors, and property commentators alike.
Effective Age vs Calendar Age: What Truly Matters
While Gallop Gables opened its doors in 1997, what really counts is how it’s been maintained and upgraded. In real estate, a well-upkept, tastefully renovated property can feel years younger — even if the structure is older. Add to that a rare, low-density setting — just 102 units — and you have something highly coveted in today’s spacious, often cramped condo landscape.
Location, Location, ‘Prime’ Location
Not all District 10 freeholds are made equal. Gallop Gables benefits from proximity to Farrer Road MRT (Circle Line), and it’s surrounded by sought-after schools like Nanyang Primary and Raffles Girls’ — all within a 2 km radius .
For comparison, another freehold District 10 standout, Volari, saw a 4-bedroom hit record $2,796 psf just before a month later — a reflection of its modernity but also similar locational strengths. Meanwhile, Ardmore Park, a larger, iconic 25-year-old freehold on Ardmore Road with 330 units, recently averaged $4,160 psf for a luxury four-bedder sale — a demonstration that heritage plus location continues to drive premium pricing.
Rarity and Low Density Create Premium Value
Gallop Gables’ boutique scale — 102 units — contrasts sharply with larger condominiums exceeding 300 units. Buyers seeking exclusivity pay up. Compare this to Ardmore Park, a freehold with many units but still commanding record prices due to size, prestige, and strong upkeep. Low-density developments age better in some buyers’ eyes, reinforcing that less is indeed more.
Age Doesn’t Equal Obsolescence — Renovation Plays a Key Role
Many owners in Gallop Gables likely upgraded their interiors and systems over the years, bridging any gap between old build and contemporary expectations. A dated facade doesn’t scream “dated inside” if the unit has been modernised — a vital point when comparing existing freeholds with new launches.
Freehold vs Leasehold: What the Numbers Say
A recent review shows new leasehold launches outperforming freeholds in ROI on smaller units — but freeholds shine in larger categories. In District 10, freehold averages are around $2,381 psf for resale, compared to $2,300–2,600 psf for new leaseholds. Thus, while entry points for freeholds are higher, their absolute gains remain compelling — especially for larger units. Gallop Gables’ 3-bedder breaking $2,300 psf serves as proof.
Comparisons with Modern Freeholds Aim to Educate
Hyll on Holland (modern freehold in Holland Village)
Sells between $1.6 M – $3.38 M, i.e., roughly $2,000–2,500 psf. It shares location perks but benefits from new fittings — yet Gallop Gables still outperformed in psf.
Perfect Ten
Another Kerrisdale/Bukit Timah freehold, positions itself at the $2,550 – 3,500 psf range, driven by premium finishes and location. Gallop Gables, though older, is creeping in.
This suggests buyers may choose freeholds based on intangible factors — fixer-upper potential, layout preferences, or school preference — not just newness.
Lessons and Takeaways for Buyers & Investors
Don’t Overlook “Vintage” Freeholds
This sale shows that well‑located, well‑maintained legacy condos can still command top dollar — often matching or beating their younger counterparts. If block size, layout, or community appeal matters to you, don’t dismiss older projects outright.
Focus on Effective Age and Renovation Potential
Rather than just build date, assess the unit’s maintenance record, renovation quality, and infrastructure upgrades (plumbing, wiring, AC systems). A well‑renovated 1997 unit could outshine a run‑down 2015 one.
Size Matters
Recent data shows freehold performs better for larger unit types. For instance, Ardmore Park’s 4-bedders have delivered strong multi-million-dollar gains. Gallop Gables’ 3-bedders are seeing strong growth too, but expect size to still matter.
Supply Constraints and New Launch Pressure
With over 9,000 new condo units expected in H2 2025, leaseholds are becoming plentiful. Limited freehold supply means these older gems might become more scarce by comparison, potentially pushing prices further.
Know the Trade-offs
Freeholds are priced higher upfront and usually come with maintenance needs. Learn from older projects like Gallop Gables and consider the budget for renovations. But if avoiding lease decay is your priority, that makes sense.
Choose According to Long-Term Goals
Buyers seeking family legacy, passing down to children, or staying forever value freehold highly. Investors seeking shorter ROI and rental yield may still find leaseholds more cost-effective for smaller units.
Conclusion: Age Is Just a Number
Gallop Gables’ recent record — $2,354 psf for a 1997 3-bedder — is more than a headline. It’s a lesson: effective age, location, low density, unit size, and renovation count far more than first impressions. In prime District 10, value is often derived less from build date and more from irreplaceability and upkeep.
While new leaseholds offer convenience and modern finishes, older freeholds like Gallop Gables, Ardmore Park, Volari, and Hyll on Holland continue to defy expectations. Their rising psf price milestones should remind buyers to think beyond the year on the paper — and dig deeper into what makes a “timeless” purchase.
Curious about whether a timeless freehold could be your next move? Reach out to our sales consultants for tailored insights and available listings.
