Opera Estate's Median Resale Price Rose 23.6% In Eight Quarters — But The Quarter-To-Quarter Line Is Anything But Straight

A landed estate with a dozen or so sales a quarter does not produce a tidy price line. Opera Estate is a good example. The medians swing from quarter to quarter, and the gap between the top and bottom of each quarter is wide. Yet over two years the direction is clearly upward.

According to URA Data Service caveats, Opera Estate recorded 46 resales over 3Q2025 to 2Q2026 at a median of S$2,318 psf. Across the eight quarters shown, the quarterly median moved +23.6%, from S$1,943 psf in 3Q2024 on 5 sales to S$2,401 psf in 2Q2026 on 13 sales. Over the same four-quarter window, the District 15 resale median was S$1,911 psf from 1,174 sales, putting Opera Estate +21.3% against its district. Here is what stood out to us in the tables.

The eight-quarter line rises, but it falls in three of those quarters along the way

The headline change is +23.6% from first quarter to last. The path there is not smooth. The median fell from S$2,217 psf in 4Q2024 to S$1,851 psf in 1Q2025. It climbed again to S$2,178 psf in 3Q2025, then dropped to S$1,894 psf in 4Q2025, before jumping to S$2,504 psf in 1Q2026. That is the highest quarterly median in the window.

Sales counts run from 5 to 15 a quarter. At those counts, a handful of large or small plots can move the median a long way. The percentile columns show the same thing. In 2Q2026 the 25th percentile sits at S$1,712 psf and the 75th at S$2,708 psf. That is the widest spread of any quarter here. In 4Q2024, by contrast, the range ran from S$1,977 psf to S$2,280 psf on 11 sales.

This suggests that quarter-to-quarter readings at a landed estate say more about which houses transacted than about any single price level. The table and chart below show both the medians and the counts behind them.

Almost every sale in the past four quarters was a unit of 120 sqm and above

The size split is lopsided. Of the 46 resales over 3Q2025 to 2Q2026, 43 were 120 sqm and above. Those traded at a median of S$4,615,000, or S$2,265 psf, on a median area of 2,158 sqft. The remaining three sales fell in the 90 to 119 sqm band, at a median of S$3,530,000, or S$2,740 psf, on a median area of 1,285 sqft.

The smaller band carries a higher psf and a lower absolute price. That pattern is common where plot sizes vary widely, though three sales is far too thin to read as a size premium. It does mean the estate's overall median of S$2,318 psf is effectively set by the larger band.

If you are comparing Opera Estate against another project, the size mix matters more than usual here. The table below sets out both bands.

The top of the market is priced by plot, not by psf

The five highest resales in the window show how far price and psf can part ways. The highest was S$10,700,000 in 2Q2026 for a 6,251 sqft unit, which works out to S$1,712 psf. The second, also in 2Q2026, was S$10,550,000 for 6,265 sqft at S$1,684 psf. Both sit well below the estate's four-quarter median psf of S$2,318 psf.

The exception is the 4Q2025 sale at S$9,220,000 for 3,168 sqft, which came in at S$2,911 psf. That is the highest psf among the five, on the smallest area among the five. The storey range is not recorded for landed caveats, so the floor column is blank throughout.

These are recorded transactions, not valuations of any home. They are shown below in order of price.

Rental contracts peaked at 14 in 1Q2026 and the gross yield sits near 1.8%

URA rental contracts at Opera Estate ran from 5 to 14 a quarter over the past year. In 2Q2026 there were 7 contracts at a median of S$3.33 psf a month, with a median monthly rent of S$5,400. The busiest quarter was 1Q2026, with 14 contracts at S$3.59 psf a month and a median rent of S$6,500.

Set the 2Q2026 rent median against the resale median and the gross yield our engine measures is about 1.8%. That is a measured figure from recorded contracts and recorded resales, not a return on any particular house. The psf-a-month readings are tightly clustered, between S$3.33 and S$3.59 across the four quarters, while the median monthly rent moves more. That points to differences in the size of what was leased rather than a change in rental rates.

The quarterly rental table follows.

Within a kilometre, the nearest projects trade well below Opera Estate's median

Eight projects inside 1 km recorded resales over the same four quarters. The highest median among them is Bedok Residences at S$1,897 psf on 15 sales, 450 m away and on a 99-year lease. Flamingo Valley, freehold and 574 m away, was the most active with 25 resales at a median of S$1,858 psf. The lowest is Casafina at S$1,265 psf on 19 sales.

All of these sit below Opera Estate's S$2,318 psf median for the window. Most are non-landed projects, so the comparison is between different property forms rather than like for like. The one landed entry, Woo Mon Chew Road, recorded 4 resales at S$1,823 psf.

Counts at the smaller projects are thin. Crescendo Park has 3 sales and Park East 5. The table below lists all eight by sales volume.

Our own estimate has a median error of 15.3% at this project

We test our estimate against sales that happened after it was produced. At Opera Estate, as of 4Q2025, the backtest covered 29 later sales. The median error was 15.3%, and 31% of those sales landed inside the stated range.

That is a wide error for a single project, and worth stating plainly. Landed homes differ by plot size, frontage and condition in ways that caveat data does not capture. The spread in the quarterly percentiles already hints at this. An estimate built on transaction records will struggle where the records describe very different houses under one project name.

We publish the figure because it tells you how much weight to put on the estimate here. For Opera Estate, the recorded transactions carry more information than the model does.

Several things stay open. The 2Q2026 median of S$2,401 psf came after S$2,504 psf in 1Q2026, and on 13 sales either reading could shift with a few more caveats. The 90 to 119 sqm band has only three sales behind it, so its S$2,740 psf median may not hold as more small-plot transactions come through. On the rental side, 1Q2026's 14 contracts stand out against 5 to 8 in the other quarters. Whether that count settles back, and whether the psf-a-month figure stays inside its narrow band, is something the next quarter of data will answer.

A single quarter's median at a landed estate is a small sample dressed up as a number. What makes Opera Estate readable is the run of eight quarters, the size split, the rental record and the neighbouring projects sitting side by side. None of those alone settles much. Together they show an estate trading above its district, with sales dominated by large plots and prices that bounce around a rising line.

Method: URA resale caveats at the project (developer sales and sub-sales excluded) by the quarter of the sale month. Size bands by caveated floor area. Rents are URA rental contracts at the project, and the gross yield is the mean of the quarterly median rents per square foot, annualised, over the four-quarter resale median per square foot, before any cost. Lease left is the tenure less the years since the lease started, as recorded. The estimate accuracy is this site's backtest: the engine run as of the quarter named, compared with the sales since. Private figures are from URA Data Service caveats, HDB figures from data.gov.sg resale records, both loaded weekly by this site's ingest. Medians are of the non-excluded transactions in the period named. Sales flagged by the hygiene rules (related-party transfers, bulk deals, outliers) are left out. Every figure is indicative and drawn from recorded transactions, not a formal valuation.