A 904 sqft Jovell 3-bedder bought for about $1.11M in 2019 resells at about $1.34M today. The 915 sqft Treasure at Tampines version bought at $1.22M resells at $1.66M. Neither project has a losing 3-bedder resale, but 91 of Treasure's 263 units of the type have changed hands against 14 of Jovell's 101, and those 91 sales are what let a Treasure seller hold their price. Whether Jovell's 18% discount closes depends on Flora Drive producing a sales record buyers can check.
In 2019 you could buy a 904 sqft three-bedder at The Jovell for about $1.11 million, or a 915 sqft three-bedder at Treasure at Tampines for about $1.22 million. Today the Jovell unit resells at about $1.34 million and the Treasure unit at about $1.66 million.
That is a $320,000 gap between two nearly identical homes. The Treasure buyer paid $110,000 more going in and sits $210,000 further ahead today. The units themselves explain almost none of it.
At launch, Jovell's three-bedder went for a median $1,232 psf against Treasure's $1,338 psf, which made Jovell about 8% cheaper. On 2026 resales the gap has widened to 18%: $1,482 psf against $1,818 psf. And not one owner of either three-bedder type has sold at a loss.
Source: matched purchase-and-sale records, Square Foot Research and URA, as at 30 July 2026. Launch and resale figures are labelled separately throughout; they are different transaction types and not directly equivalent.
Why should Jovell have come out ahead?
Sim Lian at Treasure and Hong Leong Holdings at Jovell both took roughly three years to sell out, normal for the time, and both raised prices as they went. The last Jovell units sold at $1,516 psf. The last Treasure units sold at $1,584 psf.
So Jovell started cheaper and finished cheaper. A lower entry is supposed to leave more room for the price to grow. That is why buyers chase the cheaper launch.
How have the two 3-bedders done since 2019?
| Jovell, 904 sqft | Treasure, 915 sqft | |
|---|---|---|
| Units of this size in the project | 101 | 263 |
| Resold so far | 14 | 91 |
| Share resold | 14% | 35% |
| Sold at a loss | 0 | 0 |
| Typical profit | 4.8% a year | 6.0% a year |
| Weakest profit | 1.8% a year | 3.0% a year |
| Best profit | 7.3% a year | 8.1% a year |
| Median psf at launch (new sale, 2019) | $1,232 | $1,338 |
| Resale psf, 2026 | $1,482 | $1,818 |
Source: matched purchase-and-sale records, Square Foot Research and URA, as at 30 July 2026. Profit figures are before stamp duty, agent fees and financing costs. Unit counts from each developer's published unit mix.
Treasure leads on every row. The profit gap is smaller than the headline suggests, though: 4.8% a year against 6.0% works out to roughly $294,000 against $414,000 over five years on those purchase prices.
The row that should worry you is the share resold. One in seven Jovell owners of this type has sold. At Treasure it is one in three.
What the resale rates do not show
An owner who cannot get their price does not cut it by $150,000. They withdraw the listing, tell themselves the market is quiet, and try again next year. Nothing about that shows up in the data.
So the profit figures above belong to the owners who got out. A 14% resale share is not 14 owners who chose to sell out of 101 who could have. It is 14 who found a buyer at a price they accepted.
Jovell's three losses sit in one unit type
| Sold | Size | Bought | Paid | Sold at | Result |
|---|---|---|---|---|---|
| Nov 2025 | 646 sqft | Mar 2022 | $1,522 psf | $1,409 psf | -$73,200 |
| Dec 2025 | 678 sqft | Jan 2022 | $1,455 psf | $1,401 psf | -$36,400 |
| Feb 2026 | 678 sqft | Dec 2021 | $1,443 psf | $1,342 psf | -$68,800 |
Source: matched purchase-and-sale records, Square Foot Research and URA, as at 30 July 2026. Results are before stamp duty, agent fees and financing costs.
All three are two-bedders, bought within four months of each other at $1,443 to $1,522 psf, and all three sold about four years later below what the owner paid. No Jovell three-bedder or four-bedder owner has sold at a loss.
What buyers held against Treasure in 2019
The objections at launch were consistent. Treasure looked like a mega BTO with balconies, and it put 2,203 households behind one small access road, before the new slip road opened.
None of that was unfair. Treasure packs 365 units into every 10,000 sqm of land. Jovell puts 190 in the same space. The football pitch at Our Tampines Hub covers about 7,000 sqm, so at Treasure's density that pitch holds about 255 homes, and at Jovell's about 130.
The density complaint pointed at the wrong number, though. Treasure's average unit is 894 sqft. Jovell's is 748 sqft, because 63% of the project went to one- and two-bedders. The denser project handed you the bigger home.
Then Treasure completed, and the room sizes and finish at that price answered most of the objections. The privacy complaint was right, and still is: balconies sit close enough for neighbours to hold a conversation across the gap. It costs owners something in daily life, but it has not touched resale prices.
Why is a Jovell three-bedder hard to price?
Jovell shares Flora Drive with fifteen other condos, about 6,315 units in all, built from the late 1990s through to Kassia, which is still going up. The road mixes freehold, 999-year and 99-year projects, and a few of the older ones cost more than the newer ones.
A buyer looking for Jovell's closest comparison finds no clean answer. The Inflora matches on age but runs 99-year. Parc Komo, five minutes away and launched the same year, is freehold. Every project on the road wins on something different, and no two buyers rank the list the same way.
| What the buyer weighs | What it settles |
|---|---|
| Tenure | Nothing on its own. Freehold, 999-year and 99-year all sit on this one road, and a few of the older leaseholds cost more than the newer ones. |
| Age | Nothing on its own. The road runs from the late 1990s to Kassia, still under construction. |
| Layout | Less every year. From 2015 onwards the layouts start looking like each other. |
| Unit size | Whatever mix the developer chose. Jovell averages 748 sqft because 63% of the project is one- and two-bedders. |
| Facilities and finish | Whatever the buyer feels walking through. There is no number for it. |
| Getting in and out | More than anyone admits. A queue of visitor cars at the entrance on a Saturday is a real cost that never shows up in a valuation. |
Tenure, age, unit mix and completion years from each project's published details. The last two rows are judgment calls a viewing settles, not measurements.
To price a Jovell three-bedder against that road, a buyer weighs all six of those across sixteen projects and lands on one number. Almost nobody can. So buyers fall back on what they can judge standing in the unit: privacy, views, and how easy it is to get in and out.
Treasure is the opposite case. It sits alone in its pocket of Tampines, with nothing else it needs to be priced against. When 91 units of your exact type have sold, the last transaction is sitting right there for your buyer to check, and there is no negotiating far below what the last few buyers paid.
The case against this argument
263 units of one size will always produce more listings and more recorded sales than 101. Some of Treasure's deeper record is nothing more than Treasure being bigger, and this data cannot separate the two cleanly. Our read is that scale is how a price record gets built at all, so the two explanations overlap more than they compete. That said, the numbers here cannot prove it.
The MRT belongs on the list too. Treasure has a walk to Simei across the butterfly garden bridge. Jovell has no station within walking distance, only buses to Upper Changi or Tampines East. That narrows who can buy from you when it is your turn to sell.
Is Jovell a good buy at an 18% discount?
The gap alone does not answer it. Jovell prices against its fifteen Flora Drive neighbours, not against Tampines, and each is its own micro-market. Nothing in this data says the discount closes by any particular date.
In QPE terms, Quality and Price both cleared at Jovell in 2019. The unit was fine and the entry was lower. Exit is where the two projects split: who your buyer is in five to eight years, and what sales record they will check your price against. A Treasure seller points a buyer at 91 earlier sales of the same type. A Jovell seller has 14.
Buy Jovell as a home, at a $320,000 discount to the Treasure equivalent, and no owner of the family-sized units has lost money so far. Buy it planning to resell within a few years, and you are betting that Flora Drive becomes easier to price than it is today, and these records give you no date for that.
We will keep following both resale records through the rest of 2026 here in The Read. If you would rather not wait for the next piece, that is what our Telegram group is for: the shorter updates as the market moves, between the longer reads.
Transaction figures come from matched purchase-and-sale records compiled by Square Foot Research from URA data as at 30 July 2026, and cover only sales where an earlier purchase price could be matched. Profit figures are before stamp duty, agent fees and financing costs. The Jovell resale-share figures rest on small numbers. Unit counts, site areas and unit mixes are from each developer's published factsheet.
This article was first published by Herohomes.
