Top 10 Singapore districts with the highest property appreciation

How much can change in 10 years? If you’re in a small, fast-paced country like Singapore, the answer is “to the point of unrecognisability”.

Today, Orchard has been dethroned by Beach Road in terms of price per square foot; and once sleepy areas like Clementi and Tiong Bahru now draw tenants and home buyers in droves.

Here’s a quick summary of which districts have seen the highest appreciation rates for non-landed, private property over the past decade, on a price per square foot basis:

1. District 7 (Middle Road, Beach Road, Bugis, Rochor)

$1,395 psf to $2,753 psf (up 97.3 per cent)

District 7 is the MVP of Singapore’s private property market over the past decade.

The development of the Ophir-Rochor corridor is driving renewal in the area, and this district has recently begun seeing higher prices per square foot than District 1. We have a more in-depth explanation of what’s happening in this earlier article.

Word on the ground:

• Appreciation is mainly driven by the Ophir-Rochor corridor , with an emphasis on live-work-play style integrated developments.
• Recent prevalence of high price per square foot, low quantum condos, characterised by developments like The M Condo. Units here tend to be on the smaller side.
• The cluster of Midtown Bay, Midtown Modern, and the upcoming replacement for Shaw Tower means potentially high competition among landlords or future resellers.

Notable properties:

The M Condo

Midtown Bay & Midtown Modern

DUO Residences

2. District 18 (Simei, Pasir Ris, Tampines)

$670 to $1,292 psf (92.8 per cent)

District 18 is iconic of east side living. Pasir Ris is widely regarded as one of the most family-oriented neighbourhoods; it’s often associated with family recreation like NTUC Downtown East.

Tampines is Singapore’s eastern Regional Centre, and the most developed of the four.

Word on the ground:

• There are some concerns over the number of condos in Tampines of late; The Tapestry, Parc Central Residences, Coco Palms, etc. are now joined by Treasures at Tampines – a 2,203-unit mega development, and currently the biggest in Singapore. Sales volumes have been healthy, however.
• Attention has been on Pasir Ris of late, with Allgreen Properties and Kerry Properties having won the white site near Pasir Ris MRT. This is a 3.8 hectare, mixed-use site expected to yield 600 units, in addition to acting as the town plaza and bus interchange.
• The Cross-Island Line, slated for completion in 2030, will provide wider access to the rail network, and includes a direct link from Pasir Ris to Changi Airport.

Notable Properties:

Treasure at Tampines

Coco Palms

Double Bay Residences

3. District 14 (Paya Lebar, Geylang, Eunos)

$919 to $1,750 psf (90.4 per cent)

District 14 is seeing strong gains on the back of Paya Lebar Quarter (PLQ), one of the most recently established commercial hubs.

The introduction or prime office space and major retail has caused investors to completely re-evaluate the area.

Word on the ground:

• PLQ is causing many investors to take a second look; apart from PLQ mall, the old SingPost Centre has also been revamped, and the growth in prime office space means huge rental potential compared to the old Paya Lebar.
• Geylang’s residential properties saw a boom from rezoning. In 2018, URA rezoned a massive 14-hectares to commercial use only, giving greater scarcity value to existing residential units; it also means landlords in the affected area won’t see future competition for residential tenants (and Geylang is particularly known for high rentability; it’s affordable and within six minutes’ drive of the CBD).

Notable Properties:

Park Place Residences

Parc Esta

Sims Urban Oasis

4. District 26 (Upper Thomson, Springleaf, Mandai)

$706 to $1,286 psf (82.15 per cent)

This is a quiet residential area, but that’s precisely the appeal. Mandai is known for attractions like the Singapore Zoo and Night Safari, while Upper Thomson and Springleaf form a slow-paced enclave amidst Singapore’s urban ruckus.

Word on the ground:

• Buyers mainly have their eye on the North-South Corridor (NSC), a 21.5 km stretch that will reduce travel times to town. The NSC will form a connection from Toa Payoh Rise, run though Lentor, Thomson, and Bukit Timah Road, and then stretch all the way to East Coast. It’s expected there will be room for commercial amenities along the way. This should be completed in 2026.
• New MRT stations (Springleaf and Lentor) have solved the old problem of limited accessibility in this area, so now it’s a quiet enclave that also has a reasonable train connection.

Notable Properties:

Bullion Park

Castle Green

Seasons Park

5. District 17 (Flora, Loyang, Changi)

$665 to $1,193psf (79.4 per cent)

While Changi is most known for Changi Airport, don’t forget that Changi Business Park is a major commercial hub.

This district also has historical significance dating back to WWII; but if you understand Changi Airport, you’ll know catching a flight isn’t the sole reason Singaporeans flock there.

The Singapore Expo is also a draw in this area.

Word on the ground:

• The Changi Jewel has been credited with helping to support prices in this area; along with the airport, they form a sort of “super-amenity”, with retail and 24-hour food outlets.
• The momentum is expected to drop in the near term. This is due to the effect of Covid-19 on the aviation industry (a lot of properties here are purchased with the intention of renting it to air crews, SIA trainees, etc.)

Notable Properties:

Parc Komo

The Jovell

Hedges Park Condominium

Honourable mention:

These are the next five highest districts in terms of private, non-landed property appreciation.

6. District 25 (Woodlands, Kranji, Admiralty)

$601 – $1,078 psf (79.3 per cent)

7. District 3 (Queenstown, Tiong Bahru, Alexandra)

$1,204 – $2,092 psf (73.7 per cent)

8. District 2 (Chinatown, Tanjong Pagar)

$1,574 psf – $2,731 psf (73.5 per cent)

9. District 27 (Sembawang, Yishun)

$608 – $1,047 psf (72.2 per cent)

10. District 23 (Choa Chu Kang, Bukit Batok, Bukit Panjang)

$713 – $1,189 psf (66.7 per cent)

With the downturn caused by Covid-19 however, we might be in for some shake ups on this list

Prime region properties are in an unpredictable situation right now. With Covid-19 in full swing, companies may cut back on housing allowances, or replace expatriates with locals; this doesn’t bode well for compact units in prime areas, which mainly target this demographic.

On the flip side, luxury homes are favoured by some foreign investors – particularly the Chinese – as Singapore real estate is seen by some as a safe haven asset.

Marina One Residences , for instance, saw $20 million in transactions during the Circuit Breaker, when buyers didn’t even view the property before going ahead.

As such, it may be time for buyers – of any budget range – to consider districts outside the Core Central Region (CCR). As you can see above, fringe districts like Loyang, Pasir Ris, etc. can hold their own; and some are just coming into a new peak.

Don’t forget to also check out our reviews of specific properties; we take a close look at every home because even in a winning district, some projects will do better than others.

This article was first published in Stackedhomes.