Top 10 Singapore districts with the highest PSF appreciation

Property in Singapore is really an ever-changing market. If you haven’t been in touch with the property market for the past few years, you may be totally lost at all the new rules, cooling measures, and just how much prices have changed as well.

Especially in fast-paced Singapore, property prices have moved so much over the past year – with the pandemic throwing everything in disarray.

So we figured that it would be good to look at how prices have moved since Covid-19 has been a mainstay for the past year or so. As such, we present the latest update on the top 10 districts by appreciation:

A note on the list ranking

The list ranking is based on overall appreciation, without distinction for new or resale properties. However, we have included a mention of appreciation excluding new launches as well, within each entry. Do note that, when new launches are excluded, the list rankings can be different.

So do note that there are sometimes jarring discrepancies between the results with, and excluding new launch units. This is sometimes unavoidable because of transaction volume.

For example, if there are only a handful of resale transaction volumes that are unprofitable, this can nonetheless show up as large price drops when we completely exclude new launches. Nevertheless, we have chosen to show both price tables for the sake of completeness.

Lastly, we’ve taken data from the average of 6 months from Jan 2020 – June 2020 and compared it with Jan 2021 – June 2021 to look at the difference.

1. District 04 (Sentosa, Keppel, Telok Blangah)

Price movement:

Price movement excluding new launches:

2020	2021	Percentage change
$1,558 psf	$1,536 psf	-1.41 per cent

District 04 saw an overall pick-up thanks to The Reef at King’s Dock. This condo, along Harbourfront Avenue, sold out 90 per cent of the 300 units launched over the launch weekend, at prices of around $2,330 psf.

This creates a large discrepancy with District 04 prices excluding new launches. Sentosa Cove is still languishing, due to the high ABSD on foreigners, and locals preferring freehold landed properties (the ones on Sentosa Cove are all leasehold).

Word on the ground is that Sentosa’s condos are still prone to vacancies – either due to Covid-19 or due to foreigners increasingly prefer to rent near alternative hubs like One-North and Paya Lebar Quarter.

That said, prices have been increasing on the resale end if you compare to 2019, where the average psf back then was $1,429.

2. District 25 (Admiralty, Woodlands)

Price movement:

2020	2021	Percentage change
$750 psf	$973 psf	29.7 per cent

There have been no new launches in District 25.

We’ve said several times that we’re seeing the end of cheap Woodlands. The almost 30 per cent price increase happened on pure appreciation of existing properties, with no new launches to help the district.

Woodlands is the designated regional centre of the north; and the market is expecting (accurately, we think) for a Jurong-style transformation. URA’s plans to build a food and agri-tech corridor in Woodlands with Grade A offices, educational institutions, and mixed-use developments along the waterfront.

We’re likely to see District 25 make this list several more times, in the coming years.

3. District 08 (Parts of Serangoon, Little India, Farrer Park)

Price movement:

2020	2021	Percentage change
$1,319 psf	$1,523 psf	15.47 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$1,257 psf	$1,432 psf	13.9 per cent

Uptown@Farrer, a new launch that trades size for location, saw divided opinions – some buyers frowned on 700 sq. ft. units as three-bedders, while others saw sheer rental potential. Nonetheless, it has helped to pull up prices in District 08.

Other than this, District 08 has a long-held reputation for doing well in downturns and showing price resilience.

Properties here are close to town (this is considered a Rest of Central Region, or RCR, district), but don’t come with the exorbitant prices of prime region condos. This provides both room for appreciation, and generally better yields.

Nothing much has changed in District 08; but nothing much has to for it to remain on the list.

4. District 15 (Marine Parade, Katong)

Price movement:

2020	2021	Percentage change
$1,417 psf	$1,575 psf	11.15 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$1,299 psf	$1,372 psf	5.62 per cent

District 15 saw a strong uptick following a slew of new launches – Rymden 77, Amber Park, MeyerHouse, and NYON are all recent launches here.

Minus the new launches, District 15 retains strong fundamental demand. District 15 is possibly the iconic east-side district, including the venerable residential blocks of Marine Parade, and the lifestyle hub of Katong.

The presence of an expatriate enclave, along with institutions like the Canadian International School, make this area a favourite among landlords as well.

5. District 09 (Cairnhill, Orchard)

Price movement:

2020	2021	Percentage change
$2,300 psf	$2,553 psf	11 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$2,097 psf	$2,054 psf	-2.05 per cent

District 09 has actually declined in recent years, although a surge of strong new launches disguised that in 2021. One example – Irwell Hill Residences had a good showing, selling out 50 per cent on launch weekend (no mean feat, given its average $2,600 psf price tag).

Nonetheless, we can see prices have actually dipped if we take away the new launches. District 09 was in fact recently beat by District 07, in terms of raw price psf. We do feel that, as Singapore decentralizes and heartland malls become the equal of central region counterparts, District 09 could lose one of its highlights.

A lot rides on the Orchard Road revamp, which will rebalance the area’s mix of retail and lifestyle. In addition, we expect that the upcoming launch of Canninghill Piers – the redevelopment of the former Liang Court – will be one of the strongest offerings to date.

ALSO READ: Top 10 Singapore districts with the highest property appreciation

6. District 05 (Buona Vista, Pasir Panjang)

Price movement:

2020	2021	Percentage change
$1,572 psf	$1,742 psf	10.81 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$1,196 psf	$1,315 psf	9.95 per cent

One-North is the main strength of this district, being a key tech and media hub. Before Covid-19, District 05 was already drawing intense scrutiny from landlords, who also realised the immediate surroundings of Fusionopolis, Biopolis, INSEAD business school, etc. lacked accommodations.

New launches have now emerged to change that. Mega-development Normanton Park has been a headline property since the drama surrounding its launch. The smaller One-North Eden, along with Sunstone Hill further away in Pasir Panjang, is also drawing interest as alternatives.

That said, note that District 05 doesn’t need the help of new launches to see good appreciation (gains are comparable, even without new condos). This area is rising in prominence, and hasn’t hit its full potential yet.

7. District 07 (Bugis, Beach Road)

Price movement:

2020	2021	Percentage change
$2,437 psf	$2,667 psf	9.44 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$1,497 psf	$1,704 psf	13.8 per cent

District 07 has been busy dethroning District 09 since the appearance of South Beach Residences, way back in 2016. The upcoming Ophir-Rochor Corridor has completely transformed the area, and could shift the centre of gravity from the traditional CBD.

The area also had a lot of under-utlised land and buildings, which has seen a growing number of en-bloc efforts (especially on the commercial side). The old Shaw Building, for instance, is even now being redeveloped.

Midtown Modern, along Tan Quee Lan Street, is currently the centre of attention here. This is expected to complement the mixed-use Midtown Bay, launched the previous year by the same developer.

8. District 22 (Jurong, Tuas)

Price movement:

2020	2021	Percentage change
$968 psf	$1,059 psf	9.4 per cent

There have been no new launches in District 22.

Jurong Lake District (JLD) is a proven success story by now, with the area becoming the retail powerhouse of the west.

The uptick in prices reflects changing sentiment, as the market dissociates Jurong and Tuas with their old reputations as being purely industrial, or “super ulu” areas (that identity has now been transferred to Tengah).

We’ve also received word from realtors that HDB upgraders are starting to sniff around this area. The reason is that District 22 is home to lots of older and larger residential developments, which may fill the trending need for bigger units. However, there’s still a wide discrepancy in demand between Jurong West and Jurong East.

At this point, it’s fair to say the loss of the High-Speed Rail (HSR), a supposed blow to the area, has been insignificant.

9. District 10 (Bukit Timah, Holland, River Valley)

Price movement:

2020	2021	Percentage change
$2,080 psf	$2,256 psf	8.46 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$1,752 psf	$1,833 psf	4.62 per cent

Holland Village is currently inundated with new condos , with some developers starting to drop prices.

That aside, District 10 itself has seen a slew of new launches, including Perfect Ten, EDEN, Park Nova, Les Maisons Nassim, and Grange 1866. So far all this has helped to pull up prices in the district; but we’re uncertain if this is healthy for appreciation in the long run.

That said, appreciation has been good even minus the slew of new launches; and District 10 remains one of Singapore’s most identifiable, prime-region districts.

The Bukit Timah area has been irreplaceable, with few neighbourhoods able to match it in terms of greenery and park space (although it looks like Tengah is making an attempt).

10. District 16 (Bayshore, Bedok)

Price movement:

2020	2021	Percentage change
$1,068 psf	$1,153 psf	7.96 per cent

Price movement excluding new launches:

2020	2021	Percentage change
$1,049 psf	$1,141 psf	8.77per cent

Interest in District 16 is just picking up, and we think it will heat up with the redevelopment of the Tanah Merah Kechil site. In the meantime, District 16 has seen some improvements in the Bayshore area, with a new MRT station that solves longstanding accessibility issues.

Realtors also pointed out that the stretch leading toward Siglap and Upper East Coast Road (lifestyle hub and foodie mecca) are of growing interest to the current batch of home buyers. HDB upgraders are the main driving force for private properties right now, and this mature, family-friendly district is getting their attention.

ALSO READ: We sold our District 10 home on Carousell: Here's how we did it

It can seem like the average home buyer is priced out of the most desirable districts, in 2021

This is because home prices have been climbing, despite or even because of Covid-19. However, there are always exceptions and undervalued gems. If you want a Holland V condo, for example, now might actually be a good time to look. 

This article was first published in Stackedhomes.