Singapore's Core Central Region (CCR) is as straightforward as HDB eligibility rules. Everyone thinks they have a good idea of how it works, until questions are asked and they look deeper.

Then suddenly there are 50 exceptions to every rule, a dozen gaps in the online information, and a stunning realisation that you've been wrong all your life about something. 

This is pretty much how it works with CCR properties: on the surface, you think you know the region: it's that place with all the rich expats, tech moguls, and one old uncle who has holes in his singlet but owns a GCB in Tanglin.

But with the Singapore property market pivoting more toward this mysterious region (and I assure you, the CCR is a mystery,) it's time to take a more nuanced look; and to realise that quite often, much of the "property knowledge" you've been told about the CCR is wrong, or grossly oversimplified:

For those not in the know: What is the CCR?

The CCR is the region that houses Singapore's most expensive real estate options, like The Sail, Marina One, Ardmore Park, and various other condos that are basically a property agent's retirement fund. 

Historically, this is an area favoured by high-net-worth individuals, foreign buyers, and investors, and it's not necessarily about money either. Investors may also buy "cultural capital" or clout, by owning prestige properties here. 

Projects here are usually freehold or 999-year leasehold. Districts include:

• District 1: Raffles Place, Marina Bay, Cecil
• District 2: Chinatown, Tanjong Pagar
• District 6: City Hall, Clarke Quay
• District 9: Orchard, Cairnhill, River Valley
• District 10: Tanglin, Holland, Bukit Timah
• District 11: Newton, Novena
• Sentosa: Not geographically central, but it's lumped into the CCR due to its high-end positioning. 

Why should we regular folks be paying attention to the CCR in 2025?

I've linked the relevant article in the intro, but to quickly recap: around 22 launches remain for the year of 2025, and of these, around 14 will be in the CCR.

If you missed out on the non-central launches like Parktown Residence, Emerald of Katong, ELTA, etc., then consider me the bearer of luxury news: your next new launch option is likely going to be in Singapore's high-end CCR.

Even before this happened, back in 2023, I'd pointed out that Rest of Central Region (RCR) prices were narrowing with CCR prices. This was partly due to the 60 per cent Additional Buyers Stamp Duty (ABSD), which removed a good number of wealthy foreign buyers from the CCR market. 

Moving forward to today, the price gap between the CCR and RCR is at an all-time low of 4.5 per cent.

Given that over half the upcoming new launches are going to be in the CCR, consider this early preparation of the sales pitch: we're going to hear, over and over again, that this is a "big opportunity" to own a CCR property; especially if you already have a Rest of Central Region (RCR) property to upgrade from. 

So here are the oversimplified beliefs to address about the CCR, before we're neck-deep in it this year:

• The CCR is the most prime region, you won't go wrong here
• CCR properties are all top luxury properties
• Freehold status makes CCR properties better
• The best amenities are in the CCR

1. The CCR is the most prime region, you won't go wrong here

This has the same energy as "WeWork is so huge it can't fail at this point." The glamour and high quantum properties packed into the CCR do give the impression that everything there is infallible, but in reality, it's quite the opposite. 

I feel it's the cheaper Outside of Central Region (OCR) where it's often harder to make a mistake, as you're starting with lower initial costs. The CCR isn't just high quantum, it's possibly the most volatile of the three regions — and you need to be more careful when buying here, not less. 

The CCR isn't rock-solid and infallible: we saw this just last year. At year-end 2024, I pointed out that the CCR saw an 11.8 per cent price decline, as opposed to a 9.8 per cent increase in the OCR. And yes, this was due to the ABSD hike as mentioned above, but that demonstrates the point:

Why didn't other regions see a big stumble from the ABSD hike? Because the OCR — and to a smaller extent the RCR — have their values tied to everyday Singaporean homeowners.

The CCR is packed with investors, wealthy foreigners, and a more exotic demographic. Buyer and seller behaviours here are not as predictable as those of regular HDB upgraders.

This also goes for rental: as of Q1 2025, the vacancy rate for completed private residential units in the CCR stood at 10.3 per cent, higher than the RCR's 6.6 per cent and the OCR's 4.7 per cent.

For the first nine months of last year (2024), median rent for condos in the CCR declined by a chunky 3.5 per cent, unlike a small 1.4 per cent in the OCR, and a 0.4 per cent increase in the RCR. 

Why? Because when the wider economy is in turmoil, companies like to trim the number of pricey expats they hire, or shrink housing allowances. In the OCR, where expats or landlords are fewer in number, the effect is more muted.

The RCR may even see a small boost, as expats move from the CCR into the city fringe as the next alternative. It's the CCR that's most subject to fluctuations in the wider economy. 

This doesn't mean the CCR isn't investment-worthy, but it does mean that you need to pick your properties with even greater care than elsewhere.

So the opposite of the saying is true: a low-cost OCR property is usually where you can afford to make a mistake, but still recover. The CCR is much more punishing toward bad choices, and you absolutely can go wrong.

2. CCR properties are all top luxury properties 

For the newer properties in the CCR, sure. But for resale…

Look, I say this with all respect, and I don't want to disparage any properties, but let's accept that age and time have somewhat changed the definition of "top luxury." How many of you have seen, say, The Claymore, Orchard Court, Lien Towers, or any one of the many older properties in the CCR? Even the ones near highly prestigious areas like Orchard Road?

These projects can still be expensive because of their location, freehold status, and large floor plates. But if you were to compare facilities, there are 10-year-old condos in the OCR that make some of these "prime freehold" properties look like budget office buildings. 

This is a real problem that parts of the CCR — especially Districts 9 and 10 — will face over the coming years. At some point, buyers are going to look at the peeling walls of 1980s squash courts, then back at the price, and start wondering why Treasure at Tampines or some OCR mega-development won't be better.

Simply put, "CCR = luxury" is a misconception. You might find mass-market, OCR projects today that are both cheaper and better for your lifestyle. 

3. Freehold status makes CCR properties better

Let's put it this way: no one on a pro-basketball team talks about their height much. Because when everyone else has that quality, it's far less special.

In the same vein, freehold status can matter when it's rare in an area, such as one freehold condo amidst leasehold counterparts.

But freehold is the norm in the CCR, and a freehold condo surrounded by others is little more than the baseline. So this shouldn't be a particularly big selling point, even on the brochures. 

4. The best amenities are in the CCR

A bit of personal opinion here: from the 1980s when I was growing up, through to around the mid-2000s, the CCR was truly the centre of Singapore.

The malls here had brands you couldn't find in heartland malls, there were restaurants and eateries we'd travel all the way just to visit, and HMV was a big deal because we needed to fill half our room with physical CDs.

This died around 2009, when Uniqlo opened its flagship store in Tampines instead of somewhere in Orchard. URA's aggressive decentralisation has created multiple hubs of amenities, and the CCR is no longer the centre of our universe.

Ask around: most Singaporeans will tell you that whatever they can find in Orchard, they can find in their neighbourhood mall, be it NEX, Clementi Mall, JEM, etc.

Now, there are parts of the CCR which are still arguably unique, like the Holland V identity node. But as Singapore decentralises further, we may one day reach a point where "superior amenities" are no longer a defining trait of many CCR neighbourhoods. It's worth thinking about, for long-term investors. 

So if you're looking at CCR properties in 2025, remember: prestige doesn't pay your mortgage, and clout doesn't cover vacancy. 

The only thing worse than overpaying for a "prime" unit is realising too late that you were buying into the idea more than an actual, viable asset.

Again, this isn't to shut down the CCR as an investment prospect or a home; it's worked for many people. My intent is just to point out that, thanks to years of conditioning and sales pitches, we may have dangerously oversimplified a very complex region, going through some very big changes. 

This article was first published in Stackedhomes.