Buyers tend to gravitate towards homes that are in close proximity to MRT stations due to the connectivity and convenience offered by these public transport nodes. In an earlier survey conducted by EdgeProp, homebuyers indicated that they are willing to pay more for such homes. Hence, it is often assumed that condos near MRT stations command higher demand and prices compared to those located further away.
More about the TEL
We focused on the dual-line and triple-line MRT stations along the Thomson-East Coast Line (TEL) because it is the newest MRT line. The majority of the stations along this line were completed by last year. Sungei Bedok MRT Station is already part of the Downtown Line (DTL), but it will become an interchange station for both TEL and DTL next year. Meanwhile, Bedok South MRT Station on TEL is currently under construction and is also slated for completion next year.
There are six completed stations on the TEL that serve more than one MRT line. Caldecott, Orchard, Stevens, and Woodlands MRT Stations each serve two lines, while Outram Park and Marina Bay MRT Stations serve three lines each. Sungei Bedok MRT Station will also serve two lines when it connects with TEL next year (see Map 1).
Methodology
A list of all condos within a 500m and a 1km radius of each multiple-line TEL station was compiled with the help of EdgeProp LandLens. Next, EdgeProp Market Trends was used to obtain the average prices and sales volumes for each condo in 2023 and last year.
The overall average price for all condos within each radius of an MRT station was then calculated based on the average price of each individual condo (see Table 1).
It is notable that Woodlands MRT Station does not have any condos within a 500m radius. Meanwhile, Caldecott and Marina Bay MRT Stations each have only one condo within the same distance. In contrast, Stevens and Orchard MRT Stations have 29 and 27 condos, respectively, within the 500m radius.
Number of condos could skew results
One might assume that condos closer to MRT stations would experience stronger price growths than those located further away. However, the overall average price for condos within a 500m radius of Caldecott MRT Station grew by only 0.8% y-o-y last year, compared to a significantly stronger growth of 5.6% y-o-y for those within a 1km radius (see Table 2).
The results may have been skewed because there is only one condo within a 500m radius of Caldecott MRT Station, namely Thomson 800. This 390-unit condo is located along Thomson Road in District 11 (see Map 2). The freehold development obtained its temporary occupation permit (TOP) in 1999.
Source: EdgeProp LandLens (as at 10 April 2025)
The condo recorded five transactions in 2023 and 13 transactions last year. The sharp increase in sales volume could indicate stronger demand for the development. Furthermore, 10 of last year’s transactions earned sellers profits of at least $1 million. The highest profit recorded that year was $1.813 million, which is also the second-highest profit achieved for Thomson 800.
The unit that yielded the $1.813 million profit was purchased by the seller in May 2006 for $907,000 ($643 psf) and sold in June last year for $2.72 million ($1,929 psf).
The unit had previously changed hands in a transaction that resulted in a loss of $62,000. The first owner had purchased it from the developer for $969,000 ($687 psf) in February 1999 and sold it in May 2006 for $907,000 ($643 psf) (see Table 3).
Source: EdgeProp Buddy (as at 10 April 2025)
Located on the 15th storey, the 1,410-sq ft unit features an en-suite master bedroom, two additional bedrooms, a common bathroom, and a powder room. It also features a semi-circular balcony adjacent to the living and dining area (see Floor Plan 1).
Source: EdgeProp Research
CCR condos: Defying the expected
Given the added connectivity and convenience that residents near a multiple-line TEL station enjoy, it is natural to assume that the additional MRT line would boost demand and prices for nearby condos. However, this assumption appears to hold true only for condos located near such stations outside the Core Central Region (CCR).
Our examination of the overall average prices of condos near these stations shows that price growth occurred only for those outside the CCR, namely Caldecott and Woodlands MRT Stations (see Table 2).
In contrast, overall average price declines were observed for condos near Orchard and Marina Bay MRT Stations, which could be attributed to a recent general decline in prices for CCR condos. The CCR comprises prime Districts 9, 10, and 11, as well as the Downtown Core Planning Area and Sentosa. All the condos near Orchard and Marina Bay MRT Stations fall within the CCR, as they are either located in one of the prime districts or within the Downtown Core Planning Area.
The average price for CCR condos ($2,452 psf) has consistently trended above that of condos in the Rest of Central Region (RCR) ($2,246 psf) and Outside Central Region (OCR) ($2,001 psf). Despite the higher price point, the average price for CCR condos declined by 6.1% y-o-y last year. In contrast, average prices for RCR and OCR condos rose by 2.2% y-o-y and 7.3% y-o-y, respectively (see Chart 1).
Source: EdgeProp Market Trends (as at 10 April 2025)
The weaker price growth, and subsequent price decline, could be attributed to weaker demand for CCR condos following the doubling of the additional buyers’ stamp duty (ABSD) rate to 60% for foreign buyers in April 2023. Singaporean citizens and permanent residents purchasing a second property also saw their ABSD rates increase to 20% and 30%, respectively.
The impact of the higher ABSD rates was most heavily felt by condos in the CCR, as the majority of residential property purchases by foreigners occur within this region. In 2023, foreigners bought 619 condo units, with 55.1% of those purchases located in the CCR. Last year, the number of purchases by foreigners dropped to 270 units, with 139 of them in the CCR (see Chart 2).
Furthermore, the CCR is already well-connected to all parts of the island via public transport. Hence, the addition of another MRT line to stations in the region would have minimal impact on the prices of nearby condos.
Tomlinson Heights is one of the condos located within a 500m radius of Orchard MRT Station. The average price for the freehold condo fell from $3,825 psf in 2023 to $3,006 psf last year (see Chart 3). However, the average price for the 70-unit development in District 10 was based on only one transaction in each of the two years. The limited number of transactions may have contributed to the condo’s volatile price, as buyers and sellers have fewer transactions to use as price benchmarks.
Source: EdgeProp Market Trends (as at 10 April 2025)
Furthermore, the sole transaction completed last year resulted in a loss of approximately $603,000. The seller had purchased the 2,745-sq ft unit from the developer in February 2011 for $8.853 million ($3,225 psf) and sold it for $8.25 million ($3,006 psf) in November last year. The three-bedroom unit is located on the 19th storey.
Lease decay for older condos within 1km of Outram Park affects price
Last year, the overall average price for condos near Outram Park MRT Station declined by 1.2% y-o-y for those within a 500m radius and by 2% y-o-y for those within a 1km radius. This contradicts the assumption of price growth following the completion of major public transport nodes.
There are only three condos within a 500m radius of the MRT station, namely One Pearl Bank, People’s Park Complex, and Dorsett Residences. The overall average price for condos within this 500m radius may have been dragged down by the 99-year leasehold One Pearl Bank, whose average price fell by 9.8% y-o-y to $2,480 psf last year (see Chart 4).
Source: EdgeProp Market Trends (as at 14 April 2025)
There are three condos located within a 1km radius of Outram Park MRT Station that obtained TOP in the 1970s, namely Spottiswoode Park (TOP in 1970), International Plaza (TOP in 1976), and People’s Park Centre (TOP in 1976). Lease decay affected International Plaza, which saw its average price dip by 2.6% y-o-y to USD1,214 psf last year (see Chart 5). This is despite the 99-year leasehold mixed-use development being located within a 1km radius of the multiple-line Outram Park MRT Station and adjacent to Tanjong Pagar MRT Station.
Source: EdgeProp Market Trends (as at 14 April 2025)
The curious cases of Marina Bay and Stevens MRT Stations
Contrary to expectations, the average price for condos within a 500m radius of Marina Bay MRT Station declined by 8.7% y-o-y last year. This could be because Marina One Residences is the only development within 500m of the MRT station, and the average price for the development has been declining since 2022. However, prices for the 99-year leasehold condo have inched up by 1.6% y-o-y to $2,132 psf this year (see Chart 4).
Contrary to expectation, the average price for condos within 500m of Marina Bay MRT Station declined by 8.7% y-o-y last year. This could be because Marina One Residences is the only development within a 500m of the MRT station and the average price for the development has been on a decline after 2022. However, prices for the 99-year leasehold condo has inched to by 1.6% y-o-y to $2,132 psf this year (see Chart 6).
Source: EdgeProp Market Trends (as at 14 April 2025)
In contrast, the overall average price for condos within a 500m radius of Stevens MRT Station rose by 5.2% y-o-y last year, while the average price for condos within a 1km radius fell by 3.9% y-o-y. Prices for condos within a 500m radius of Stevens MRT Station may have been given a boost by the station’s completion. The impact on condos within the 1km radius is likely weaker, as they are not within comfortable walking distance. Furthermore, the overall price decline for condos within the 1km radius aligns with the general price decline for CCR condos.
The completion of the interchange station brings much convenience to nearby residents. Prior to the completion of the TEL, Stevens MRT Station served only the DTL. Commuters to Orchard Road or the CBD had to take the DTL to Novena MRT Station before changing trains to the North-South Line (NSL) to reach their destination (see Map 3). With the completion of the TEL, commuters can now take the TEL directly to Orchard Road and the CBD. This not only eliminates the inconvenience of changing trains, but also reduces travel time for commuters.
Signature at Lewis is one of the condos that benefited from being within a 500m radius of Stevens MRT Station. Last year, the average price for the 32-unit development rose by 4.9% y-o-y to $2,065 psf, and by another 7.8% y-o-y to its current average price of $2,226 psf (see Chart 7). The freehold condo is located along Lewis Road and obtained its TOP in 2011.
Source: EdgeProp Market Trends (as at 10 April 2025)
All three transactions concluded last year earned their sellers a profit. The highest profit of $640,000 involved a two-bedroom unit on the seventh storey. The seller bought the 980-sq ft unit in December 2020 for $1.65 million ($1,684 psf) and sold it in January last year for $2.29 million ($2,338 psf).
The same unit was also involved in a previous profitable transaction. The first owner bought the unit from the developer in July 2009 for $1.252 million ($1,278 psf) and sold it in December 2020 for $1.65 million ($1,684 psf), resulting in a smaller profit of $398,000 (see Table 4).
Source: EdgeProp Buddy (as at 10 April 2025)
Likewise, The Legend benefited from being located within a 500m radius of Stevens MRT Station. Sales volume for the freehold development rose from two transactions in 2023 to eight last year. At the same time, the average price for the 98-unit condo increased by 2% y-o-y to $1,814 psf last year (see Chart 8). Thus far, no transactions have been recorded for The Legend this year.
Source: EdgeProp Market Trends (as at 10 April 2025)
All eight transactions that took place last year resulted in profits for their sellers, ranging from $300,000 to $2.1 million. The transaction that yielded a profit of $2.1 million is the second-highest profit recorded for The Legend.
The seller bought the unit for $1.8 million ($832 psf) in April 2001 and sold it for $3.9 million ($1,803 psf) in March last year. The 2,164-sq ft unit is on the sixth storey and features three en-suite bedrooms, as well as a spacious living and dining area (see Floor Plan 2). The unit also has a powder room.
Source: EdgeProp Research
Upcoming interchange station
Among the two uncompleted TEL stations, only Sungei Bedok Station is slated to be an interchange station (see Map 1). Condos near the interchange station have already shown double-digit overall price growth in anticipation of the increased convenience (see Table 2).
The newly launched Bagnall Haus is located across the road from Sungei Bedok MRT Station (see Map 4). The close proximity of the upcoming interchange station may have given a boost to demand for the condo, which achieved a take-up rate of nearly 63% during its launch in January. Based on the number of lodged caveats at the time of writing, the take-up rate for the 113-unit development has increased to 71.7%.
Source: EdgeProp LandLens (as at 9 April 2025)
Conclusion
Most would naturally assume that the increased connectivity and convenience of living near an interchange MRT station would boost demand and prices for nearby condos. However, the completion of interchange stations in the CCR seems to have failed to arrest the general price decline of CCR condos. Prices and demand for CCR condos have recently softened due to a sharp increase in the ABSD rate for foreigners.
In contrast, this assumption appears to hold true for condos outside the CCR, based on the price growth achieved by condos near Caldecott MRT Station and the keen buyers’ interest in the newly launched Bagnall Haus. Savvy homebuyers would do well to keep an eye out for available homes near such amenities.
