URA’s flash estimate shows that the private residential price index rose by 3.9% y-o-y last year, a slower pace compared to the 6.8% y-o-y and 8.6% y-o-y increases in 2023 and 2022, respectively. As the index covers all types of private residential properties islandwide, the price increase does not distinguish between landed and non-landed private homes or between the various districts in Singapore. In this article, we examine condo prices by district to identify which district achieved the highest price growth.
District 26 rules
Based on the overall average price for condos, District 26 outperformed other districts with the highest price growth of 21% y-o-y last year, followed by District 17 (14.4% y-o-y) and District 25 (11.1% y-o-y) (see Table 1). The overall average price includes prices for both new sale and resale transactions of all condos, regardless of tenure.
Based on last year’s transactions, Districts 17 and 25 have the lowest overall average prices. District 27 rounds out the bottom three rankings. These three districts have overall average prices ranging from $1,242 psf to $1,371 psf. In contrast, Districts 6, 9, and 10 top the overall average price chart, with prices ranging from $2,397 psf to $3,001 psf. Despite their high prices, these three districts experienced price declines ranging from 3.3% y-o-y to 8.8% y-o-y last year.
Meanwhile, District 26 not only led the price growth chart with a 21% y-o-y increase but also ranked 10th on the price chart with an overall average price of $2,107 psf last year.
New sales are driving prices up
The overall average prices for Districts 17, 25, and 26 were boosted by sales from newly launched projects. Each of the three districts has at least one uncompleted condo that achieved stellar sales performance.
District 26 topped the price growth chart with an increase of 21% y-o-y, driven by strong demand from buyers for five upcoming projects, namely Lentor Modern, Lentor Mansion, Lentoria, Hillock Green, and Lentor Hills Residences. These five uncompleted projects are being developed on government land sale (GLS) sites near Lentor MRT Station (see Map 1). A sixth new project, Lentor Central Residences, is expected to be launched later this year.
Source: EdgeProp LandLens (as at 10 January 2025)
When it launched in September 2022, Lentor Modern achieved a take-up rate of 84%. The 605-unit condo is almost sold out, with 20 new sale transactions concluded last year at an average price of $2,250 psf.
In 2023, Lentor Hills Residences was launched in July, followed by Hillock Green in November. Both projects were launched in the same year but achieved vastly different sales performances during their launches. Lentor Hills Residences achieved a take-up rate of 50% at launch, and the 598-unit development is now almost sold out. In contrast, Hillock Green achieved a take-up rate of 27.6% at launch, which has since improved to 76.8%. Last year, 153 units from the 474-unit Lentor Hills Residences were sold at an average price of $2,146 psf, while 229 units from Hillock Green fetched an average of $2,202 psf.
Both Lentoria and Lentor Mansion were launched in March last year. Lentoria achieved a take-up rate of 18.7% during its launch, while Lentor Mansion surpassed this with a take-up rate of 75%. Last year, 181 units from Lentoria were sold at an average price of $2,183 psf, increasing the take-up rate for the 267-unit development to 67.8%. Meanwhile, 492 units from the 533-unit Lentor Mansion were sold last year at an average price of $2,271 psf, boosting its take-up rate to 92.3%.
Another residential GLS site near Lentor MRT Station was launched for tender in October last year. The tender for the Lentor Gardens GLS site will close in April. Given the stellar sales performances of the neighbouring new condos, the GLS site is expected to attract several bids. However, developers are likely to remain cautious in their bid prices due to the ample supply of new condos nearby.
In District 17, Kassia dominated the new sale market, with 184 units sold last year at an average price of $2,031 psf. During its launch in July, the 276-unit development along Flora Drive achieved a take-up rate of 52%, which has since improved to 66.7%. The condo’s freehold tenure and its proximity to The Japanese School, East Spring Primary School, and the Tampines Expressway likely contributed to the strong demand.
Last year, Norwood Grand was the sole uncompleted condo in District 25 with new sale transactions. The 99-year leasehold condo is located along Champions Way and is within walking distance of Woodlands South MRT Station, Singapore Sports School, Innova Primary School, and Vista Point (see Map 2). The Seletar Expressway is also a short drive away. When the 348-unit development was launched in October, it achieved a take-up rate of 84%. A total of 291 units were sold last year at an average price of $2,080 psf. Prior to Norwood Grand, the most recent new sale in District 25 occurred in 2013.
Source: EdgeProp LandLens (as at 10 January 2025)
District 26 ranking high
The top three districts on the resale price growth chart differ from those on the overall price growth chart. Districts 26, 18, and 14 lead the chart when only resale prices are considered (see Table 2). Condos in District 26 achieved a resale price increase of 11.8% y-o-y last year, followed closely by District 18 (11.4% y-o-y) and District 14 (10.7% y-o-y).
District 26 is the only district ranked among the top three on both charts, indicating that its top position on both charts is due to price growth from both its new and resale condos. In contrast, Districts 18 and 14 are ranked ninth and eighth, respectively, on the overall price growth chart. Therefore, last year’s price growth for Districts 18 and 14 was driven primarily by their resale prices.
Last year, 90 resale transactions took place in District 26. Castle Green (26 transactions), Bullion Park (14 transactions), and Seasons Park (13 transactions) had the most number of resale transactions. Combined, these three developments accounted for 58.9% of the total resale transactions in District 26.
All three condos are older developments. Bullion Park is the oldest, having obtained its temporary occupation permit (TOP) in 1992, while Castle Green and Seasons Park both obtained their TOP in 1997. The ages of these condos make them potential candidates for collective sales, making units in these developments particularly attractive to savvy investors, especially Bullion Park because it is the only freehold development among the trio. Castle Green and Seasons Park are 99-year leasehold developments.
The 664-unit Castle Green and the 390-unit Seasons Park are located adjacent to each other (see Map 3), while the 472-unit Bullion Park is situated within a 1km radius. Castle Green and Seasons Park are located along Yio Chu Kang Road and are within walking distance of Anderson Primary School, Lentor MRT Station, and the upcoming Lentor Modern mall. Bullion Park, on the other hand, is located along Lentor Loop, which is farther from Lentor MRT Station.
Source: EdgeProp LandLens (as at 10 January 2025)
Additionally, the completion of Stage 2 of the Thomson-East Coast Line (TEL) in 2021 not only improved the connectivity of the neighbourhood but also gave a boost to resale prices. Connectivity via the TEL was further enhanced with the completion of Stage 4 last year.
Last year, the average resale price for Castle Green grew by 5.3% y-o-y to $1,291 psf, while Seasons Park saw an increase of 12.7% y-o-y to $1,231 psf. The freehold Bullion Park achieved the highest resale price of $1,537 psf last year, reflecting a 6.1% y-o-y increase (see Chart 1).
Source: EdgeProp Market Trends (as at 13 January 2025)
Last year, there were 938 resale transactions in District 18, 209 of which were for Treasure at Tampines. This massive 99-year leasehold development features 2,203 units and obtained its TOP in 2023. It is located along Tampines Lane, adjacent to Tampines Round Market and Food Centre. The development is also a short drive from the Pan Island Expressway and is within a 1km radius of five primary schools, namely Changkat Primary School, Chongzheng Primary School, Junyuan Primary School, Tampines Primary School, and Yumin Primary School (see Map 4).
Source: EdgeProp LandLens (as at 10 January 2025)
The average resale price for Treasure at Tampines rose by 4.4% y-o-y to $1,700 psf last year, representing a 27% increase from the average price of $1,339 psf in 2019 when it was first launched. Additionally, the project proved to be highly profitable, recording 483 profitable transactions with profits ranging from approximately $25,000 to $981,000. The sole unprofitable transaction involved a five-bedroom unit on the second storey, which was sold in December last year at a loss of approximately $238,000.
Last year, 727 resale transactions were recorded in District 14. Of these, 106 transactions were from Parc Esta, and 60 were from Sims Urban Oasis. These two condos were the only developments in District 14 with more than 50 resale transactions during the year.
Parc Esta and Sims Urban Oasis share several similarities. Both are 99-year leasehold developments located within walking distance of an MRT station and are massive projects with over 1,000 units each. However, Sims Urban Oasis is older, having obtained its TOP in 2017, while Parc Esta obtained its TOP in 2022.
The 1,399-unit Parc Esta is located along Sims Avenue, across the road from Eunos MRT Station. Other amenities within walking distance include Eunos Bus Interchange, Eunos Crescent Market and Food Centre, and Geylang Serai Market (see Map 5). The Pan Island Expressway is also a short drive away.
Source: EdgeProp LandLens (as at 13 January 2025)
Located along Sims Drive, the 1,024-unit Sims Urban Oasis is within walking distance of Aljunied MRT Station, Sims Vista Market and Food Centre, and Geylang Methodist School (Primary and Secondary) (see Map 6). It is also a short drive from the Pan Island Expressway and the Kallang-Paya Lebar Expressway.
Source: EdgeProp LandLens (as at 13 January 2025)
Last year, the average resale prices for Parc Esta and Sims Urban Oasis grew by 3.5% y-o-y and 6.3% y-o-y, respectively. Despite the weaker growth, the average resale price for Parc Esta ($2,235 psf) was higher than that for Sims Urban Oasis ($1,852 psf) (see Chart 2).
Source: EdgeProp Market Trends (as at 13 January 2025)
Both condos are located within walking distance of MRT stations that are only one stop away from the dual-line Paya Lebar MRT Station. Thus, they could have benefited from new developments in Paya Lebar, such as Paya Lebar Quarter.
Which districts might outperform their peers this year?
New condo launches appear to have a strong impact on the overall average price for condos in their district. Hence, District 26 is expected to continue to perform well because two new condos in the district are set to be launched this year. The two new condos are Lentor Central Residences and the upcoming development on the awarded Upper Thomson Road (Parcel B) GLS site. Likewise, the overall average price for condos in District 18 is expected to continue its upward trajectory, driven by the launches of two developments. PARKTOWN Residence and the upcoming development on the Jalan Loyang Besar GLS site are expected to be launched later this year.
Condos in the Core Central Region (CCR) did not fare well last year compared to their counterparts in the other two regions. However, a stronger performance might be on the cards, with an estimated 12 CCR condos expected to be launched this year out of a total of 32 new launches. These new launches could boost average prices for the relevant districts. CCR comprises Districts 9, 10, 11, the Downtown Core Planning Area, and Sentosa.
Another district to watch might be District 3, where three condo launches are expected in the second half of this year. Last year, the district experienced a decline in overall average price but saw a 6.1% y-o-y increase in average resale price, indicating that the lack of new sales could have impacted its overall average price. All new sale transactions last year came from one uncompleted project. However, three new launches are expected in District 3 this year, namely the upcoming projects on the Zion Road (Parcels A and B) and Margaret Drive GLS sites.
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Photo illustration by Irate Raul Blanco for ThinkStock/Demograph.
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