The completion of Keppel, Cantonment, and Prince Edward Road MRT Stations will finally close the loop of the Circle Line. These three stations are part of Circle Line 6 and will connect HarbourFront and Marina Bay MRT Stations (see Map 1). The three stations are expected to be completed next year.
Homebuyers value connectivity and convenience, so the completion of a new MRT station in the vicinity would usually give a boost to the prices of surrounding condos. Those within walking distance of the MRT station are expected to reap the most benefits.
Keppel MRT Station
The upcoming Keppel MRT Station is located along Keppel Road in District 4. It is across the road from Keppel Distripark and a short drive from the Ayer Rajah Expressway (see Map 2). Other amenities within a 1km radius include CHIJ (Kellock), Radin Mas Primary School, Mount Faber, Telok Blangah Rise Market and Food Centre, and VivoCity.
Source: EdgeProp LandLens (as at 1 April 2025)
Harbour Suites is the only condo located within a 500m radius of the upcoming Keppel MRT Station (see Table 1). However, another seven condos are located nearby if the radius is expanded to 1km. As Harbour Suites is in closest proximity to the upcoming MRT station, it is expected to reap the most benefits upon its completion.
Among the eight condos, only Avenue South Residence, The Pearl @ Mount Faber and Spottiswoode Park do not have a freehold tenure. Incidentally, Avenue South Residence, which has obtained its temporary occupation permit (TOP) in 2023, is also the newest development, while Spottiswoode Park, which obtained its TOP in 1970, is the oldest. Avenue South Residence is also the largest among the eight condos and the only development with more than 1,000 units.
Condo prices for District 4 lower than Central Region and islandwide
The average resale price for condos in District 4 has historically trended between that of the Central Region and the islandwide average. However, the average price for condos in District 4 ($1,749 psf) slipped below that for both the Central Region ($2,077 psf) and islandwide ($1,768 psf) this year (see Chart 1).
This decline could be attributed to a 6.6% drop in the average price of condos in District 4 since 2023. In contrast, average prices for condos in the Central Region and islandwide rose by 6.1% and 8.9%, respectively. Prices in District 4 may have been affected by the relaunch of The Residences at W Singapore Sentosa Cove at lower prices last year. In that year, 83 caveats were lodged for the condo, with an average price of $1,796 psf.
Source: EdgeProp Market Trends (as at 3 April 2025)
Harbour Suites: the lone condo within 500m radius
As Harbour Suites is the nearest condo to the upcoming MRT station, a deeper analysis of the development was conducted (see Map 3). A deep dive into Avenue South Residence and The Pearl @ Mount Faber was also carried out because Avenue South Residence is the newest and largest development, while The Pearl @ Mount Faber is the newest condo in District 4.
Source: EdgeProp LandLens (as at 1 April 2025)
Unsurprisingly, Avenue South Residence ($2,235 psf) has the highest average resale price among the trio, as it has just obtained its TOP (see Chart 2). Its current average price is significantly higher than the average price of $1,584 psf for The Pearl @ Mount Faber, which is 18 years older.
The most recent sale transaction for Harbour Suites took place in 2023. The lack of recent transactions could be due to the condo having only 44 units. In 2023, the average price for Harbour Suites was $1,642 psf, which was higher than The Pearl @ Mount Faber ($1,449 psf), but significantly lower than Avenue South Residence ($2,243 psf).
Source: EdgeProp Market Trends (as at 3 April 2025)
At the time of writing, eight profitable and four unprofitable transactions have taken place for Harbour Suites. Profits range from approximately $5,500 to $375,000, while losses range from approximately $18,000 to $339,600.
Among the profitable transactions, half occurred in 2023, while only one unprofitable transaction took place during the same year. One of the four profitable transactions in 2023 generated a record-high profit of $375,000 for the condo. The seller had purchased the unit on the 13th storey in December 2015 for $1.205 million ($1,098 psf) and sold it in March 2023 for $1.58 million ($1,439 psf).
Interestingly, the same unit also incurred the record-high loss of $339,600 for Harbour Suites. The first owner had bought the unit from the developer in April 2011 for $1.545 million ($1,407 psf) and sold it in December 2015 for $1.205 million ($1,098 psf) (see Table 2).
Source: EdgeProp Buddy (as at 1 April 2025)
The vast difference could be attributed to the different times of sale and purchase by each owner. The first owner bought the unit in 2011, before prices for Harbour Suites began to decline, and sold it in 2015 when prices had bottomed out (see Chart 3). From 2011 to 2015, the average price for Harbour Suites fell by 32.6%.
However, the second owner benefited from the low purchase price, which allowed them to pocket a profit when they sold the unit. Additionally, the average price for Harbour Suites rose by 49.5% from 2015 to 2023.
Source: EdgeProp Market Trends (as at 3 April 2025)
The unit is a duplex penthouse that measures 1,098 sq ft. The three-bedroom unit has a long rectangular layout, featuring a dine-in kitchen and a compact living area on the lower level (see Floor Plan 1). The two common bedrooms and a common bathroom are also on this level. One of the common bedrooms has direct access to a balcony. The en-suite master bedroom is on the upper level, along with a private roof garden.
The unit could be ideal for couples who enjoy entertaining, as the garden terrace would serve as an ideal outdoor dining area. Additionally, they could expand the living space by removing the wall that separates the adjacent common bedroom from the living area.
Source: EdgeProp Research
The sole unprofitable transaction in 2023 involved a two-bedroom unit on the ninth storey. The seller purchased the 603-sq ft unit in April 2011 for $1.028 million ($1,706 psf) and sold it in July 2023 for $999,000 ($1,657 psf), resulting in a loss of $29,300.
Like the aforementioned unit on the 13th storey, this smaller unit also features a dine-in kitchen and a compact living area (see Floor Plan 2). Additionally, the unit includes two bedrooms and one common bathroom. The unit has a balcony that spans the entire width, but it is only accessible via the master bedroom.
Source: EdgeProp Research
Cantonment MRT Station
Located along Everton Road in District 2, Cantonment MRT Station will be integrated with the old Tanjong Pagar Railway Station. The old railway station was gazetted as a national monument and is slated to become a multi-functional community building for 20 years following the completion of the MRT station.
Cantonment Primary School, Singapore Art Museum (Tanjong Pagar Distripark), and the Ayer Rajah Expressway are located within a 500m radius (see Map 4). Other amenities within a 1km radius include Singapore General Hospital, Tanjong Pagar Plaza, Tanjong Pagar Plaza Market and Hawker Centre, 100 AM, and the eateries at Everton Park and Duxton Hill.
Source: EdgeProp LandLens (as at 1 April 2025)
Those who wish to live near the upcoming Cantonment MRT Station will have more choices compared to those who are keen to live near Keppel MRT Station. There are five condos within walking distance of Cantonment MRT Station and another 11 condos within a 1km radius (see Table 3).
With the exception of Spottiswoode Park, all five condos within walking distance are freehold developments. In contrast, all 11 condos within a 1km radius are 99-year leasehold developments, except for Onze @ Tanjong Pagar and The Arris, which have freehold tenures.
Among the five nearby condos, Spottiswoode Park is also the only development that obtained its TOP after 2000. In comparison, 10 of the condos within a 1km radius obtained their TOP in 2000 or earlier. The remaining condo, One Bernam, is still under construction.
Among the 16 condos near Cantonment MRT Station, Spottiswoode Park, Spottiswoode Residences, and Avenue South Residence are also located within a 1km radius of Keppel MRT Station. Interestingly, Avenue South Residence is the only development among the 16 condos that is not in District 2, where the other 15 condos and Cantonment MRT Station are located.
Prices for condos in District 2 marginally higher than Central Region
In 2020, there was a spike in the average resale price for condos in District 2, which could have been caused by 18 transactions for Wallich Residences at an average price of $3,362 psf. These 18 transactions represented 19.6% of all resale transactions for condos in District 2 that year.
Thereafter, the average resale price for condos in District 2 began to decline. In 2023, the average resale price for condos in District 2 dipped below that for condos in the Central Region before recovering this year. The price decline can be explained by a 9.3% drop in the average resale price for District 2 from 2020 to 2023. In contrast, the average resale prices for condos in the Central Region and islandwide rose by 11.3% and 20%, respectively.
Thanks to the price recovery, the current average resale price for condos in District 2 ($2,134 psf) is higher than that for the Central Region ($2,077 psf) and islandwide ($1,768 psf) (see Chart 4).
Source: EdgeProp Market Trends (as at 3 April 2025)
Deep dive into Spottiswoode 18
Sky Everton, Spottiswoode Suites, and Spottiswoode 18 are the newest condos within walking distance of the upcoming Cantonment MRT Station. All three condos are also clustered together opposite the MRT station (see Map 5).
Source: EdgeProp LandLens (as at 1 April 2025)
The average price for Sky Everton ($2,804 psf) has consistently trended above that of Spottiswoode 18 ($2,254 psf) and Spottiswoode Suites ($2,581 psf) (see Chart 5). This could be because Sky Everton just obtained its TOP in 2023. The other two condos obtained their TOP earlier.
Among the trio, Spottiswoode 18 has had the lowest average price, except in 2021 when it surpassed Spottiswoode Suites. However, price growth since 2021 has been slower for Spottiswoode 18 (5.8%) compared to Spottiswoode Suites (26.9%). Stronger price growth for Spottiswoode 18 might be on the cards upon the completion of the MRT station.
Source: EdgeProp Market Trends (as at 3 April 2025)
Despite having the lowest price among the three condos, Spottiswoode 18 has the highest number of profitable transactions, with 69 such transactions generating profits ranging from approximately $11,000 to $311,000. Spottiswoode 18 also has 27 unprofitable transactions, with losses ranging from breakeven to approximately $649,000.
The transaction that yielded the highest profit of approximately $311,000 took place in June last year, when the seller sold the unit on the fifth storey for $1.46 million ($2,299 psf). The seller had purchased the unit from the developer in February 2011 for $1.149 million ($1,810 psf).
The seller benefitted from Spottiswoode 18’s price growth of 11.9% from 2011 to last year. Furthermore, the seller bought the condo in 2011 for $1,810 psf, lower than the then-average price of $2,062 psf for the condo, which allowed the seller to pocket a profit despite selling the unit at $2,299 psf, lower than last year’s average price of $2,308 psf for the condo (see Chart 6).
Source: EdgeProp Market Trends (as at 3 April 2025)
The most profitable unit measures 635 sq ft and comprises an en-suite master bedroom, a second bedroom, and a common bathroom (see Floor Plan 3). There is also a sizable balcony adjacent to the living area, which can be used for outdoor dining or entertaining.
Source: EdgeProp Research
Thus far this year, there have been only two profitable and one unprofitable transaction for Spottiswoode 18. One of the profitable transactions involves a two-bedroom unit on the 17th storey, which is from the same stack as the most profitable unit. The seller bought the unit on the 17th storey in February 2011 for $1.27 million ($2,000 psf) and sold it in January for $1.495 million ($2,354 psf), resulting in a profit of $225,000.
This year’s second profitable transaction also took place in January, when the seller sold the unit for $900,888 ($2,325 psf) and pocketed a profit of $110,888. The seller had purchased the unit on the 11th storey in August 2015 for $790,000 ($2,039 psf).
The same unit was involved in an earlier profitable transaction. The first owner had purchased the one-bedroom unit in February 2011 for $745,000 ($1,923 psf) and sold it in August 2015 for $790,000 ($2,039 psf), resulting in a profit of $45,000 (see Table 4).
Source: EdgeProp Buddy (as at 1 April 2025)
The unit measures only 388 sq ft and comprises a bedroom and a common bathroom (see Floor Plan 4). Notably, the bathroom is accessible only via the bedroom, which means that guests will have to enter the bedroom to use the bathroom.
Source: EdgeProp Research
The only unprofitable transaction for this year took place in January, when the seller sold the unit for $1.48 million ($2,083 psf), resulting in a loss of $82,000. The seller had bought the unit from the developer in February 2011 for $1.562 million ($2,199 psf). In 2011, the average price for Spottiswoode 18 was $2,062 psf, lower than the price that the seller paid for the unit. The seller also sold the unit at a price lower than the condo’s current average price of $2,254 psf (see Chart 6).
The unit involved in the unprofitable transaction is a one-bedroom duplex that measures 710 sq ft. Located on the 33rd storey, the lower level of the duplex comprises the living/dining area, the kitchen, and a balcony that spans the width of the unit (see Floor Plan 5). The master bedroom and a bathroom are on the upper level. Notably, there is a bathroom on each level, which would bring more convenience for the occupants and their guests.
Source: EdgeProp Research
Prince Edward Road MRT Station
The upcoming Prince Edward Road MRT Station is located along Shenton Way (see Map 6). Like the upcoming Cantonment MRT Station, it is also in District 2.
The upcoming station is within a 500m radius of Guoco Tower, International Plaza, MAS Building, PS 100, 100 AM, and the Ayer Rajah Expressway. Other amenities within a 1km radius include Lau Pa Sat, Maxwell Food Centre, Tanjong Pagar Plaza Market and Hawker Centre, Cantonment Primary School, and the Marina Coastal Expressway.
Source: EdgeProp LandLens (as at 2 April 2025)
Of the three upcoming MRT stations, Prince Edward Road MRT Station has the most neighbouring condos. There are 11 condos within walking distance of the MRT station and another 11 within a 1km radius, including One Bernam, Skywaters Residences, and TMW Maxwell, which are still under construction (see Table 5).
When it was launched in May 2021, One Bernam achieved a take-up rate of 23%, but it is now fully sold. Skywaters Residences made headlines in May last year when a penthouse was sold for $47.3 million ($6,100 psf), which remains the only lodged caveat for the condo at the time of writing. TMW Maxwell drew over 1,000 visitors during its launch weekend in July 2023 and won several awards for its innovative and flexible design.
Eon Shenton: Limited transactions
Among the condos within walking distance of Prince Edward Road MRT Station, Eon Shenton, V on Shenton, and Wallich Residence all obtained TOP in 2017. However, the completion of the MRT station is expected to benefit Eon Shenton the most because the condo is just across the road from the station. In comparison, the other two condos are nearer to Tanjong Pagar MRT Station (see Map 7).
Source: EdgeProp LandLens (as at 2 April 2025)
Wallich Residence has the highest average resale price ($3,233 psf) compared to Eon Shenton ($2,302 psf) and V on Shenton ($2,271 psf) (see Chart 7). This could be because Wallich Residence is integrated with Tanjong Pagar MRT Station, a retail podium, an office tower, and Sofitel Singapore City Centre.
Source: EdgeProp Market Trends (as at 4 April 2025)
Interestingly, the average resale price for Eon Shenton slipped below that for V on Shenton in 2023. This could be because the average resale price for Eon Shenton dipped by 5.2% y-o-y in 2023, while the average resale price for V on Shenton inched up by 1.8% y-o-y.
Prices for Eon Shenton rallied this year, surpassing V on Shenton. However, it remains to be seen if the recovery is sustainable, as only one transaction has taken place for Eon Shenton this year. Furthermore, the sole transaction for this year yielded a loss of $248,400 for the seller when they sold the unit last month for $1.338 million ($2,302 psf). The seller had purchased the unit from the developer in August 2012 for $1.586 million ($2,729 psf). Since 2012, the average price for Eon Shenton has declined by 1.8%.
Following its launch in 2012, there have not been more than 10 transactions per year for Eon Shenton (see Chart 8). The low sales volume could have contributed to the volatile price trend of the condo because buyers and sellers have had fewer price benchmarks for Eon Shenton.
Source: EdgeProp Market Trends (as at 4 April 2025)
The unit involved in the unprofitable transaction is a 581-sq ft unit on the 27th storey. The unit features two bedrooms and a common bathroom (see Floor Plan 6). It also has a balcony that is accessible via the living area and the common bedroom.
Source: EdgeProp Research
Since launch, Eon Shenton has had 22 unprofitable transactions and only nine profitable ones. Losses ranged from approximately $14,000 to $295,000, while profits ranged from approximately $17,000 to $300,000.
The most recent profitable transaction for Eon Shenton took place in April last year. The seller sold the unit on the 31st storey for $1.83 million ($1,717 psf), resulting in a profit of $30,000. The seller had bought the unit in June 2018 for $1.8 million ($1,689 psf).
The same unit was also involved in an earlier profitable transaction, which resulted in a larger profit of $63,500. The first owner bought the unit from the developer in May 2012 for $1.737 million ($1,630 psf) before selling it in June 2018 for $1.8 million ($1,689 psf) (see Table 6).
Source: EdgeProp Buddy (as at 2 April 2025)
The profits enjoyed by both sellers could be because their purchase prices were significantly below the average prices for Eon Shenton at the time of the sale. The first owner paid $1,630 psf in 2012 when the average price for the condo was $2,344 psf. Likewise, the second owner paid $1,689 psf in 2018, but the average price for Eon Shenton was $2,208 psf.
The unit involved in these two profitable transactions is a three-bedroom duplex (see Floor Plan 7). The lower level of the 1,066-sq ft unit features two common bedrooms, a common bathroom, as well as the living/dining area and kitchen. The master bedroom, a second bathroom, a roof terrace, and a private pool are on the upper level.
Source: EdgeProp Research
Conclusion
The addition of amenities, such as MRT stations, to a neighbourhood tends to have a positive impact on the demand and prices of surrounding residential properties. Buyers usually appreciate the improved convenience and connectivity provided by such amenities.
Next year will see the completion of the final three MRT stations on the Circle Line. Our analysis of condos near the upcoming stations has uncovered several undervalued gems that should be on the radar of savvy buyers.
