Singapore districts with the highest property growth in 2018

New condo projects can be a possible growth driver of property prices in the resale market. (Credit: The Edge Singapore)

By Fiona Ho

Which Singapore districts saw the highest growth over the past year?

We looked at the average transacted psf prices for resale properties within each district over the first 11 months of 2018, and compared them to similar transactions within the same time period in 2017. Only non-landed residential properties were considered for this article.

Districts with the highest psf growth in 2018

Figures are based on resale transactions recorded on URA. Source: URA, Edgeprop.sg

Possible uplifting effects from new condo projects

New condo projects could be a possible growth driver of property prices in the resale market. Newer and more luxurious developments may have an uplifting effect on the overall value of surrounding properties, our previous study showed.

Some notable new projects in these best-performing districts in 2018 include: Margaret Ville and Stirling Residences in district 3, luxury developments Duo Residences and South Beach Residences in district 7, Lake Grande in district 22, luxury condos 8 Saint Thomas and New Futura in district 9, and Grandeur Park Residences and Sea Pavilion Residences in district 16.

The healthy take-up rates of these new projects suggests that demand has remained resilient despite the new property cooling measures that took effect in July. This is especially evident in the high-end segment, at which luxury projects such as 8 Saint Thomas and New Futura transacted above the $3,000 psf threshold.

Potential growth

The development of the Jurong Lake District into Singapore’s future second CBD continue to hold appeal to homebuyers.

The masterplan for Singapore’s future second CBD will see the development of the Jurong Lake District into a new mixed-use business hub.

While the Jurong Lake District masterplan may be derailed in the short term by the scrapping of the Kuala Lumpur-Singapore High Speed Rail (HSR), its long-term prospects remain undiminished, as the master plan for the Jurong Lake District was unveiled in 2008 and was already earmarked as a growth area 10 years ago.

Based on growth figures in the resale market, it is apparent that buyers continue to be attracted by the upcoming developments in the area.

URA data reveals that The Lakeshore saw the highest volume of resale transactions within district 22 in 2018. The 848-unit condo was completed in 2008 and is located about 280m from Lakeside MRT station. It is right next to educational facilities such as Shuqun Primary School and Yuhua Secondary School.

This is followed by the 712-unit Caspian, completed in 2012, and the neighbouring, The Lakefront Residences, which comprises 629 units and was completed in 2014. Both are located about 350m from Lakeside MRT station, and are near Lakeside Primary School and Yuan Ching Secondary School.

*This story is contributed by EdgeProp.sg

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