{"id":85794,"date":"2018-04-18T16:01:09","date_gmt":"2018-04-18T09:01:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-prices-in-downtown-singapore-rising-faster-than-other-high-end-districts-report\/"},"modified":"2018-04-18T16:02:56","modified_gmt":"2018-04-18T09:02:56","slug":"luxury-home-prices-in-downtown-singapore-rising-faster-than-other-high-end-districts-report","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-prices-in-downtown-singapore-rising-faster-than-other-high-end-districts-report\/","title":{"rendered":"Luxury home prices in downtown Singapore rising faster than other high-end districts: report"},"content":{"rendered":"


\nView of historical shophouses and modern skyscrapers in Tanjong Pagar. (Photo: GuocoLand)
\nPrices of luxury apartments in the downtown core, which includes Raffles Place, Marina Bay and Tanjong Pagar are outperforming other high-end districts in Singapore, according to an OrangeTee report.
\nThe area comprises districts 1 and 2 and is one of the most sought-after locations for luxury properties here, the report said. Proximity to the Shenton Way financial district and commercial amenities in Boat Quay and Chinatown were cited as the main reasons for the strong appeal.
\nMore: \u2018Bungalow In The Sky\u2019 Up For Sale For $100m
\nOrangeTee\u2019s analysis of URA Realis caveats shows that the average price of non-landed luxury homes in the two districts grew by 9.3 percent to $2,147 psf in Q1 from a year ago. This is higher than the 6.2 percent increase to $2,046 psf for the Core Central Region during the same period.
\nThe average price of private condos downtown is also close to the peak of $2,207 psf seen in Q1 2013.
\nSpecifically, District 2 saw a bigger year-on-year price increase of 14.5 percent as compared to District 1 (5.6 percent) due to projects like Wallich Residence at Tanjong Pagar Centre \u2013 Singapore\u2019s tallest condominium, Icon in Gopeng Street and 76 Shenton. \u00a0
\nIn fact, the second and third most expensive homes transacted in Singapore last quarter were high-floor apartments at Wallich Residence; a 958 sq ft unit was sold at $3,894 psf, while a 1,722 sq ft unit was sold at $3,832 psf.\u00a0\u00a0
\nAlthough prices continue to rise in both districts, demand for homes has been picking up since Q2 2017, with sales breaching the five-year average of 85 units, said OrangeTee.
\nURA data shows that 493 caveats were lodged in districts 1 and 2 last year, up 153 percent from 195 caveats in 2016. In the first three months of 2018, 89 caveats were lodged.
\nThe best-selling project in the downtown core from 2017 onwards has been Marina One Residences in Marina Bay, which sold 47 units at a median price of $2,428 psf. This was followed by V on Shenton in Shenton Way and Spottiswoode Suites at Spottiswoode Park Road, which moved 44 and 40 units at median prices of $2,235 psf and $2,135 psf respectively.
\nLooking ahead, OrangeTee expects non-landed home prices in districts 1 and 2 to rise by about 8.0 to 12 percent this year as more units from Marina One Residences and Wallich Residence are released.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Luxury home prices in downtown Singapore rising faster than other high-end districts: report<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of historical shophouses and modern skyscrapers in Tanjong Pagar. (Photo: GuocoLand) Prices of luxury...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-85794","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-mjM","jetpack-related-posts":[{"id":55991,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eye-on-tanjong-pagar-a-place-to-live-work-and-play\/","url_meta":{"origin":85794,"position":0},"title":"Eye on Tanjong Pagar: A place to live, work and play","date":"May 26, 2017","format":false,"excerpt":"\r Historical shophouses and modern skyscrapers make up the precinct, including the new Tanjong Pagar Centre. At 290m tall, it is currently the tallest building in Singapore. (Photo: GuoccoLand) Located in the heart of the city, Tanjong Pagar has evolved over time to become a hip and trendy place. Today,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/05\/Tanjong_Pagar_Railway_Station_Singapore_-_20100619-02-1024x697.jpg?fit=1024%2C697&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":67582,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-leads-nominations-for-propertyguru-awards\/","url_meta":{"origin":85794,"position":1},"title":"GuocoLand leads nominations for PropertyGuru Awards","date":"September 27, 2017","format":false,"excerpt":"\r Singapore\u2019s best residential, commercial, industrial and green properties will be awarded.\u00a0 More than 20 real estate projects from 16 companies and joint venture firms have been shortlisted for the PropertyGuru Asia Property Awards (Singapore) 2017, the most prestigious real estate competition here. Presented by Kohler and supported by PropertyGuru,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71252,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-named-as-top-local-developer-in-propertyguru-awards\/","url_meta":{"origin":85794,"position":2},"title":"GuocoLand named as top local developer in PropertyGuru awards","date":"November 8, 2017","format":false,"excerpt":"\r Tanjong Pagar Centre, named as Singapore\u2019s Best Green Development at the PropertyGuru Asia Property Awards. 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Despite a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29437,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-tallest-building-nears-completion\/","url_meta":{"origin":85794,"position":5},"title":"Singapore's tallest building nears completion","date":"October 11, 2016","format":false,"excerpt":"\r Strong take-up of offices at Guoco Tower, but many residential units remain unsold, including a $30 million super penthouse. (Photo: GuocoLand) Tanjong Pagar Centre, Singapore\u2019s tallest building at 290 metres high, is close to full completion, said property developer GuocoLand. 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