下文由ERA公关经理岳开新翻译

在2025年财政预算案中，黄循财总理宣布了一系列与住房市场相关的政策。其中一项是：政府将在今年10月首次于快乐山（Mount Pleasant）地区推出预购组屋（BTO）项目。

快乐山位于新加坡中部，其名称源自区内的一座小山丘。该地区因保留了大量殖民时期的“黑白洋房”而闻名，这些洋房曾是已拆除的旧警察学院高级官员的住所。如今，包括警察学院旧址在内的33公顷土地将被重新规划，用于建设新的BTO住宅区。

图一，即将建设快乐山预购组屋项目范围

那么，这个新组屋区能带来哪些期待？

快乐山组屋区可被视为大巴窑的延伸，因此也将享有与城市边缘地区相似的便利与交通连通性。尽管目前项目周边缺乏生活配套，但其邻近大巴窑、马里士他和汤申等成熟社区，居民可以轻松享用这些区域的完善设施。

由于地理位置接近市中心，并且将直接连接地铁站，该项目预计将被归类为“优选地段”（Plus）或“黄金地段”（Prime）项目，类似近期推出的碧湾（Bayshore）和丹戎禺（Tanjong Rhu）项目。

这意味着项目将受到更严格的转售和出租限制，例如：10年的最低居住年限、转售时的津贴回收机制，以及转售买家的收入上限。

值得一提的是，快乐山距离的大巴窑西部长期以来都是百万组屋交易最活跃的区域之一。而距离该项目最近的现有组屋，就位于靠近加利谷地铁站（Caldecott MRT）的大巴窑西部。

地理优势：学校、设施与交通连通性

学校

对于已有或计划要孩子的家庭来说，快乐山组屋区很可能位于一些热门小学1公里内，当然具体情况仍有待政府最终确认。

目前，英华小学（ACS Primary）就在1公里范围内，但预计将在2030年迁至登加（Tengah）新校址。现有校址未来是否会被保留为教育用途，或改作其他发展用途，还尚未明确。

图二：快乐山组屋项目周边的学校

资料来源：OneMap、市区重建局、ERA研究与市场情报（截至2025年5月8日）

未来转售潜力如何？

目前该地区尚无组屋项目，但可作参考的最近项目是位于大巴窑西部、大巴窑1巷（Lorong 1 Toa Payoh）一带，且靠近加利谷地铁站。

这里新组屋供应有限。截至今年5月，大巴窑组屋区屋龄少于15年的三房式及以上单位仅有2,727个，供应有限。这种稀缺性已成为推动当地组屋价格持续上涨的主要原因之一。

数据显示，在过去一年内，屋龄不超过15年的四房式组屋平均转售价高达107万元，而五房式组屋更是达到惊人的138万元。

表一：屋龄少于15年的四房及以上组屋的平均转售价

资料来源：市区重建局、ERA研究与市场情报（截至2025年5月7日）

是否意味着成功申请到快乐山预购组屋就如同中大奖呢？恐怕事情并没有那么简单。

从靠近市中心的优越位置，到便利的地铁连接，再到被中央集水区绿意环绕的环境，加上邻近大巴窑西部组屋的强劲价格表现，种种因素的确为该项目的未来转售潜力提供支撑。

但与此同时，若该项目最终归类为“优选”或“黄金地段”，其更严格的转售政策可能在一定程度上抑制投机性需求。

值得注意的是，在即将到来的7月预购组屋中，位于大巴窑的一个项目也可能被归类为“优选地段”，其定价和政策或可为快乐山项目提供参考。

结语

如果你是首次购屋者，快乐山组屋项目是一个值得考虑的选项吗？

与其他预购组屋不同，它将建于城市边缘一块保留用地上，是全新打造的住宅区。而大多数新项目如登加、碧湾等，位置相对偏远。

此外，项目不仅靠近第10和第11邮区这些高端地段，还直接连接地铁站，交通便利，使其成为吸引力十足的居住地区。对于希望靠近家人（如住在大巴窑、史蒂芬或诺维娜）的购房者而言，这也可能是一个理想的选择。

本文中的信息仅供参考，不构成对信息的准确性、完整性或可靠性的保证。使用者应自行核实相关信息，并根据具体情况向独立的专业人士（如估价师、财务顾问、银行从业人员及律师）寻求专业意见。ERA及其销售人员对于因使用本信息而导致的任何直接或间接损失概不负责。此外，本文件受著作权法保护，ERA拥有其著作权。未经事先书面许可，任何个人或机构不得以任何形式或手段对本文件进行复制、传播或用于商业用途。

During Budget 2025, Prime Minister Lawrence Wong made a series of announcements with regards to the housing market. Among them was the official confirmation that we will see the inaugural launch of public housing Build-To-Order (BTO) flats in Mount Pleasant during the October 2025 BTO launch.  

Mount Pleasant, located in the central region of Singapore, named after a hill located within its boundaries. The area is well known for its many black and white bungalows, which used to be home to senior officers of the (former) Police Academy, which has since been torn down. 33 hectares of land, inclusive of the former location of the police academy and its surrounding areas will now house these BTO projects.

What can we expect from this new housing estate?

This Mount Pleasant HDB estate can be seen as an extension of Toa Payoh – its nearest and adjacent HDB town. It will experience the same city-fringe convenience and connectivity. While there are currently no amenities located in the immediate vicinity, residents can take advantage of the estate’s proximity to Toa Payoh, Balestier and Thomson, where there are plenty of amenities to be found.  

Considering its location being near the central region of Singapore, and having immediate access to an MRT station (such as Bayshore and Tanjong Rhu that have launched recently), we can expect this project to be a Plus or Prime project. In short, they would come with tighter resale and rental restrictions, such as a longer 10-year Minimum Occupation Period (MOP), subsidy clawback upon resale, and a resale income ceiling.

Moreover, its neighbouring and closest HDB town, Toa Payoh, is regularly among the top five HDB towns in the number of million-dollar flats transacted annually. The closest HDB flats to the Mount Pleasant housing estate are those located in Toa Payoh West, within the vicinity of Caldecott MRT station.

Location attributes: schools, amenities, transport and connectivity

Schools

Those with or looking to have children (particularly daughters) will be pleased to know that the Mount Pleasant HDB estate will very likely be within the 1km priority enrolment distance of prominent primary schools, such as But this is subject to eventual confirmation by the government.

ACS Primary currently sits within 1km of the site, but is expected to shift to its new location in Tengah in 2030. It is unsure if the grounds that hold the current school will be repurposed to host another school in the future, or be used for other forms or urban redevelopment.

Image 2: Schools within the vicinity of Mount Pleasant Road, where the projects will be built around

What About Future Resale-ability?

While there are no existing housing projects in the direct locale, the nearest comparable projects would be those located in Toa Payoh West, along Lorong 1 Toa Payoh and close by to Caldecott MRT station.

There is a lack of newer flats in the locale around Toa Payoh West/Caldecott MRT. As of May 2025, there are only 2,727 3-room and larger flats under 15 years of age in Toa Payoh town itself. Their scarcity has caused property prices to grow at an extremely fast pace in the area.

In fact, the average resale price of 4-room flats aged under 15 years in this sample area was $1.07 million, with the average for 5-room flats at a whopping $1.38 million across the past year.

Chart 1: Average resale prices of 4-room and larger HDB flats under 15 years old

Does this necessarily mean that scoring a unit in the Mount Pleasant BTO launch is the next golden ticket? The answer might not as straightforward as it seems.

A combination of factors make these projects attractive for future resale buyers: from its city fringe location, doorstep MRT convenience, and charming location surrounded by the lush greenery of Singapore’s central water catchment areas. All of this is on top of the fantastic price performance of nearby Toa Payoh West resale flats, which share some of the same attributes.

This demand will be therefore balanced by the fact that these projects will be classified most likely under “Prime”, or at the very least “Plus”. In the upcoming July BTO launch, we will see a Toa Payoh project, that is likely to fall under the Prime category as well. The categorisation and pricing of that project will likely be indicative of what to expect from the upcoming Mount Pleasant HDB project.

Conclusion

If you are a first-time homebuyer, could the Mount Pleasant HDB project be something worth considering?

The project differs itself from other BTO flats as it is an entirely new housing estate built on a conserved piece of land in the city fringe. Most other projects in new, or up-and-coming estates are located in farther-out satellite towns, such as Tengah, or the future Bayshore precinct.

Its unique locational and features stand out with its close proximity to prime districts 10 and 11, and access to an already-built MRT station. This is an extremely convenient location to stay in – connectivity wise, and is sure to attract homebuyers purely for that reason. This project could also be a great option for those who want to stay close by to family residing in Toa Payoh, Stevens, or Novena.

However, if your primary objective is asset progression, you are probably better off going for one of the standard projects in the year. A standard flat with a 5-year MOP would be the most flexible when it comes to resale restrictions, allowing for swift progression in your property journey.

Overall, everyone’s property journey is unique – being presented with the facts, you can now decide if Mount Pleasant’s BTO project is the right move for you. If you have any further inquiries, do not hesitate to reach out to an ERA trusted adviser today!

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

下文由ERA公关经理岳开新翻译

随着中央区以外（OCR）和其他中央区（RCR）私宅的需求和价格上涨，让曾经房价看起来“遥不可及”的核心中央区（CCR）私宅开始变得具有吸引力，并逐渐进入买家的视野。

新加坡的住房市场分为三个主要区域：

• OCR：涵盖卫星镇，是大多数新加坡人的成长环境
• RCR：位于城市边缘，许多新加坡人希望升级至此
• CCR：传统上被视为新加坡富裕和精英群体的居住地

但如果我告诉你，如今在CCR置业已经并不像你想象的那样遥不可及了，你会感兴趣吗？

CCR的组成

CCR 一直以来被认为是新加坡最富裕和最具声望人士的居住地，其范围涵盖以下邮区：

• 第 9 区（乌节路、里峇峇利）
• 第 10 区（武吉知马、荷兰路、东陵）
• 第 11 区（诺维娜、纽顿）

此外，部分第 1、2、4、6 和 7 邮区的区域也属于 CCR，这些地区包括中央商务区（CBD）、武吉士、丹戎巴葛、港湾区和圣淘沙。其中，部分地段归属 CCR，而另一些则划入RCR。

纳新路（Nassim Road）、经禧（Cairnhill）、雅茂园（Ardmore Park）等地址均位于 CCR，进一步加深了CCR 仅限富人居住的印象。

这一说法对于优质洋房和有地住宅确实成立，但CCR 也不乏价格相对亲民的私宅，甚至可以说，其中一些还有“捡漏”的可能！

CCR 与其他区域的房价差距正在缩小

在土地资源稀缺的新加坡，房产已成为最具投资价值的资产之一，甚至被视为几乎稳赚不赔的财富增长方式。多年来，新加坡各个区域都经历了快速发展，私宅在岛内各地不断涌现。

近些年来，土地价格和建筑成本上涨等因素推动了新私宅价格不断上扬。这一表现在RCR和OCR更为明显。由于可开发土地较多，发展潜力更大，发展商纷纷进驻这些区域破土动工，带动了房价上涨。

与此同时，发展商在新住宅区的开发热潮，进一步推高了需求，从而拉高了市区以外的房价，也使其与CCR的房价差距逐步缩小。

房价指数直观体现出本地房价近些年的增长。自2015年以来，OCR 和 RCR 非有地私宅的 PPI 大幅上涨，截至2025年2月分别达到257.3和223.5，各增长了108.7%和81.4%。相比之下，CCR的价格增长相对温和，增长了35.8%，指数值达到154.8。

这种价格差距在99 年地契非有地私宅的中位数尺价也有所体现，也表明了CCR 与其他区域的房价差距正在缩小。

多年前，CCR 的房价一直在全岛独领风骚，是唯一中位数尺价超过 2000元的地区。然而，在过去10年中，情况发生了变化。我们观察到RCR 和 OCR 房价持续上涨，而 CCR增长趋势则放缓。

其实，自 2023 年以来，RCR 私宅的中位数价格已超过了CCR私宅。这一变化主要因多个高端RCR项目的推出，如艺景峰（The Orie）；以及第15邮区的项目，如嘉乐轩（Emerald of Katong）、莉丰嘉园（Tembusu Grand）和名门世家（Grand Dunman），这些项目的开盘价创新高，同时推动这些地区的交易量。

此外，近期一些位于市区边缘的RCR项目，如誉岭峰（Union Square Residences）、康宁河湾（Canninghill Piers）、松岩轩（Pinetree Hill）和宁芳苑（Nava Grove），也继续推动着RCR房价的增长。

CCR 私宅现在是否值得入场？

去年，OCR 和 RCR 的新私宅价格创下新高，进一步缩小了与 CCR 的价格差距。随着 OCR 和 RCR 的房价持续攀升，CCR 逐渐成为一个被低估的市场。

一个典型的例子是99 年地契的两卧房私宅单位。这些公寓在当前市场中的买家可负担价格介于 180 万至 210 万之间。这个价格区间的私宅深受组屋升级者欢迎。

以下是三个地区的中位数成交价：

由此可见，CCR 仍有可负担的卧房私宅，其价格与其他地区的私宅差距并不大。此外，与 RCR的私宅相比，CCR 项目在卧房私宅的平均面积相对更大。

这让CCR的两卧房私宅成为组屋升级者或 来自OCR私宅买家的选择。之前，这类买家通常会选择 RCR私宅作为升级的首选。然而，当 CCR 的新私宅价格与 RCR 和 OCR 相差无几时，我们可以合理地认为 CCR私宅目前是一个被低估的市场。

地理位置优越

那么，在 CCR 的生活方式又如何呢？

对于CCR地理位置 的优势，这里的居民早已津津乐道。无论是餐饮、购物，还是各种休闲活动，让生活品质大幅提升。

交通基础设施
同时，CCR公共交通便利。作为城市中心，CCR的交通网络四通八达。虽然上下班高峰期的短期交通拥堵可能难以避免，但这里有多条线路可供选择。
此外，随着汤申—东海岸（Thomson-East Coast）地铁线在去年的全面开通，市区的交通更是达到从未有过的便捷，这里可连接岛内全部六条地铁线路。让你无论是探亲访友，还是日常出行都变得轻松无比。

多所热门学校

CCR还有多所热门学校。比如花拉路（Farrer Road）附近的南洋小学（Nanyang Primary School）、西乃山（Mount Sinai）附近的恒力小学（Henry Park Primary School）以及位于里峇峇利（River Valley）的立化小学（River Valley Primary School）。这些热门学校的小一申请率极高，居住在学校一公里内可让孩子提高入校机会。

购物天堂

除了地理位置优越、交通便利，CCR还能让您享受这座城市的主要商圈。这里是新加坡最大的购物区乌节路的所在地，住户可以轻松享受购物乐趣。区域内的购物中心还提供多种丰富多彩的生活和娱乐选择，如电影院、健身房和健身课程，以及在后疫情时代风靡一时的艺术、舞蹈和健康工作室。

丰富多样的餐饮选

CCR应该是全岛餐饮选择最丰富的区域。从本地小吃、高档餐厅，到时尚的葡萄酒酒吧和舒适的咖啡馆，CCR的餐饮选择数不胜数。国际化的城市生活，让这里汇聚了世界各地的美食和文化，等待您的探索。

靠近成熟社区

此外，CCR及其周边区域也是新加坡历史最悠久、文化最丰富的地区。例如牛车水和中峇鲁等地区。居住在CCR，可以轻松前往这些成熟社区，光顾湿巴刹、小贩摊位等，体验更多本土生活。

总结
居住在CCR追求的是一种城市体验，尤其适合那些对生活便利有要求的人。如果您希望将繁华都市只有一步之遥，并且将缩短日常通勤时间作为优先考虑，那么现在可能是进入CCR房地产市场的最佳时机。

如果您想了解更多关于CCR房产的信息，请随时联系ERA的市场顾问，我们将竭诚为您服务。

 

本文件中的信息仅供参考，不构成对信息的准确性、完整性或可靠性的保证。使用者应自行核实相关信息，并根据具体情况向独立的专业人士（如估价师、财务顾问、银行从业人员及律师）寻求专业意见。ERA及其销售人员对于因使用本信息而导致的任何直接或间接损失概不负责。此外，本文件受著作权法保护，ERA拥有其著作权。未经事先书面许可，任何个人或机构不得以任何形式或手段对本文件进行复制、传播或用于商业用途。

Singapore’s housing market is divided into three distinct market segments – the Outside Central Region (OCR) with its satellite towns, where most of us grew up in, the Rest of Central Region (RCR) consisting of city fringe towns, where most Singaporeans aspire to upgrade to, and the Core Central Region (CCR) which is traditionally perceived as the home to Singapore’s most affluent and elite. But what if I told you that living in the CCR might not be as out of reach as you think?

Image 1: The CCR consists of the highlighted areas, which include postal districts 9, 10, 11, as well as the Downtown Core and Sentosa

What we know about the CCR

With a reputation as being home to Singapore’s wealthiest and most distinguished, CCR addresses span across District 9 (Orchard, River Valley), District 10 (Bukit Timah, Holland, Tanglin), and District 11 (Novena, Newton), as well as certain areas of Districts 1, 2, 4, 6, and 7. These additional districts contain areas like the CBD, Bugis, Tanjong Pagar, Harbourfront and Sentosa which have certain areas that fall under the CCR, and some in the Rest of Central Region (RCR).

Famous addresses such as Nassim Road, Cairnhill, Ardmore Park, and many more all lie within the CCR, further painting the picture that living in the CCR is reserved for only the most well-to-do. While that is the case for the Good Class Bungalows, and other landed CCR properties, there are in fact other affordable private properties, or dare we say – value buys such as apartments and condominiums to be found all around the CCR!

A Narrowing Price Gap between CCR and Other Regions

In land scarce Singapore, property has become one of the greatest investment assets, and an almost surefire way to grow one’s wealth. Over the years, we have witnessed rapid development across the various regions in Singapore, with private homes popping up in all corners of the island.

Over the years, key cost drivers, such as land prices and construction expenses, have pushed new private home prices upwards. This climb is more noticeable in the RCR, and especially the OCR, where the availability of buildable plots and greater urban growth potential has resulted in more developer activity. In turn, as developers seize fresh opportunities to build new housing estates, this has contributed to growing demand, and hence, growing home prices outside of Singapore’s urban core.

Chart 1: Property Price Index (PPI) growth by market segment

This growth in property prices is best reflected in Singapore’s Property Price Index (PPI).

Since 2015, the non-landed PPI for OCR and RCR properties have grown tremendously, reaching 257.3 and 223.5 respectively in Feb 2025, indicating a 108.7% and 81.4% growth respectively. In contrast, the CCR has seen a more moderate price growth of 35.8%, reaching an index value of 154.8.

This price gap can be further exemplified by a narrowing median price when comparing 99-year leasehold non-landed properties.

Chart 2: Median all sale transaction prices by year for 99y-Leasehold private (non-landed) property

Traditionally, the CCR held the highest median prices islandwide, with no close comparison, being the only market segment with prices over $2,000 psf. However, over the last decade we have observed an upward trend in RCR and OCR home prices, while home prices in the CCR have been growing at an overall more moderate pace.

In fact, since 2023, the median price of RCR homes has exceeded that of CCR homes. This can be attributed to the launch of many high-profile RCR projects in the city fringe such as The Orie, and District 15 projects such as Emerald of Katong, Tembusu Grand and Grand Dunman setting new benchmark launch prices and driving transactions in the region.

Additionally, we are also seeing recent RCR projects launched extremely near the CCR-RCR boundaries such as Union Square Residences, Canninghill Piers, as well as Pinetree Hill and Nava Grove which have continued to spur on the rate of RCR price growth.

Are CCR Properties Now Value Buys?

Last year, we saw new homes in the OCR and RCR reach new benchmark prices that further narrowed down the price gap to the CCR. As the other market segments continue to peak in pricing, the CCR is starting to become an under-valued market, offering homes with similar prices to the other regions.

A great case study representing this is when we look at 2-bedroom condo units for 99-year leasehold condos. These condos are generally affordable (as far as private property is concerned nowadays), ranging from around $1.8m to $2.1m, making them a popular choice for HDB upgraders.

Here are median transaction prices for such condos in the primary market across all three market segments.

Table 1: Median prices of 99-year leasehold 2-bedroom condos

We can observe that there are affordable 2-bedroom CCR options available, going toe-to-toe with similar options available in other market segments. Additionally, we can observe that CCR projects offer larger unit sizes on average for their 2-bedroom units when compared to the RCR.

This frames these CCR 2-bedroom homes as feasible upgrading options for those coming from the HDB or OCR condo market, who would have traditionally turned to the RCR as the next step in their journey. When you can feasibly afford a new CCR home for a similar price quantum as in the RCR and OCR, I think we can safely say that this market segment is currently undervalued.

CCR Homes are Best Known for their Unbeatable Locations

What about the lifestyle factors when it comes to living in the CCR?

There isn’t much to be said about living in the CCR that hasn’t already been touted by its longtime residents. Living in the city centre promises an unparalleled lifestyle of convenience, featuring short commute times to dining, shopping, and other recreational activities.

Transport Infrastructure

The CCR is also extremely well connected by public transport. Being the nucleus of our city-state, the CCR features layers of connectivity. While road traffic will be congested at peak hours with people commuting in and out, there are various bus services ready to take you up, down, across, and out of town.

Additionally, with the Thomson-East Coast line fully opening last year, the region is more connected than ever, with access to all six of the nation’s MRT lines. This makes getting around the city a breeze, making it easy to visit or for family members to visit you, and to attend events and activities.

Many Good Schools in the CCR

There are a number of good schools that are located within CCR neighbourhoods too. Schools like Nanyang Primary School at Farrer Road, Henry Park Primary School at Mount Sinai and River Valley Primary School at River Valley are prominent examples of such schools, where their high application rates and their 1km priority enrolment radius means that having a home with a CCR address grants the best odds for securing a spot in one of these prestigious schools.

Endless Shopping and Activities

Going beyond its advantageous and convenient location, living in the CCR offers residents a unique, one-of-a-kind lifestyle that you cannot find anywhere else. Living in the heart of the city means that you have the entire city’s offerings at your fingertips.

Home to Singapore’s largest shopping district in Orchard Road, residents have nearby access to hours of retail fun. The various shopping malls and shophouses that can be found in the CCR provide a variety of activities to supplement your lifestyle, such as cinemas, state-of-the-art gyms and fitness classes, as well as art, dance, and wellness studios which have taken the post-pandemic world by storm.

A Whole World of Dining Options

In terms of dining options, the CCR boasts arguably the widest array of dining options of the entire island. From local eateries, and swanky restaurants to chic wine bars and cozy cafes, you are spoilt for choice when it comes to dining in the CCR. Given the metropolitan nature of city living, there is food from all cultures and cuisines waiting for you to explore.

Close Proximity to Mature Estates

Furthermore, the CCR and its surrounding areas also consist of some of Singapore’s oldest and most culturally rich neighbourhoods and estates. These include areas such as Chinatown and Tiong Bahru. With Singapore’s robust infrastructure, those staying in the CCR can visit these mature estates to patronise wet markets, hawker stalls, and much more.

Conclusion

Ultimately, living in the CCR is all about chasing a certain lifestyle, and for those we desire absolute convenience. If you find the prospect of having all the bustling city has to offer at your doorstep, and if short commute times for your daily activities are a priority for you – then now might just be the perfect time to enter the CCR market.

If you would like to find out more about CCR properties, do not hesitate to reach out to an ERA trusted advisor today.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Here’s your chance to snap up a flat in popular locations such as Toa Payoh, Bukit Merah, and more!

Just last month, on 17 February, HDB wrapped up its very first Build-to-Order (BTO) exercise of the year. However, compared to the preceding exercise in October 2024, February 2025’s launch received fewer-than-expected responses, largely due to it being overshadowed by a Sales of Balance Flats (SBF) exercise that took place concurrently.

Moreover, with just five projects across four towns that primarily focused on supplying flats to new townships, it comes as no surprise that Feb 2025’s exercise largely flew under the radar of most Singapore buyers, who often have strong preferences about where they live.

Many Singaporeans are also creatures of habit, preferring to live in older estates that they grew up in or know well.

If this resonates with you, there’s reason to rejoice! The upcoming BTO launch in July 2025 will feature projects in familiar towns, such as Toa Payoh, Bukit Merah, and Tampines. Combined with even more options in newer satellite towns, this will bring the upcoming supply of new flats to 5,430 units across eight BTO projects when July comes around. Below, a closer look at these offerings! 

Bukit Merah – Two projects featuring 1,080 units in total

Consisting of two separate projects one road away from each other, these flats are located in the Redhill estate, within 5 minutes’ walk of the MRT. Given its choice location near the city centre and access to transport and amenities, it is almost certain the pair of projects will be under the Prime category.

It’s a no-brainer that this is going to be one of the most popular projects. Mature estates are usually high in popularity as there are plenty of amenities such as malls, dining options and schools catering to its residents. Plus, Bukit Merah has a fantastic central location – the nearby Redhill MRT puts residents within arm’s reach of both the CBD, as well as the Buona Vista business districts within 10 minutes each!

Furthermore, with the last Bukit Merah BTO flats being completed in 2018, we will certainly see high application rates for these flats.

Bukit Panjang – Featuring 620 units

This project shares a few similarities with the pair of Sengkang projects in the previous BTO launch. They are located near LRT stations within satellite towns and generally have fewer amenities – with more to come as the project develops.

As a result, it is more than likely that this would be a Standard flat project.

The essential amenities are taken care of in the immediate neighbourhood, with two primary schools, and a neighbourhood centre, as well as two parks. However, a 10-minute trip to Bukit Panjang town centre would be required if residents require to visit a mall, or to access the Downtown Line.

Clementi – Featuring 750 units

This Clementi project packs 750 units and will be located about a 5-minutes’ walk from Clementi MRT station. It will be located across the road from a condo estate, and is bordered by two schools, and a polyclinic.

The location speaks for itself – Clementi is the most sought-after location in the west, comfortably scoring the best property resale prices in the region. It is a mature estate with lots of amenities and conveniences, while also having to closest distance to the city centre. It is located only 5 minutes from Buona Vista and Jurong East via MRT, granting it easy access to nearby transit options and more amenities.

Based off these attributes, it is likely that this would be a Plus project. The longer 10-year MOP and other resale restrictions might moderate demand for these flats, but we should still expect them to be popular, especially among the westies.

Sembawang – Featuring 750 units

This project as Sembawang is situated in an up-and-coming area, bringing 750 units across all unit sizes to the estate.

Given the 15-minute walking distance and general lack of amenities in the area so far, this is highly likely to be a Standard project.

We might see this project starting at an affordable price point, as we have recently witnessed HDB flats in developing areas to have attractive prices, such as in the Chencharu project launched in the recent February BTO exercise.

Tampines – Featuring 380 units

Classified under Tampines town, this project is located more at Simei and Upper Changi Road. Offering a limited and enticing 380 units, this project is the first BTO launch in Simei in 10 years and is sure to be hotly contested.

The location is quiet, being located next to a private housing estate.

There is a slew of amenities planned for this development, and the project is adjacent to Upper Changi MRT station, granting residents a direct route to the city via the Downtown line.

If these happens to be Standard flats, we will definitely expect fierce competition for the 380 available units.

Toa Payoh – Featuring 720 units

This Toa Payoh project is one of the highlights of the BTO launch. It is located off Toa Payoh Lorong 1, near Caldecott MRT station. With the opening of the Thomson-East Coast Line last year, homes near Caldecott MRT have been in high demand, due to the fast access the MRT brings them to work nodes such as Buona Vista and one-north (12 mins), as well as Orchard (10 mins) and the CBD (15-20 mins).

The project will be served by amenities in Toa Payoh, which come aplenty. Additionally, the project will be within a 1km radius of CHIJ Toa Payoh Primary School, a location that Singaporeans are very much willing to pay for.

Based off the resale performance for newer flats in Toa Payoh, which often surpass $900,000 or even $1m in transaction prices, it is almost definite that this would be a Prime project.

Woodlands – Featuring 1,130 units

Located in the far north, this project will be a part of the Woodlands masterplan and transformation, expanding the regional centre to Woodlands North.

The project is the largest of the launch, with 1,130 units. Residents will be able to commute to central Singapore via the Woodlands North MRT, or the North-South Corridor.

There will be 410 5-room units available here, a layout size that is getting increasingly rarer. Those looking to secure a 4-room or 5-room home at a reasonable price and are willing to wait for the town to fully flourish in the long run could find this Woodlands north project enticing.

Shorter Waiting Time (SWT) flats

As the HDB has promised an increase in the number of SWT flats (flats with a construction timeline of under 3 years), we are likely to see them featured again in this exercise.

Based on the allocation of SWT flats that we have seen in previous exercises, the BTO projects at Sembawang, Woodlands, and Bukit Panjang will be the most likely candidates. These are mainly developing estates that generally see lower rise building construction, trends that are common in previous SWT projects such as West Brickville at Bukit Batok in last year’s October BTO launch.

SWT flats are a great option for buyers with more urgent homebuying needs and allows them to secure a home in a shorter period, making them a popular option among families that already have or are planning to have children in the near future.

Additionally, these shorter wait times, alongside lower prices could incentivise people to consider moving into these newer estates.

In summary

From prime flats in hotly contested areas to affordable SWT flats, the eight options in store for potential BTO applicants in July this year will certainly make a buzz. We can expect to see livelier application rates compared to the recent exercise, as those who have failed to secure their units in either the BTO or SBF exercise might fancy their chances then.

If you would like to know more about which BTO project might be suitable for you and your eventual property goals, do not hesitate to reach out to an ERA Trusted Advisor today! And with that – may the odds be ever in your favour.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Clementi is a mature estate located in the Easternmost fringe of the West region of Singapore. It is served by the East-West Line, where people might recognise it as one of two stations between the major interchanges of Buona Vista and Jurong East.

Clementi town has its roots as a kampong and a swamp, before undergoing extensive development between 1975-1979 into a satellite housing town by the HDB.

Over the decades, Clementi has blossomed into one of the most popular estates in Singapore, not only as a HDB town, but also in the condo market. In the last ten years, we have seen the launch and completion of 5 condos in Clementi, including blockbuster projects like Parc Clematis, Clavon, and Whistler Grand. Another major development, ELTA, is expected to launch in Clementi in 2025 as well.

The popularity of the town is anchored a multitude of factors, which we will explore in-depth in today’s article.

A mature estate chock full of amenities!

When we think of mature estates in Singapore, towns such as Toa Payoh, Queenstown, Bukit Merah, and Ang Mo Kio often come to mind. These towns are characterised by their charming old flats, and abundance of amenities such as markets and hawker centres, shophouses, and an established transport infrastructure.

Clementi is unique as it is the only mature estate in the west region of Singapore. There are countless neighbourhood shops and shophouses providing essential services, dining options and conveniences to its residents. There are even interesting hotspots in Clementi – a notable example is C328, or Block 328 Clementi Ave 2, known for its number of fish and aquarium supply stores among fish-keeping hobbyists island wide.

Image 1: Clementi town map of amenities (shopping malls and markets/food centres)

Source: OneMap, ERA Research and Market Intelligence

Shopping Malls

1. Clementi Mall
2. Grantral Mall
3. 321 Clementi
4. NEWest (Mixed-use development)

Markets/Food Centres

5. Clementi 448 Market and Food Centre
6. Ayer Rajah Food Centre
7. West Coast Market and Food Centre
8. 353 Clementi Food Centre

In addition to this, Clementi has three shopping malls, and four food centres, offering a plethora of dining options to its residents. Not to mention, if somehow you have somehow exhausted the number of retail and dining options, Jurong East is just a stop away, offering even more options at your disposal.

Clementi has some of the best connectivity in the West region.

Clementi is located adjacent to, and right outside the prime areas of Queenstown and Bukit Timah. This positions the town as having one of the best locations available in the West.

It directly borders the Ayer Rajah Expressway, which provides fast connectivity to both the industrial and commercial hubs in the West region, as well as quick access to the city centre in under 20 minutes.

Residents of Clementi can enjoy easy access to work nodes in Buona Vista (10 mins) and one-north (15 mins), as well as the many schools located in the Dover/Buona Vista/Holland areas. To the West, Clementi is only one MRT stop, or 5 mins away from Jurong East MRT Interchange, where the Jurong Lake District (JLD) is currently undergoing development.

Proximity to the Jurong Lake District promises growth potential

Source: JLD.gov.sg

The JLD aims to transform the western region of the city-state into a vibrant business, residential, and leisure hub – spanning almost 3 times the size of the CBD. This means that there will be a huge influx of amenities and conveniences coming only a few minutes away!

Hence, due to its unique location, residents of Clementi get to experience the best of what the West has to offer, while still being well-connected to central locations and the rest of the island!

An educational hotspot in Singapore

Within the neighbourhood schools of Clementi lie a multitude of schools for all education levels.

The 1km proximity for priority enrolment to primary schools are an important factor for homebuyers – be it for own stay or investment purposes. Fortunately, Clementi has a few options within its neighbourhoods.

Nan Hua Primary School is the most notable among all the primary schools in Clementi. As one of few schools in Singapore offering the Gifted Education Program, they are among the most popular schools islandwide, with the fewest vacancies available.

Image: 1km and 2km radius of Nan Hua Primary School

Source: OneMap School Query, ERA Research and Market Intelligence

Other primary schools in Clementi include Pei Tong Primary School, Qifa Primary School, and the namesake Clementi Primary School.

Secondary schools in Clementi include Clementi Town Secondary School, Nan Hua High School, Kent Ridge Secondary School, New Town Secondary School, as well as the NUS High School of Math and Science, that offers the integrated program and an accelerated math and science curriculum.

Tertiary educational institutions situated along Clementi Road include Ngee Ann Polytechnic, Singapore Institute of Management, Singapore University of Social Sciences, and the National University of Singapore. Singapore Polytechnic is also situated a singular MRT stop away.

Strong upgrader potential due to HDB price growth

The multitude of advantages of Clementi’s location has led to strong price growth in its HDB market.

Over the past five years, the transaction prices of resale flats have bean steadily rising in Clementi. In addition to this, we are also witnessing a rapid growth in the number of resale flats that are surpassing the $500-750k price range. For the past three years, the median price of 5-room and larger flats has not only hovered above this price range, but are approaching the million-dollar price mark, reaching $970k in the previous year.

Chart 1: Median HDB Resale Prices in Clementi (3-room and larger only)

Source: HDB as at 1 Jan 2025, ERA Research and Market Intelligence

Million-Dollar Flat transactions in Clementi have also been steadily rising across recent years. These transactions are primarily driven by larger flats that have recently or just completed their minimum occupation period, freeing up capital for their next property upgrade.

With a rising number of high-value resale flats, these upgraders will naturally turn the private home market within Clementi, an area they are already familiar with for their dream home. In 2025, we can expect vibrant transaction activity for the recently TOP-ed Clavon and Park Clematis, as well as lively demand for the upcoming launch of Elta.

Conclusion

As a mature estate boasting a wealth of amenities, proximity to good schools and swift connectivity to central Singapore, it is no surprise why Clementi is such a popular location, especially among those that are familiar with, or grew up in the west.

Being so close to the burgeoning JLD, it is inevitable that property prices in Clementi will continue to grow and prosper in the years to come.

With the launch of Elta on the horizon alongside two newly TOP’ed condos in Parc Clematis and Clavon, there is no better time to enter the Clementi private property market. If you are interested in, or thinking to purchase a condo in Clementi, do not hesitate to reach out to an ERA trusted advisor today!

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

February 2025 will see the first of three Build-to-Order (BTO) launches of the year, as well as the yearly Sale of Balance Flat (SBF) exercise. This launch will offer about 5,000 BTO flats, as well as 5,500 SBF flats, totalling a supply of over 10,000 flats in this joint exercise.

Interested applicants will require an approved HDB Flat Eligibility (HFE) Letter in order to participate in this exercise.

For those who have a valid HFE letter, they will be able to choose from five projects across Kallang/Whampoa (800 units), Queenstown (1,110 units), Woodlands (1,540 units), and Yishun (two projects of 840 and 670 units). Likewise, a HFE letter will be required to apply for flats under the SBF exercise.

They will likely be a mix of Standard (Yishun and Woodlands) and Prime (Kallang/Whampoa and Queenstown) flats, based on their location. It is unlikely that any of these projects will be classified under Plus. Therefore, if you are looking for a Plus flat, there will likely be a greater number of them launched in latter parts of the year.

Let’s go over these projects, as well as their location attributes and unit mixes.

Kallang Whampoa – 800 units

Source: HDB

This project is located within the upcoming Tanjong Rhu area, which saw its first BTO flats in the June 2024 BTO launch. Similar to the previous project in this area, we expect this to be a Prime project.

There will be a mix of 2-room flexi, 3-room and 4-room units, typical of Prime projects.

Located a 7-minute walk from Tanjong Rhu MRT station, the main Plus point of this project would be the easy, sub 10-minute commute to the Central Business District (CBD) via the Thomson-East Coast Line. Additionally, the higher floor units will have access to views of East Coast Park facing the south, as well as downtown and the Marina Reservoir to the north-west.

Additionally, there are plans to construct amenities to transform Tanjong Rhu into a new housing estate.

The previous projects at Tanjong Rhu received 3,963 applicants for 1,296 units, with a 2.1 first timer and 22.3 second-timer application rate for 4-room flats, which make up a majority of these Prime flats. We can expect to see similar demand for this project, following the success of the prior launch.

It is also worth noting that singles will be able to apply for 2-room units here, following the change in policies allowing singles to apply for Prime location 2-room flats that took place in the October 2024 BTO launch.

While the application rates for the exercise have yet to be revealed, it is likely that there is a strong and healthy demand for these Prime 2-room units, due to the oversubscribed nature of the flat type.

Queenstown – 1,110 units

Source: HDB

The other likely Prime project in this launch is this Queenstown BTO project, offering 2-room flexi, 3-room and 4-room units.

Off the bat, we can expect a much stronger demand for this project among Prime flat buyers as compared to the Tanjong Rhu development. This is due to Queenstown being a mature estate – looking at the map we can see that the project site is surrounded by amenities, such as a neighbourhood centre and library nearby.

Another major Plus for this site is that it falls within the 1km priority enrolment distance for both Queenstown and New Town Primary Schools. Compared to the Tanjong Rhu project which does not have the same benefits, couples planning to have kids are likely more inclined to apply for this project, especially given the lengthy 10-year minimum occupation period that they are obligated to stay for.

The previous BTO project that took place at Queenstown was Holland Vista, which saw a staggering 2,233 applicants for 228 4-room units. This consisted of a 6.6 application rate for first-timers, and 72.8 for second-timers.

We can expect a strong demand for this project, given its proximity to the nearby MRT station, as well as the access to nearby primary schools and a variety of amenities. This extends to the 2-room flexi units, where singles are likely to be drawn to the central location and conveniences.

Woodlands – 1,540 units

Source: HDB

This BTO project, which happens to be the largest among the February bunch, is located in Woodlands North, in the Marsiling area, and near the causeway.

The project will be standard project, offering a mixture of 2-room flexi, 3-room, 4-room and 5-room units.

As the area has yet to be developed, there is a lack of amenities in the area, which affected the application rates for the project in Marsiling during the June 2024 BTO launch. The launch received 581 applications for 429 units for 4-room, and 406 applicants for 362 units in 5-room.

The project is about a 5-minute walking distance from Woodlands North MRT station once walkways are paved, which will grant commuters a direct line into the city centre, albeit with a commuting time of about 45 minutes.

Given the large number of units available, there should be muted demand for this project – as it the most undeveloped and far out location of all the launches.

If you are looking to increase your chances at securing a BTO, this might be the project to gun for.

Yishun (Chencharu) – 840 and 670 units

Source: HDB

The last BTO launch that took place in this new estate of Chencharu was in the June 2024 BTO launch, which saw 1385 applicants for 420 4-room units, and 1,609 applicants for 390 5-room units respectively.

Being an entirely new housing zone, there are no nearby facilities. The project will come with amenities such as eating houses and shops, as well as a childcare centre. The surrounding area will be redeveloped to introduce amenities like a park, nursing home, and place of worship.

As this development is to be built as part of an upcoming estate, the area currently suffers from a lack of connectivity. It is a 15-minute walk from Khatib MRT station.

We will also see new bus services providing transit options from this estate to other parts of Yishun, providing further access to amenities for residents.

There should be a healthy response for these standard flats, from the positive previous response and the future development plans of the region – something the HDB has promised about in a recent announcement.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

 

The Toa Payoh Lorong 1 GLS site that made headlines when it was awarded a year ago, and will be launched in 1Q 2025, as a condo called The Orie.

The new development will be built in place of an old police compound, which was an iconic structure that’s a key part of Toa Payoh’s rich and colourful history.

The town is one of the oldest estates in Singapore that frequently sees many high value public housing transactions. Despite this, private housing developments in this town are few and far between.

Here are five exciting facts about the estate of Toa Payoh that should convince you that buying a condo here is the right choice!

1. Few Condo Projects in Toa Payoh

If you look at the neighbourhoods of Toa Payoh, you will find that private housing developments in this town are few and far between.

We can count only four private condos: Trellis Towers, Oleander Towers, Trevista, and the Gem Residences with its location in the town of Toa Payoh. An upcoming development, The Orie will launch in early 2025 as the fifth condo in Toa Payoh.

The most recent Toa Payoh launch prior to The Orie is the 576-unit Gem Residences was launched in 2016.

Coincidentally, the site is also located right opposite Gem Residences. Based on a land parcel size of 15,743 square meter (sqm) and a plot ratio of 4.2, the Orie will offer some 777 housing units, making it the largest condominium development in Toa Payoh to date.

Larger condos have their benefits, such as a wider range of facilities, and higher resale transaction volume, which in turn drives prices. 

2. There is a strong HDB market ready to supply upgraders in the area

One of the most interesting things to consider when buying into a project in a high-demand, low-supply area like the Toa Payoh is the potential exit strategy.

Chart 1: Million-dollar flat transactions in Toa Payoh and Bishan (as of Nov 2024)

Source: data.gov.sg as of 4 Dec 2024, ERA Research and Market Intelligence

Firstly, there are many million-dollar flats being transacted in Toa Payoh, and the neighbouring city fringe town of Bishan. These two towns rank among the top 5 HDB towns for million-dollar flat transactions, with 104 and 71 respectively.

Unless drastic cooling measures come into play, this is a trend that is likely to stay in the future, especially as newer flats in these towns remain scarce.

With a short supply of private condo upgrade options in these towns, a new condo development in the area is likely to catch the eyes of some of these million-dollar flat upgraders!

Furthermore, the median resale prices of 4-room and 5-room flats in Toa Payoh are $800,000 and $920,000 respectively, putting prices across the board in the upper percentile of HDB prices islandwide.

Chart 2: Price ranges of HDB flats in Toa Payoh and Bishan (3-room and larger) up to 3Q 2024

Source: HDB as of 4 Dec 2024, ERA Research and Market Intelligence

The high resale price tags that these resale flats go for means that these homeowners will have the capability to upgrade to new condo developments in these areas that they have previously lived in.

3. Mature estate with lots of amenities

Toa Payoh is one of the oldest districts in Singapore, and the second satellite town to be developed by the HDB in the 1960’s.

A major benefit of staying in a mature estate is that they are well developed, and chock full of amenities. One of the best parts about staying in Toa Payoh is without a doubt, the makan available. Just look at the seven hawker centres that are dotted around the town!

1. Toa Payoh Lor 8 Market and Food Centre
2. Kim Keat Palm Market and Food Centre
3. Blk 75 Toa Payoh Lor 5 Market and Food Centre
4. Toa Payoh Vista Market
5. Toa Payoh Palm Spring Market
6. Toa Payoh West Market and Food Centre
7. Toa Payoh Hub

Image 1: Map of amenities located around condos in Toa Payoh

Source: OneMap, ERA Research and Market Intelligence

Alongside the great number of markets and food centres, Toa Payoh’s HDB estates are home to many shops and merchants, offering goods and services such as bakeries, supermarkets, sundries stores and more.

On the horizon is a new integrated development at the site of the old Toa Payoh Swimming Complex. The development will house a polyclinic, sports centre, and library – all directly connecting to the transport hub.

The upcoming integrated development will feature a polyclinic, sports centre, and library – all directly connecting to the transport hub.

This development is envisioned to be an extension of Toa Payoh Town Centre and a lifestyle destination with community facilities and space.

The development of amenities like this shows that despite being a mature estate, there is always room to modernise and improve upon the facilities in these estates and make better use of Singapore’s scarce land space!

4. Proximity to many good schools

Being within close proximity to well-known and reputable primary schools is a major consideration among those looking to purchase a property, particularly HDB upgraders who have (or plan to have) younger children.

There are four primary schools located within Toa Payoh. Some of these schools are well known for the holistic educational experience they provide their students, and for their academic and co-curricular activity performance.

CHIJ Toa Payoh (Primary) is a popular choice, especially among parents who were former alumni of convent schools. Trellis Towers, Oleander Towers, Trevista, and the upcoming Orie will fall within 1km priority enrolment distance of this school.

Pei Chun Public School is another popular primary school, having a strong multilingual focus in their academic program and producing strong national exam results. Gem Residences, Trevista, and the upcoming Orie will fall within 1km priority enrolment distance of this school.

 

Source: OneMap, ERA Research and Market Intelligence as of 4 Dec 2024.

First Toa Payoh Primary School has Gem Residences, Trevista, and upcoming The Orie listed within 1km, and Kheng Cheng School, noted for its strength in chinese performing arts has Gem Residences, Oleander Towers, Trellis Towers, Trevista and upcoming The Orie listed within 1km.

With the intricate feeder bus network in Toa Payoh, students can easily commute to any school within Toa Payoh. This extends to when they graduate and attend secondary schools in the town, such as Beatty Secondary School, Raffles Girls School and CHIJ Toa Payoh Secondary.

5. City fringe region with good connectivity

It comes without question that the connectivity and location of Toa Payoh is excellent, being a city fringe region, located in the RCR.

Image 4: Map of Toa Payoh’s MRT stations near condos

Source: OneMap, ERA Research and Market Intelligence as of 4 Dec 2024.

Residents of Toa Payoh will have access to two nearby MRT stations on the North South Line, Braddell and Toa Payoh. Toa Payoh MRT is also integrated with Toa Payoh hub, which features many dining options, shops and the bus interchange. With access to the North South Line, Toa Payoh is just 6 minutes from Orchard, and 13 minutes from Raffles Place MRT, two major interchanges in the City Centre.

Also providing accessibility options via the Circle Line and Thomson-East Coast Line is Caldecott MRT, located in Toa Payoh West. Caldecott is notably 10 minutes from the work nodes in Buona Vista and one-north.

Toa Payoh is also well connected via the PIE and CTE, for those who drive as their primary form of transportation.

In the coming years, a new interchange station will be opened at Ang Mo Kio, just 5 minutes away. This will comprise the new and upcoming Cross Island Line, further opening connectivity options to other regions of Singapore.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

For Singaporeans, the Executive Condominium (EC) presents an opportunity to enjoy all the benefits of a private property: owners get to enjoy all of the prestige, privacy, and facilities associated with a typical condo, but at a more accessible price point

The EC housing concept is unique to Singapore, and was introduced in 1995, to “satisfy the demands of those who aspire to own private property but cannot afford to do so”. This enables ‘sandwich-class’ Singaporeans to achieve their aspiration of owning a private home. To balance cost and affordability, many new EC projects are located in young housing estates.

That said, there are several catches. EC buyers are subject to a monthly household income cap of $16,000 and a mandatory Minimum Occupation Period (MOP) of 5 years. Even so, after fulfilling the MOP, owners can only sell their EC to Singaporeans and Singapore Permanent Residents.

ECs can eventually be sold to foreigners, but only after they become fully privatised after a 10-year period. This degree of resale flexibility is a significant reason why ECs are such a useful asset and a fantastic choice for a first home.

Given the higher price point compared to HDB flats, most EC purchasers fall within the monthly household income bracket of between $14,000 and $16,000. This group of buyers does not qualify for Build-to-Order (BTO) flats, and has to either explore resale HDB flats or private homes as alternatives.

Naturally, this makes ECs an attractive option, which may prove to be a wise move for both asset appreciation and overall liveability. For first-time HDB homebuyers, purchasing an EC also grants them greater ease of securing a unit due to priority allocation.

Given their more attractive price point compared to private homes, many EC projects witnessed a strong sales rate during their debut. Recent EC launches, such as Altura and Lumina Grand, achieved 61% and 53% sales respectively over their launch weekends.

Previous EC owners have benefited from the capital appreciation, but the landscape is changing

Over the years, EC owners have continued to reap handsome profits, benefiting from rising home prices. For EC projects completed in 2013, owners who sold after 5 years achieved a median profit of $142,000. In contrast, owners of EC projects completed in 2019 who sold at the 5-year mark saw a remarkable median profit exceeding half a million dollars. While past EC owners have clearly benefited from significant capital appreciation, the landscape is changing.

Table 1: Median EC Gross Profitability Comparison by Year of Completion and Holding Period

Source: URA, ERA Research and Market Intelligence *Grey cells indicate less than 30 transactions recorded.

Rising Land Cost and EC prices – Does buying an EC still make economic sense?

Amid rising land costs for ECs, driven by both their popularity and limited land sales where only two to three plots are released each year, developers are presented with a unique challenge.

And that is to price their offerings within an affordable range for EC’s buyers whose mortgage loan eligibility are capped by the 30% Mortgage Servicing Ratio (MSR) framework and income ceilings. When combined, both these frameworks will limit buyers’ affordability due to the caps placed on loan quantum, and subsequently, the maximum property value that buyers can finance.  

Chart 1: Land Cost vs Median Sale Prices of ECs (by launch year) since 2022

Source: URA REALIS as of 25 Oct 2024, HDB, ERA Research and Market Intelligence

EC Is Still More Attractive Amid Widening Price Gap with OCR New Homes

Even as EC prices continue to climb, the price gap between ECs and new non-landed private homes in the Outside Central Region (OCR) has been steadily widening over the last three years, as the latter record a faster rate of appreciation. In 4Q 2021, the price gap between a new EC and an OCR new home was $388 psf. As of 3Q 2024, this difference has soared to $710 psf.

Chart 2: Median EC and OCR new home prices

Source: URA, HDB, ERA Research and Market Intelligence

Keeping EC price quantum palatable for first timers

To keep the price quantum within an accessible range, developers have focused on offering more flexible and efficient layouts that allow homebuyers to enjoy the best use of their space. By doing so, this allows developers to keep the price quantum palatable for most buyers.

For instance, first-time buyers, who are typically young couples prefer compact unit layouts that make daily maintenance more manageable, particularly for two working adults. At the same time, they want the flexibility of space to accommodate gatherings at home. For these buyers, the trade-off of a lower price quantum for a smaller unit is often seen as worthwhile.

New ECs Make Upgrading Effortless for Second-Timers

Separately, for HDB upgraders, or second-timers, there are even more compelling reasons to consider a new EC. Firstly, upgraders are exempted from having to pay the Additional Buyer’s Stamp Duty (ABSD), since they will need to dispose of their HDB flat within six months of receiving the keys to their new EC.

Next, second-timers can also take advantage of the Deferred Payment Scheme (DPS), which, although costing 2-3% more, allows them to defer the balance of 65% until the EC achieves the Temporary Occupation Permit (TOP). The final 15% will then be payable upon the Certification of Statutory Completion. This scheme helps second-timers avoid maintaining two mortgages while waiting for the completion of the new EC.

With the ability to plough their sale proceeds from their HDB flats, second-timers are more likely to be going for the larger 4- or 5-bedroom units.

Developing Townships Provide Valuable Exit Strategies for EC Homeowners

As mentioned, ECs are usually built within developing townships, providing prospective homeowners with a viable exit strategy should they ever plan to relocate after fulfilling the MOP.

To put things into perspective, there have been five ECs launches in the Tengah and Bukit Batok planning areas, with the most recent being Novo Place. These EC projects are located in close proximity to the Jurong Lake District, which is set to transform to the largest business district outside the Central Business District over the next decade. Buyers will stand to gain a first-mover advantage benefit from growth, better connectivity and more amenities in the future.

Additionally, since these ECs are located near the new Tengah estates, there is a large captive pool of HDB upgraders once they complete their MOP.

New ECs offer affordability and deferred payment schemes, which are especially appealing for first-timers and upgraders looking to maximise space and value. However, many of these projects are locate in up and coming estates, which tend to be on the outskirts of Singapore.

So, for homebuyers who place a premium on prime locations and central convenience, resale HDB flats—despite their rising price tags—can often be the more attractive choice. This brings us to the key question: Should you opt for a million-dollar HDB flat instead of new ECs?

New EC or Million-Dollar Resale HDB: Which Is the Better Choice?

To put it simply, location is the answer. The largest advantage of resale HDB flats, and the reason that people are willing to spend upwards of a million dollars on them is due to the ability to purchase an HDB flat in centrally located areas.

Moreover, they are able to purchase larger units in these areas (5-room or executive apartments) for a similar price quantum as the typical entry price for an EC. This is a core reason why we see so many million-dollar flat transactions in city fringe areas.

On the other hand, ECs are found in locations further from Central Singapore, typically in up-and-coming housing estates. Despite so, these ECs are often located within walking distance to MRT stations and will benefit as the neighbourhood infrastructure grows and mature.

Another important consideration will be that resale flats come with shorter lease tenures that could limit the loan-to-value limits and loan tenures, whereas new ECs come with a fresh 99-year lease. Buying older flats may also come with other hidden costs from hefty renovation cost to poorly maintain external facades which are difficult and near-impossible to rectify. 

So, Is Buying a New EC the Right Move?

To sum it up: ECs are a flexible private property that both the Singaporean first-time buyer and second-time upgrader should strongly consider if they meet the financial requirements.

They feature functional layouts for a variety of family sizes, are growing increasingly more convenient in location, and provide a family with privacy, exclusivity, and access to condominium facilities.

Furthermore, with many ECs situated in up-and-coming housing estates near areas poised for significant transformation, homeowners could benefit from a viable exit strategy should they need to shift in the future to match their families’ changing housing needs. Given their many positives, buying an EC is undoubtedly the right move for any savvy Singaporean property buyer.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Pine Grove is a private residential estate located in the Ulu Pandan neighbourhood, in the Rest of Central Region (RCR) district 21. The estate was initially populated by landed houses, before condominiums started being built there in the 1970’s.

In 1977, Ridgewood Condominium was built next to the site of the Singapore American School, with Pandan Valley following in 1981. To this day, these condos are still popular and enjoy price growth, with resale prices of condos showing a 39% median price growth across the past decade.

One of the key reasons why homebuyers are drawn towards the Pine Grove estate is its exclusivity. Pine Grove is a low-density private enclave, and is elevated overlooking the surrounding greenery of Clementi Forest, and the low rise Holland Road estate.

What’s There in the Private Housing Market?

Pine Grove has been an established private housing estate for almost 50 years. Many of the condos there are getting old – in fact only 4 out of the 15 condos in the Pine Grove area have been launched after 2000.

Table 1 and Image 1: Condos around Pine Grove

Source: ERA Research and Market Intelligence

With no new launches in the area past 2013, the private property market in Ulu Pandan has seen lukewarm activity. This can be attributed to a variety of reasons, such as a reluctance/lack of urgency on the part of homeowners to sell their home, as they might encounter difficulty in finding a replacement home in the same area. This applies to both condo owners, as well as landed homeowners that might be looking to right-size.

A Tale of Two New Launches

However, in recent years, we saw the sale of two land parcels at Pine Grove, which is set to rejuvenate the quiet private housing market there, riding on the back of the HDB developments in nearby Ulu Pandan.

In 2022, Pine Grove GLS Parcel A saw a competitive bidding process which saw five developers particpating. Ultimately, it was awarded to a joint venture between UOL and Singapore Land Group who edged out the others by a razor-thin margin of $800 – talk about an exciting narrative!

Fast forward to a 2023 where the eventual project was launched as Pinetree Hill, a 520-unit high-rise condominium. As of October 2024, Pinetree Hill has sold about 72% of its units slightly a year after its launch.

In November, we can expect to see the launch of a second condominium at Pine Grove, named Nava Grove. The development will be built upon the Pine Grove Parcel B GLS site, which was awarded in late 2023 to a joint venture between Sinarmas Land and MCL Land. The highest of three bids placed on the site amounted to about $1,223 psf ppr, about 7.2% lower than that of Pine Grove Parcel A.

So, what makes this pair of projects worth talking about?

Fantastic RCR Location

Both of them sit in D21 in the RCR, but if you take out your pencils and rulers, and start to draw out the planning region boundaries, you would find that they sit literally one road away from the prestigious Core Central Region (CCR).

The estate is also located near great amenities in the nearby areas of Ghim Moh, which has a market and food centre, as well as Holland Village, with shops, a mall, and food centres.

Image 2: Location of Pinetree Hill and Nava Grove

This means that the projects essentially benefit from a CCR location, at an RCR price tag. The Pan Island (PIE) and Ayer Rajah (AYE) Expressways are located 5 minutes away, which connects residents to various commercial and industrial hubs across the country.

The AYE provides a 15-minute drive to the Central Business District, while the Orchard Road district is also accessible via a direct route down Holland Road, reachable in 10-12 minutes.

One-north, another major business district is less than 10 minutes away – one of the most attractive qualities of the development’s location.

Proximity to Henry Park Primary School

Both developments will be situated in 2km of Henry Park Primary School, one of the most prestigious and well-known primary schools in Singapore. It is widely known that families will intentionally move to the Pine Grove, Ghim Moh, and Holland Road neighbourhoods to live near this school.

Being located within a short distance of these schools makes these two projects attractive, a characteristic that is likely to translate well in the resale market.

Attractive Entry Prices and Good Potential Price Growth

The pricing of these two projects is generally safe, compared to other recent RCR projects.

Chart 1: Price ($psf) comparison of new projects in various RCR regions

Source: URA as of 16 Oct 2024, ERA Research and Market Intelligence

The closest comparison on the market currently would be 8@BT, also within D21 in the RCR. Since its launch in late September, 8@BT has transacted at a median price of $2,737psf, compared to Pinetree Hill which has transacted at a median price of $2,453psf since its launch.

Nearby HDB Developments

In 2022, the HDB had announced a plan to develop three housing projects, totalling around 3,000 BTO flats to further develop and rejuvenate the areas surrounding Dover MRT.

These developments will take place directly south of the Pine Grove neighbourhood, and create additional amenities not too far away that residents can enjoy.

Image 3: HDB developments nearby at Dover

In addition to this, after these BTO flats complete their minimum occupation period, their homeowners could look to upgrade and live in the Pine Grove estate. With Pinetree Hill and Nava Grove being the newest projects on the market, and in the vicinity of Henry Park Primary School, these HDB upgraders could be a valuable exit strategy.

With these two projects standing side-by-side, what are the differences between the projects, and more importantly – which should you choose?

Completion Timeframe

With Pinetree Hill launching earlier than Nava Grove, it is highly likely that the project will meet TOP and be completed earlier, allowing you to move in to your new home faster.

Pinetree Hill has an expected TOP in 2027, while Nava Grove has an expected TOP in 2028 – although anticipated completion could fall earlier.

Harmonisation of Gross Floor Area (GFA)

Another key difference between the two projects would be how the harmonisation of GFA affects their pricing and unit layouts. Nava Grove, tendered after the GFA harmonisation would see higher prices per square foot, and will feature more efficient designs.

At the end of the day, whichever your choice might be, there isn’t really a wrong move buying into an established RCR estate like Pine Grove.

Whether your reason to buy your property is for own-stay or investment, the coveted RCR location combined with the development of the surrounding estate and make prospects look promising.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.