As of late May this year, fresh news has emerged that the Singapore Government might consider reviewing or even removing the 15-month wait-out period imposed on private property right-sizers who want to purchase a resale HDB flat.

During a recent visit to the Toa Payoh Ridge Build-to-Order (BTO) project, newly-appointed Minister for National Development Chee Hong Tat told reporters that the authorities would be open to the idea of a rule change “when the situation improves and resale flat prices begin to moderate.”

The 15-month wait-out period was first introduced as a temporary cooling measure in September 2022, aiming to curb demand from private property right-sizers amid rising resale HDB prices. Since then, the HDB Resale Price Index (RPI) has recorded a slower 1.6% quarterly growth in the first quarter of 2025, which Minister Chee pointed out as a possible sign of moderation.

Looking further ahead, the possibility of removing the 15-month wait-out period raises several questions: What could happen to the HDB resale market next? Is the rule still relevant in today’s market? Below, we share some thoughts on these matters.

But first, how did the resale HDB market adjust after the 15-month wait-out period was implemented?

Chart 1: HDB Resale Price Index from 1Q 2023 to 1Q 2025

When examining movements in the HDB RPI after the 15-month wait-out period was implemented in 3Q 2022, it is clear that the rule had a noticeable effect on the secondary market. Although the HDB RPI continued to rise from 168.1 in 3Q 2022 to 173.6 in 1Q 2023, its rate of growth slowed markedly, with quarterly gains shrinking sharply from 2.6% to just 1.0% over the course of six months.

The accompanying decline in resale HDB transaction volumes – from 7,546 to 6,979 units – further supports the notion that the wait-out period had a moderating effect on flat demand from private property right-sizers during this period.

Table 1: HDB Resale Price Index and transaction volume by quarter

However, after the initial 15-month period following the introduction of the wait-out period in September 2022, eligible private property right-sizers were once again permitted to re-enter the secondary HDB market.

This influx of buyers resulted in a noticeable resurgence in both transaction volume and price growth of resale HDB flats. In 1Q 2024, resale transactions increased to 7,068 units, while the HDB RPI recorded a 1.8% q-o-q increase – the steepest quarterly price growth noted since 1Q 2023.

Subsequently, in 2Q 2024, the HDB RPI experienced a further quarterly increase of 2.3%. This is close to the 2.6% q-o-q jump recorded in 3Q 2022, just before the implementation of the wait-out rule.

Chart 2: Volume of million-dollar HDB flats by quarter

This rebound pattern was also mirrored in the number of million-dollar HDB flat transactions – another useful yardstick for assessing the wait-out period’s effectiveness in tempering the resale market.

Following the rule’s introduction, million-dollar flat transactions fell from 111 units in 3Q 2022 to 92 units in 4Q 2022 before staying stable for most of the subsequent quarters.

However, this trend reversed direction over a year later. 1Q 2024 saw the biggest surge in the number of million-dollar flats sold in a quarter, with 183 such transactions—or double the 92 units recorded in 4Q 2022.

This surge in million-dollar HDB resale transactions shows little signs of slowing. As of May 2025, the year-to-date number of million-dollar resale transactions stands at 254 units for 4-room flats and 368 for 5-room flats. This is a notable increase compared to a year ago, with 4-room and 5-room units accounting for 93 and 229 transactions, respectively, from January to May 2024.

Overall, these ongoing increases in both million-dollar HDB flats and general resale prices present a sobering picture: the wait-out period likely experienced peak effectiveness only during its initial 15-month window.

What could happen to the HDB resale market if the 15-month wait-out period is removed?

With the resale HDB market already witnessing a growing number of million-dollar flats, there is little justification for removing the 15-month wait-out period. Doing so would spark a renewed surge in resale HDB prices, thus undermining the rule’s original purpose of keeping the secondary market in check.

Chart 3: Estimated volume of HDB flats that have met or will meet their MOP

Market demand has also outpaced the available supply of HDB flats fresh out of their 5-year Minimum Occupation Period (MOP), leading to more intense competition in the secondary HDB market. This trend coincides with a shrinking number of HDB flats exiting their MOP, which has been steadily declining since 2022.

In 2022, 30,920 flats were estimated to have reached the end of their MOP, but this is expected to fall to a significant low of 6,974 units in 2025. Such a steep step-down in fresh resale inventory will likely exacerbate scarcity and existing price pressures, especially as demand from upgraders and right-sizers remains firm within the secondary HDB market.

At the same time, a growing bifurcation is emerging in the resale market where recently MOP-ed flats in desirable locations are seeing faster price appreciation than their older counterparts. For instance, in popular towns near the city fringe (e.g. Toa Payoh, Central Area), it is possible to see newer 4-room resale flats commanding double the price of older flats of equal size.

Table 2: Unit price appreciation of ‘younger’ and ‘older’ HDB flats up to 1Q 2025

This gap is further accentuated when looking at the annual price growth of HDB resale flats across different age brackets. Based on a year-on-year comparison of average unit prices as of 1Q 2025, younger resale flats aged “15 years and below” and “16 to 25 years” recorded sharper gains, with growth rates of 11.8% ($676 psf to $756 psf) and 12.8% ($547 psf to $617 psf) respectively.

In contrast, older flats in the “26 to 35 years” and “36 to 45 years” categories saw gentler growth, with unit prices rising by 8.2% ($525 psf to $571 psf) and 8.8% ($517 psf to $559 psf) on the year.

In turn, these divergences in pricing and appreciation rates between newer and older HDB flats is likely due to growing homebuyer awareness about lease decay concerns, leading them to opt for newer units even at a premium. This preference is also anticipated to sustain steady price appreciation in the secondary market, even with the slower gains of older flats moderating the appreciation of newly MOP-ed ones.

So, does the 15-month wait-out period still make sense in today’s context?

While its effectiveness has likely waned, the 15-month wait-out period remains relevant for moderating buying activity and keeping resale HDB prices in check. This perspective is warranted as private homeowners will represent a continuous pool for right-sizing and subsequent demand, even with the wait-out period in effect.

In light of current economic uncertainty, there might be a case for increased flexibility. For instance, the Government could consider implementing buying stipulations for private property right-sizers based on lease tenure. In turn, this would involve restricting HDB purchases by said right-sizers to units with shorter remaining leases.

Such a measure could be a potential solution as it would give private homeowners below the age of 55 the opportunity to secure a replacement home without having to complete the wait-out period. But at the same time, this would prevent HDB resale flat prices from rising too sharply as right-sizer demand would be channelled towards older homes with more moderated price growth, rather than recently MOP-ed flats that typically experience faster appreciation.

Addressing resale market pressures will also require meaningful supply-side intervention. For instance, efforts to deliver Build-To-Order (BTO) flats with shorter waiting periods could effectively divert first-timer demand towards the BTO market and away from the resale segment.

When combined with a refined wait-out policy, such housing supply measures should hopefully provide the necessary breathing room for the resale HDB market to maintain stable and sustainable growth in the long term.

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. 

From choosing an HDB or bank loan to deciding between a new launch or a resale unit, today’s homebuyers have no shortage of important decisions to make. Likewise, choosing between a freehold and leasehold property is another key consideration, given the potential bearing on investment yields.

This is due to the unique advantages that freehold and leasehold properties present as investments. Freehold residential properties can be held indefinitely without any expiry date on their lease, allowing owners to retain them as long-term wealth-building assets. Conversely, while leasehold properties offer ownership for a limited period, they often come with lower entry prices that upgraders may find more appealing.

Beyond these distinctions, there is also a common perception that freehold condominiums represent the best option for homebuyers due to their lifetime tenure. However, this belief may not hold true for everyone – particularly homebuyers targeting a medium-term investment window of 4 to 6 years.

In relation to this, a comparative study by ERA Singapore observed that leasehold condominiums are steadily closing the historical profitability gap with freehold homes, driven by the increasing returns of 99-year properties during the aforementioned medium-term holding period.

Chart 1: Median profits of freehold and leasehold residential properties within 2km of selected MRT stations (2017 and 2024)

In 2017, sampled freehold developments located within 2km of selected MRT stations posted a median profit that was 5.9 times higher than their leasehold counterparts. By 2024, this same figure had fallen to 1.1 times, thus reflecting a shrinking gap in profitability.

But what exactly is driving this growing trend? And how might it influence your next homebuying decisions? For more answers and insights, keep scrolling!

Just how close is the median profitability gap between leasehold and freehold condominiums?

To delve deeper into the profitability gap between leasehold and freehold condominiums, we analysed caveat data from non-landed private residential developments within a 2km radius of nine selected MRT stations, focusing on units bought and sold over a ten-year period from 2015 to 2024.

A 2km radius was also chosen to determine which of the selected MRT stations influenced the profitability of developments across a wider neighbourhood rather than only those in the immediate vicinity. This contrasts a 1km radius, which is a better measure for examining how proximity to an MRT station affects profitability.

The selected MRT stations include: 1) Katong Park, 2) Great World, 3) Marymount, 4) Beauty World, 5) King Albert Park, 6) Outram Park, 7) Tampines East, 8) Potong Pasir, and 9) Serangoon.

The study covered 765 condominium developments, excluding Executive Condominiums. 617 have freehold tenure (including projects with leases exceeding 900 years), while the remaining 148 are leasehold developments.

Furthermore, to ensure a meaningful comparison, only developments with at least 30 transactions during the 10-year period from 2015 to 2024 were included in the analysis.

This methodology yielded 7,032 profitable secondary market transactions for further analysis. The leasehold and freehold properties involved in these transactions had median holding periods of approximately 4 to 6 years, aligning with the medium-term investment window.

Additionally, projects located between two MRT stations were assigned to the closest station for analysis. And finally, profitability was calculated based on the net difference between buying and selling prices – this excludes common administrative costs, such as stamp duties and legal fees.

By applying these criteria and analysing relevant transaction data, we uncovered the following insights:

1. The profitability gap between leasehold and freehold properties has been narrowing at a growing pace

Chart 2: Median profits of freehold and leasehold residential properties within 2km of selected MRT stations by year

Based on the data pool of transactions for selected condominium developments, it is apparent that the gap between leasehold and freehold property returns has narrowed significantly.

In 2019, the median profit achieved for freehold condominiums was $242,556, which is $118,568 or 95.6% higher than the $123,988 median for leasehold units. One year later, this margin narrowed sharply to 44.9% in 2020 and has steadily declined since. As of 2024, this gap was just 9.7% – much smaller than the sizeable near-100% difference observed five years earlier.

Chart 3: Percentage gap in median profits of freehold and leasehold residential properties within 2km of selected MRT stations by year

This trend is predominantly driven by the increased volume of secondary market transactions occurring at larger and newer leasehold developments, which subsequently leads to more significant price appreciation.

For instance, Jadescape, a 1,206-unit leasehold mega development that obtained its Temporary Occupation Permit (TOP) in 2023, accounted for the largest share of profitable transactions among condominium developments near Marymount MRT station; this strong performance represents 180 of the 745 successful deals identified among projects in the vicinity.

A similar outcome was observed for Treasure at Tampines, another large-scale leasehold condominium project comprising 2,203 units that also achieved its TOP in 2023. On its own, it accounted for 484 of the 1,157 profitable transactions at condominium developments near Tampines East MRT station.

Both of these examples lead us to our next key observation…

2. Leasehold condominiums near MRT stations in the RCR and OCR saw the greatest overall volume of profitable sales

Given their dominant lead in profitable sales at their respective MRT locations, Treasure at Tampines and Jadescape naturally secured places among the Top 10 projects with the highest number of lucrative secondary market transactions.

At the same time, this underscores another key finding: all of the Top 10 best-performing developments are clustered around MRT stations located in the Rest of Central Region (RCR) or Outside Central Region (OCR).

Beyond Tampines East and Marymount, other stations outside of the city centre – like Serangoon and Potong Pasir – also feature prominently in terms of profitable secondary market transactions; this is evidenced by corresponding developments, such as Botanique at Bartley (TOP 2019) and The Poiz Residences (TOP 2019), emerging as standout performers.

Table 1: Top-performing condominiums within 2km of selected MRT stations by volume of profitable transactions

This exceptional performance by newer leasehold developments is noteworthy, as it was achieved despite the significantly smaller number of leasehold projects compared to freehold developments in the study (148 vs. 617).

In addition to their newer completion status and convenient access to their respective MRT stations, the success of these top-performing leasehold developments is also linked to their location within popular residential areas. Due to the availability of desirable neighbourhood amenities nearby, such as shopping centres and popular primary schools, RCR and OCR leasehold projects tend to draw substantial HDB upgrader demand. This, in turn, fuels both transaction activity and price appreciation.

Likewise, buyer priorities may have played a role in shaping leasehold demand and price growth too. For instance, families opting for leasehold properties near popular primary schools may view their decision as a strategic medium-term investment, with tenure taking a backseat to the chance of being placed in a desired educational institution.

3. Freehold condominiums saw higher overall median profitability at more MRT locations than leasehold projects

Table 2: Median profits and transaction volume of freehold and leasehold residential properties within 2km of selected MRT stations

Although leasehold developments accounted for a larger share of profitable transactions, freehold properties were observed to deliver higher median profits across more MRT locations.

Out of the nine stations studied, six saw freehold properties nearby delivering fatter median profits compared to their leasehold counterparts. This trend was particularly notable for stations in city-centre locations that also saw fewer new launches. For example, near Outram Park and Great World City MRT stations, freehold properties achieved median profits of $230,000 and $350,000 respectively; this far exceeds the $93,600 and $107,000 recorded for leasehold equivalents nearby.

Conversely, leasehold properties experienced higher median profits at ‘mass-market’ locations such as Potong Pasir and Serangoon, where a larger volume of newer leasehold projects may have resulted in more transaction activity, and hence, stronger price growth.

So, what do these findings mean for the private residential market and homebuyers?

While the freehold-leasehold profitability gap may narrow further in the future, the real certainty lies in how supply dynamics will continue to influence price movements for properties of both tenure types.

On one hand, the release of more Government Land Sales (GLS) sites is expected to drive continued price growth in leasehold properties. New projects in popular areas like the future Bayshore estate and Chuan Grove are likely to spur higher transaction volumes, which would further support the price appreciation of leasehold developments in these neighbourhoods.

On the other hand, freehold properties may experience sharper price growth in the near future due to supply-side constraints. With fewer en-bloc opportunities coming to market, the scarcity of freehold redevelopment sites is expected to limit future supply. Such an outcome would result in fewer buying opportunities, and quite possibly, bigger gains for freehold property owners.

Given these equal likelihoods, the wisest course of action for today’s buyers is to base their purchasing decisions on their investment goals, rather than attempting to time or predict the market.

Ultimately, those seeking a legacy asset for future generations should find freehold properties more appealing, given their immunity to lease decay. This characteristic alone makes freehold properties ideal for long-term holds over a decade, making them relevant to buyers prioritising asset preservation and intergenerational wealth transfer.

Conversely, investors targeting medium-term horizons of 4 to 6 years may find leasehold properties more appealing – especially those in suburban locations earmarked for development under URA’s Master Plan. As amenities, connectivity, and commercial offerings improve in line with planned developments, leasehold properties in these areas or estates may see increased transaction volumes and greater resale potential in the foreseeable future.

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. 

This article was first published on EdgeProp, featuring expert insights and opinions from Mr. Marcus Chu, CEO of ERA Singapore, ERA Asia Pacific & APAC Realty.

With 29 years of experience in real estate, including four years as the CEO of ERA Singapore, I have had the unique opportunity to witness firsthand the numerous transformations that have influenced Singapore’s real estate scene.

下文由ERA公关经理岳开新翻译

拥有一套公寓是许多本地人的追求，购房者被其良好设施、现代化便利以及黄金地段所吸引。尽管购房成本不菲，但其潜在的回报通常能证明其物有所值。

2024年，私宅价格指数持续稳步上升，全年同比增长3.9%。一方面，这意味着购房者的入场成本更高，但同时也表明市场依然活跃，未来的投资回报前景乐观。

为了验证这一趋势，并考虑到 卖方印花税（SSD） 的影响，我们筛选出了 2024 年盈利交易量最高的公寓项目，这些项目的持有期均不超过 四年。

以下是去年各个地区利润最高的公寓数据。

核心中央区（CCR）利润最高的项目

#1：纽顿铜源

CCR中排名第一的是纽顿铜源，这座豪华公寓位于第9邮区，去年共有 16 笔盈利交易。由于该项目 2023 年刚获得临时入伙准证（TOP），在转售市场上更具吸引力，特别受到 偏好全新即刻入住 的买家青睐。

这一趋势也在数据中得到验证：16 笔盈利交易中，有 10 笔为楼花交易（sub-sale），表明买家愿意支付额外溢价，以换取即刻入住的便利。

#2：绿墩雅苑

紧随其后的是绿墩雅苑，共 13 笔盈利交易。这些交易全部为楼花交易（sub-sale），因为项目已于 2023年第四季获得TOP。

项目的亮点不仅仅是交易量，其中 一个四卧房单位（带私人电梯，1496 平方英尺）更是 创下了 CCR 最高盈利纪录，利润达 115 万元。

此外，绿墩雅苑的 最低盈利单位利润（9万2000 元） 也高于其他项目。这可能因项目的位置位于绿墩岭（Leedon Heights）高端住宅区，并且属于永久地契。

#3: The M

排名第三的是The M，这个99年地契的高端综合开发项目位于密陀路（Middle Road），去年共录得 10 笔盈利交易。

The M 的价格增长主要因其优越的地理位置和便利性，项目坐落在第7邮区，靠近武吉士（东西线、滨海市区线）、政府大厦（南北线、东西线）和滨海中心（环线）三大核心地铁站。

此外，The M 还受益于政府推动武吉士地区转型的政策，使其成为中央商务区延伸区的一部分，这进一步提升了项目的吸引力。

值得一提的是，第7邮区近年来迎来了多个新项目，为地区注入了活力。例如，双景岭（Duo Residences）和 City Gate 等优质项目，这也有助于The M 自 2020年推出以来 的价格增长。

其他中央区（RCR）利润最高的项目

#1: Penrose

PENROSE 位于 第 14 邮区，去年共录得 98 笔盈利交易，成为 RCR 表现最亮眼的公寓项目。该项目位于 沈氏通道（Sims Drive），靠近 巴耶利峇A（Paya Lebar）商圈。

Penrose 的强劲盈利能力得益于近五年前具有竞争力的开盘价格。2020年，第14邮区新项目的中位数单位价格约为 每平方英尺1666元，而 Penrose 的开盘价格仅为每平方英尺1547元，这一价格优势为早期买家提供了更大的升值空间。随着整体房价上涨，他们也享受了更高盈利。

此外，Penrose 靠近阿裕尼（Aljunied）地铁站，再加上“活力加冷总蓝图”（Kallang Alive Master Plan） 规划带来的潜在升值空间，让这个项目未来的增长前景更加看好。

#2：鑫悦府

鑫悦府是去年 RCR 表现第二佳的公寓项目，共有 60 笔盈利交易。这主要因其强劲的租赁投资潜力以及综合型大型开发项目的定位。

除了 1862 套私宅单位，鑫悦府还有 八个商业单位，这为居民提供了便捷的生活设施，提升了整体居住体验。

租赁吸引力方面，项目靠近多个重要商业区，其中包括科学园（Science Park）、丰树商业城（Mapletree Business City）、纬壹（one-north），这里是集生活、工作、娱乐和学习于一体的未来产业园区。

这些因素共同增加了鑫悦府的租赁需求及长期投资价值，使其成为 RCR 区内最具吸引力的项目之一。

#03 顺福轩

顺福轩在2024年以54笔盈利交易名列三甲。这个99年地契的项目位于顺福路（Shunfu Road），于 2023年获得TOP。

除交易量突出外，项目在今年 1月也因一笔创纪录的顶层单位（Penthouse）交易登上本地新闻头条，该单位为卖家带来了 440 万元 的惊人利润。此外，一个 2098 平方英尺的五卧房豪华单位也在转售交易中获得106 万元的可观收益。

顺福轩一系列的高盈利交易，再加上优越的地理位置，如靠近玛丽蒙（ Marymount） 和 汤申上段（Upper Thomson） 地铁站，以及碧山—汤申（Bishan-Thomson）区域），使项目成为RCR 最具投资价值公寓之一。

中央区以外（OCR）利润最高的项目

#1: 聚宝园（Treasure at Tampines）

因聚宝园是新加坡霸级规模私宅之一，共2203 个单位，所以去年获得 OCR 最高的转售交易量并不令人意外。其中，有197 笔交易实现盈利，利润介于 2万5000元 至 98万1000元。

这座 99年地契的私宅位于 淡滨尼巷（Tampines Lane），地理位置优越，毗邻多个重要设施和交通要道，其中包括淡滨尼圆巴刹与熟食中心（Tampines Round Market & Food Centre）、泛岛高速公路（PIE）和淡滨尼南高架桥（Tampines South Flyover）。

此外，聚宝园的便利性进一步提升了房价的增值潜力。居民可以方便前往淡滨尼广场（Tampines Mall）、世纪广场（Century Square）和东福坊（Eastpoint Mall），这些商场距离公寓仅约 1 公里，为他们提供了丰富的购物、餐饮和娱乐选择。

#2: 锦泰门第（Parc Clematis）

尽管锦泰门第位于西部的第5邮区，地理位置上与东部第18邮区的聚宝园几乎成犄角之势*，但它们的多个相似处，推动其房价增长。

首先，锦泰门第作为霸级项目，同样受益于规模优势。公寓拥有1450 个单位，这类大型项目通常有更高的交易量，从而可推动房价稳定上涨。

此外，锦泰门第优越的地理位置 也是吸引买家的重要因素之一。项目邻近多个设施，其中包括金文泰地铁站、金文泰广场（Clementi Mall）、NEWest、君超广场（Grantral Mall）。

同时，项目也靠近亚逸拉惹高速公路（AYE），出行便捷，可快速抵达莱佛士坊（Raffles Place）、珊顿道（Shenton Way）及滨海湾金融区（Marina Bay Financial District）等重要商业中心。

#3: 悦湖苑 

榜单中前两名均为霸级项目，位居季军的悦湖苑 也不例外，共1410 个单位，原址曾是中等入息公寓（HUDC）Florence Regency，它于2014年私有化，并于2017年集体出售。

悦湖苑 距离后港地铁站仅约 600 米，步行 约5 分钟，预计这可让项目在即将到来的 跨岛线（Cross Island Line，简称CRL）中受益。

当 跨岛线第一阶段于2030年通车后，后港地铁站将成为换乘枢纽，连接 跨岛线与东北线（North-East Line，简称NEL），这将极大提升悦湖苑居民出行的便利性，同时，提高其长期增值潜力。

我们可从上述盈利交易中了解到什么？

对这些按盈利交易项目进行深入分析，可以得出以下几个重点：

首先，即使持有期较短（四年或以下），房产仍能带来可观回报。

这一趋势在刚获得TOP的私宅中表现的尤为明显。这些房产可立即入住且全新，吸引了大量买家，从而推动了更高的盈利交易量。

这种现象在其他地区也均有所体现，去年盈利的转售项目中，楼花交易比例高于普通转售交易，进一步印证了新TOP项目的投资吸引力。

其次，同一地区中，大型综合开发项目（Mega Developments）在价格增长方面往往优于中小型项目。

这主要是两个关键因素：大型综合开发项目可提供的多样化户型选择以及庞大的单位供应量，这通常会产生更多的交易，从而带动销售，并实现更高的资产增值。

那么，如果您正在考虑在大型综合开发项目中购置新房，或者计划在 2025 年购买任何新推出的项目，欢迎查看我们整理的2025 年新楼盘详情。

此外，您也可以随时联系 ERA Trusted Advisor，获取量身定制的房产推荐，满足您的住房需求和偏好！

 

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。

Owning a condo in Singapore is often aspirational, with many homebuyers drawn to the unbeatable mix of ample facilities, modern amenities and prime locations that such dwellings offer. These perks come at a cost, but the potential rewards do justify the investment.

In 2024, the private residential price index continued its steady climb, maintaining the momentum of past years with a 3.9% year-on-year increase. Although this uptick translates into pricier purchases for potential buyers, it also reflects a thriving market with promising opportunities for future returns.

To support this view, we have identified condo developments with the highest volume of profitable deals in 2024, based on a collective pool of 1,445 money-making properties with holding periods of four years or less (i.e., an optimal window for benefiting from Seller Stamp Duty exemption while achieving quick gains). Below are key details about these moneymakers in each region, along with bite-sized insights into their successes.

Best-performing Core Central Region (CCR) projects with the most number of profitable deals

Table 1: CCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

#1: Kopar at Newton (16 profitable transactions in 2024)

Taking the top spot within the CCR with 16 profitable transactions is Kopar at Newton, a luxury condominium located in District 9. Fresh from obtaining its Temporary Occupation Permit (TOP) last year, Kopar at Newton enjoyed an advantage in the sub-sale market, being particularly appealing to buyers who value newer, move-in-ready homes over resale properties in the same vicinity.

This preference becomes apparent when looking at the numbers: Among Kopar at Newton’s 16 profitable transactions, ten were sub-sale deals, which demonstrates the willingness of buyers to pay for the convenience of immediate occupancy.

#2: Leedon Green (13 profitable transactions in 2024)

Moving down the list, Leedon Green took second place in the CCR with 13 profitable deals, all of which were sub-sales due to its TOP attainment in 4Q 2023. The development also stood out for achieving the highest absolute gains among all regions, with a luxury 4-bedroom unit + private lift (1,496 sq. ft) raking in an impressive $1.15M profit.

In the same vein, Leedon Green’s smallest recorded profit of $92,000 also exceeds the baseline for absolute gains made at other top-performing CCR developments on this list; this may well be due to the development’s location within the prestigious Leedon Heights area and its freehold status in the CCR.

#3: The M (10 profitable transactions in 2024)

Coming in third, with a total of ten profitable transactions, is The M – a premium 99-year leasehold, mixed-use development located on Middle Road. Given its address in District 7, much of The M’s price appreciation can be attributed to its premium location and convenience.

To begin with, the development is located near not one but three key MRT stations: Bugis (East-West, Downtown Lines), City Hall (North-South, East-West Lines), and Esplanade (Circle Line). Likewise, The M also benefits from the Government’s ongoing efforts to transform the surrounding Bugis area into an extension of the Central Business District, which contributes to the desirability of its homes.

Additionally, in recent years, District 7 has also seen various new developments breathing new life into the area. As such, successful projects within the area, like DUO Residences and City Gate, may have also contributed to The M’s price growth since its initial launch in 2020.

Best-performing Rest of Central Region (RCR) projects with the most number of profitable deals

Table 2: RCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

#1: Penrose (98 profitable transactions in 2024)

Within the RCR, Penrose secured the top spot for the best-performing residential development, achieving 98 profitable transactions last year. This 99-year leasehold project is situated at Sims Drive, offering a convenient location near the Paya Lebar Precinct and within the broader, desirable District 14 area.

Penrose’s strong profitability may also be traced back to its competitive launch pricing nearly five years ago. In 2020, while the median unit price of new launches in D14 stood at $1,666 psf, the equivalent for Penrose was $1,547 psf; this made the project a compelling value proposition in D14, while also providing first movers a higher margin for appreciation as home prices grew in the area.

Likewise, Penrose’s proximity to Aljunied MRT station, as well as the potential upside from the Kallang Alive Master Plan in the nearby Kallang district, also bodes well for future growth.

#2: Normanton Park (60 profitable transactions in 2024)

Recording a total of 60 profitable transactions last year, Normanton’s Park’s success as a top performer can be attributed to various strengths, including its strong potential to generate passive income through rentals, as well as its status as a mixed-use mega development.

Beyond its 1,862 residential units, the development also features eight commercial units, providing residents with a level of doorstep convenience. As for its leasing viability, Normanton Park is also located in the vicinity of various business nodes, including Science Park, Mapletree Business City, and one-north, which is a live-work-play-learn district of the future.

#3: Jadescape (54 profitable transactions in 2024)

Securing its position as the RCR’s third best-performing condo, Jadescape recorded 54 profitable deals last year – a strong showing for this 99-year leasehold project at Shunfu Road that reached TOP status in 2023.

However, Jadescape’s success isn’t limited to just its volume of money-making transactions. Just a few weeks ago, in January, the development made local headlines following the lucrative sale of a penthouse unit, which netted its sellers a record profit of $ 4.4 million. Likewise, a 2,098 sq. ft. five-bedroom suite also sold for a remarkable $1.06 million profit in a resale transaction.

This string of successes, combined with Jadescape’s attractive locational attributes (e.g., proximity to Marymount and Upper Thomson MRT, as well as the Bishan-Thomson area) cements its status as one of the RCR’s most lucrative projects.

Best-performing Outside Central Region (OCR) projects with the most number of profitable deals

Table 3: OCR condominium projects with the greatest number of profitable transactions that have holding periods of no more than 4 years

#1: Treasure at Tampines (197 profitable transactions in 2024)

Considering that Treasure at Tampines holds the distinction of being among the biggest condo developments in Singapore with 2,203 units, it comes as no surprise that it also clocked the most secondary transactions in the OCR last year – of which 197 were profitable with gains ranging from $25,000 to $981,000.

This 99-year leasehold development along Tampines Lane is also located within close proximity to key amenities and roadways, including the iconic Tampines Round Market and Food Centre, the Pan Island Expressway, and the Tampines South Flyover.

Further contributing to Treasure at Tampines’s convenience (and hence, price growth) are the retail, dining, and entertainment options available at Tampines Mall, Century Square, and Eastpoint Mall, which are roughly 1 km away from its doorstep.

#2: Parc Clematis (92 profitable transactions in 2024)

Though they are situated in districts at almost opposite ends of Singapore, Parc Clematis (District 5 in the west) and Treasure at Tampines (District 18 in the east) share a fair number of commonalities that have contributed to their success.

Like its counterpart, Parc Clematis status as a mega-development lends well to its price growth. In total, the development consists of an impressive 1,450 units – a feature that often translates into higher transaction volumes and a steadier pace of price appreciation.

Additionally, as expected, Parc Clematis offers convenient access to a range of neighbourhood amenities, including Clementi MRT Station, Clementi Mall, NEWest, and Grantral Mall. Its close proximity to the Ayer Rajah Expressway (AYE) also ensures connectivity via car to key destinations across the city, including Raffles Place, Shenton Way, and the Marina Bay Financial District.

#3: The Florence Residences (87 profitable transactions in 2024)

Given that the preceding top performers on this list are both mega-developments, it is hardly unexpected that The Florence Residences is also one. Comprising 1,410 units, this project sits on the former site of Florence Regency – a Housing and Urban Development Company (HUDC) flat that was privatised in 2014 and later sold en bloc three years later.

Moreover, The Florence Residences is just a 5-minute walk (approximately 600m) from Hougang MRT Station, positioning it to benefit significantly from the upcoming Cross-Island Line (CRL). This is the case, as once Phase 1 of the CRL launches in 2030, Hougang MRT Station will become an interchange linking the CRL and the North-East Line, thereby enhancing both the convenience and long-term growth potential of The Florence Residences.

So, what do all these profitable transactions tell us?

A closer examination of these top-performing projects, ranked by the volume of profitable transactions, reveals several key insights.

For starters, properties can yield favourable returns, even with relatively short holding periods of 4 years or less.

Table 4: Breakdown of profitable secondary market transactions in 2024, by market segment

Looking at the total of 1,445 profitable secondary market transactions, this finding is particularly evident among newly TOP-ed properties, which attract buyers due to their move-in-ready condition and the appeal of a brand-new development. Additionally, this pattern is observable across all regions, as seen by the more significant proportion of sub-sales compared to resale transactions among profitable secondary market deals in 2024.

Second, homes in mega developments have greater potential to outperform smaller developments in the same district in terms of price growth.

In turn, this can be attributed to two key factors: the diversity of unit types available in mega developments and the sheer volume of units on offer. These characteristics typically create more transaction opportunities, thus generating higher sales activity, and ultimately, a comparable or greater rate of price appreciation over time.

So, if you’re considering purchasing a new home in a mega development – or for that matter, any new launch in 2025 – do check out our comprehensive list of new launches taking place this year. Alternatively, feel free to reach out to an ERA Trusted Advisor for personalised property recommendations tailored to your specific housing needs and preferences!

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. 

While it won’t happen overnight, Lentor will eventually shed its image as a quiet district in northeastern Singapore. Recent years have seen the release of multiple Government Land Sales (GLS) sites, which have drawn in developers. Between 2022 to 2024, at least five new residential projects were launched in Lentor, representing some 2,400 new private homes being brought to market.

Table 1: Past and upcoming new launches in Lentor

This steady influx of new housing options, including the much-anticipated launch of Lentor Central Residences this year, highlights the area’s long-term prospects as a liveable location with both green spaces and modern amenities. Even so, the possibility of condo sales in Lentor reaching a saturation point was raised after Lentoria’s debut in March last year.

But is the new launch market in Lentor truly at its limit? Or is there still the potential for fresh inventory to draw interested buyers?

A timeline of new launches in Lentor

In September 2022, the Lentor neighbourhood saw its first launch in Lentor Modern – an integrated mixed-use development with 605 units by Guocoland, which achieved a highly successful take-up rate of 84% on its launch day.

Following that, Lentor Hills Residences was launched in July 2023 nearly a year later. Jointly developed by Hong Leong Holdings, Guocoland and TID, the development sold 298 units (or approximately 50%) of its 598 units during its debut weekend.

Subsequently, Hillock Green (474 units) was launched four months later, followed by Lentoria (267 units) and Lentor Mansion (533 units) in March 2024. While Hillock Green and Lentor Mansion both saw take-up rates of 27.6% and 75% respectively, Lentoria saw a more measured response of nearly 20%.

These varied performances, along with slower reception at a number of more recent Lentor launches, raised concerns about buyer fatigue and market saturation within the area. However, this perspective might not hold true, as there are several reasons suggesting otherwise.

Why Lentor’s new launch market hasn’t reached its limit  

Reason #1: New launches in Lentor, both past and present, have seen strong take-up since their debut

Perhaps the most telling sign that oversupply concerns are unwarranted is the presently low stock of new non-landed private homes in Lentor. Among the five developments that have been launched thus far, Lentor Modern is completely sold out, with another two approaching 100% take-up, namely Lentor Hills Residences and Lentor Mansion.

Table 2: New launches in Lentor and units sold

Meanwhile, despite slower initial sales, both Hillock Green and Lentoria have made significant strides in their sales progress, with 85.9% and 70.8% of their units respectively sold as of 13 February 2025.

Moreover, as of 13 February 2025, 2,318 units or 93.6% of the 2,477 homes launched for sale across the five Lentor projects have already been taken up. Hence, with only a limited number of units left, Lentor’s market has sufficient room for future launches, which will also likely be sustained by the strong buyer demand and interest seen thus far.

Table 3: Breakdown of available inventory at Lentor new launches by room type

A closer look at available condo units in existing Lentor launches also reveals that one- and two-bedders are mostly sold out, with three- and four-bedroom homes making up a larger percentage of remaining inventory.

However, this observation does not suggest a lack of demand for three or four-bedders in Lentor. When looking at relevant unit totals across each development, it becomes clear that a significant portion has already been sold. For example, Lentoria’s 24 remaining three-bedroom units accounts for just 34% of the original supply.

Relating to this, slower sales for larger units can be attributed to buyer behaviour. Aspiring owner-occupiers, such as HDB upgraders, often delay buying their desired three- or four-bedroom units until closer to completion.

By timing their purchases this way, this group of buyers is able to move in faster, avoid paying rent in the interim, and potentially sidestep ABSD, making it a practical and more cost-effective path towards private homeownership.

Reason #2: Stock is low, not just in Lentor but also District 26

Examining the possibility of a supply glut in Lentor through the broader lens of District 26 and its inventory of non-landed private homes (excluding ECs) also reveals that the risk of oversupply is unlikely. With just 2,966 units available as of 4Q 2024, District 26 currently has the third-lowest inventory of non-landed private homes among local districts, thus supporting the view that supply in the area is still tight.

Chart 1: Stock of Non-Landed Private Homes (Excluding ECs) as of 4Q 2024

Reason #3: New homes in Lentor have been moving at a steady pace

Low inventory in Lentor and District 26 aside, yet another indication that Lentor isn’t at risk of oversupply is the steady transaction activity of various new launches in Lentor.

Barring exceptions, such as months coinciding with new project debuts or seasonal slowdowns, sales of new private homes in Lentor have maintained a steady rhythm.

Chart 2: Monthly sales of new non-landed private home units for Lentor projects

For instance, in 2024, following the launches of Lentoria and Lentor Mansion in March, overall monthly sales of new condos in Lentor hovered between 50 to 70 units. The only outliers were June and December, when buying activity typically slows down during the school holiday periods – a common trend in Singapore’s property market.

This consistency also suggests that there is genuine demand for new private homes in Lentor, even after the initial surge of excitement generated by new launches. Hence, with fresh inventory set to be introduced in the coming months, it is likely that both buyer demand and new homes sales in Lentor will keep up their momentum.

Why are homebuyers gravitating towards Lentor?

If the past sales performances of the above developments are anything to go by, Lentor is indeed shaping up to become a vibrant residential enclave, capable of drawing in today’s buyers. This naturally raises the question: why?

The answer lies mainly in Lentor’s location within Ang Mo Kio.

Considering its status as a mature estate, a significant portion of Ang Mo Kio’s housing stock consists of older properties, such as aging HDB flats from the 90’s and older condos built in the early 2000’s. Consequently, for aspiring HDB upgraders or landed property right-sizers looking for newer homes, Lentor represents a compelling opportunity of moving into a rejuvenated neighbourhood, while still being close to familiar amenities, schools and healthcare services.

Moreover, the promise of enhanced transport links, such as Lentor MRT station and the upcoming North-South Corridor, further elevates Lentor’s appeal in the eyes of homebuyers. This is in addition to Lentor’s existing connectivity to major arterial roads and expressways, such as the Central Expressway and Seletar Expressway, meaning that residents will enjoy even greater accessibility to the rest of Singapore in the future.

What can homebuyers look forward to in Lentor and District 26?  

Homebuyers keen on purchasing a new private condo in Lentor will be pleased to know that there will be at least one new project making its debut in the neighbourhood this year.

Located within the same residential cluster as its predecessors, Lentor Central Residences is the sixth and newest addition to the area’s diverse lineup of offerings. The 99-year leasehold development comprises of 477 units and shares many of the same locational attributes as nearby developments, like Hillock Green as well as a yet-to-be tendered site at Lentor Gardens.

Proximity to Lentor MRT station aside, Lentor Central Residences is also within reach of various recreational amenities. For instance, residents can easily access green spaces like Thomson Nature Park and sports facilities such as Yio Chu Kang Stadium & Sports Complex.

Additionally, the Lentor area is well-served by reputable schools, including Anderson Primary School, Presbyterian High School, and CHIJ St. Nicholas Girls’ School, making it ideal for families seeking convenience and suitable education options for their children.

Buyers exploring new options in District 26 can also consider the upcoming, but as-of-now unnamed condo project at Upper Thomson Road (Parcel B) estimated to launch in 2Q 2025. The 940-unit development, which will be jointly developed by GuocoLand and Hong Leong Holdings, represents a first-mover opportunity as it sits on the first land parcel to be released for high-rise residential development in the Springleaf precinct.

Could Lentor be at risk of an oversupply in new private homes in the future?

With a growing number of new launches in the area, concerns about a potential oversupply in Lentor might once again be raised down the road. However, for now, the consistent demand shown at new launches strongly suggests otherwise.

So long as future launches are adequately paced to meet current market demand, Lentor is well-positioned to maintain its mass appeal to a wide buyer audience – from HDB upgraders to families seeking new homes – without significant fear of excessive surplus.

Keen on knowing more about Lentor Central Residences or other exciting opportunities in the area? Reach out to one of our ERA Trusted Advisers today for expert insights and all the details you need to make an informed decision!

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. 

Road and street names in Singapore tend to have literal roots. For instance, Temple Street is named after Sri Mariamman Temple situated there, whereas Old Airport Road derives its name from its location near the former Kallang Airport. Naturally, this begs the question: where exactly is the ‘beach’ in Beach Road?

The answer lies within its urban transformation.

Decades later, Beach Road’s evolution is far from complete. Even in the present, new urban projects continue to enhance its unique identity as a downtown junction where modern-day office clusters are juxtaposed against historical conservation areas.

Throughout the course of this ongoing evolution, Beach Road has also been home to numerous cultural and urban landmarks. Over the years, many of them have taken on a new lease of life, either as part of urban rejuvenation efforts or new downtown developments.

Examples include the original buildings of Beach Road Camp (currently preserved as part of the South Beach mixed-use development), as well as the now-defunct Shaw Towers, which itself was built on the site of two former cinemas.

Even more recently, Golden Mile Complex – arguably one of Beach Road’s most iconic developments and formerly ‘Little Thailand’ – was successfully sold en bloc for S$700 million in 2022. This transaction marked the first time a large-scale, conserved strata building was sold in Singapore, while also opening the door for future redevelopment possibilities.

Considering this potential, it’s worth taking a closer look at what Beach Road has to offer –both in the way of its old-world charm, as well as an array of current and upcoming modern developments.

What’s around Beach Road that makes it an ideal live-work-play location?  

In the present day, Beach Road extends across three planning areas: the Downtown Core, Rochor, and Kallang. Threading through Singapore’s commercial city centre and eastern districts, this route enables Beach Road to serve as a gateway to neighbouring locations, while also enhancing liveability within the area.

Road links and public transportation near Beach Road

Heading south from Beach Road’s easternmost junction with Crawford Street, motorists will take only 10 minutes or less to reach the Raffles City cluster.  Alternatively, they can opt for an even quicker drive along Nicoll Highway, which leads onwards into the Central Business District (CBD) via Esplanade Drive and Fullerton Road.

Eastwards, Nicoll Highway also provides a direct route to the Kallang area as well as notable sporting facilities, such as the National Stadium and a number of ActiveSG recreational sports centres. The same can be said for the Singapore Sports School in the future, following its relocation to Kallang as part of the Kallang Alive Master Plan.

Beyond car travel, Beach Road is also served by Singapore’s extensive MRT network. With both Nicoll Highway and Bugis station located within a 500m radius from the centre of Beach Road, commuters can easily make their way down to prominent stops on the Circle, East-West, and Downtown Lines in 10 minutes or less.

Examples include interchange stations, such as Paya Lebar, Raffles Place, City Hall, and Bayfront, which themselves provide access to other MRT lines.

Dining and retail options at Beach Road 

Amongst Singaporean foodies, dining at Beach Road is often synonymous with Thai cuisine, all thanks to Golden Mile Complex’s former identity as ‘Little Thailand’ with numerous eateries serving up authentic fare.

Since Golden Mile Complex’s closure, a handful of these businesses have found new life in Golden Mile Tower and City Gate mall, which are both within the Beach Road locale, as well as Aperia Mall in neighbouring Kallang.

For Singapore-centric hawker fare, hungry diners in the area can head on down to Beach Road Army Market instead. Known to locals and tourists alike, Beach Road Army Market serves up a medley of local delights (think Fried Hokkien Mee, tze char dishes, and more), while also doubling as a shopping spot for National Servicemen in search of military garb and gear.

Meanwhile, regular shoppers can instead turn their attention towards the aforementioned City Gate mall or the Bugis area. The latter is a 5-minute drive away from Beach Road and boasts a wide range of fashion, dining and entertainment options at Bugis Street, Bugis+, and Bugis Junction.

Heritage enclaves and buildings near Beach Road

Flavourful dining and retail experiences aside, Beach Road, and by extension the larger Kampong Glam heritage subzone, also offers a glimpse into Singapore’s rich history.

Bounded by Ophir Road, Victoria Steet, Jalan Sultan, and Beach Road, Kampong Glam was gazetted as a conservation area as far back as 1989. Originally a coastal village where the namesake Glam tribe lived, Kampong Glam eventually grew into a multi-ethnic commercial hub in the late-1900s.

Though no longer a bustling trade centre, Kampong Glam retains much of its historical and cultural significance in the 21^st century. This local heritage is largely reflected by a medley of cafes, restaurants and small businesses operating from conserved shophouses at Haji Lane, Arab Street, Baghdad Street and Bussorah Street, as well as the landmark Sultan Mosque built in the 1800s.

New developments supporting growth

In 2008, fresh attention was brought to Beach Road and the neighbouring Ophir-Rochor Corridor after URA’s announced its then-latest Master Plan. This roadmap envisioned both heritage areas as mixed-use precincts, accompanied by new developments complementing those in the Raffles Place and Marina Bay financial districts.

Additionally, plans to transform the Ophir-Rochor area into a “strategic transport hub” were unveiled – the most notable being the first phase of the Downtown rail line, intended to grant commuters easy access to destinations located within Singapore’s central core.

Since then, these projects at Beach Road and the Ophir-Rochor Corridor have largely taken shape, with South Beach and DUO Residences seeing completion in 2016 and 2017 respectively. The same applies to the Downtown MRT line, which now sees Bugis MRT station serving as a key interchange between city and suburban locations.

Within the broader landscape of District 7, encompassing Beach Road, Rochor and Bugis, recent mixed-use developments with elements catering to the live-work-play concept have also sparked a new wave of transformation.

For instance, Guoco Midtown – which features retail shops, Grade-A offices, and two residential developments (Midtown Modern and Midtown Bay) – has contributed to District 7’s growing appeal. Likewise, the redevelopment of the former Shaw Tower nearby will also inject a fresh stock of premium offices into the area.

Even with these milestones, District 7’s growth story is still unfolding – and its next chapter lies in the transformation of Golden Mile Complex, one of Singapore’s pioneering mixed-use developments.

The Golden Mile Transformation

Located near the fringes of Singapore’s downtown core, between Beach Road and Nicoll Highway, Golden Mile Complex is undoubtedly a local architectural landmark – one with a rich history dating back to the 1970s.

Conceived by Singapura Developments Pte Ltd as a strata-titled residential and commercial project, Golden Mile Complex was completed in 1973 as part of the government’s urban renewal efforts for Singapore’s city centre. This initiative sought to revamp the area, which was once dominated by squatter settlements, into a thriving modern district complementing the CBD.

However, by the 1980s, Golden Mile Complex itself fell into disrepair following Woh Hup’s (Singapura Development’s former parent company) exit from the real estate scene. This gradual degradation eroded the building’s status as a prime development, with many of its original corporate tenants eventually making way for Thai-centric establishments.

Golden Mile Complex’s identity of ‘Little Thailand’ would then persist for over four decades until it was sold en-bloc to the tune of S$700 million in 2022, following its gazettement as a URA conserved building in 2018.

The new owners – a consortium comprising Perennial Holdings, Sino Land, and Far East Organisation – have since pledged to retain Golden Mile Complex’s original façade, including its iconic terraced profile that takes cue from brutalist design.

Moreover, it has been disclosed that the building will be rebranded as ‘The Golden Mile’ following its transformation into a commercial development with brand-new office units, medical suites, and two floors of retail space. Alongside this, a new leasehold condominium named Aurea will also be built, housing 188 units spread across 45 storeys.

What could this transformation mean for District 7 and Beach Road?

Akin to Guoco Midtown’s transformative effect on Bugis, Golden Mile Complex’s revamp is set to usher in a new era of urban growth for Beach Road and District 7 as a whole.

Fresh opportunities for businesses and homebuyers in District 7 

Being the first mixed-use development launched in District 7 since Guoco Midtown in 2021, The Golden Mile and Aurea are expected to draw fresh interest from businesses and homebuyers seeking the rare opportunity to reside within a rejuvenated heritage icon.

Echoing its original intent as a prime mixed-use development in the 1970s, the redeveloped Golden Mile Complex will see it reimagined with 156 office units, bringing its legacy full circle. A new four-storey extension will also be built to house prestigious Crown Offices with panoramic views of the sea and the city.

Past performance of mixed-use developments in District 7

With modern lifestyles in mind, The Golden Mile could be the next success story in a series of mixed-use developments launched in District 7, benefiting from similar desirable traits like greater retail convenience and proximity to the city centre.

Chart 1: Median price performance ($psf) of mixed-use developments in D7

Price growth for past mixed-use developments in District 7 has remained positive from 2021 to 2024. Median unit prices (on a dollar per square foot basis) for these developments have annualised growth rates of between 0.5% to 6.8% across a holding period of three years; this surpasses the performance in District 7, where prices have trended downward over the same timeframe.

Moreover, projects recently completed last year, namely Midtown Modern and Midtown Bay, also saw steeper annual growth over the same period than their predecessors, such as DUO Residences and City Gate. Accordingly, this observation could bode well for Aurea’s growth prospects in the future.

A heritage icon, revived.

Finally, it’s worth highlighting that The Golden Mile marks a new milestone in Singapore’s urban rejuvenation efforts. Unlike previous redevelopment projects such as One Pearl Bank and Shaw Tower which were consigned to history, the transformation of Golden Mile Complex stands out as the first instance of a strata-titled conservation building being modernised yet still preserving its past.

In other words, this presents a “golden” opportunity to live in a revitalised heritage development at Beach Road – one that embodies the best of modern-day living and Singapore’s storied architectural legacy.

Wish to know more about living at Beach Road or at the revamped Golden Mile Complex? Get in touch with an ERA Trusted Adviser today to learn more

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. 

Keep scrolling, because we’ve done the math for you!

It’s often said that location is the most important factor when buying a new home. While that is almost always the gospel truth, price is undeniably the next-most crucial point of consideration for any aspiring homeowner.

Amidst the current market where prices for private properties are on the uptrend, it’s more important than ever to carefully evaluate what you’re able to afford. Naturally, this process warrants checking out the sticker prices for condos (both new and resale), however you’ll also need to account for other considerations – not least your current financial commitments, interest rates, and borrowing limits.

To paint a complete picture, we break down the key factors that’ll determine whether your household income can afford you a condo in 2024, be it from the primary or secondary market.

How much does a condo cost in Singapore today?

Before delving deeper into the numbers, it’s important to note that condo prices can differ significantly across Singapore. This variance hinges on a whole slew of factors: a condo’s size, its proximity to amenities (think schools, malls, and public transport hubs), and of course, a development’s age which will affect the balance lease.

That said, location – or more specifically, the region where a condo is situated – is one of the strongest indicators of how much it’ll cost.

Broadly-speaking, condos in the Core Central Region (CCR) tend to command a higher price than their similarly-sized counterparts in the Rest of Central Region (RCR) and Outside Central Region (OCR); this is mainly due to the proximity of CCR homes to the prime business district, which increases their appeal and market value.

Likewise, RCR properties usually come with a bigger price tag than those in the OCR, as they are more centralised compared to OCR homes.

So, with that in mind, here’s an overview of how much new and resale condos could cost in 2024, based on official median price data from the Urban Redevelopment Authority (URA):

Table 1: Median price of new and resale condominiums by region*

Region	Median Price (New Condo)	Median Price (Resale Condo)
Core Central Region	$1,999,000	$2,486,000
Rest of Central Region	$2,373,000	$1,710,000
Outside Central Region	$1,958,000	$1,400,000

Source: URA, ERA Research and Market Intelligence (*Based on URA data from Jul to Dec 2024)

For purpose of the study, the numbers are rounded up to the nearest thousands.

Based on these figures—plus a few assumptions— you’ll get an approximate idea of whether one of these homes fits within your budget, given your current salary.

How much do you need to make to afford a condo purchase in Singapore?

With the latest prices listed above, determining the salary you’ll need to afford a condo would be a clear-cut process, right? But not quite.

Before diving into the numbers, it’s important to note that there are other considerations at play – and not just the price of your dream condo. For instance, condo buyers must consider the Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) ratio, which will certainly impact their affordability as well as the size of their downpayment.

Hence for simplicity’s sake, here are some assumptions that we’ll be using to guide our calculations and estimates:

1. The buyer(s) has no existing loan obligations, be it a mortgage, car loan or credit loan; this is so that they will be able to maximise the TDSR of 55% for their future home mortgage.
2. The current stress test rate of 4% is applied when determining the maximum loan quantum.
3. Other home-related and/or miscellaneous costs are not factored into the calculation (e.g. stamp duties, legal fees, home renovation/furnishing costs).

Based on median price data of transactions in each region and the pointers above, here’s what you’ll need to earn to afford a new/resale condo in Singapore today…

Table 2a: Approx. income needed to afford a new condo in each Singapore region*

Region	Median Price (New Condo)	Corresponding Size (Sqft)	Approx. Household Income Needed	Approx. Monthly Repayment
Core Central Region	$1,999,000	732	$13,100	$7,200
Rest of Central Region	$2,373,000	904	$15,500	$8,500
Outside Central Region	$1,958,000	743 – 1,012	$12,800	$7,100

Source: URA, ERA Research and Market Intelligence (*Based on URA data from Jul to Dec 2024)

For purpose of the study, the numbers are rounded up to the nearest thousands.

Table 2b: Approx. income needed to afford a resale condo in each Singapore region*

Region	Median Price (Resale Condo)	Corresponding Size (Sqft)	Approx. Household Income Needed	Approx. Monthly Repayment
Core Central Region	$2,486,000	1,281	$16,200	$8,900
Rest of Central Region	$1,710,000	764 – 969	$11,200	$6,200
Outside Central Region	$1,400,000	635 – 1,421	$9,200	$5,100

Source: URA, ERA Research and Market Intelligence (*Based on URA data from Jul to Dec 2024)

For purpose of the study, the numbers are rounded up to the nearest thousands.

For a deeper dive, here are your options…

While the salary figures listed above are a useful starting point for condo buyers, they certainly don’t reflect the full diversity of costs and affordability for private homes in Singapore. To provide a more complete picture, here’s a breakdown of new and resale property prices across regions, paired with various salaries and home sizes.

Chart 1a: New and resale property prices in CCR by size and salary levels (Jul-Dec 2024)*

Chart 1b: New and resale property prices in RCR by size and salary levels (Jul-Dec 2024)*

Chart 1c: New and resale property prices in OCR by size and salary levels (Jul-Dec 2024)*

(*Estimates are based on assumptions of a stress test rate of 4%, interest rate of 3%, TDSR of 55%, LTV of 75%, and a 30-year mortgage loan tenure.)

For example, referencing the chart above, the most affordable new private home under 600 sq ft (i.e. a 2-bedder or smaller unit) in the OCR would cost at least $883,000, while the priciest could reach approximately $1.4M. Correspondingly, you would need an income of about $5,800 to cover the cost of the most affordable option, while the higher-priced unit would require a salary of around $9,200.

As for the RCR, a new private home sized between 600 and 899 sqft (typically a 2-room unit) would cost between $1.38M and $2.7M. This means buyers would need a monthly income of around $9,000 to afford a smaller unit in this range, and approximately $17,600 for a larger one.

Alternatively, if you’re looking to purchase a resale or sub-sale property in the CCR between 900 and 1,199 sqft (i.e. 2- to 3-bedder units), the corresponding price range would start at around $980,000 and could go up to approximately $3.5M. As a result, the salary range needed to afford these properties would be roughly between $6,400 to $23,000.

Salary aside, what else should you take note of when budgeting for a condo?

No doubt, price tags are certainly the top concern on any prospective condo buyer’s mind, but there’s more to the picture than meets the eye when it comes to determining affordability.

As with any property purchase, aspiring condo owners will want to consider their downpayment, which determines their upfront costs. Based on the current Loan-to-Value ratio, which stands at 75%, condo buyers will have to pay up to 25% of their new property’s price initially, of which 5% must be in cash.

The starting cash outlay for condo purchases also consists of stamp duties, such as the Buyer’s Stamp Duty which is computed based on progressive rates. The Additional Buyer’s Stamp Duty may also apply depending on whether buyers intend to purchase an additional private home on top of their existing non-HDB dwelling.

So, is it possible to afford a Singapore condo with your salary?

To put it simply, the answer is a firm “yes”. With proper financial planning and a clear understanding of your affordability range, purchasing a condo in Singapore is certainly an achievable dream.

However, if you aren’t a seasoned buyer, it’s best to seek professional advice to ensure your numbers are accurate and up to date. Once again, keep in mind that while the above estimates are a useful starting point, there are also other factors at play. For instance, fluctuations in loan interest rates or adjustments to debt thresholds (i.e. TDSR) will affect the amount you can secure for a home loan, and thus, the size or type of property you can afford.

Want to get a better idea of your buying power and explore your options for private homes? Be sure to reach out to an ERA Trusted Adviser today and start your journey to condo ownership on the right foot!

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. 

This article was brought to you in conjunction with FRX Capital and ERA Property Megashow – the premier event for discovering valuable investment opportunities in Singapore.

How does the idea of living near a heritage tourist attraction, business hubs with Grade-A offices, and one of Singapore’s largest coastal redevelopment projects sound to you?

If your answer is “Great!” or anything similar, The Hillshore may just be the private residential project to tick all (or most) of the proverbial boxes for your ideal home.

Launched just this year by real estate investment firm and developer FRX Capital, The Hillshore is a boutique development sited at Pasir Panjang in District 5. This places it in close proximity to Haw Par Villa, various business nodes in Singapore’s city core, and perhaps most crucially, the Greater Southern Waterfront, which is part of a larger plan to revitalise “an entire stretch of 120 kilometres of prime waterfront coastline”.

As highlighted during Prime Minister Lawrence Wong’s maiden National Day Rally speech, this transformation will begin in “the West all the way to Pasir Panjang” (i.e., the Greater Southern Waterfront) before “stretching out to the East” where the future ‘Long Island’ is located.

These projects for Singapore’s southern coastline, along with other salient selling points, make The Hillshore a viable option for discerning buyers. So, here’s a ‘tour’ of everything that it has to offer.

Oh, but before that, did we also mention that The Hillshore is a freehold condo too?

Why does The Hillshore’s location offers great accessibility and potential?

1. The transformative potential of the Greater Southern Waterfront

First announced in 2013, The Greater Southern Waterfront will see the rise of a “new major gateway and location for Singapore’s southern coast”. As outlined by the Urban Redevelopment Authority (URA), this long-term plan will see a land mass “three times the size of Marina Bay” being revitalised with more residential options, offices, and recreational spaces.

With specific regards to housing, the biggest transformation along the Southern coastline is undoubtedly the influx of new homes. Over 9,000 HDB and private residences will be built, breathing new life into Bukit Timah.

Additionally, with the relocation of container terminals at Tanjong Pagar, Keppel, and Pulau Brani, as well as Pasir Panjang Terminal by 2027, this will result in an additional 1,000ha of land being freed up for further development. This change could lead to new waterfront residential precincts with lifestyle attractions being built, bolstering the prospects of future capital appreciation for nearby developments including The Hillshore.

2. Proximity to key business nodes in Singapore’s core city and its fringes

As its name suggests, The Hillshore is located near Singapore’s western shores, placing it directly within the boundaries of the Rest of Central Region (RCR) while also granting access to key commercial nodes surrounding its Pasir Panjang address.

For future owners, this locational attribute could translate into two positive outcomes: convenient access to locations with promising job opportunities, as well as a pool of potential renters keen on residing near their workplaces.

Towards the East of The Hillshore, the Alexandra precinct is where Mapletree Business City and mTower (a.k.a. the former PSA Building) are located. Also, with them are major corporations like Google, as well as Government entities such as Singapore’s Ministry of Transport and the Maritime and Port Authority of Singapore.

Likewise, future residents will find the Central Business District accessible, being just a 13-minute drive from The Hillshore. Needless to say, this proximity will make it easy for professionals to travel from their homes to their workplaces in Singapore’s city core.

Over the next two decades, residents at The Hillshore will also stand to benefit from the rise of the Jurong Lake District (JLD). Located 16 minutes away by car, the JLD is poised to become the nation’s largest business district outside of the city core, where flexi-use sites and business parks will be incorporated to form a one-stop commercial centre.

3. A well-connected address with convenient access to public transportation

Apart from the West Coast highway (12 minutes away) and Ayer Rajah Expressway (14 minutes away), which connect The Hillshore to the abovementioned business nodes, future residents will also get to experience convenient access to stops on the Circle Line (CCL).

Thanks to The Hillshore’s location, Haw Paw Villa station is just 500m from its doorstep, allowing residents to enjoy a short commute to key CCL stations like Harbourfront and one-north. In particular, one-north stands out as a destination for working professionals in the tech and R&D sectors due to it being a key science hub in Buona Vista.

Moreover, with the completion of the CCL’s final extension in 2026, the line’s loop will finally be closed, giving residents direct access to even more centrally-located stations, including Dhoby Ghaut and Bayfront.

4. Ample dining and recreational options in the vicinity

In terms of dining options, residents have the choice to explore Pasir Panjang Food Centre, a culinary haven offering a wide variety of local delights just a short walk from the MRT station sharing its namesake. They can also choose to venture to Seah Im Food Centre, a popular lunchtime and dinner spot for residents and workers in the Harbourfront area.

Nature-lovers, on the other hand, will come to appreciate The Hillshore’s proximity to Kent Ridge Park, Pasir Panjang Park and Labrador Nature Reserve. Most notably, a new 2.2km section of Pasir Panjang Park was opened just last year, giving visitors a continuous 17km walking/cycling route along Singapore’s West Coast extending all the way to Jurong Central Park.

5. Though The Hillshore is a boutique condo, it offers a mix of unit options

Among the new developments launched in District 5 between 2023 and 2024, only four have unsold units remaining as of the time of writing. In total, there are just 332 available units between them, with 56 units located at The Hillshore.

Hence, with fewer launches and the limited availability of units in District 5, The Hillshore could emerge as a standout option for condo buyers planning to live in Pasir Panjang – especially those who are interested in exploring different unit types and/or having more options to choose from within a development.

This appeal is further enhanced by The Hillshore’s freehold tenure; a characteristic shared only by one other recent new launch located in the Pasir Panjang subzone. Alongside new commercial and entertainment options brought forth by the Greater Southern Waterfront, this combination could pave the way for future price growth at The Hillshore.

What are the units at The Hillshore like?

Table 1: Unit types available at The Hillshore

Type	Size (sqft)	Starting Price*	Psf starting price*	Total no. of units
2-Bedroom	743	$1,855,000	$2,497	22
3-Bedroom	1,055 – 1,109	$2,628,000	$2,491	27
4-Bedroom (Dual Key)	1,475	$3,808,000	$2,582	3
4-Bedroom (Penthouse)	1,647 – 1,776	$3,968,000	$2,506	7

Source: ERAPro, ERA Research and Market Intelligence (*Data as of 24 Aug 2024)

With only just 59 units across two blocks of five-storey towers, The Hillshore is by definition a boutique development; these smaller-scale residences offer exclusivity and tranquillity, making them attractive options for either young couples, empty nesters/retirees, or even investors who prefer smaller units with higher rental yield.

These demographics are likely to align with the target market for The Hillshore, considering that its unit mix predominantly features two-bedder (22 units) and three-bedder (27 units) apartments, with a smaller number of upscale four-bedroom homes (10 units).

Here’s a closer ‘look’ at what some of The Hillshore’s units are like on the inside:

Two-bedroom units: Suitable for young couples

The Hillshore offers a choice of four two-bedroom unit options: standard two-bedders, premium two-bedders, and penthouse versions of both.

In particular, the Type A1 standard two-bedders may be a draw for young couples seeking a space-efficient, easy-to-upkeep home. With their dumbbell-shaped layout, these 743 sqft units eliminates dead space by having the junior and master bedrooms located on opposite sides of the apartment. In turn, this layout does away with the need for a long hallway, which prevents precious square footage from going to waste.

The Type A1 two-bedders at The Hillshore feature a dedicated kitchen as well, taking the place of hallway meal prep areas found in some two-bedders on the market. This practical inclusion ensures a separate space for food preparation, while also making low-maintenance less tedious by preventing cooking fumes from spreading into other zones.

Three-bedroom units: Suitable for families with children

Compared to their two-bedder counterparts, the Type B1 three-bedders (1,055 sqft) at The Hillshore come with an even greater range of indoor features, making them suitable for three-to-four-person households. These include an additional bedroom, a utility bathroom, as well as a balcony, which bring offer up even greater convenience and comfort.

Though Type B1 units at The Hillshore are missing the dumbbell layout of Type A1 two-bedders, the linear configuration and rectangular shape of their rooms opens up the possibility of creating a considerably more spacious communal zone.

With some renovation, it’s possible to merge the dining area and its neighbouring bedroom (if it isn’t occupied) to form a large, open-plan living area complete with an open-air balcony. However, if a separate space is desired, there’s always the option of transforming the spare bedroom into an amply-sized private study.

Four-bedroom units: Suitable for multi-generational families

Plausibly due to The Hillshore being a boutique development, its four-bedders are all higher-end offerings, with seven out of the ten units being penthouses, and the remaining three being dual-key units that allow for tenant accommodation. These four-bedders command price tags upwards of $3.8M, and possess various features expected of an upscale home able to house multi-generational families.

For starters, the Type B1 four-bedder penthouse units have a floor size of 1,701 sqft, making them at least 60% large.r than their three-bedroom counterparts.

The extra square footage primarily comes in the form of a junior master bedroom with its own attached bathroom, as well as an even larger master bedroom on the upper floor. The latter also comes complete with a walk-in wardrobe and a bathroom spacious enough to accommodate a his-and-her sink configuration.

In addition, a roof terrace adjoining the master bedroom serves as a private patio. Thanks to The Hillshore’s elevated position on a downwards slope, this feature gives occupants a bird eye’s view of the neighbourhood, as well as scenic views of Singapore’s western coast.

The Hillshore: A freehold opportunity offering an elevated living experience

Rooted in the legacy of the renowned Tong Eng Group, FRX Capital has established itself as a nascent real estate firm in Singapore, with a $350M portfolio in property investment and development projects locally and internationally.

Leveraging the extensive domain knowledge and expertise of its founders, FRX Capital is dedicated to offering quality investment opportunities for investors, while also creating valuable real estate assets for buyers. This ethos has culminated in The Hillshore – FRX Capital’s first-ever freehold condominium project, nestled within the serene neighbourhood of Pasir Panjang.

With its strategic location along the Greater Southern Waterfront and bespoke units that reflect comfort, luxury, as well as thoughtfulness, The Hillshore is a compelling choice for aspiring homeowners and discerning investors alike.

Interested in learning about The Hillshore? Connect with an ERA Trusted Adviser today for more information.

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. 

Slightly more than a decade ago, the Urban Redevelopment Authority (URA) released its Draft Master Plan 2013, revealing the then-current blueprint that would guide Singapore’s land use over the next 10 to 15 years.

Within it, several projects were outlined to further anchor Woodlands’ status as an up-and-coming regional hub. This entailed fully transforming the Northern town into a vibrant residential and commercial district, not unlike its contemporaries in the East and West, Tampines and Jurong.

Subsequently, when the curtains were pulled back for URA Master Plan 2014, several exciting projects were confirmed for Woodlands. The core developments include Woodlands Regional Centre, Woodlands Health Campus, as well as new stations on the Thomson-East Coast line.

Ten years on, how have these projects unfolded to shape Woodlands’ identity as a “star destination of the North”?

Woodlands Regional Centre

As part of bigger plans to pair quality living with career opportunities in the North, Woodlands Regional Centre will serve as a cornerstone for the zone’s development. Doing so sets the stage for Woodlands’ emergence as a key location for fostering closer business links with neighbouring Malaysia, as well as the rest of the ASEAN region.

In large part, the decision to make Woodlands Regional Centre a reality is driven by its strategic position near the Johor-Singapore Causeway, granting it the potential to be developed into a vital economic gateway accompanied by housing opportunities in neighbouring areas.

First announced by then-Minister for National Development Khaw Boon Wan, Woodlands Regional Centre is collectively comprised of 100ha of developable land sub-divided into two precincts: Woodlands Central and Woodlands North Coast.

Woodlands Central– A Thriving Community and Business Node

Envisioned as a new lifestyle and commercial hub, Woodlands Central is slated to house a range of office spaces, retail malls, entertainment options, and residential developments.

The precinct’s 30ha teardrop-shaped site also encompasses existing key destinations in the neighbourhood. These include Causeway Point shopping centre, Woodlands Civic Centre, as well as Woodlands MRT station.

To support the residential needs of future residents, Woodlands Central was also announced in 2017 to be one of three towns to receive an injection of new HDB flats. As part of the third phase of the ‘Remaking Our Heartland’ (ROH) programme, Woodlands will see 10,000 new units built at developments sited near Woodlands Central and Woodlands North Coast.

Woodlands North Coast – Housing Precinct and Economic Hub by the Waterfront

Woodlands North Coast, on the other hand, spans across a larger 70ha plot located further up of Woodlands Central, putting it in close proximity to Republic Polytechnic, and more crucially, the Woodlands waterfront. This location positions it as a gateway to Malaysia, while also setting the stage for future coastal residential projects in the neighbourhood.

In 2013, plans for the North Coast Innovation Corridor (NCIC) were announced as well. Stretching from Woodlands to Punggol, this planned commercial belt will see Woodlands Regional Centre coming to the fore as Singapore’s primary business park cluster in the North with the potential to provide as many as 100,000 new jobs upon its completion.

What’s happening at Woodlands Regional Centre presently?

At present, plans to rejuvenate Woodlands Regional Centre are well underway, with several key milestones from its Master Plan already successfully met during the intervening years since it was initially announced in 2014.

Woodlands Central: New office spaces and homes for residents

In 2020, Woodlands witnessed the opening of Woods Square, its first mixed-use development featuring Grade A office spaces. Jointly developed by Far East Organisation, Far East Orchard, and Sekisui House, Woods Square comprises four commercial towers with a total of 494 office units and 39 retail units.

Apart from providing businesses a viable location for setting up branch offices in North Singapore, Woods Square’s debut also complements the Government’s aim to decentralise employment centres by bringing employment opportunities and office amenities closer to suburban towns away from the city core.

Relating to this objective, two Build-to-Order (BTO) projects have already been launched in the Woodlands Central precinct: UrbanVille @ Woodlands (1,785 units) and Urban Rise @ Woodlands (848 units). UrbanVille was introduced during August 2020’s BTO exercise and is expected to be completed by 2026. On the other hand, Urban Rise, launched in December 2023, is slated for completion in 2028.

Woodlands North Coast: Fresh opportunities and infrastructure for businesses

Though it may be some time before Woodlands North sees BTO flats of its own along the country’s northern coastline, the area has experienced growth in other areas, particularly in its industrial capabilities. This progress will contribute to the NCIC’s goal of transforming Singapore’s northern coast into a vibrant commercial hub brimming with new technologies and ideas.

Industrial projects completed by Jurong Town Corporation (JTC) thus far, such as 1 North Coast and 7 North Coast, represent a progressive step forward to realising this vision.

Both developments offer unique advantages for Singapore businesses; while 1 North Coast’s flexible zoning of 30-70% allows for both manufacturing and non-industrial functions to be housed under the same roof, 7 North Coast is optimised to serve as a strategic hub for industrialists operating locally and regionally.

Thus far, notable companies with a presence at Woodlands North Coast include Micron, a semiconductor giant with global reach, and Illumina, a biotechnology firm and manufacturer of DNA sequencing machine technology.

Woodlands Health Campus: A dedicated healthcare complex in the North

In addition to the developments mentioned above, 2014 also marked the announcement of the Woodlands Health Campus—the town’s first-ever public hospital to be constructed on a 7.7ha site near the then-upcoming Woodlands South MRT station.

Plans were laid out for Woodlands Health’s creation to address the healthcare needs for the North Region’s growing population, with a focus on providing access to acute, community, and elderly care services.

Close to a decade later, Woodlands Health welcomed its first patients in December last year. Though only specialist outpatient clinics and a limited number of community hospital beds were made available during the first phase of its opening, the hospital has since fully opened the rest of its facilities as of May 2024, ranging from critical care units to a healing ‘Parkland’ designed in collaboration with the National Parks Board.

Thanks to its interconnected medical spaces, Woodlands Health is able to implement an innovative care model. Such an approach enables patients to access a full spectrum of health services—including medical examinations and rehabilitation—without needing to visit different hospitals for follow-up treatments.

In total, Woodlands Health houses 1,000 acute and community beds, along with nearly 400 beds in its long-term care tower. The hospital’s infrastructure allows it to expand its capacity to up to 1,800 beds in response to future demand and/or bed crunches as well.

Improved transportation links: North-South Corridor and Thomson-East Coast MRT Line

Beyond the improved precincts and healthcare facilities, URA’s Master Plan 2014 envisioned Woodlands as a well-connected regional hub following the development of two key transportation projects: the Thomson-East Coast Line and the North-South Corridor.

A key component in enhancing Woodlands’ transportation network, the Thomson-East Coast Line (TEL) will introduce three new MRT stations: Woodlands North, Woodlands (TEL extension), and Woodlands South.

As of January 2020, all of the abovementioned stations are open to the public. Collectively, these new stops provide end-to-end train connectivity for the entirety of the Woodlands Regional Centre, while also giving residents a new direct route from their homes to the heart of Singapore’s downtown business core.

Similarly, the North-South Corridor (NSC) is set to enhance multi-transport access, offering not just an improved vehicular route, but also a smoother commute for cyclists and pedestrians traveling downwards from the upper reaches of Singapore.

Initially envisioned as the North-South Expressway in 2011, this 21.5km vehicular route was re-designed into its current form comprising a viaduct, a tunnel, as well as ground-level streets. Doing so would allow more space to be allocated towards pedestrian corridors, including footpaths, cycling routes, priority lanes for public transport, and even green community spaces.

At present, the NSC is still under construction and it is slated to open in phases starting from 2027, with the viaduct from Admiralty Road West to Lentor Avenue being the first section to become operational.

Once it’s fully completed, the NSC will streamline travel to and from the city, thus relieving road congestion and improving commute times for residents living in towns situated along Singapore’s North-South transport spine—Woodlands included.

What’s next for Woodlands?

Beyond the projects outlined in past and present Master plans, further developments are on the horizon for Woodlands and its surrounding areas.

For starters, the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) will aid cross-border travel by offering a fast and efficient alternative to the Causeway by end-2026. This new Light Rail Transit (LRT) system connects Woodlands North Station to Johor’s Bukit Chagar Station, and is capable of accommodating up to 10,000 commuters per hour in each direction during peak travel periods.

In 2025, works to expand Woodlands Checkpoint to five times its current size will also commence, bringing it from 19ha to 95ha with redeveloped infrastructure at the Old Woodlands Town Centre. The future extension is set to become fully operational by 2032, contributing to faster customs clearance times, while relieving congestion from high traffic volumes.

Viewed collectively with ongoing Master Plan initiatives, these projects will strengthen Woodlands’ position as the North’s primary regional centre, hence potentially spurring property growth in the area as well.

While Woodlands currently has one of the lowest inventories of non-landed private homes (excluding executive condominiums) among the various planning areas in Singapore as of 2Q 2024, the upcoming launch of Norwood Grand, a 348-unit, 99-year leasehold development, is set to provide a timely injection of brand-new stock in the area.

As such, homebuyers, particularly those keen on a private condo, may find Woodlands appealing as a promising location.

With additional private and public housing, new infrastructure, and transportation upgrades on the horizon, Woodlands is poised for future growth and development in more ways than one.

Not only do these projects aid in unlocking Woodlands’ potential as a highly desirable town for residents, they’ll also set the stage for its eventual transformation into a dynamic industrial hub – one where businesses are able to expand their operations, both within and beyond Singapore’s borders.

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.