Every Singapore district has its highlights. District 9 has a world-renowned shopping belt in Orchard Road, District 11 has a growing medical hub, and District 14 has Paya Lebar which will be redeveloped as a “highly liveable and sustainable new town”. The list goes on.
So then, what does District 15 have to offer?
Located in the eastern corner of Singapore, District 15 consists of popular enclaves such as Marine Parade, Joo Chiat, and Katong – areas that are both rich in heritage and prime real estate.
However, those aren’t the only features contributing to the appeal of these towns, and also, not the only reasons why you should consider owning a home in District 15.
1. Plans are in place to improve the liveability of District 15
Though all neighbourhoods in District 15 have their own rich history, that’s not to say they aren’t seeing change.
One of the biggest transformations coming to District 15 is the addition of new MRT stations along the Thomson-East Coast Line (TEL) which will bring greater travel convenience to residents in the east. These include Katong Park station and Tanjong Katong station, both located in the larger Marine Parade planning area.
Meanwhile, Marine Parade MRT station, which too is a stop along the TEL, will bring District 15 residents closer to various suburban shopping malls.
Some examples that long-time east-siders will surely identify with are Parkway Parade and i12 Katong Mall – the latter of which was recently reopened in June last year after a two-year revamp.
Also, located in the vicinity of District 15 enclaves is East Coast Park. With a history dating back all the way to the 1970’s, this 15km-long coastline, which is wholly-built on reclaimed land, has long been a favourite weekend destination among Singaporeans who want some sun and sea in their lives.
Given the Government’s proposed “Long Island” plan to marry coastal protection measures with new homes, coastal parks, and recreational spaces, it’s likely that further changes will be coming to the area in the future.
More recent improvements to East Coast Park include Costal Playgrove, a renovated water play area, as well as the construction of a brand-new Cyclist Park.
Completed in 2021, Costal Playgrove is sited where Big Splash once stood, and like its predecessor, has water play areas that bring relief from the heat. On the other hand, the Cyclist Park, which is found in Area D of East Coast Park, has riding paths for both amateurs and professionals.
Though unrelated to either transport or recreation, the redevelopment of Paya Lebar Airbase is another ‘upgrade’ that’ll potentially change what it’s like to live in District 15.
In his 2022 National Day Speech, Prime Minister Lee Hsien Loong shared plans to relocate Paya Lebar Airbase to make way for more housing space, along with the lifting of building height restrictions in nearby towns. These include Hougang, Punggol, and most crucially, Marine Parade, which falls under District 15.
Ultimately, what this could mean for District 15 residents is the modernisation of existing residential properties either through the Selective En Bloc Redevelopment Scheme (SERS) or a private en bloc sale to create taller homes.
2. Returns on private homes in the area tend to outperform the regional average
District 15 may be best known for its coastline and leisure offerings, but what its residents may not be aware of are the relatively high returns that they can earn on their homes.
Considering that District 15 is primarily located in the Rest of Central Region (RCR), per square foot (PSF) prices for non-landed private residential properties in the latter would serve as a fair benchmark for the performance of equivalent property sale prices in the former.
Data from ERA’s SALES+ app shows that there has been a steady rise in PSF prices for both 99-year and freehold RCR non-landed private properties across the last decade.
Between 2013 to 2023, PSF prices for 99-year private homes in the RCR grew by 26.95% whereas those for freehold private homes rose by 10.36%.
In contrast, PSF prices for 99-year private properties in District 15 grew 37.17% across the same period, while freehold private homes in the area rose by 32.89%.
These observations are good cause to believe that present owners of private properties in District 15 will enjoy better-than-usual yields on their real estate sales.
Then what about future owners and developments? There’s the possibility that they too will experience positive outcomes due to further price uplifts from the MRT effect following Phase 4 of the TEL’s opening.
What new condominium launches are there in District 15 for 2023?
With over 40 new launches happening in 2023, there are plenty of options available for home buyers to select from. But for those who are looking specifically for options in D15, here’s a mini-list of upcoming projects to keep an eye out for:
Tembusu Grand
Located in the vicinity of Tanjong Katong and Mountbatten, Tembusu Grand is a 99-year, 638-unit private residence that’s jointly developed by CDL and MCL Land.
A lush green landscape envelops Tembusu’s Grand 19,560 sqm compound, which is within reach of Tanjong Katong MRT station on the Thomson-East Coast Line as well as Paya Lebar MRT station, an interchange situated on both the East-West Line and Circle Line.
The Continuum
The Continuum sits between Haig Road and Tanjong Katong Road, making it an attractive choice for anyone who wishes to settle down in a suburban Singapore enclave.
What’s also notable about The Continuum is that it’s both a freehold development as well as a large project consisting of over 800 units. This bodes well for interested parties, regardless of whether their goal is investment or owner-occupation.
Disclaimer for consumers
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 salespersons accept 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.
