Most Expensive Districts in Singapore

Well known to all, the island nation of Singapore is small, spanning just 728.6 km², it would only cover 0.59% of New York. Topped with being densely populated, the limited premium real estate parcels are highly sought after, pushing up the prices of homes in certain areas. But what are the main underlying forces that contributed to the desires for these properties and willingness to pay?

In this article, we will go through the most expensive districts in Singapore and try to look into some of the main reasons behind its high prices. 

District 3 – Tiong Bahru, Queenstown

Median price psf (Jan 2021 – Mar 2022): $2,099*

Other than the fact that District 3 is located near to the Central Business District (CBD), Tiong Bahru is one of the oldest estates in Singapore. With many pre-war infrastructures still in use, it has added a sense of nostalgia. The area is also a well liked hangout spot with tons of cafes and restaurants that offer a variety of cuisines spanning from French, Greek to English. There is also a wet market and a hawker centre in the same building, both offering great cheap produce and eats respectively. Residents are also given the convenience of practicing yoga with many studios opened in the area. With all that said, Tiong Bahru can be seen as a self-contained mini city. 

Highline Residences is the latest launch in the area, completed in 2018. The latest resale transaction was a 506sqft residence which sold for $1.086 mil, or $2146 psf. 

District 10 – Ardmore, Bukit Timah, Holland Road, Tanglin

Median price psf (Jan 2021 – Mar 2022): $2,369*

Known to be one of the most affluent residential estates in Singapore, District 10 offers the best of both worlds – closeness to the city and vast amounts of surrounding green space. Many condominiums in the area offer home buyers a freehold tenure which comes with a premium as compared to other leasehold properties within the same area. With numerous amenities, top tier schools, nature reserves, top nightlife spots and even a horse racetrack, it is no wonder that this district is such a sought-after destination for home buyers. The introduction of the Downtown Line has also added another layer of convenience for those living in the area, thus again evidenced by the high price psf. 

The latest launch in District 10 is Park Nova, an ultra-luxury development which made the headlines with only 54 units, targeted at Ultra High Net Worth Individuals (UHNWI). The smallest units start at 1492 sq ft, signifying its perception of luxury living. Current psf prices are going from $3,422 according to listings on PropertyGuru.

District 9 – Orchard, River Valley

Median price psf (Jan 2021 – Mar 2022): $2,526*

Interestingly, District 9 which covers Orchard and River Valley is not the most expensive district. It is, however, still one of the more expensive districts due to its prime location near the city centre. Located in the heart of the biggest shopping belt in Singapore, Orchard boasts an unrivalled retail and dining paradise that offers thousands of lifestyle choices to its residents. The accessibility and convenience are perhaps the biggest reasons for its high price, other than the prestige of owning a city home. 

Over in River Valley, a place many expatriates call home, lies a few condominium developments that offer its residents a stunning view of the Singapore river. Just across the river lies Robertson Quay, a dining nook that offers a variety of cuisines and bars – perfect for a great night out. Nearby, Great World, previously called Great World City, has recently undergone a revamp and now looks completely different offering residents a new set of retail and dining options with a soon to come MRT station on the Thomson East Coast Line. 

The latest launch in District 9 is Irwell Hill Residences, a 99-year leasehold development with 556 units. The smallest units start at 398 sq ft while the penthouse goes up to 2605 sq ft. A unit was recently sold there for $2740 psf. 

District 7 – Middle Road, Golden Mile

Median price psf (Jan 2021 – Mar 2022): $2,639*

District 7 overtook District 9 in 2022 to be the most expensive district in Singapore which may come as a surprise to many. To be more precise, District 7 is 4.47% more expensive than the Orchard area. This displacement did not happen overnight but rather from an accumulation of market forces in the past few years. The main reason as to why District 7’s $psf has increased may be attributed to new launches around the area coupled with the increase of grade A office space. From DUO to The M Condo to Midtown Bay and Midtown Modern, the series of new launches have created a knock off effect on the prices of existing condos in the area, raising it higher at a faster pace. 

The latest launch in District 7 is Midtown Modern, which has added a tremendous 770,000 sq ft of grade A office space to the area. It has also offered 558 99-year lease residential units that start from 409 sq ft. 

However, not forgetting the ongoing plans to revamp Orchard Road into four sub-precincts, we might observe a change in the most expensive district in Singapore.

* excluding executive condos and new sales, taking only resale into consideration

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