More often than not, proximity to the MRT is the main selling point for properties in Singapore. Whether it’s HDB or condo, new or resale property, how far it is from the MRT usually determines its price point.
Just look at the latest new launch condo Pasir Ris 8. Despite its OCR location, 85% of its units have been sold over the launch weekend. The main selling point isn’t just that it will be a mixed-use development; the condo will also be connected to Pasir Ris MRT and bus interchange. Definitely a plus for those who rely a lot on public transport.
And given that resale HDB and condo prices have been increasing over the past year, we thought, why not take a closer look at which areas have the highest increase?
We’ve done an article and an infographic on home prices along the MRT before. So this time, we’re taking into account the median price psf of resale HDB flats and condos within 1km of MRT stations in Q1 and Q2 2021 to see which areas have experienced the highest price increase.
Quarter on quarter increase of HDB resale flat price psf within 1km of MRT stations
After mapping out all the price increases of HDB resale flats within 1km of MRT stations, we realise that there isn’t a major trend. Instead, we see lots of variations in price increase across all MRT lines.
What’s a little surprising is that the price increase is not necessarily higher as we move closer to the city centre. This goes against the notion that centrally-located HDB flats will experience better price appreciation. After all, nearly one-third of the million-dollar flats can be found in the Central Area.
In fact, areas in the city centre may not even experience a price increase. Despite the proximity to the CBD, we observe a price decrease for HDB resale flats around Downtown MRT (-4.6%) and Raffles Place MRT (-1.9%). At the same time, compared to flats across the island, flats here have a high median price psf of around S$600.
Interestingly, there are HDB flats at the furthest end of Singapore that have been experiencing high price increases. For instance, resale flats near Woodlands North MRT and Upper Changi MRT have seen a quarterly increase of 8.9% and 8.3%, respectively.
One thing to note is that flats here generally have a lower median price psf of around S$300 to S$400, so the price increase is more pronounced.
Overall, areas with the highest price increase for HDB resale flats are within a 1km radius of Mount Pleasant MRT (51.2%) and Kallang MRT (40.4%).
Both had a median price psf ranging between S$300 and S$400 in Q1. In comparison, the most significant price drop we notice is around Bright Hill MRT at 9.9%.
[Check out 99.co’s listings of HDB resale flats within a 1km radius of MRT stations here.]
Quarter on quarter increase of resale condo price psf within 1km of MRT stations
Just like what we see among HDB flats, we don’t see any major trends for resale condos within 1km of MRT stations. The price increase varies across all MRT lines, and it’s not necessarily higher as we move closer to the city centre.
And similar to what we see for HDB resale flats, we also see price decreases for resale condos in the city centre, in areas close to Tanjong Pagar MRT, Raffles Place MRT, Downtown MRT and Telok Ayer MRT. The price decrease is even more striking in areas near Marina Bay MRT and Promenade MRT.
At the same time, prices here are still at the higher end of the spectrum, ranging from S$1,900 to S$2,000 psf. That is, apart from resale condos near Promenade MRT, where the median price psf has dropped to S$1,522 in Q2.
Resale condos further out in the suburbs also don’t necessarily have a low price growth. For instance, we notice that resale condos near Admiralty MRT have the highest increase at 29.5%.
Other examples include resale units near Boon Lay MRT and Pioneer MRT. Despite their location, we see a higher price growth in these areas than those near Jurong East MRT and Clementi MRT, which are relatively closer to the city centre. It’s also interesting to see the lower price growth in Jurong East, given that it will be the second CBD here.
We also see a similar pattern on the east side. Areas at the edge near Pasir Ris MRT, Tampines East MRT and Upper Changi MRT have a higher price increase than those near Tampines MRT, Simei MRT and Tanah Merah MRT.
At the same time, resale units furthest from the city centre have lower median price psf to begin with, leading to a higher increase observed. For instance, resale condos near Pioneer MRT and Boon Lay MRT have a median price psf of around S$1,000 to S$1,100. On the other hand, units near Jurong East MRT are around S$1,600 psf, and those near Clementi MRT command around S$1,300 to S$1,400 psf.
Overall, the highest price growth we see for resale condos are for those within 1km of Admiralty MRT (29.5%), Braddell MRT (20.5%) and Khatib MRT (21.1%). The biggest price decreases are for units near Ang Mo Kio MRT (-23.4%), Expo MRT (-20.7%) and Hougang MRT (-23.3%).
[Check out 99.co’s listings of resale condos within a 1km radius of MRT stations here.]
Comparing the price increases of resale HDB flats and condo units
What stands out to us are the similarities in where the price growth (and drop) are at. For instance, we see a price decrease in city centre locations near Raffles Place MRT and Downtown MRT for both types of properties.
At the same time, we notice that the price decrease in the city centre is higher for resale condos. But this can be due to the higher prices for private properties.
Planning to buy a resale flat or condo near the MRT? Let us know your options in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends Do home prices truly decrease as they move away from the city centre? A look at the price psf along MRT lines and 17 condos to watch out for close to the upcoming Thomson-East Coast Line MRT stations.
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The post Which areas along the MRT have the highest price increase in Q2 compared to Q1 2021? (Infographic included) appeared first on 99.co.