Bukit Timah: An Exclusive Enclave

Home to many from the upper echelons of society, Bukit Timah contains a collection of luxurious condominiums, cluster homes, and landed houses. Its Malay name literally translates into English as “hill tin”, although Bukit Timah contains no tin. Rather the locality was named after Temak, a tall rainforest tree found in the area.
Nanyang Girls' High School is in Bukit Timah. Photo credit: Loh Xiu Ruth
Bukit Timah stretches across eight designated sub-zones and 1,732 hectares. The ample space is home to many prestigious schools and houses many exclusive, mega-sized Good Class Bungalows.
According to Edmund Tie & Company (ET&Co), the median prices of detached homes in Bukit Timah have had a compounded annual growth rate (CAGR) of up to 2.5% over the past three to five years, with average annual sales volume of 35 to 55 homes. Median prices for such homes have stayed above the $10 million mark since 2010, and ranged between $11 million and $13 million within the last five years. Given limited new and existing housing supply, these median prices are expected to stay stable in the next five years, with possible low single-digit increases. This is provided economic conditions remain constant.

Primed for premium prices

In 2017, Allgreen Properties bought Royalville, near Sixth Avenue MRT Station, at $1,960 psf ppr and Crystal Tower at $1,840 psf ppr. Both developments are in Bukit Timah. In all, nine local and foreign developers made the bid for Royalville, while 12 developers offered for Crystal Tower. The keen interest reflected bullish developer sentiment towards the Bukit Timah area. In the last five to ten years, nearly one in three transacted apartment units in Bukit Timah were new sales, according to ET&Co’s research.
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