Properties in these districts saw the highest psf growth in 2017

By EdgeProp Singapore / EdgeProp | March 15, 2018 3:20 PM SGT
 1 of 5
 2 of 5
 3 of 5
 4 of 5
 5 of 5
We all know that Singapore’s private residential property market is picking up, following a second consecutive quarterly increase in the period ended December 31, 2017. So which districts showed the highest growth in the past year?
For answers, we looked at the median psf prices for resale transactions involving non-landed residential properties within each district for the 12 months of 2017, and compared them to similar transactions that took place within the same time period in 2016.
Top 10 districts with the highest psf growth in 2017
Source: URA, EdgeProp
Below are some possible growth drivers:
1) Price recovery at Sentosa Cove condos
Singapore’s district 4, which covers Sentosa Cove, Keppel Bay, Telok Blangah and Mount Faber, has seen a pickup in property prices and transaction volumes in 2017 and this is reflected in its massive annual growth of 19.16%.
Median psf price of private non-landed homes in the upscale district rose from $1,284 in 2016 to $1,530 in 2017, and is catalysed primarily by the price recovery at Sentosa Cove condos.
In an earlier interview, Alice Tan, director and head of consultancy and research at Knight Frank Singapore, noted that overall prices for condos at Sentosa Cove had recovered by 15.9% from 1Q2017 to 3Q2017, to an average of $1,593 psf. Within the same period, transaction volume surged 180% to 31 units, compared with 11 in the first nine months of 2016.
The recent exuberance in the private residential market, as well as record land prices achieved in government land sales...