District 1 (Raffles Place) performance over the last 5 years (2021)

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This is the first of a series of posts where we go through all 28 property districts in Singapore and show you the latest statistics for each district.

We’ll go through the average prices in each district, the historical transaction prices and volumes, capital gains and rental yields of various projects and other property market information so that you get a deeper appreciation of the district.

For those who are unaware, URA lists out all 28 postal districts together with their postal sector (which is the 1st 2 digits of the 6-digit postal codes), and general location.

District 1 consists of the locations of Raffles Places, Cecil, Marina and People’s Park.

Average per square feet prices for properties in district 1 based on their age and tenure (freehold or 99 year) is listed below.

Most expensive properties are those that are freehold and less than 5 years old which are priced at S$2,454 psf.

Among 99-year leasehold projects, the most expensive are those that are less than 5 years old at S$2,304 psf, followed by those that are 5-10 years old which is S$1,778 psf and those more than 10 years old which are priced at S$1,629 psf.

There are no uncompleted projects hence no information for that segment.

In terms of price trends, prices of non-landed properties have been largely stagnant.

The latest value in Feb 2021 reads S$1,422 psf, but this is based on only one transaction so is not representative of the entire district.

It’ll be better to look at Jan 2021’s figures which show 16 units transacted at an average price of S$2,064 psf.

Prices have been bouncing in this range since 2013.

In terms of capital gains over the last 5 years, Marina One Residences has seen the largest gain of 8.7%, with latest prices at S$2,458 psf compared to a historical price of S$2,261 psf.

Next in line is People’s Park Complex with a 5% gain.

Only these 2 projects have had a positive gain over the last 5 years.

With just a slight negative return over the last 5 years is The Sail @ Marina Bay with latest prices of S$1,881 psf vs. historical of S$1,887 psf.

At the lowest end, units in Marina Bay Residences have been going for lower than their historical prices at S$2,056 psf vs S$2,595 psf, or a -20.8% discount.

In terms of rental yield, People’s Park Complex has the highest at 4.4%. This is not a surprise given the development’s old age (completed in 1972).

Next is The Clift with a rental yield of 3.6%, which is slightly above the national average of around 3% to 3.5%.

Following that is One Shenton, Marina Bay Residences and The Sail @ Marina Bay at rental yields of 3.4% and 3.1% respectively.

58.5% of the buyers in district 1 are Singaporeans, followed by Foreigners at 19.8% then PRs at 13.8%. Together, these 3 groups from around 82% of all buyers, with the remainder made up of Company and purchasers of “Unknown” origin.

Given district 1’s central location in the heart of Singapore, it is not a surprise that 83% of buyers have a “private” property address in their name.

The priciest project in district 1 is Robinson Suites at an average price of S$2,454 psf. This is followed by Marina One Residences at S$2,447 psf then V on Shenton at S$2,150 psf.

Look out for upcoming posts in this 2021 series where we bring you through all 28 districts in Singapore!

Here are the links for other posts in this series.

District 2

District 3

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