The historic Bugis precinct – including Beach Road and Rochor – is transforming into a civic district,
Singapore’s District 7 may soon enter “unchartered territory” and unseat District 9 as the country’s most prime residential area, PropertyGuru has said.
The per square foot price of homes in the Bugis precinct is rapidly increasing, and may soon exceed Orchard precinct levels, it added.
The area is changing from a “history-rich, predominantly commercial precinct” into a “hip and vibrant civic district”.
Move over, Orchard Road – Singapore’s most expensive district may soon be unassuming Bugis.
The firm based its prediction on the asking prices of 200,000 private homes listed on its site by developers and homeowners, as well as a predicted increase in housing supply from upcoming launches.
It used these figures as a gauge of sellers’ sentiments around market demand.
The company said in its 2019 Q3 Singapore Property Market Index, published on Tuesday (Nov 12) that the asking prices of homes in District 7 (Bugis, Rochor, and Beach Road) hit an all-time high this year, driven solely by resale listings.
The median psf (per square foot) price of homes in the district was S$2,467 – a significant increase of 3.2 per cent compared to last quarter, and 10.2 per cent compared to last year.
This is close to the S$2,600 median psf price of homes in District 9 (Orchard), which is considered Singapore’s most prime residential district.
In addition, the S$2,800 psf launch price of Midtown Bay condominium on Beach Road and two more upcoming condominiums on Tan Quee Lan Street and Middle Road were likely to push the Bugis precinct into “unchartered territory” as a prime district, the report said.
“Taking into account the three new and upcoming projects, District 7 looks set to become the most expensive residential district in Singapore… possibly surpassing District 9,” it added.
Bugis was currently being transformed from a “history-rich, predominantly commercial precinct” into a “hip, culturally-rich and vibrant civic district”.
“This, together with developers entering the fray with upmarket and luxury offerings, will soon establish District 7 as a prime district, alongside Districts 9, 10 and 11,”
Districts 10 and 11 comprise Tanglin and Newton respectively.
District 7 has the essential attributes for a good residential property purchase – culturally rich, high rentability and potential for capital appreciation,
Residential properties would also be sought after by buyers and tenants who appreciate an easy commute to the CBD and other parts of Singapore.
With several upcoming enhancements to the Bugis prestinct , future residents of The M can expect a better quality of life living in the vicinity.
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