RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Chart of the Day: Private condo prices in districts 1 and 2 hit historical highs in Q1

The average price in both districts rose to $2,653 psf.

This chart from OrangeTee Research shows that the average price of non-landed new homes in districts 1 (D1) and 2 (D2) has reached a historical high at $2,653 psf in Q1 2018. The price of subsales has also reached a historical high at $2,319 psf in this quarter.

Meanwhile, resale prices held steady at $1,875 psf. OrangeTee Research found out that the prices of homes in districts 1 and 2 are rising faster than prices in other high-end districts

D2 has seen a larger YoY price increase of 14.5% as compared to D1 (5.6%), mainly attributed to projects like Wallich Residence, Icon, 76 Shenton, and Lumiere. "In fact, the second and third priciest homes transacted in the same quarter are from Wallich Residence. The price increase in D1 is mainly attributed to One Shenton and The Sail @ Marina Bay," the firm added.

OrangeTee & Tie head of research & consultancy Christine Sun noted Downtown Core is one of the highest sought-after locations for luxury properties in Singapore. "The business hub at Shenton Way and bright lights of Boat Quay / Chinatown give D1 & D2 a strong appeal. The continuous route along the waterfront that links up the necklace of attractions at the Marina Centre, Collyer Quay and Bayfront offers buyers both panoramic views of the promenade as well as direct access to connecting malls like Marina Bay and Suntec City," she added.

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