The average price of private condos in the two districts rose 9.3%, faster than the historical high of 6.2% in Core Central Region.
OrangeTee & Tie's latest analysis showed that the home prices in District 1 (D1) and District 2 (D2) outperformed other high-end districts. Based on their analysis of caveats, prices of non-landed luxury homes (Core Central Region) rose 6.2% YoY to a historical high of $2,046 psf in Q1 2018. Comparatively, the average price of non-landed homes in D1 & D2 rose faster at 9.3% YoY to $2,147 psf in the same quarter.
On a quarterly basis, D1 & D2 prices rose 3.5% QoQ whilst other high-end districts saw prices fall, especially in District 4 (2.6% decrease to $1,521 psf) and District 11 (9.6% decrease to $1,646 psf). D1 covers Raffles Place, Cecil, Marina, People’s Park, and D2 covers Anson and Tanjong Pagar.
OrangeTee & Tie also found out that 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.
"Moving forward, we expect prices of non-landed homes in D1 & D2 to continue to rise by about 8-12% this year as more units from Marina One Residences and Wallich Residences are slated to be released in later phases,' Sun said.
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