Photo: Sengkang of English; Wikimedia Commons
Summary Of Private Property Prices In Novena
District 11 sale and rental prices are among one of the highest in Singapore, as are the Novena sale and rental figures, mainly for the reasons described above. Compared with many other districts, there are many landed properties which can skew the figures if you are only interested in condos. At the other end of the scale, there are also very few properties at the lower end of the scale which would bring the figures down.
Looking at the rental figures, there has been a downward trend. This in all likelihood would have been caused by a couple of factors as well as external economic ones which have affected the market as a whole. New MRT stations are being built in the area (and the North South Corridor). When these were announced, there was a surge in prices for a short period of time before dropping back to previous levels, only for those prices to rise again when the projects were due to open.
The other factor is that there isn’t a constant procession of new developments reaching TOP in Novena or District 11. There are several new ones just around the corner, so do expect those median rental prices to start increasing again once those figures start to count.
Moving on to the median prices for District 11, if you take out the anomaly around the end of 2017, the figures show a slow but gradual increase. The figures for Q1 2019 are $9 psf higher than for Q1 2017, and with those new properties coming onboard in coming years, there is no reason to believe that trend will not continue.