With a northern expansion, status as a regional centre and close proximity to commercial and industrial hubs, property prices in Tampines look set to appreciate both in the medium and long term.
Summary of HDB and private property prices in Tampines
Median HDB resale prices in Tampines
Resale HDB flats in Tampines have generally become more expensive, especially for 5-room flats. In Q2 2018, the median price of 5-room flats rose 1.66 percent year-on-year to $662,500.
Median HDB rents in Tampines
There has been little movement in HDB flat rentals in Tampines since Q2 2017, with median rental prices staying in the range of $1,700 per month for a 3-room flat to $2,400 per month for an executive flat.
Median private property prices in D18
The median price for private property in Tampines was hovering around $1,000 psf in 2017 before surging to $1,350 psf in Q1 2018, with the launch of The Tapestry by CDL. As of Q2 2018, the median price has declined slightly to $1,100 psf.
Median private property rent in D18
The median rent for private properties in Tampines dropped to about $2.50 psf per month (psf pm) in Q1 2018 but has since increased slightly to $2.55 psf pm in Q2 2018. This works out to be a difference of $50 in monthly rental for a 1000 sq ft condo apartment.
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The government’s plan to further develop the area into a regional hub will see property prices in Tampines increase in the next three to five years.
Young couples and families who work in the East or are considering sending their children to nearby schools, should consider buying a home in Tampines, especially with more job opportunities coming to the area and even more educational institutions coming up.