Summary of Tanjong Pagar home prices
Median HDB resale prices in Central Area
Source: HDB
Besides the HDB flats in Tanjong Pagar Plaza, there are not many HDB flats found in the heart of Tanjong Pagar. As such, prices for flats in the central area have been used as a proxy.
Based on data from the limited transactions that took place, prices for 3- and 4-room HDB flats in the central area have been climbing upwards. Prices for 4-room flats have risen from $811,500 in Q1 2017 to $870,000 in Q2 2018.
Median HDB rents in Central Area
Source: HDB
Since Q1 2017, there has been very little movement in median rent for 3- and 4-room HDB flats in Tanjong Pagar. However, it is interesting to note that monthly median rents for 3-room units has dipped slightly by 2.3 percent y-o-y to $2,150, but median rents for 4-room units has inched up by 1.8 percent y-o-y to $2,750.
Median private property prices in Tanjong Pagar
Source: URA, PropertyGuru
Median private property prices have been rising for properties in Tanjong Pagar. In Q2 2018, the median price increased 16.4 percent y-o-y to $2,187 psf.
Median private property rents in Tanjong Pagar
Source: URA, PropertyGuru
Monthly median rent for private properties in Tanjong Pagar inched down from $5.41 psf in Q2 2017 to $5.38 psf in Q2 2018.
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Tanjong Pagar’s location in the central region of Singapore plus its excellent connectivity to all parts of the island makes the condominiums in the area a much sought-after and easy investment choice. As such, condominiums in Tanjong Pagar are likely to hold their value well, especially if they are located around MRT stations.
As for HDB flats, the limited stock will make such units attractive to those who enjoy the hustle and bustle of city living but are unable to afford the higher prices commanded by private housing. As such, prices of such HDB units are expected to continue to increase.
The development of the Greater Southern Waterfront will only make Tanjong Pagar an even more attractive place to live and work. New homes are likely to fetch high prices, but whether prices of existing residential developments will continue to increase will depend on how well the older developments stand up to the competition from the newer developments.
