Median private home prices in Tiong Bahru have risen quite a bit from the beginning of 2018, with a 3.8 percent increase over that period. Prior to that, prices had been steadily increasing, but dipped slightly in the fourth quarter of 2017 due to the festive period, which is a traditionally quiet period for home buying activity.
Private property transaction prices in Tiong Bahru
The most recent private residential project to launch in Tiong Bahru was Highline Residences by Keppel Land. Launched in 2014, the high-end condominium sold all 500 units at an average price of $1,884 psf. The project saw strong demand from buyers and investors due to its prime location near the CBD and proximity to Tiong Bahru MRT station, as well as stronger rental yields.
Private property rents in Tiong Bahru
Meanwhile, median rents of private homes in Tiong Bahru are starting to pick up, hitting a high of $4.14 psf per month in Q2 2018. This is much higher than last year (Q2 2017) when rents were $3.61 psf per month.
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Tiong Bahru is a centrally located mature housing estate with excellent amenities and good connectivity. Demand for properties in the area is set to continue with the development of Outram Medical Campus, which will see more healthcare professionals living in the vicinity. This will further boost property prices and rentals in the area.