District 7
In every edition of The PropertyGuru, we’ll be
taking a closer look at one district in Singapore. We’ll be looking at
the key buying factors and identifying properties worth a closer look.
In this edition, Shabnam Muzammil and Nikki De Guzman shine the
spotlight on District 7.
Housing in Rochor is easily recognizable by its colourful buildings.
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| Bugis+ offers a slew of retail options to shoppers and residents of the district. |
District 7 is a colourful kaleidoscope of high-rise office buildings, old-world charm and a retail haven that exists in the form of glittery malls and back-alley street stalls.
The district is served by Bugis, Esplanade, Nicoll Highway and Promenade MRT stations and the upcoming Rochor MRT station.
Speaking to The PropertyGuru, Mohamed Ismail, CEO of PropNex Realty, said that average psf prices for non-landed properties in District 7 fell almost 17 percent from S$1,741 in Q1 2013 to S$1,429 in Q3, “mainly due to the TDSR framework introduced in June this year, which has caused demand to taper especially in the secondary market”.
However, Ismail pointed to a changing tide and feels optimistic about the prospects for this district in the coming year.
The district is served by Bugis, Esplanade, Nicoll Highway and Promenade MRT stations and the upcoming Rochor MRT station.
Speaking to The PropertyGuru, Mohamed Ismail, CEO of PropNex Realty, said that average psf prices for non-landed properties in District 7 fell almost 17 percent from S$1,741 in Q1 2013 to S$1,429 in Q3, “mainly due to the TDSR framework introduced in June this year, which has caused demand to taper especially in the secondary market”.
However, Ismail pointed to a changing tide and feels optimistic about the prospects for this district in the coming year.
“District 7 seems to be turning into a new hotspot with DUO Residences and Concourse Skyline coming up, and the South Beach development also taking shape. The new Downtown Line will be opening soon in the area as well and can be seen as a rejuvenation plan that can offer potential capital gains to excite buyers. And the sustained buying level from the previous months shows that underlying demand for the private housing market is still abundant.”
Ismail explained that buyers have become more selective in their purchases since the introduction of the TDSR and if developers for upcoming new launches in the area are able to adjust their pricing strategies accordingly, “they will certainly reap the benefits”.
Ismail explained that buyers have become more selective in their purchases since the introduction of the TDSR and if developers for upcoming new launches in the area are able to adjust their pricing strategies accordingly, “they will certainly reap the benefits”.
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| DUO, a new integrated project in Bugis by developer M+S is set to transform the area. |
“I foresee that the prime and mid-prime areas (including District 7) will see a more subdued interest compared to other OCR properties due to the general economic uncertainty, and other regulations such as the ABSD and TDSR. The stricter borrowing rules and the longer waiting time for loan approval will see potential buyers taking a much longer time to commit or perhaps even shelving the purchase entirely. Downward pressure is expected to persist on properties with a higher quantum,” he added.
Meanwhile, the integrated development DUO located in Bugis has already received a strong response from over 2,000 prospective buyers who turned up for the preview sales of the 660-unit residential component of the project, held last week. Over 85 percent of the 540 units of DUO Residences released in phase one were sold at an average price of around S$2,000 psf, with the highest psf price achieved at over S$2,600 for a studio apartment for the project which is directly linked to Bugis MRT station via an underground pedestrian link way.
Similarly, connected through a covered walkway to the Nicoll Highway MRT station and located within walking distance to Bugis MRT station is the 99-year leasehold development, Concourse Skyline. With 360 units ranging from one- to four-bedrooms in standard, sky suites and penthouse configurations, the 40-storey development offering panoramic views of the Waterfront Gardens and the Singapore Flyer among others, is sited between Marina Bay and Kallang Bay, two important precincts which are currently undergoing a multi-billion dollar rejuvenation.
Meanwhile, the integrated development DUO located in Bugis has already received a strong response from over 2,000 prospective buyers who turned up for the preview sales of the 660-unit residential component of the project, held last week. Over 85 percent of the 540 units of DUO Residences released in phase one were sold at an average price of around S$2,000 psf, with the highest psf price achieved at over S$2,600 for a studio apartment for the project which is directly linked to Bugis MRT station via an underground pedestrian link way.
Similarly, connected through a covered walkway to the Nicoll Highway MRT station and located within walking distance to Bugis MRT station is the 99-year leasehold development, Concourse Skyline. With 360 units ranging from one- to four-bedrooms in standard, sky suites and penthouse configurations, the 40-storey development offering panoramic views of the Waterfront Gardens and the Singapore Flyer among others, is sited between Marina Bay and Kallang Bay, two important precincts which are currently undergoing a multi-billion dollar rejuvenation.