Singapore Property Hotspots
Prime Districts 9, 10 and 11 are highly sought after by both local and foreign investors, given the area’s close proximity to Core Central Region. These homes are generally considered as the most luxurious and high-end in terms of prestige, price and status.
Over the last few years, demand for luxury homes has tapered off in proportion to foreign homebuyers due the Additional Buyer’s Stamp Duty. ABSD has definitely affected demand from foreign homebuyers as they are now required to pay an additional 15% on the purchase price in addition to the existing 3% buyer’s stamp duty. With falling demand, property developers have priced their current new launched projects more realistically.
A traditionally coveted prime district in Singapore, District 9 comprises mainly Orchard, Cairnhill and River Valley areas. Popular areas high net worth locals and foreign investors buy and invest include Paterson Hill, Cairnhill Circle, Anguilla Park and Scotts Road.
District 10 which consists of Bukit Timah, Holland Road, Tanglin and Farrer Road areas, has a variety of non-landed and landed properties. Foreign expatriates generally favour homes in this district for its close proximity to CBD, established international schools and the Botanic Gardens.
District 11 comprises the Newton, Novena and Thomson areas. These areas appeals to both locals and foreigners due to its central location and connectivity to other parts of Singapore. Novena medical hub and various lifestyle amenities and recreational enclaves also in the area.
If you have a long-term perspective, the limited future supply of available land for development in the prime districts, especially those with freehold tenures, would present good buying opportunity. Owning a home in Singapore’s most coveted prime area remains a goal for many aspiring local and foreign homebuyers.