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According to a report by Savills Singapore, the five fastest appreciating private residential developments in the Rest of Central Region (RCR) and Outside Central Region (OCR) have seen an impressive price increase of between 50% to 60% over the past decade.
These notable developments include High Park Residences, Botanique at Bartley, Forest Woods, Artra, and The Clement Canopy. All of these projects are 99-year leasehold properties, with most of them being relatively large developments consisting of 501 to 1,000 units. The only exception is Arta, with 400 units, which Savills classifies as a mid-sized development.
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High Park Residences, located in District 28, tops the list with a 59.1% increase in average psf-prices from $990 psf during its launch in 2015 to around $1,575 psf in 2H2024. The development, comprising apartments and landed homes, is the largest of the five projects.
Next on the list is Botanique at Bartley, which recorded a 47% increase in average prices. It launched in 2015 along Upper Paya Lebar Road with an average price of $1,292 psf. In 2H2024, units at this District 19 development were resold at an average price of $1,891 psf.
Forest Woods, also in District 19, takes the third spot with a price appreciation of approximately 43%. Compared to its launch price of $1,411 psf in 2016, the development achieved an average resale price of $2,017 psf in 2H2024.
Savills executive director Alan Cheong states that empirical evidence shows that mid- to large-sized projects tend to appreciate more in terms of capital value over a 10-year period. However, smaller projects can also offer value for money for those looking for rental returns or long-term personal stays.
He believes that, for investors, timing and choosing the right development is crucial when purchasing a private residential property.
In conclusion, all five projects have seen significant price appreciation, making them attractive options for both investors and homeowners. However, smaller developments may appeal more to those looking for good value, while larger developments offer potential for higher capital gains.