Following our breakdown of HDB resale prices by MRT station, we’re back with another map—this time focusing on private property prices (PSF) for condominiums/ apartments located within 500 meters of an MRT station.
This visual overview presents the average price per square foot (PSF) of both new launch and resale condos, based on transaction data over the past six months. It’s a useful snapshot of how private property prices vary across the island, especially in relation to public transport access.
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Data source: Square Foot Research Singapore (based on URA transaction records).
Location Is Important—but Not the Whole Story
It’s no secret that proximity to MRT stations is a major factor influencing property prices in land-scarce Singapore. Easy access to public transport tends to raise demand and, with it, the price per square foot.
But as you’ll see from our map, location alone doesn’t fully explain the price differences between condos near different MRT stations. Here’s why:
1. New Launches Push Up PSF Prices
New launches tend to command a higher PSF due to brand-new facilities, modern layouts, and developer premiums. For example, a new launch condo near a suburban MRT may show a higher PSF than an older resale condo in a more central area.
Because our data includes both new launch and resale transactions, the average PSF near each MRT station can be skewed depending on which type of property was sold recently.
2. Condo-Specific Features Matter Too
Not all condos are created equal. Prices are often influenced by:
- Tenure: Freehold properties usually command a price premium over 99-year leasehold condos, especially in mature estates.
- Facilities: Developments with full suites of amenities (e.g. swimming pools, gyms, concierge services) tend to be priced higher.
- Developer Reputation: Well-known developers can drive interest and pricing, especially for flagship projects.
In short, a condo’s features and status matter just as much as where it’s located.
3. Understanding CCR, RCR, and OCR
To make sense of pricing patterns, it’s helpful to know how Singapore’s private property market is divided:
Core Central Region (CCR)
This includes prime districts like Orchard, River Valley, and Marina Bay. Properties here typically command the highest PSFs, due to their prestige, limited supply, and proximity to the CBD.
Rest of Central Region (RCR)
This “city fringe” area includes locations like Queenstown, Bishan, and Marine Parade. Prices here are lower than CCR but higher than suburban areas, making it popular among buyers who want a balance between accessibility and affordability.
Outside Central Region (OCR)
Covering suburban areas like Punggol, Jurong, Woodlands and Tampines, OCR properties are generally more affordable on a PSF basis. However, new launches in popular OCR towns can still push prices up significantly.
Key Considerations When Looking at PSF Data
This map offers a broad overview of private property prices by MRT station, but it’s important to interpret the data with context. Here are a few key things to keep in mind:
- New vs Resale Mix: Areas with recent new launches may show artificially high PSF averages.
- Project-Specific Factors: A luxury condo and a mid-tier condo beside the same MRT can have vastly different pricing.
- Lease Tenure: Freehold and leasehold units are priced differently, even within the same vicinity.
- Market Timing: Macro conditions such as interest rates, developer discounts, and buyer sentiment play a role too.
Final Thoughts: Use the Map as a Starting Point
This map is meant to be a visual guide, not a valuation tool. It can help you spot pricing trends and identify areas of interest—but it shouldn’t be your only source when making property decisions.
If you’re planning to buy a private property—whether for your own stay or as a long-term investment—be sure to take the following into account:
- Your budget and financing options: Understand your loan eligibility, monthly repayment capacity, and how rising interest rates could impact affordability.
- The area’s long-term growth potential: Look at upcoming infrastructure projects, urban planning initiatives, and whether the location aligns with your current/future lifestyle or investment goals.
- Project-specific features: Beyond location, evaluate the condo’s facilities, unit layout, developer reputation, and tenure (freehold vs leasehold).
- Your broader financial strategy: Ensure the property fits well within your overall wealth plan, considering other assets like stocks, REITs, and retirement goals.
Whether you’re buying your first home, upgrading, or thinking about investing, we believe good decisions start with solid data—but they don’t end there. Dig a little deeper, weigh your options, and make sure it all lines up with your long-term goals. That’s how smart property decisions get made!
