Singles comprise 40% of Downtown Core residents, with small families also being a common demographic.
Almost half of Singapore’s Downtown area residents are in their 20s and 30s, compared to around 25% of the residents within traditional prime areas, revealed Edmund Tie.
Small families and singles are also common, with the latter group accounting for 40% of the Downtown Core planning area residents.
“A lack of primary and secondary schools in the local area is a possible explanation on why there is a low proportion of families as compared to the traditional prime districts,” said Lam Chern Woon, Head of Research and Consulting at Edmund Tie.
Available ownership data also indicates a higher proportion of Housing and Development Board (HDB) upgraders and foreigners acquiring properties within the Downtown area compared to traditional prime areas.
“One factor attracting HDB upgraders could be that the units in downtown are more affordable due to the smaller sizes,” said Edmund Tie.
Lam noted that the easy access to various F&B, lifestyle, cultural and recreational within the Downtown translates into relatively smaller units as homeowners would typically spend less time in their homes.
Meanwhile, Edmund Tie attributed the higher share of foreigner acquisitions, particularly in 2018 to 2020, to their familiarity with iconic attractions such as Marina Bay Sands, Singapore Flyer and the neighbouring locality.
And while most of the property acquisitions may be for investments, Lam observed a growing trend of owners acquiring properties in the Downtown area for their personal stay.
“They could be young professionals looking for a home offering easy access to their workplaces in town,” said Edmund Tie.
“Retirees looking to downsize from their current larger units could form another potential buyer group, in particular for developments that provide easy access to healthcare services and other amenities.”
Key foreign buyers in Singapore’s Downtown are the Americans and Chinese, it added. Buyers from Indonesia and Malaysia were also active.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
