When it comes to buying a property, whether it’s buying for personal occupation or investment, it’s wise to pay attention to other things besides the location.
A couple of crucial things to focus on are the upcoming developments and potential appreciation of the area. Because whether you’re a homeowner or an investor, when you decide to sell it in future, you’d want to sell it as high as possible. Making a loss is the last thing you want.
With that, we had our data team crunch the numbers to find out which areas are the most profitable.
To be more specific, we compared the current transacted prices with the previous transacted prices of the same unit to get the median capital gain of the respective areas. The data are also based on the transactions of three property types: HDB flats, condos and landed properties, from January 2018 to 18 November 2022.
HDB flats
For HDB flats, the median capital gains are based on resale transactions compiled from agencies. Based on the data collected, HDB towns with the highest median capital gain are Bukit Timah, Bishan and Pasir Ris.
1. Bukit Timah
Median capital gain: S$154,000 based on 68 transactions
Bukit Timah (the HDB town) recorded the highest median capital gain at S$154,000. At the same time, this median gain is based on 68 transactions. (In comparison, other HDB towns in the data set have generally recorded at least 400 transactions in the last five years.)
This is because compared with other HDB towns, Bukit Timah doesn’t have as many HDB flats in the first place. The area is mostly filled with condos and landed properties, with HDB flats mostly located at Farrer Road, Queen’s Road and Toh Yi Drive.
The scarcity and location of these flats make them even more desirable despite their age, as they’re generally built in the 70s and 80s.
For instance, here’s where you can find maisonettes. One notable transaction in the town is the sale of a 33-year-old HDB maisonette for S$1.28 million in September this year, a record for the HDB town.
And no new flats are available on the resale market in Bukit Timah. The only BTO launch here was for short-lease studio apartments in March 2012, which cannot be sold on the resale market.
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2. Bishan
Median capital gain: S$113,000 based on 413 transactions
The second most profitable HDB town is Bishan, based on 413 transactions in the last five years.
This is not surprising to us, given the popularity of the area due to its central location and number of popular primary schools, such as Ai Tong School and Catholic High School. To get a better chance of securing a seat for their child, families are willing to pay top dollar to buy a home within 1km of these schools.
Besides these schools, Bishan is also home to Raffles Institution and Raffles Girls’ School (Secondary).
It’s also one of the HDB towns that regularly records million-dollar HDB flat sales, with at least one such transaction every month over the past year.
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3. Pasir Ris
Medical capital gain: S$89,694 based on 886 transactions
Pasir Ris appearing on the top 3 is quite surprising to us because it’s not a central location, unlike Bukit Timah and Bishan.
But perhaps what’s drawn buyers to Pasir Ris is the upcoming developments in the area. The most exciting one is the Cross-Island Line which will cut down travelling time to and from Pasir Ris to other parts of the country.
Residents here can also look forward to the upcoming mixed-use development Pasir Ris 8. But unlike a typical integrated development with residential and retail shops, it will also be co-located with Pasir Ris MRT, bus interchange, a polyclinic and childcare facilities.
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Here’s a table of the median capital gains of HDB flats in each HDB town.
| Town | Median capital gain |
| Ang Mo Kio | S$22,000 |
| Bedok | S$40,000 |
| Bishan | S$113,000 |
| Bukit Batok | S$30,000 |
| Bukit Merah | S$56,000 |
| Bukit Panjang | S$67,000 |
| Bukit Timah | S$154,000 |
| Central Area | S$66,000 |
| Choa Chu Kang | S$50,000 |
| Clementi | S$26,000 |
| Geylang | S$35,250 |
| Hougang | S$57,000 |
| Jurong East | S$47,444 |
| Jurong West | S$33,000 |
| Kallang/ Whampoa | S$42,000 |
| Marine Parade | S$37,000 |
| Pasir Ris | S$89,694 |
| Punggol | S$25,000 |
| Queenstown | S$30,000 |
| Sembawang | S$38,500 |
| Sengkang | S$31,750 |
| Serangoon | S$76,000 |
| Tampines | S$65,000 |
| Toa Payoh | S$36,194 |
| Woodlands | S$41,000 |
| Yishun | S$37,000 |
| Overall | S$45,000 |
Source: agencies. These median capital gains are calculated by comparing the latest transacted prices with the previous transacted prices of the same unit, from January 2018 to 18 November 2022.
Condos
For private properties such as condos, the median capital gains are based on transactions recorded in the last five years on URA REALIS.
1. District 21 (Clementi Park, Upper Bukit Timah)
Median capital gain: S$400,000 based on 1,831 transactions
Interestingly, the district with the highest median capital gain for condos in the last five years isn’t one of the prime Districts 9, 10 or 11. It’s District 21. Some would even consider District 21 to fall under the OCR.
Still, District 21 covers Clementi Park and Upper Bukit Timah, which is located right next to the prime area of Bukit Timah.
One likely explanation for the price uplift is the opening of the Downtown Line stations in the area, such as King Albert Park MRT, Beauty World MRT and Hillview MRT, bringing more convenience to residents here. Before the MRT line opened here, the area was practically inaccessible by train.
Another possible reason is that over the last five years, there hasn’t been any new launches that were completed in the area, save for Daintree Residences. This makes resale units here even more attractive.
An upcoming major development in the area is The Reserve Residences at Jalan Anak Bukit. The mixed-use development will be integrated with residential, commercial and a bus interchange, and linked to Beauty World MRT.
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2. District 10 (Tanglin, Holland)
Median capital gain: S$360,000 based on 3,107 transactions
The district with the second highest median capital gain for condos is the nearby District 10. No surprises here because it’s a popular prime area with luxury condos. It’s a top choice for affluent buyers and expats.
For starters, the area offers a mix of nature and city living, with its proximity to Bukit Timah Nature Reserve and Singapore Botanic Gardens, as well as the CBD.
Notably, District 10 is home to top schools such as Hwa Chong Institution and Nanyang Girls’ High School. Meanwhile, Anglo-Chinese School (Barker Road) and Singapore Chinese Girls’ School are located in the nearby District 11.
And for those who prefer international schools, UWC (Dover Campus) and Swiss School are a short drive away.
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3. District 26 (Mandai, Upper Thomson)
Median capital gain: S$316,850 based on 420 transactions
Rounding out the top 3 for condos is District 26. The number of transactions is comparatively lower than the top 2 districts because the district mainly comprises landed housing estates.
One of the attractive features of the area is its proximity to nature, with the district located right next to reservoirs in the Central Water Catchment.
It’s also a residential area that has only recently become connected to the MRT network, with the opening of Springleaf MRT and Lentor MRT of the Thomson-East Coast Line (TEL).
Besides better connectivity, residents in the Lentor area can also expect new commercial amenities in the form of a mall at Lentor Modern.
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Here’s a table of the median capital gains for condos in each district.
| District | Median capital gain |
| 1 (Boat Quay, Raffles Place, Marina) | -S$13,000 |
| 2 (Chinatown, Tanjong Pagar) | S$55,450 |
| 3 (Alexandra, Commonwealth) | S$230,000 |
| 4 (Harbourfront, Telok Blangah) | S$71,040 |
| 5 (Buona Vista, West Coast, Clementi) | S$254,000 |
| 6 (City Hall, Clarke Quay) | S$462,000 |
| 7 (Beach Road, Bugis, Rochor) | S$150,000 |
| 8 (Farrer Park, Serangoon Road) | S$194,500 |
| 9 (Orchard, River Valley) | S$259,200 |
| 10 (Tanglin, Holland) | S$360,000 |
| 11 (Newton, Novena) | S$300,000 |
| 12 (Balestier, Toa Payoh) | S$148,074 |
| 13 (Macpherson, Potong Pasir) | S$145,000 |
| 14 (Eunos, Geylang, Paya Lebar) | S$128,500 |
| 15 (East Coast, Marine Parade) | S$300,000 |
| 16 (Bedok, Upper East Coast) | S$210,000 |
| 17 (Changi Airport, Changi Village) | S$117,392 |
| 18 (Pasir Ris, Tampines) | S$166,848 |
| 19 (Hougang, Punggol, Sengkang) | S$210,000 |
| 20 (Ang Mo Kio, Bishan, Thomson) | S$278,707 |
| 21 (Clementi Park, Upper Bukit Timah) | S$400,000 |
| 22 (Boon Lay, Jurong, Tuas) | S$270,000 |
| 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang) | S$202,844 |
| 24 (Lim Chu Kang, Tengah) | – |
| 25 (Admiralty, Woodlands) | S$154,944 |
| 26 (Mandai, Upper Thomson) | S$316,850 |
| 27 (Sembawang, Yishun) | S$168,200 |
| 28 (Seletar, Yio Chu Kang) | S$184,240 |
| Overall | S$207,000 |
Source: URA REALIS. These median capital gains are calculated by comparing the latest transacted prices with the previous transacted prices of the same unit, from January 2018 to 18 November 2022.
Based on the figures above, District 6 (City Hall, Clarke Quay) has the highest median capital gain at S$462,000. But we don’t consider it in the ranking because the gain is only based on three transactions in the past five years.
A likely reason for the lack of transactions in the area is the small number of developments here, such as One North Bridge and Eden Residences Capitol, in the resale market.
Landed properties
Similar to condos, the median capital gains of landed homes in the respective districts are based on transactions recorded on URA REALIS. The most profitable areas are all in prime locations.
1. District 9 (Orchard, River Valley)
Medial capital gain: S$2,020,000 based on 27 transactions
No surprises here, because District 9 is a prime area and one of Singapore’s most affluent districts.
Properties in the district have continued to hold their value well due to the exclusivity of the area and its proximity to the city centre. This is even more so for landed properties because there are not a lot of landed homes here.
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2. District 15 (East Coast, Marine Parade)
Median capital gain: S$1,620,000 based on 697 transactions
The second most profitable area for landed homes is District 15, a prime area known for its landed housing estates, good food and proximity to East Coast Park.
We think the district is set to become even more attractive to buyers, especially for those who don’t drive. The area will soon be served by the MRT, with the opening of Katong Park MRT, Tanjong Katong MRT, Marine Parade MRT, Marine Terrace MRT, Siglap MRT and Bayshore MRT on the Thomson-East Coast Line.
Not that it really matters to landed home buyers who are more likely to drive, but having an MRT nearby is always a good plus point to have.
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3. District 10 (Tanglin, Holland)
Median capital gain: S$1,539,000 based on 445 transactions
Being one of the most profitable areas for both condos and landed homes, it shows just how popular District 10 is for private property buyers.
It’s worth noting that here’s also where the majority of the good class bungalow (GCB) areas are located, making the area even more coveted for its exclusivity.
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Here’s a table of the median capital gains for landed properties in each district.
| District | Median capital gain |
| 1 (Boat Quay, Raffles Place, Marina) | – |
| 2 (Chinatown, Tanjong Pagar) | S$2,770,000 |
| 3 (Alexandra, Commonwealth) | S$3,540,000 |
| 4 (Harbourfront, Telok Blangah) | S$200,000 |
| 5 (Buona Vista, West Coast, Clementi) | S$1,052,250 |
| 6 (City Hall, Clarke Quay) | – |
| 7 (Beach Road, Bugis, Rochor) | – |
| 8 (Farrer Park, Serangoon Road) | S$1,353,000 |
| 9 (Orchard, River Valley) | S$2,020,000 |
| 10 (Tanglin, Holland) | S$1,539,000 |
| 11 (Newton, Novena) | S$582,000 |
| 12 (Balestier, Toa Payoh) | S$648,000 |
| 13 (Macpherson, Potong Pasir) | S$1,026,250 |
| 14 (Eunos, Geylang, Paya Lebar) | S$1,367,500 |
| 15 (East Coast, Marine Parade) | S$1,620,000 |
| 16 (Bedok, Upper East Coast) | S$931,000 |
| 17 (Changi Airport, Changi Village) | S$632,000 |
| 18 (Pasir Ris, Tampines) | S$786,000 |
| 19 (Hougang, Punggol, Sengkang) | S$1,002,000 |
| 20 (Ang Mo Kio, Bishan, Thomson) | S$1,250,000 |
| 21 (Clementi Park, Upper Bukit Timah) | S$1,195,000 |
| 22 (Boon Lay, Jurong, Tuas) | S$525,000 |
| 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang) | S$687,900 |
| 24 (Lim Chu Kang, Tengah) | – |
| 25 (Admiralty, Woodlands) | S$705,920 |
| 26 (Mandai, Upper Thomson) | S$1,169,444 |
| 27 (Sembawang, Yishun) | S$382,744 |
| 28 (Seletar, Yio Chu Kang) | S$968,000 |
| Overall | S$962,000 |
Source: URA REALIS. These median capital gains are calculated by comparing the latest transacted prices with the previous transacted prices of the same unit, from January 2018 to 18 November 2022.
We don’t include some districts, such as District 2, 3 and 8, in the ranking because they have less than 20 transactions. These areas, especially the city area Districts 2 and 3, do not have many landed houses.
Would you buy a home in any of these districts? Let us know in the comments section below.
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