Amid challenges facing Singapore’s private residential market, District 15 shines through as a bright spot. Nestled in the east of Singapore within the Rest of Central Region (RCR), District 15 encompasses the popular neighbourhoods of Katong, Marine Parade and East Coast. It is a coveted mid-tier district outside of the high-end Core Central Region (CCR), which covers prime Districts 9, 10 and 11 as well as the central Downtown Core and Sentosa.

The April 2023 cooling measures, combined with high interest rates and prices, have led to buyers’ demand filtering down to District 15 and rendering it one of the best performing districts in terms of price growth.

All you need is nearby

One of the biggest drawcards of District 15 is its strategic location near the Central Business District (CBD) and Changi Airport, making it ideal for commuters and jetsetters. The new Thomson-East Coast MRT Line (TEL) serving the area enhances accessibility, reducing travel time to key locations. Easy access to major expressways like the East Coast Parkway and Pan Island Expressway further improves the area’s connectivity.

The district boasts an array of amenities. Shopaholics will find paradise in retail malls like Parkway Parade and i12, as well as local markets and boutique stores. Food enthusiasts can embark on gastronomical adventures with diverse dining options, including local hawker delights, famed Peranakan eateries, and international cuisine.

District 15 is also synonymous with coastal living. The nearby East Coast Park is an oasis for relaxation and recreation, offering activities like cycling, jogging and water sports. It provides an urban yet serene and desirable living experience.

Reputable educational institutions in the district, such as Tao Nan School, Tanjong Katong Girls’ School, CHIJ Katong Convent, and Victoria Junior College, offer quality education options for families with school-going children.

Property value appreciation

Singapore’s District 15 has seen a robust appreciation in private home values. The statistics from the Urban Redevelopment Authority’s Real Estate Information System show that the median prices of all non-landed homes in the district increased by a compounded annual growth rate (CAGR) of 6.2% from 2014 to 2023. In the mid-tier RCR, where District 15 is located, median prices rose by 4.3%. JLL Research also shows a continued 4.5% annual price increase for its basket of non-landed resale homes in the East Coast submarket in 2023. While the growth is slower than the 6.2% rise in 2022, it reflects market stability. This district has also outperformed the flat price movements seen for JLL’s baskets of Prime and Central non-landed resale homes in 2023, which were affected by the April 2023 cooling measures.

Despite market challenges such as higher interest rates, cooling measures, and economic uncertainty, District 15’s unique attributes continue to attract buyers and uphold property values. Homebuyers who have been priced out of the CCR are finding District 15 to be a favourable alternative, further bolstering buyer demand and price resilience.

Figure 1: Median price trends of non-landed private homes in District 15 and rest of Singapore’s Central Region

Source: Real Estate Information System (Urban Redevelopment Authority), JLL Singapore Research

Home options abound

District 15 offers a range of property options, including condominiums, mixed-use developments and landed houses, catering to various preferences and budgets of discerning buyers. Quality living spaces are available in developments like Amber Park and Seaside Residences. Notable ongoing residential projects include Grand Dunman, The Continuum, and Tembusu Grand. Upcoming residential projects such as Emerald of Katong and Amber Sea will add to the options available.

Furthermore, the trend towards integrated developments could spur the redevelopment of older buildings such as Roxy Square Shopping Centre into mixed-use projects, combining private homes with amenities and enhancing residents’ convenience and quality of life.

Conclusion

The appeal of Singapore’s District 15, coupled with limited land supply and new development projects, suggests the potential for long-term value growth.

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