More Than Just Singapore’s 2nd CBD
The real estate market in District 22 is booming. Here are some market facts you should know:
According to Stacked Homes, District 22 is one of the top 10 districts with the highest PSF appreciation in 2021, with an increase of 9.7% from $1,031 psf in January to $1,131 psf in August.
The reason is that District 22 is home to lots of older and larger residential developments, which may fill the trending need for bigger units. However, there's still a wide discrepancy in demand between Jurong West and Jurong East.
The Private Residential Property Index rose strongly by 10.57% during 2021, sharply up from the prior year's 2.21% increase and its best showing since 2010. This upward trend continued in Q1 2023, with asking rental prices increasing by 3.9% QoQ.
Also, in Q2 2022, the Singapore Property Sale Price Index picked up, recording a 3.69% QoQ increase, compared to the 1.98% QoQ growth seen from the previous quarter. These indicators suggest that the housing market in Singapore is strengthening despite the COVID-19 pandemic and has the potential for further growth.
The HDB resale price index grew 1% in Q1 2023 from the preceding quarter, which was the 12th consecutive quarter that the resale price index has increased. This suggests that investing in HDB resale properties in D22 will be a profitable venture.
