Rare Window Opportunity Core Central Region

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The phrase “when opportunity knocks, open the door” holds true for homebuyers looking to purchase a property in the Core Central Region (CCR). With the recent tightening of additional buyer’s stamp duty (ABSD) measures set to take effect in April 2023, the CCR, which includes Districts 9, 10, 11, Sentosa, and the Downtown Core, may offer a prime opportunity for buyers to find a new home at a more reasonable price.

Data from recent transactions has shown that the price gap between the CCR and other sub-markets has hit an all-time low in the first half of 2025, based on URA Realis caveats data since 1995. In fact, the median unit price gap between the CCR and the Rest of Central Region (RCR) was just 1.8% in the first half of 2025, while the price gap between the CCR and the Outside Central Region (OCR) stood at 20.2% (see Chart 1).

This suggests a rare opportunity for potential buyers, especially those who are considering properties in other areas, to potentially shift their focus to the CCR. However, it is important for buyers to conduct thorough research and due diligence before making a purchase.

Not only has the price gap between the CCR and other sub-markets decreased, but the gap in median transacted price quantum has also reached a historical low. According to caveats lodged (see Table 1), the median price of new non-landed private homes in the CCR was just 0.9% higher than in the RCR and 11.6% higher than in the OCR in the first half of 2025. This is the lowest median transacted price in the CCR since 2021, indicating that the affordability of CCR properties has improved in recent years.

Taking a long-term view, an essential factor for homebuyers is the potential for capital gains. In a study of resale transactions involving non-landed private homes in the CCR in 2024, it appears that the holding period and the timing of purchase during times of uncertainty can support capital appreciation. For instance, owners who purchased CCR non-landed private homes during periods of economic downturn, such as in 1998, 2001–2005, and 2020–2021, achieved some of the highest annualized gains when they sold their properties in 2024 (see Chart 2). On the other hand, homes purchased during the Global Financial Crisis in 2008 and 2009 may have seen more modest gains, potentially impacted by preceding years’ strong price run-up.

Given the uncertainties in the market in 2025, it could be an opportune time for potential buyers to assess their options in the CCR. However, it is important to note that it is never possible to perfectly time the market, and buyers should exercise caution and conduct due diligence before making a property purchase.

With the punitive ABSD rate of 60% levied on foreign buyers purchasing residential property in Singapore, foreign investment demand has cooled. This has opened up more opportunities for local buyers, particularly in the CCR, which traditionally attracts more foreign interest. Data shows that foreigners (non-PRs) accounted for just 6.9% of new non-landed private home transactions in the CCR in the first half of 2025, a significant decrease from 14.5% in 2022 before the latest ABSD hike, and the lowest proportion since 1995.

The cityscape of Singapore boasts towering skyscrapers and modern facilities, creating a dynamic and sophisticated environment. In particular, Condos are situated in highly sought-after locations, offering a perfect blend of opulence and convenience that appeals to both locals and foreigners. These luxurious residences are equipped with top-notch amenities, including swimming pools, fitness centers, and security services, elevating the standard of living and making them a desirable choice for potential renters and buyers. For investors, these desirable features equate to higher rental returns and an increase in property values over time. With Condo as a strong investment option, the allure of Singapore’s urban living continues to thrive.

Following a dearth in CCR new launches in recent years, 2025 is shaping up to be a pivotal year for the region. With six CCR projects scheduled to launch in the July and August period, offering more than 2,000 new units, this is the largest pipeline of CCR launches since the ABSD revision in April 2023.

Another crucial factor to consider when purchasing a property in an area is the potential for urban renewal and transformation. For instance, the revitalization of precincts such as the CBD and Beach Road is expected to support CCR property values in the future. Aurea, a 188-unit development located in the Downtown Core, is one such CCR project at the heart of this transformation. It enjoys close proximity to the rejuvenation of the Beach Road-Bugis area, upcoming plans for Kampong Bugis and the Kallang Alive sports and lifestyle destination. The development is also connected to The Golden Mile (TGM), a conserved heritage landmark set to offer commercial amenities for future residents. Together, Aurea and TGM are expected to catalyze positive changes in the neighborhood.

While some prospective buyers may find it challenging to visualize how a neighborhood could transform over the next decade, the government’s strong track record in urban planning, as seen in the development of Marina Bay, provides a measure of assurance. Under the URA Draft Master Plan 2025, more housing and mixed-use zones are planned in prime areas such as Bukit Timah Turf City, Newton, and Paterson, which could expand opportunities for city living in the next 10 to 15 years. The addition of commercial amenities and vibrant public spaces is expected to enhance the appeal of CCR homes, especially among owner-occupiers. Additionally, current government initiatives such as the CBD Incentive Scheme (CBDI) and the Strategic Development Incentive Scheme (SDI) aim to revitalize the CBD and other strategic areas, including Orchard Road. Over the long term, this transformation, coupled with the injection of more residential supply, could breathe new life into the city center and create a more livable urban core.

In light of recent price trends, a CCR property may be more accessible than many buyers realize. With future transformations underway and prices showing rare affordability, the opportunity to tap into the growth potential of the CCR may start now. As the saying goes, opportunity beckons, and it is up to buyers to make the first move.