In recent quarters, private home prices in the city fringe, particularly for condominiums, have demonstrated significant upward momentum. The Real Estate Core Region (RCR) has emerged as a vibrant market, showcasing remarkable growth that has outpaced even the traditionally prestigious Central Core Region (CCR). By the fourth quarter of 2024, the median price of condos in RCR reached an impressive $2,466 per square foot (psf), exceeding CCR prices by 9.7%. This trend raises questions about the sustainability of such growth and whether RCR can continue to outperform its prime counterparts.
The period from the first quarter of 2022 to the first quarter of 2025 marked a turning point for RCR condos, which experienced a staggering price increase of 32.4%, rising from $1,822 psf to $2,413 psf. In stark contrast, condos in CCR saw a slight decline of 1.6% during the same timeframe. This divergence in market performance illustrates a shift in buyer preferences, with consumers increasingly drawn to the city fringe for its relative affordability and burgeoning amenities.
High-value transactions in RCR have surged dramatically, with 50.4% of condo transactions priced at $2 million or more in the first quarter of 2025. This figure represents a significant increase from just 32.9% three years earlier, suggesting that affluent buyers are increasingly confident in the RCR market. Such a trend indicates not only a strong demand but also a potential shift in the perception of value associated with properties in the city fringe. The willingness of buyers to invest heavily in RCR condos highlights a growing belief in the area’s long-term appreciation potential.
The demand for new condos in RCR has remained robust, with 61.2% of total transactions occurring in this sector during the fourth quarter of 2024. Although this percentage saw a slight decrease to 47.4% in the first quarter of 2025, it still reflects a strong market appetite for new developments.
This demand is expected to be further fueled by upcoming projects on Government Land Sale (GLS) sites, which are anticipated to set new benchmark prices that may exceed $2,800 psf. Such developments could act as a catalyst for continued price growth in the region.
Given these dynamics, it seems plausible that the city fringe will maintain its upward trajectory. The combination of strong demand, rising transaction values, and upcoming projects positions RCR as an attractive option for both investors and homebuyers.
As the market evolves, it will be crucial to monitor how these factors influence buyer behavior and pricing trends. With the potential for RCR condos to continue outperforming their CCR counterparts, the city fringe stands on the cusp of establishing itself as a new benchmark in the residential property landscape.
This shift in the market could redefine the concepts of value and desirability in urban living, suggesting that the city fringe may indeed have a promising future ahead.
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News Source: Edgeprop
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