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District 1 in 2026: Median S$2,724 PSF, a Slower Prime Market

District 1 private homes changed hands at a median S$2,724 psf in 2026-Q3 — up 7.0% year on year across 411 transactions — while Singapore’s headline prime.

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PropAce Institutional Advisory
Quantitative Estate Research & Regulatory Strategy

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PropAce District 1 in 2026: Median S$2,724 PSF, a Slower Prime Market
PropAce District 1 in 2026: Median S$2,724 PSF, a Slower Prime Market

District 1 private homes changed hands at a median S$2,724 psf in 2026-Q3 — up 7.0% year on year across 411 transactions — while Singapore’s headline prime market grew just 0.4% in the first half of the year. For buyers anchored to Raffles Place, Marina and the CBD, the read is straightforward: the district is still moving while much of the luxury market idles.

Key takeaways

  • District 1’s median hit S$2,724 psf in 2026-Q3, a 7.0% year-on-year gain, from 411 transactions over the past 12 months (PropAce Institutional Advisorydata, URA caveat data).
  • The district’s median outruns the prime-core (CCR) average of S$2,443 psf, the city-fringe (RCR) average of S$2,078 psf and the suburban (OCR) average of S$1,552 psf (PropAce Institutional Advisorydata, URA caveat data).
  • Islandwide, new launches averaged S$2,304 psf against S$1,595 psf for resale — a roughly 44% new-sale premium (PropAce Institutional Advisorydata, URA caveat data).
  • Singapore’s prime market rose only 0.4% in H1 2026, but Savills projects Singapore, Seoul and Kuala Lumpur to post the strongest APAC prime capital growth in H2 2026 (Savills World Cities Prime Residential Index).
  • The income side is still supportive: private rents are forecast to rise 2% to 3% in 2026, and one market report points to CBD office rents climbing up to 20% (Realion (OrangeTee & ETC) Group; market report).

The district in numbers

A median is a good starting point because it filters out the extreme tails. PropAce Institutional Advisorydata drawn from URA caveat lodgements puts District 1 at S$2,724 psf for 2026-Q3. The 7.0% year-on-year increase was accompanied by 411 caveats lodged over the previous 12 months — enough of a sample to give the number weight, not just noise.

Now stack that against the three broad market bands. Prime-core, or CCR, homes have averaged S$2,443 psf. City-fringe, or RCR, homes have averaged S$2,078 psf. Suburban, or OCR, homes have averaged S$1,552 psf. District 1’s median sits above all three. That places the district at the top of Singapore’s price ladder, well clear of even the wider core-central average.

The broader cycle adds perspective. Islandwide private prices stood at S$2,038 psf in 2026-Q2, 6.8% below the S$2,186 psf peak but still 33.3% above the S$1,529 psf trough. So the private market is not at its high, but it is nowhere near the bottom. District 1, at S$2,724 psf, is operating well above the national cycle entirely.

Why D1 moved while prime prices idled

Savills’ latest World Cities Prime Residential Index put Singapore’s prime capital growth at just 0.4% in the first half of 2026. That is barely a pulse. District 1’s 7.0% year-on-year median gain looks like a different market altogether.

Part of the difference is measurement. The 0.4% tracks prime capital values from one period to the next. The S$2,724 psf figure is a 12-month median of caveats, so it shifts with the mix of projects that actually transacted. One strong new-launch month can move a median more than a year of index drift.

Part of it is positioning. Savills says prime residential properties tend to attract high net worth buyers, and sentiment in that segment is less a read on ordinary demand than a signal of where global capital expects value to hold up. District 1 — the postal district that wraps Raffles Place, Marina and the CBD — is exactly the kind of address global capital prices first.

The forecast for the rest of the year turns more positive. Savills projects prime capital values in Singapore, Seoul and Kuala Lumpur to grow the most among surveyed Asia Pacific cities in the second half of 2026. For a District 1 buyer, that is a reason to test the market rather than wait for a dramatic discount that may not come.

New launches versus resale

New launches carry a steep premium across Singapore. The national average is S$2,304 psf for new private homes and S$1,595 psf for resale — a gap of roughly 44%. PropAce Institutional Advisorydata does not split District 1 into new and resale components, so the district’s own premium cannot be stated precisely from these figures. What the national data does is set expectations: a new unit in the city will cost meaningfully more than an existing one.

The absolute difference grows with the psf price, which makes the choice sharper in a district like this. Resale is not automatically the value play. Across the wider prime market, secondary transactions have ranged from S$1,751 psf at Reflections at Keppel Bay to S$2,496 psf at The Reef at King’s Dock in 2026 to date, with The Interlace at S$1,758 psf and freehold Skyline Residences at S$2,243 psf, according to data compiled by CBRE. Those are city-fringe prices, not District 1, but they show how wide the market’s price band actually runs.

The lesson is practical. When you compare a new launch and a resale unit in Raffles Place or Marina, the 44% islandwide spread is your benchmark. If the premium is wider, the new launch needs an unusually good story to justify it. If it is narrower, the resale may be the expensive option dressed up as a bargain.

Rentals and offices: the income side still works

District 1 buyers are often landlords as much as homeowners, and the rental market is giving them cover. In 2Q2026, the private residential rental market saw 22,290 transactions and posted modest growth, according to Realion (OrangeTee & ETC) Group. The agency expects private rental prices to rise 2% to 3% for the whole of 2026. The HDB rental index is forecast to grow 1% to 3%. Neither forecast is spectacular, but both are positive.

Rents were helped by seasonal factors and a relatively smaller number of residential properties entering the rental market, even as more homes came on stream. Supply is arriving, but not all at once.

Office demand adds another layer. A market report tied to the sale of a fully-leased CBD strata office portfolio notes that CBD office rents are expected to rise up to 20%. For a district defined by workplaces, that is a useful leading indicator. If companies are paying more for floors in the CBD, the residential stock nearby does not follow in lockstep — but the income case for owning there gets stronger.

What buyers should know in 2026

Financing has shifted in buyers’ favour. A 99.co affordability guide says that with inflation stabilising and the US Federal Reserve signalling potential rate cuts between 2025 and 2027, some banks are already offering fixed-rate mortgages below 2.5%. For a buyer stretching into District 1, a lower fixed rate is not a minor detail. It helps decide how many psf you can actually carry.

The steering wheel can turn quickly. In August 2024, the government cut the maximum loan-to-value ratio for HDB resale flat buyers from 80% to 75%. That measure is aimed at the HDB market, not private homes, but it is a reminder that cooling measures can change the cash required at short notice. Do not price a purchase using maximum possible leverage.

The wider market is showing

By the numbers

``` Private PSF momentum by district — QoQ %

D11 +28.2% ██████████████████████ D26 +11.8% █████████ D25 +7.6% ██████ D12 +6.2% █████ D08 +5.9% █████ D20 +4.1% ███ D28 +3.8% ███ D02 +0.2% █ D27 -0.1% ░ D19 -0.5% ░ ```

DistrictMedian PSFQoQYoYTxns (3mo)
D11$2,849▲ 28.2%▲ 28.3%341
D26$2,282▲ 11.8%▲ 6.3%263
D25$1,348▲ 7.6%▲ 6.3%69
D12$1,956▲ 6.2%▲ 5.6%106
D08$2,024▲ 5.9%▲ 17.9%45
D20$2,060▲ 4.1%▲ 5.0%144
D28$1,707▲ 3.8%▲ 9.8%113
D02$2,465▲ 0.2%▲ 20.5%35
D27$1,423▼ 0.1%▼ 13.0%141
D19$1,753▼ 0.5%▲ 5.0%551

_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, private residential, 2026-06..2026-08. Directional; confirm before acting._

Sources

  • URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q3.
  • URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
  • URA caveat data, compiled by PropAce Institutional Advisory.

References

FAQ

How are official Singapore private home and HDB resale price indices compiled?

URA compiles the Private Property Price Index (PPI) using lodged caveats and developer monthly transactions submitted under the Planning Act. HDB compiles the Resale Price Index (RPI) from registered resale transactions, providing verified arm's-length benchmarks.

Statutory Source: Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal

What key factors drive capital appreciation in Core Central Region (CCR) vs Rest of Central Region (RCR)?

CCR appreciation is anchored in freehold land scarcity, prime school districts, and institutional wealth preservation, while RCR performance is driven by infrastructure connectivity (Thomson-East Coast Line) and major urban transformation master plans.

Statutory Source: Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

Where can buyers verify true transacted prices instead of advertised asking prices?

Buyers should cross-examine official transacted caveat registries on URA's Private Residential Property Transaction portal and HDB's Resale Flat Prices e-service, which reflect actual legal contract amounts rather than speculative listing prices.

Statutory Source: Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal

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Frequently Asked Questions

How are official Singapore private home and HDB resale price indices compiled?

URA compiles the Private Property Price Index (PPI) using lodged caveats and developer monthly transactions submitted under the Planning Act. HDB compiles the Resale Price Index (RPI) from registered resale transactions, providing verified arm's-length benchmarks. Statutory Source:** Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal

What key factors drive capital appreciation in Core Central Region (CCR) vs Rest of Central Region (RCR)?

CCR appreciation is anchored in freehold land scarcity, prime school districts, and institutional wealth preservation, while RCR performance is driven by infrastructure connectivity (Thomson-East Coast Line) and major urban transformation master plans. Statutory Source:** Urban Redevelopment Authority (URA) — Master Plan & Development Control Guidelines

Where can buyers verify true transacted prices instead of advertised asking prices?

Buyers should cross-examine official transacted caveat registries on URA's Private Residential Property Transaction portal and HDB's Resale Flat Prices e-service, which reflect actual legal contract amounts rather than speculative listing prices. Statutory Source:** Urban Redevelopment Authority (URA) — Private Residential Property Transactions Portal

Statutory References & Citations

  • Singapore Land Authority (SLA) (2026). Land Titles Act (Cap. 157) & Conveyancing Registration Framework. Singapore: SLA.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.

Contains information from Statutory Property Regulations, IRAS & MAS Schedules and URA Singapore Planning Framework accessed from iras.gov.sg, mas.gov.sg & data.gov.sg, made available under the Singapore Open Data Licence version 1.0.