With large clusters of ageing flats, Singapore's oldest estates hit a turning point

Renewing old neighbourhoods requires striking a delicate balance.

- Sing Tien Foo

Tiong Bahru, one of Singapore's oldest estates, has attracted many young families, expatriates and independent businesses. ST FILE PHOTO

(ST FILE PHOTO)

Singapore has seen a return of interest in high-end homes in some of its oldest neighbourhoods near the city.

Two recent private launches in mature estates underscore this. The new condominium projects, Skye at Holland and Penrith at Margaret Drive in Queenstown, were nearly sold out on launch. Skye at Holland sold 662 units out of a total of 666 at a median price of $2,949 per square foot (psf), while the 446 units sold at 462-unit Penrith went at an average price of $2,791 psf.

Together with Zyon Grand and Promenade Peak, both near Zion Road, these four projects made up over 70 per cent of the new private housing units transacted in October. Such sales saw a 10-fold increase from the previous month.