Queenstown: Mature Estate Sees Brisk Transactions for New Private Homes Near MRT

After an eight-year hiatus, the Government has released a private residential site in Queenstown along Margaret Drive, adjacent to Queenstown Primary School. However, it attracted bids from only two parties—a stark contrast to the 14 tenders received for a Government Land Sales (GLS) site in the same area in late 2016. This has sparked market discussion over whether Queenstown, an iconic mature estate in Singapore, has lost its shine.

The modest tender turnout for the Margaret Drive site is consistent with recent GLS bidding trends across the island. In terms of value, the plot occupies a prime location close to Queenstown MRT station on the East-West Line and next to Queenstown Primary School. Transaction volumes and pricing trends also demonstrate that private properties in Queenstown remain highly sought-after. Moreover, the estate's high-value HDB flats will support a deep pool of HDB upgraders, further driving local demand for private homes.

Newer Condos See Active Resale Activity

Among the private developments surrounding the MRT station, the newest is Stirling Residences, completed in 2022. Comprising 1,259 units across 40 storeys, it is currently the most popular resale project in the Queenstown area.

As of 22 October this year, 75 units have changed hands in the resale market, surpassing the 67 units recorded for the whole of last year. PropNex data reveals that the average price for these 75 units stood at $2,311 psf.

Prices at Stirling Residences have also climbed compared to last year. In 2024, 764 sq ft units transacted at between $2,384 psf and $2,478 psf; by comparison, units of the same size last year fetched between $2,198 psf and $2,355 psf.

Resale activity at Queens Peak, which features direct sheltered carpark access to the MRT station, has been slightly more subdued than at Stirling Residences. Completed in 2020 with 700 units, Queens Peak recorded 32 resale deals in the first 10 months of the year—up six units from the same period last year—with an average price of $2,203 psf year-to-date.

The highest psf price at Queens Peak this year was logged in April, when an 807 sq ft unit was sold for $2,341 psf. Prices subsequently eased slightly, with an 850 sq ft unit transacted in August at $2,234 psf.

Adjoining Queens Peak is Commonwealth Towers, completed in 2017 with 845 units. Although relatively older, prices here have remained resilient. In the first 10 months of the year, Commonwealth Towers registered 31 resale transactions, down from 41 in the same period last year—a moderation likely attributable to rising asking prices.

Commonwealth Towers has averaged $2,185 psf year-to-date. In September, a 688.9 sq ft unit was sold for $1.655 million ($2,402 psf), marking the development's highest psf price this year. In contrast, units of the same size transacted last year did not exceed $2,200 psf.

Situated on the other side of Queenstown MRT station is Queens Condo. Completed in 2002, it is one of the earliest private condominium developments in the precinct. Resale volumes over the past two years have remained below 20 units annually, with 17 transactions recorded year-to-date, mostly ranging between $1,500 psf and $1,700 psf.

Margaret Ville, completed in 2021, is relatively new but sits further from the MRT station than the other developments. Its resale volume mirrored that of Queens Condo, recording only 15 transactions in the first nine months of the year at around $2,100 to $2,200 psf, showing no significant fluctuation compared to last year.

Modest Returns, but Demand Remains Resilient

Private property prices in Queenstown have climbed steadily since 2019, with the average price of new launches rising 30.75% from $1,912 psf then to $2,500 psf this year. However, compared to island-wide trends, Queenstown's capital appreciation has been relatively modest. SRX's September private residential report indicated that District 3, where Queenstown is located, registered a median resale capital gain of 21.9%, ranking sixth from the bottom among Singapore's 28 postal districts.

Nevertheless, since 2018, Queenstown has seen only two new private residential launches—Margaret Ville and Stirling Residences—both of which are completely sold out. Upcoming new launches are therefore expected to tap into healthy pent-up demand.

With seamless MRT connectivity to the city, comprehensive amenities, and an abundance of established schools, Queenstown remains an ideal residential destination for many homebuyers. The precinct's enduring appeal is also clearly reflected in its record-setting HDB resale prices.

In February next year, the Housing & Development Board (HDB) will offer some 5,000 Build-To-Order (BTO) flats, with locations including Queenstown, which is expected to once again spotlight market interest in the area.