Property Market in Raffles Place

Raffles Place commands prices above the Singapore-wide average. According to URA transaction records from 2022 to 2025,D01 has recorded 1,650 private residential transactions, making it a market with consistent but measured transaction activity. The median condominium and apartment price stands at S$2.0M, which is 16% above the Singapore-wide median of S$1.7M.

Raffles Place is the centre of the Financial District of Singapore and is located south of the mouth of the Singapore River. It was first planned and developed in the 1820s as Commercial Square to serve as the hub of the commercial zone of Singapore in Raffles Town Plan. It was renamed Raffles Place in 1858 and is now the site of a number of major banks. It is located in the Downtown Core within the Central Area, and features some of the tallest buildings and landmarks of the country.

The private residential market in Raffles Place spans 2 property categories. Apartments dominate with 1,485 transactions at a median of S$1.9M, while condominiums trade at S$2.9M. The distinction between condominiums and apartments in Singapore is largely regulatory (condominiums must meet a minimum land area of 4,000 sqm and include recreational facilities), but prices also reflect differences in unit size and development scale.

Tenure is a defining factor in Raffles Place's property pricing. Freehold properties trade at a median of S$1.3M, while 99-year leasehold units trade at S$2.0M. That is a 34% premium for freehold, or approximately S$-675,100 more in absolute terms.

On a per-square-metre basis, the gap narrows somewhat: freehold at S$25,025/sqm versus leasehold at S$26,316/sqm. For buyers weighing freehold versus leasehold in Raffles Place, the key question is time horizon. Freehold properties hold value over decades and face no lease decay, but new 99-year leasehold developments often offer modern facilities and layouts at a lower entry price. New leasehold launches have been active in Raffles Place, with 1,609 transactions versus 18 freehold.

For condominiums and apartments in Raffles Place, floor level creates a measurable price gradient. Units on floors 66-70 sell for a median of S$3.5M, while units on floors 11-15 sell for S$1.7M. That is a 106% premium for higher floors, worth approximately S$1.8M per unit.

In Raffles Place, the high-floor premium reflects better ventilation, natural light, reduced noise, and improved views. Buyers targeting a specific development can use this gradient to estimate how much they save by choosing a mid-floor unit instead of a top-floor one.

Rental rates in Raffles Place average S$6.49 psf per square foot per month, placing the district above-average rental rates, indicating solid demand from both local and expatriate tenants. The highest rents are commanded by THE CLIFT at S$7.52 psf.

The rental spread within Raffles Place runs from S$4.85 psf at PEOPLE'S PARK COMPLEX to S$7.52 psf at THE CLIFT. This range reflects differences in development age, finish quality, proximity to MRT, and whether the unit is furnished. Investors evaluating gross rental yield in Raffles Place should compare these rates against the purchase price per square foot to assess returns.

The most actively traded development in Raffles Place is ONE MARINA GARDENS on MARINA GARDENS LANE, with 524 URA-recorded transactions at a median of S$1,996,600. THE SAIL @ MARINA BAY follows with 260 transactions at S$1,650,000.

High transaction volumes typically indicate active secondary markets with good liquidity. Buyers who may need to sell within a few years should consider developments with proven resale activity, as these tend to attract a broader pool of buyers when the time comes.

In pricing terms, Raffles Place sits closest to Queenstown (S$2.0M), Katong (S$2.1M), Upper Bukit Timah (S$1.9M). Buyers looking for a lower entry point could consider Kranji at S$1.1M, which is 83% cheaper. Those with a larger budget might look at Telok Blangah at S$2.6M.