It overtakes Orchard by 17% in rental figures in December 2022.
The District of Bugis/Beach Road is the most expensive district for private non-landed rents in December 2022 with the median rental price of $8,900 per month for the three-bedroom category.
Bugis/Beach Road now overtakes Orchard/River Valley by 17% as the district hit only $7,500, ranking fourth, according to a report by Livethere and Savills.
The district of Boat Quay/Marina/Raffles Place is the second most expensive district at $8,300, whilst Harboufrount ranked third with a median rental price of $8,000.
The Core Central Region (CCR) posted the largest proportion of growth in rents in the three-bedroom and four-bedroom categories, increasing by 10.5% and 9.1%, respectively on a monthly basis.
READ MORE: HDB rent prices up 28.5% in December
On a quarterly basis, CCR posted a 4.5% decline in the four-bedroom category, whilst the Rest of Central Region (RCR) saw healthy rental growth in the three-bedroom and four-bedroom categories with a 10% and 17.6%, growth, respectively.
CCR has also posted the largest proportion of growth in rents in the three-bedroom category with a 40.6% rise year-on-year (YoY), whilst RCR has the highest increase in rents in the four-bedroom category with a 40.4% growth.
George Tan, managing director of Livethere Residential at Savills Singapore said the Thomson-East Coast Line and the new stations improved the accessibility in the wider region and provided more options beyond the CCR.
“The latter tends to be strong when it comes to capital gains but with the same amount of rental, tenants with bigger families would be able to get a larger space in the RCR. Corals, Reflections and MeyerHouse are examples of RCR residences with larger floor plates,” he said.