For digest readers, the four numbers that matter for District 12 (Toa Payoh / Serangoon) in April 2021 are: (a) transacted volume relative to trailing-12-month averages, (b) median PSF for the comparable-quality sample, (c) gross rental yield (where applicable), and (d) the segment-mix composition that influenced the headline aggregate. Cross-reference the chart in this digest against URA REALIS for verified caveat-level detail, and against the URA Property Price Index for the quarterly cycle-level benchmark.
The transacted activity reading for District 12 (Toa Payoh / Serangoon) reflects the interplay between (1) the policy environment (IRAS ABSD rates for buyer-side cooling, IRAS BSD rates for the standard upfront stamp), (2) the financing cost environment (MAS SORA dashboard for the floating-rate benchmark plus typical 0.6–0.85% bank spread = ~4.0% all-in), and (3) the MAS TDSR / cooling measures explainer that caps debt-servicing at 55% of gross income. Each of these levers can shift period-to-period readings independently.
The April 2021 monthly market digest digest for District 12 (Toa Payoh / Serangoon) sits within a defined cycle context. District 12 sits within the broader Singapore private residential cycle. This digest reads the period’s data alongside the structural framework set by Singapore’s post-April-2023 cooling-measure regime — foreigner ABSD at 60%, Singapore Citizen second-property ABSD at 20%, 3M SORA in the 3.0–3.5% band — that shapes how the raw figures translate into actionable buyer or seller decisions (as of 2021-04).
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- Sales volume: 63 transactions
- Average PSF: $1,365 psf (↑ 1.1% MoM)
- Rental volume: 285 leases, avg $2,844/mo
- RCR · D12 (Toa Payoh, Serangoon, Balestier)
Monthly Overview
District 12 (Toa Payoh, Serangoon, Balestier) recorded 63 sales transactions in April 2021 at an average PSF of $1,365 psf. The rental market saw 285 new leases.
At $1,011 psf, property was essentially stable. Activity spiked to 63 deals in this period, 69% above the trailing baseline.
Notable Transactions
The highest-value transactions in District 12 during April 2021.
| Property | Price | PSF | Type | Sale Type |
|---|---|---|---|---|
| THE RIVERINE BY THE PARK | $3,060,000 | $1,723 psf | 4 BR | Resale |
| 8 RAJA | $2,500,000 | $1,235 psf | 5 BR | Resale |
| 8 RAJA | $2,150,000 | $1,368 psf | 4 BR | Resale |
| TRELLIS TOWERS | $2,118,000 | $1,426 psf | 4 BR | Resale |
| GEM RESIDENCES | $2,060,000 | $1,650 psf | 3 BR | Sub Sale |
Most Active Condos
Condos with the highest transaction volume in District 12.
| Property | Transactions | Avg PSF |
|---|---|---|
| EIGHT RIVERSUITES | 10 | $1,477 psf |
| 8 RAJA | 4 | $1,247 psf |
| TREVISTA | 4 | $1,460 psf |
| OLEANDER TOWERS | 3 | $1,106 psf |
| ONE DUSUN RESIDENCES | 2 | $1,513 psf |
Recent PSF Trend (6 Months)
| Period | Volume | Avg PSF |
|---|---|---|
| 2021-02 | 11 | $1,324 psf |
| 2021-03 | 38 | $1,350 psf |
| 2021-04 | 63 | $1,365 psf |
Bedroom Distribution
3 BR units dominated with 33.3% of transactions in District 12 during April 2021.
| Unit Type | Transactions | Avg PSF |
|---|---|---|
| 3 BR | 21 | $1,242 psf |
| 2 BR | 15 | $1,389 psf |
| 4 BR | 12 | $1,394 psf |
| 1 BR | 10 | $1,553 psf |
| Studio | 5 | $1,610 psf |
| 5 BR | 2 | $1,152 psf |
The April 2021 period’s transacted activity for District 12 (Toa Payoh / Serangoon) reflects specific micro-level drivers. Within the aggregate figure, individual sub-segments (different unit types, floor bands, tenure types) typically move at different rates — the period’s ‘top movers’ are units or sub-cohorts whose performance deviated meaningfully from the mean. For investors and sellers, identifying these movers is more useful than the headline average because the mean smooths out the dispersion that creates actual buying or selling opportunities.
Typical top-mover categories in any digest period include: (a) freehold units in 99-year-dominated districts that command a meaningful tenure premium, (b) high-floor units in projects with strong views or panoramic orientation (5–15% PSF premium vs low-floor in same project), (c) recently-renovated stock that commands ~5–10% premium over comparable un-renovated transacted PSF, and (d) units close to recently-opened MRT lines or new developments that create proximity-premium uplift. For District 12 (Toa Payoh / Serangoon) in April 2021, the dispersion across these categories is the more informative reading than the headline median. Use District 12 page for cross-reference.
Conversely, soft-mover categories typically include 99-year leasehold stock approaching financing-window thresholds (lease <30 years), units with unfavourable orientation or noise exposure, and developments where MCST management quality has degraded. Cross-reference URA REALIS for the per-project caveats and assess which projects in District 12 (Toa Payoh / Serangoon) fall into which category.
The embedded chart for this monthly market digest digest of District 12 (Toa Payoh / Serangoon) in April 2021 visualises the transacted activity trajectory. The two readings to focus on are (1) the absolute level versus the trailing-12-month mean, and (2) the direction of change across the most recent 3–4 periods. A single-period spike or trough is rarely informative; sustained directional movement across multiple periods signals a structural shift worth acting on.
For comparative context, place District 12 (Toa Payoh / Serangoon)’s April 2021 reading against (a) the corresponding national-level URA Property Price Index figure for the segment, and (b) the equivalent reading in adjacent districts or towns. The relative positioning — whether District 12 (Toa Payoh / Serangoon) is leading or lagging the national segment — informs whether the period’s reading is geography-specific or part of a broader cycle move. Use price heatmap for district-level visual comparison and district comparison for direct numeric benchmarking.
Looking ahead from April 2021, the forward variables for District 12 (Toa Payoh / Serangoon) transacted activity are (a) the URA Government Land Sales pipeline within a 1km radius, which determines new-supply pressure, (b) the SORA trajectory over the next 2–4 quarters, which shapes mortgage-driven affordability, and (c) any local infrastructure changes (new MRT stations, school openings, redevelopment of neighbouring plots) that could shift relative attractiveness. Track these via URA REALIS and the MAS SORA dashboard (as of 2021-04).
FAQ
How many transactions were recorded in District 12 in April 2021?
What was the average PSF in District 12 in April 2021?
Which condo had the most transactions in District 12?
What does the April 2021 monthly market digest reading for District 12 (Toa Payoh / Serangoon) indicate?
The reading is a snapshot of transacted activity in April 2021 for District 12 (Toa Payoh / Serangoon) on the transacted activity dimension. Single-period readings are most informative when read against trailing-12-month and same-period-prior-year benchmarks. Pull verified caveats from URA REALIS for transaction-level detail (as of 2021-04).
How was this transacted activity figure computed?
The figure is derived from URA REALIS caveats for District 12 (Toa Payoh / Serangoon) filed during April 2021. transacted activity computations follow standard methodologies: gross yield = annual rent / purchase price for the same unit cohort; transacted PSF = price / floor area; volume = caveat count for the segment. For HDB digests the equivalent source is the HDB resale portal.
How does this period compare to the same period a year ago?
Year-over-year comparison strips out seasonality. The most informative read is whether April 2021’s transacted activity reading is materially above or below the equivalent period one year earlier, controlling for the broader Singapore property cycle. Use the URA Property Price Index for cycle-level context.
What policy environment shaped this reading?
The reading sits within the post-April-2023 cooling-measure regime: foreigner ABSD 60%, SC second-property ABSD 20%, TDSR 55% per the MAS TDSR / cooling measures explainer. SORA-linked mortgage rates near 4.0% effective shape the affordability ceiling. These structural variables affect demand-side composition across all digest periods since 2023.
Should I act on this digest?
Honest answer: depends on holding horizon and buyer profile. For owner-occupiers with 10+ year horizons, single-period digest readings rarely trigger action. For sellers or short-horizon investors, sustained directional moves across 3–4 periods may indicate timing windows. Cross-reference your specific buyer profile via the IRAS BSD rates and CPF home ownership rules alongside the digest data.
Methodology & Sources
Figures below are drawn from April 2021 and revised every month.
Transaction data sourced from URA REALIS.
- Transaction data from URA REALIS.
We report medians (not means) so a single outlier transaction cannot skew district-level figures. PSF = price per square foot.