For digest readers, the four numbers that matter for District 7 (Bugis / Middle Road) in July 2023 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 7 (Bugis / Middle Road) 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 July 2023 monthly market digest digest for District 7 (Bugis / Middle Road) sits within a defined cycle context. District 7 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 2023-07).
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- Sales volume: 13 transactions
- Average PSF: $2,346 psf (↑ 27.3% MoM)
- Rental volume: 88 leases, avg $5,367/mo
- CCR · D7 (Middle Road, Golden Mile)
Monthly Overview
District 7 (Middle Road, Golden Mile) recorded 13 sales transactions in July 2023 at an average PSF of $2,346 psf. The rental market saw 88 new leases.
property's $1,273 psf average surged 27.3% year-on-year — a pace that typically signals strong demand pressure. Volume slumped to just 13 in this period, a 55% drop from the trailing average — thin liquidity.
Notable Transactions
The highest-value transactions in District 7 during July 2023.
| Property | Price | PSF | Type | Sale Type |
|---|---|---|---|---|
| MIDTOWN MODERN | $4,877,000 | $2,697 psf | 4 BR | New Sale |
| MIDTOWN MODERN | $4,260,000 | $2,910 psf | 4 BR | New Sale |
| MIDTOWN MODERN | $4,207,000 | $2,874 psf | 4 BR | New Sale |
| MIDTOWN BAY | $2,396,790 | $3,275 psf | 2 BR | New Sale |
| THE BENCOOLEN | $1,898,200 | $1,400 psf | 4 BR | Resale |
Most Active Condos
Condos with the highest transaction volume in District 7.
| Property | Transactions | Avg PSF |
|---|---|---|
| MIDTOWN MODERN | 4 | $3,080 psf |
| THE BENCOOLEN | 3 | $1,563 psf |
| MIDTOWN BAY | 2 | $3,302 psf |
| BURLINGTON SQUARE | 1 | $1,472 psf |
| SOUTHBANK | 1 | $1,695 psf |
Recent PSF Trend (6 Months)
| Period | Volume | Avg PSF |
|---|---|---|
| 2023-02 | 18 | $2,764 psf |
| 2023-03 | 27 | $2,611 psf |
| 2023-04 | 26 | $2,772 psf |
| 2023-05 | 28 | $2,417 psf |
| 2023-06 | 60 | $1,843 psf |
| 2023-07 | 13 | $2,346 psf |
Bedroom Distribution
4 BR units dominated with 30.8% of transactions in District 7 during July 2023.
| Unit Type | Transactions | Avg PSF |
|---|---|---|
| 4 BR | 4 | $2,470 psf |
| 2 BR | 4 | $2,029 psf |
| 1 BR | 2 | $1,875 psf |
| Studio | 2 | $3,585 psf |
| 3 BR | 1 | $1,582 psf |
The July 2023 period’s transacted activity for District 7 (Bugis / Middle Road) 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 7 (Bugis / Middle Road) in July 2023, the dispersion across these categories is the more informative reading than the headline median. Use District 7 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 7 (Bugis / Middle Road) fall into which category.
The embedded chart for this monthly market digest digest of District 7 (Bugis / Middle Road) in July 2023 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 7 (Bugis / Middle Road)’s July 2023 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 7 (Bugis / Middle Road) 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 July 2023, the forward variables for District 7 (Bugis / Middle Road) 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 2023-07).
FAQ
How many transactions were recorded in District 7 in July 2023?
What was the average PSF in District 7 in July 2023?
Which condo had the most transactions in District 7?
What does the July 2023 monthly market digest reading for District 7 (Bugis / Middle Road) indicate?
The reading is a snapshot of transacted activity in July 2023 for District 7 (Bugis / Middle Road) 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 2023-07).
How was this transacted activity figure computed?
The figure is derived from URA REALIS caveats for District 7 (Bugis / Middle Road) filed during July 2023. 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 July 2023’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 July 2023 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.