District 3 (Tiong Bahru, Queenstown, Alexandra) is Singapore's premier city-fringe RCR district — 43 tracked condos, a median $2,325 psf, and median rent of $4,540/month. Heritage charm, MRT access, and the incoming Greater Southern Waterfront make it one of the most compelling mid-market investment corridors in 2026.
Few districts in Singapore balance heritage soul with investment upside as convincingly as District 3. Stretching from the art-deco lanes of Tiong Bahru through the sprawling estate of Queenstown and into the industrial-chic corridor of Alexandra, D3 occupies a sweet spot in the Rest of Central Region (RCR).
Tiong Bahru itself carries UNESCO conservation status for its inter-war art-deco walk-ups — a protected enclave that caps supply and underpins scarcity value. The neighbourhood's independent cafés, weekend farmers' market, and curated retail strip along Yong Siak Street have earned it a reputation as Singapore's hippest inner-city village.
Queenstown, Singapore's first satellite town, has been systematically rejuvenated. The Alexandra precinct anchors the district's southern edge, with the ABC Waters programme having transformed the Alexandra Canal into a landscaped linear park. With new-generation condos such as Riviere, One Pearl Bank, Stirling Residences, and Penrith pushing the district's supply profile skyward, District 3 in 2026 represents a mature but evolving market with credible near-term catalysts.
The single biggest structural catalyst for District 3 over the next decade is the Greater Southern Waterfront (GSW) — a 2,000-hectare seafront transformation. URA's Draft Master Plan 2025 confirmed the southern extension of new residential and mixed-use nodes along the Keppel–Labrador corridor. The Circle Line's full loop — completed in 2026 with the opening of Keppel, Cantonment, and Prince Edward Road stations — directly improves last-mile connectivity between D3 and the Marina Bay financial district.
At the district level, the most immediate supply event is Penrith at Margaret Drive, a dual 40-storey tower (462 units, 99-year leasehold) by GuocoLand and Hong Leong Holdings. As of January 2026 the project was 97% sold, with remaining 2-bedroom units priced from S$1,817,000. Penrith sits a four-minute walk from Queenstown MRT and will anchor a mixed-use node that includes a new hawker centre and community amenities. Its strong take-up at launch PSFs in the $2,400–$2,600 range signals healthy demand absorption.
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- 43 condos tracked in District 3 (RCR)
- Median PSF: $2,325 psf across 6,110 sales
- Median rent: $4,540/mo across 19,808 leases
- Estimated gross yield: 2.8%
- Segment: Rest of Central Region
District Overview
District 3 covers Tiong Bahru, Queenstown, located in Singapore's Rest of Central Region (RCR). ShiokNest currently tracks 43 condominiums in this district.
Our database covers sales transactions from 2021 to 2026 and rental transactions from 2021 to 2026, sourced from URA REALIS.
Properties Tracked
| Name | Street | Tenure | Units | TOP |
|---|---|---|---|---|
| ALESSANDREA | ALEXANDRA ROAD | Freehold | 105 | 2004 |
| ALEX RESIDENCES | ALEXANDRA VIEW | 99 yrs lease commencing from 2013 | 429 | 2019 |
| ALEXIS | ALEXANDRA ROAD | Freehold | 293 | 2012 |
| ARTRA | ALEXANDRA VIEW | 99 yrs lease commencing from 2016 | 400 | 2020 |
| ASCENTIA SKY | ALEXANDRA VIEW | 99 yrs lease commencing from 2008 | 373 | 2013 |
| AVENUE SOUTH RESIDENCE | SILAT AVENUE | 99 yrs lease commencing from 2018 | 1074 | 2021 |
| CENTRAL GREEN CONDOMINIUM | JALAN MEMBINA | 99 yrs lease commencing from 1992 | 412 | 1995 |
| CLYDESVIEW | JERVOIS LANE | Freehold | 32 | 1991 |
| COMMONWEALTH TOWERS | COMMONWEALTH AVENUE | 99 yrs lease commencing from 2013 | 845 | 2019 |
| DOMAIN 21 | DELTA ROAD | 99 yrs lease commencing from 2004 | 141 | 2007 |
| ECHELON | ALEXANDRA VIEW | 99 yrs lease commencing from 2012 | 508 | 2016 |
| EMERALD PARK | INDUS ROAD | 99 yrs lease commencing from 1991 | 280 | 1993 |
| ENG HOON MANSIONS | ENG HOON STREET | Freehold | 19 | — |
| HARVEST MANSIONS | HAVELOCK ROAD | 99 yrs lease commencing from 1993 | 66 | 1999 |
| HIGHLINE RESIDENCES | KIM TIAN ROAD | 99 yrs lease commencing from 2013 | 500 | 2018 |
| KAI FOOK MANSION | KIM TIAN ROAD | 9999 yrs lease commencing from 1960 | 10 | — |
| MARGARET VILLE | MARGARET DRIVE | 99 yrs lease commencing from 2017 | 309 | — |
| MERAPRIME | JALAN BUKIT HO SWEE | 99 yrs lease commencing from 2003 | 213 | 2006 |
| ONE PEARL BANK | PEARL BANK | 99 yrs lease commencing from 2019 | 774 | 2021 |
| PENRITH | MARGARET DRIVE | 99 yrs lease commencing from 2024 | 462 | 2025 |
| PRINCIPAL GARDEN | PRINCE CHARLES CRESCENT | 99 yrs lease commencing from 2014 | 663 | 2019 |
| PROMENADE PEAK | ZION PROMENADE | 99 yrs lease commencing from 2024 | 596 | 2025 |
| QUEENS | STIRLING ROAD | 99 yrs lease commencing from 1998 | 722 | 2002 |
| QUEENS PEAK | DUNDEE ROAD | 99 yrs lease commencing from 2015 | 736 | 2020 |
| QUEENSWAY TOWER | QUEENSWAY | Freehold | 78 | — |
| REGENCY SUITES | KIM TIAN ROAD | Freehold | 84 | 2008 |
| RESIDENTIAL APARTMENTS | YONG SIAK STREET | 9999 yrs lease commencing from 1963 | 304 | 2030 |
| RIVER PLACE | HAVELOCK ROAD | 99 yrs lease commencing from 1995 | 509 | 2000 |
| RIVIERE | JIAK KIM STREET | 99 yrs lease commencing from 2018 | 527 | 2021 |
| SHEPHERD'S HILL ESTATE | BARBARY WALK | Freehold | — | — |
| SRI MENANTI ESTATE | JERVOIS LANE | Freehold | — | — |
| STIRLING RESIDENCES | STIRLING ROAD | 99 yrs lease commencing from 2017 | 1259 | 2021 |
| TANGLIN VIEW | PRINCE CHARLES CRESCENT | 99 yrs lease commencing from 1997 | 384 | 2002 |
| THE ANCHORAGE | ALEXANDRA ROAD | Freehold | 775 | 1997 |
| THE CREST | PRINCE CHARLES CRESCENT | 99 yrs lease commencing from 2012 | 469 | 2018 |
| THE LANDMARK | CHIN SWEE ROAD | 99 yrs lease commencing from 2020 | 396 | 2021 |
| THE METROPOLITAN CONDOMINIUM | ALEXANDRA VIEW | 99 yrs lease commencing from 2006 | 382 | 2009 |
| THE REGENCY AT TIONG BAHRU | CHAY YAN STREET | Freehold | 158 | 2010 |
| TIONG BAHRU ESTATE | ENG HOON STREET | Freehold | — | — |
| TWIN REGENCY | KIM TIAN ROAD | Freehold | 234 | — |
| YONG SIAK COURT | YONG SIAK STREET | Freehold | 3 | — |
| YONG SIAK VIEW | YONG SIAK STREET | Freehold | 3 | — |
| ZYON GRAND | KIM SENG ROAD | 99 yrs lease commencing from 2024 | 1079 | 2025 |
Sales Market Analysis
| Type | Transactions | Avg Price | Avg PSF |
|---|---|---|---|
| Studio | 578 | $1,037,457 | $2,252 psf |
| 1-Bed | 1,465 | $1,591,319 | $2,534 psf |
| 2-Bed | 1,657 | $1,978,274 | $2,417 psf |
| 3-Bed | 1,563 | $2,589,321 | $2,282 psf |
| 4-Bed | 718 | $3,316,507 | $2,158 psf |
| 5-Bed | 129 | $5,524,168 | $2,068 psf |
| Month | Volume | Avg PSF |
|---|---|---|
| 2025-06 | 55 | $2,094 psf |
| 2025-07 | 64 | $2,102 psf |
| 2025-08 | 387 | $2,845 psf |
| 2025-09 | 76 | $2,253 psf |
| 2025-10 | 1,117 | $2,900 psf |
| 2025-11 | 93 | $2,559 psf |
| 2025-12 | 60 | $2,280 psf |
| 2026-01 | 53 | $2,375 psf |
| 2026-02 | 49 | $2,359 psf |
| 2026-03 | 86 | $2,484 psf |
| 2026-04 | 60 | $2,358 psf |
| 2026-05 | 3 | $2,936 psf |
From 2021 to 2026, average PSF in District 3 has appreciated by 19.8% (~4% annualized).
| Year | Sales | Avg PSF | YoY |
|---|---|---|---|
| 2021 | 1,069 | $2,012 psf | — |
| 2022 | 1,159 | $2,259 psf | ↑ 12.3% |
| 2023 | 784 | $2,225 psf | ↓ 1.5% |
| 2024 | 700 | $2,161 psf | ↓ 2.9% |
| 2025 | 2,147 | $2,687 psf | ↑ 24.4% |
| 2026 | 251 | $2,412 psf | ↓ 10.3% |
Top Performing Condos
| # | Condo | Avg PSF | Avg Price | Sales |
|---|---|---|---|---|
| 1 | ZYON GRAND | $3,052 psf | $2,718,911 | 628 |
| 2 | PROMENADE PEAK | $2,981 psf | $2,594,087 | 421 |
| 3 | RIVIERE | $2,847 psf | $3,282,382 | 371 |
| 4 | PENRITH | $2,796 psf | $2,501,523 | 451 |
| 5 | THE LANDMARK | $2,593 psf | $1,908,373 | 291 |
| # | Condo | Sales | Avg PSF |
|---|---|---|---|
| 1 | ZYON GRAND | 628 | $3,052 psf |
| 2 | AVENUE SOUTH RESIDENCE | 578 | $2,261 psf |
| 3 | STIRLING RESIDENCES | 458 | $2,275 psf |
| 4 | PENRITH | 451 | $2,796 psf |
| 5 | ONE PEARL BANK | 428 | $2,569 psf |
Rental Market Analysis
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| Studio | 1,752 | $4,596/mo | $1,000/mo | $43,000/mo |
| 1-Bed | 4,988 | $3,511/mo | $1,850/mo | $9,000/mo |
| 2-Bed | 6,781 | $4,683/mo | $1,150/mo | $18,000/mo |
| 3-Bed | 5,468 | $6,088/mo | $1,590/mo | $19,000/mo |
| 4-Bed | 798 | $8,174/mo | $4,200/mo | $22,000/mo |
| 5-Bed | 21 | $11,021/mo | $8,100/mo | $19,000/mo |
Investment Outlook
| Type | Avg Price | Avg Rent | Est. Gross Yield |
|---|---|---|---|
| Studio | $1,037,457 | $4,596/mo | 5.32% |
| 1-Bed | $1,591,319 | $3,511/mo | 2.65% |
| 2-Bed | $1,978,274 | $4,683/mo | 2.84% |
| 3-Bed | $2,589,321 | $6,088/mo | 2.82% |
| 4-Bed | $3,316,507 | $8,174/mo | 2.96% |
| 5-Bed | $5,524,168 | $11,021/mo | 2.39% |
Estimated gross yields are calculated from average sale prices and average monthly rents. Actual net yields will vary after accounting for maintenance fees, property tax, agent commissions, and vacancy periods.
Based on URA REALIS data captured by ShiokNest (2021–2026), District 3 recorded 6,110 caveated sales transactions across 43 tracked condominiums at a district-wide median of $2,325 psf. Rental depth is even stronger: 19,808 lease transactions yielding a median of $4,540/month and an estimated gross yield of 2.8%.
| Sub-area | Benchmark Projects | Indicative PSF Range |
|---|---|---|
| Tiong Bahru | Riviere, One Pearl Bank, The Landmark | $2,400–$2,950 psf |
| Queenstown / Margaret Drive | Stirling Residences, Queens Peak, Penrith, Principal Garden | $2,100–$2,500 psf |
| Alexandra / Prince Charles Crescent | Alex Residences, Artra, Echelon, Ascentia Sky | $1,900–$2,350 psf |
At the high end, Riviere (99-yr, 527 units, TOP 2021) achieved an average resale PSF of approximately $2,942 psf as at mid-2025 — D3's price benchmark. One Pearl Bank (774 units, TOP 2021) trades around the $2,425 psf level on resale, underpinned by its iconic twin-tower design.
In the mid-tier, Stirling Residences (1,259 units, largest in D3) and Queens Peak (736 units) provide price discovery in the $2,100–$2,300 psf band. Rental demand is driven by proximity to the one-north business park, Alexandra Technopark, and the CBD.
- Track the GSW new-launch pipeline: The Keppel Club site tender is expected to yield a major new launch in 2025–2026. Monitor URA's GLS programme.
- Use the ShiokNest District 3 dashboard for resale benchmarking: The district's three sub-tiers can differ by $400–$600 psf for superficially similar units.
- Check the Circle Line extension impact on unit selection: The 2026 opening of Prince Edward Road MRT improves walkability for condos along Alexandra Road.
- Stress-test 99-year leasehold decay at sub-30 years remaining: Several D3 condos (Central Green, Emerald Park) have leases commencing in 1991–1997.
- Scrutinise freehold vs leasehold premium in Tiong Bahru: Projects like The Regency at Tiong Bahru, Alexis, and Alessandrea carry freehold tenure.
- Assess ABC Waters canal-front units for rental yield uplift: Riviere and Avenue South Residence front the Alexandra Canal linear park — units with unobstructed canal views typically command a 5–10% rental premium.
Frequently Asked Questions
What is the average PSF in District 3?
Is District 3 in CCR, RCR, or OCR?
What are the best condos in District 3?
What is the rental yield in District 3?
How many condos are in District 3?
What is the Greater Southern Waterfront and how does it affect District 3?
The GSW is Singapore's largest seafront urban regeneration programme — a 2,000-hectare belt from Pasir Panjang to Marina East. The portions most proximate to D3 are the Keppel Club site and the Cantonment–Tanjong Pagar port lands. The 2026 completion of the Circle Line loop improves transit access from D3 into the GSW zone.
Is Tiong Bahru a conservation area and does it affect condo buying?
Yes — the Tiong Bahru Conservation Area is gazetted by URA and covers approximately 220 inter-war art-deco walk-up blocks. These are residential flats governed by strict conservation guidelines. New condo construction within the conservation enclave is effectively impossible.
What new launches are coming to District 3 in 2026?
Penrith at Margaret Drive (462 units, GuocoLand / Hong Leong) was 97% sold as of early 2026. The next significant supply event is expected from the Keppel Club GLS site — timing depends on the government's land release schedule.
How does the ABC Waters programme add value to Alexandra condos?
PUB's Active, Beautiful, Clean (ABC) Waters programme has transformed the Alexandra Canal into a landscaped waterfront corridor. Condos with canal-facing units — particularly Riviere and Avenue South Residence — benefit from green-view premiums and reduced traffic noise.
Methodology & Sources
Figures below are drawn from 2021 to 2026 and revised periodically as new data is published.
Transaction data sourced from URA REALIS.
- Gross yield estimates assume no vacancy, maintenance fees, or taxes.
- View area maps and nearby amenities on OneMap.
- Check stamp duty rates at IRAS BSD and IRAS ABSD.
We report medians (not means) so a single outlier transaction cannot skew district-level figures. PSF = price per square foot.