23/03/2026

Does MRT Proximity Affect Private Property Prices? We Ran the Numbers

The Straits Times published a piece today looking at how HDB flat prices relate to distance from the nearest MRT station across 21 towns. In 10 of those towns, there is a clear pattern: the further from the station, the lower the price. Kallang/Whampoa, Bukit Merah, and Pasir Ris showed the sharpest declines, with median PSF falling by $35 or more for every additional 100 metres.

But the article also notes that in the other 11 towns, the relationship is weaker or absent. Factors such as the age of flats, proximity to prestigious schools, and overall estate character play a bigger role.

This got us thinking: does private residential property follow a similar pattern? We analysed over 121,000 private residential transactions across five districts to find out.

The data: private residential PSF by MRT distance

We looked at the five districts corresponding to the Straits Times article's top towns and grouped transactions into the same distance bands: 0-200m, 201-500m, 501-1,000m, and beyond 1,000m from the nearest MRT station.

What the data shows

The results are mixed, much like the HDB picture. Some districts show a clear MRT proximity premium. Others do not. The pattern depends heavily on the character of the district and the type of stock available at each distance band.

Geylang (D14) shows the strongest MRT premium. Condos within 200m of an MRT station transact at a median of $1,654 psf, a 29% premium over the $1,279 psf recorded at 201-500m. This likely reflects the concentration of newer developments immediately adjacent to Paya Lebar and Aljunied MRT stations.

Pasir Ris (D18) follows the expected trend, with one wrinkle. Prices fall from $1,532 at 0-200m to $945 at 501-1,000m, but then the >1,000m band ($1,070) is actually higher than the 501-1,000m band. This is almost certainly an age effect: newer projects like Pasir Ris 8 (TOP 2025) sit further from the MRT but command higher PSF simply because they are brand new. The distance chart alone does not account for this.

Hougang (D19) shows a gentle, steady decline from $1,208 at 0-200m to $1,013 beyond 1km. Hougang's private residential stock is relatively uniform in age and type, so MRT distance becomes a cleaner price differentiator without as much noise from product variation.

Queenstown/Tiong Bahru (D3) shows almost no proximity effect. The 0-200m, 201-500m, and 501-1,000m bands all cluster between $1,768 and $1,862 psf. Being closer to the MRT does not appear to command a meaningful premium here. There are no private residential projects beyond 1km from an MRT in this district, which makes sense given how centrally located it is.

Kallang/Whampoa (D12) has no private residential within 200m of an MRT. The data starts at the 201-500m band ($1,464), drops to $1,187 at 501-1,000m, then rises slightly to $1,307 beyond 1km. The uptick at the outer band likely reflects newer developments commanding premiums for reasons unrelated to MRT access.

The bigger factor: development age

The anomalies in the distance chart (Pasir Ris beyond 1km, Kallang/Whampoa beyond 1km) hint at a confounding variable: the age of the development. To isolate this, we grouped the same transactions by project completion year in 5-year buckets.

The pattern is unmistakable. In every single district, newer developments command substantially higher PSF. In Queenstown/Tiong Bahru (D3), projects completed in 2021-2026 transact at $2,138 psf, nearly double the $1,167 psf for projects completed in 2000-2005. Hougang shows a similar spread: $1,520 versus $673.

This explains much of the noise in the MRT distance chart. When a brand-new project like Pasir Ris 8 (TOP 2025) sits 1km+ from the MRT but transacts at $1,394 psf, it is not because buyers do not care about MRT access. It is because the development is new, and newness commands a premium that overwhelms distance.

The common thread: product variation matters

The Straits Times article makes an important observation for HDB: in about half the towns studied, factors other than MRT distance dominate pricing. The same holds for private property, but even more so.

HDB flats are relatively standardised. A 4-room flat at 200m from the MRT is physically very similar to one at 800m. In the towns where MRT proximity is a clear factor, this standardisation means distance becomes one of the dominant remaining price differentiators.

Private residential property is far less uniform. As the age chart shows, development age alone can account for a 2x difference in PSF within the same district. MRT proximity is one factor among many, and its importance depends on how much other variation exists in the local stock. This is true for both HDB and private markets.

What this means for buyers

Whether you are buying HDB or private, the takeaway is similar:

1. MRT proximity matters, but it is not automatic. In some districts it is a strong price driver. In others it barely registers.
2. Look at what else is driving prices. Development age, tenure, and facilities can easily outweigh a few hundred metres of MRT distance.
3. Do not assume the HDB pattern applies to condos, or vice versa. The relationship between price and MRT distance depends on the specific market and location.

The data should inform your decision, not make it for you. If you would like to explore how MRT proximity affects pricing in a specific district or development, feel free to reach out.