An Emerging New Trend Of City Living In Singapore's Central Business District.

Online, September 1, 2012 (Newswire.com) - A new trend is emerging in Singapore property market scene. City living is taking off with more people drawn to the central business district with the completion of thousands of new apartments and thousands more in construction.

In the past few years, Singapore's Central Business District has seen a growth surge in office spaces in the Marina Bay, Shenton Way, Cecil Street and Robinson Road areas. And much more office space is expected to be completed by 2015. This will drive more businesses to locate within the CBD areas and will likely increase demand for housing in the area.

An estimated 17,000 people already stay in the CBD area. The number of completed apartments is about 3,500 units. This will likely increase when newer projects such as Eon Shenton, V On Shenton and Marina One are completed.

Median rents of existing residential properties in Marina Bay and Shenton Way have risen to $5.50 per square feet in the third quarter 2010 to $6 per square feet in the first quarter of 2012.

The buzz of the new residential projects in Marina Bay and Shenton Way has rejuvenated the area beyond a traditional financial and business district. New and upcoming exciting food and beverage outlets, retail and hotels have also added to the after office buzz in the area.

Rental demand is still quite strong for the one and two bedder units in the Central Business District area. Demand mostly driven by expats who work in the area.

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