Location matters. Homes in prime districts cost more than those in non-prime districts. Many home buyers here value proximity to an MRT station. Homes that are near MRT stations fetch higher prices. And homes that are linked to a station, such that one can walk easily to the station and not get wet when it rains, draw a higher premium.

Despite Singapore’s low birth rate, a locational attribute that is crucial – even a dealbreaker – for some home buyers is proximity to a sought-after local primary school. A study done several years ago involving researchers from the National University of Singapore found that the loss of a top 50 ranked school led to a fall in prices of about 8.5 per cent for private homes and an estimated 5.1 per cent for Housing and Development Board (HDB) flats within 1 km of the school.

Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that homes near “top schools” can draw a price premium of up to 15 per cent.