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20-09-14, 23:35
http://www.straitstimes.com/archive/saturday/premium/money/story/st-patricks-road-set-ride-mrt-effect-20140913
Hot spot
St Patrick's Road set to ride on 'MRT effect'
Upcoming MRT line in area will raise buying interest, capital gains: Experts
Published on Sep 13, 2014 12:41 AM
By Jacqueline Woo
The residential enclave around St Patrick's Road in the prime District 15 looks set to be another long-term winner from the "MRT effect", consultants said.
They forecast that the upcoming Thomson-East Coast Line will bring increased buying interest and capital gains in the wake of the area's greater accessibility.
The line, which will be fully operational by 2024, will have a station in Marine Parade near St Patrick's Road so travel time to the central city and the northern part of Singapore will be cut significantly.
The neighbourhood could do with a shot in the arm. It is not a hive of activity now, with only a few units changing hands over the past year, due in part to stringent curbs on home loans which kicked in last year.
However, rents for private homes have been fairly stable in the past year, said Mr Nicholas Mak, executive director of research and consultancy at SLP International.
He noted that the area's investment outlook is promising, with a good range of amenities as one of its main draws.
Besides having popular schools in the vicinity, the area is also served by the Parkway Parade and 112 Katong malls, as well as "plenty of good cafes and restaurants", said Mr Mak. "East Coast Park is also located within walking distance, which easily serves as an escape for residents to get closer to nature, the beach and the breeze," he added.
In the same vein, Mr Wong Xian Yang, a manager of research and consultancy at OrangeTee, pointed out that few other places in Singapore boast such close proximity to similar amenities.
Upcoming projects in the district include 70 St Patrick's in St Patrick's Road, a freehold development comprising 186 apartments on a 137,563 sq ft site, and Amber Skye in Amber Road, which will house around 109 freehold apartments over 40,708 sq ft.
Existing private projects include St Patrick's Residences, a freehold development in St Patrick's Road that was completed last year.
Resale prices have averaged $1,268 per sq ft (psf) over the past 12 months, according to Squarefoot Research.
Resale prices at freehold Grand Duchess at St Patrick's, which was completed in 2010 with 121 units, have averaged $1,371 psf over the past 12 months.
However, buyers may not be keen on new launches in the short term, given the slow-moving market and strict financing conditions, said Ms Lee Lay Keng, regional head of research at DTZ.
Mr Wong advised investors to keep their eyes out for good bargains in older developments as owners who are unable to find tenants or who get fed up with construction work may sell up.
"A site that is within walking distance of the MRT will be easier to rent out, and usually for a higher rent, compared with others which do not share the same attribute," he added.
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Hot spot
St Patrick's Road set to ride on 'MRT effect'
Upcoming MRT line in area will raise buying interest, capital gains: Experts
Published on Sep 13, 2014 12:41 AM
By Jacqueline Woo
The residential enclave around St Patrick's Road in the prime District 15 looks set to be another long-term winner from the "MRT effect", consultants said.
They forecast that the upcoming Thomson-East Coast Line will bring increased buying interest and capital gains in the wake of the area's greater accessibility.
The line, which will be fully operational by 2024, will have a station in Marine Parade near St Patrick's Road so travel time to the central city and the northern part of Singapore will be cut significantly.
The neighbourhood could do with a shot in the arm. It is not a hive of activity now, with only a few units changing hands over the past year, due in part to stringent curbs on home loans which kicked in last year.
However, rents for private homes have been fairly stable in the past year, said Mr Nicholas Mak, executive director of research and consultancy at SLP International.
He noted that the area's investment outlook is promising, with a good range of amenities as one of its main draws.
Besides having popular schools in the vicinity, the area is also served by the Parkway Parade and 112 Katong malls, as well as "plenty of good cafes and restaurants", said Mr Mak. "East Coast Park is also located within walking distance, which easily serves as an escape for residents to get closer to nature, the beach and the breeze," he added.
In the same vein, Mr Wong Xian Yang, a manager of research and consultancy at OrangeTee, pointed out that few other places in Singapore boast such close proximity to similar amenities.
Upcoming projects in the district include 70 St Patrick's in St Patrick's Road, a freehold development comprising 186 apartments on a 137,563 sq ft site, and Amber Skye in Amber Road, which will house around 109 freehold apartments over 40,708 sq ft.
Existing private projects include St Patrick's Residences, a freehold development in St Patrick's Road that was completed last year.
Resale prices have averaged $1,268 per sq ft (psf) over the past 12 months, according to Squarefoot Research.
Resale prices at freehold Grand Duchess at St Patrick's, which was completed in 2010 with 121 units, have averaged $1,371 psf over the past 12 months.
However, buyers may not be keen on new launches in the short term, given the slow-moving market and strict financing conditions, said Ms Lee Lay Keng, regional head of research at DTZ.
Mr Wong advised investors to keep their eyes out for good bargains in older developments as owners who are unable to find tenants or who get fed up with construction work may sell up.
"A site that is within walking distance of the MRT will be easier to rent out, and usually for a higher rent, compared with others which do not share the same attribute," he added.
[email protected]