Check out how the upcoming Thomson Line impacts on property projects nearby
Old condos in Sin Ming station will likely see prices breach SGD1,000psf.
Here's from MayBank KimEng Research:
Lentor – Phase 2 – District 26
The designated location is a 15-minute walk from Yio Chu Kang MRT station on the North-South line. It is concentrated with old private estates, such as Chip Thye Garden, Thomson Grove, Seasons Park and Castle Green.
Newer projects include Nuovo, an Executive Condominium, and MCL Land’s The Calrose, a 421-unit freehold private project which received its TOP in 2007. YTD, 13 transactions have taken place there, with averaged selling
prices of SGD1,080 psf. As for rental costs, the district’s median rental is SGD2.7-2.9psf, with rental yields at older estates averaging 4.1-4.5%.
Sin Ming - Phase 2 - District 20
Sin Ming Station will be situated at the more neglected side of Bishan. Sky Habitat has set record-high prices with
ASP of SGD1,608 psf on a 99yr leasehold. We see older condos directly opposite from the station to see the most
value-added. For example, The Gardens at Bishan and Faber Garden Condo will likely see prices breach SGD1,000psf.
Upper Thomson– Phase 2 – District 20
Upper Thomson is one of the most anticipated stations. The latest news in the area is the Bright Hill Drive site,
released this August. HDB has awarded United Venture Development, a joint venture between Singapore Land and UOL, a 99-year leasehold plot for SGD291.5m. The site is expected to yield 405 units, with an estimated land and breakeven price of SGD720psf ppr and SGD1,110psf respectively.
In the surrounding area, older estates are largely freehold projects such as 3BHC, Centurion 12, Grandioso 8, and
Thomson Park. The newest project is Macly Group’s Thomson V Two, a freehold project comprising 122 units
expected to TOP this year. Subsale transactions have reached SGD1,454psf compared to launch prices of
SGD900psf. Its sister project, 99-year leasehold Thomson V One, was granted TOP in 2007. Latest transaction prices have reached SGD1,204psf compared to average launch prices of SGD750psf.
Mount Pleasant – Phase 3 – District 11
Situated in the middle of the Old Police Academy, the station will be right next to the PIE. Just across the highway are clusters of landed estates and several upand-coming boutique developments. Last year, Whitley Heights received an enbloc offer for SGD159m or SGD1,222psf from Hoi Hup Realty. It was the largest freehold plot in the prime central district in excess of 100,000 sq ft zoned for mixed-use development. Another site at Whitley, Villa Des Flores, a 41-unit condo now up for enbloc sale, is asking for SGD160-165m, or SGD1,533-1,581psf. The site can be used for a mixed development. It will likely be hotly contested by small developers as it lies in the Central
Region, and will not be subjected to the latest clampdowns on ‘shoebox’ dwellings.
Stevens – Phase 3 – District 10
Already an MRT stop for the upcoming Downtown Line, Stevens road residential area may have already priced in
a MRT premium. Last year, Sing Holdings proceeded with an enbloc combining Robin Court, Robin Star, and
One Robin, for a total of SGD176.3m, or SGD1,302psf.
Projects to be completed include Loft@Stevens, White House Residences, The Glyndebourne, and Cyan.
Great World – Phase 3 – District 9-10
River Valley probably has the greatest concentration of private residential properties. However, contrary to
widespread belief, it is actually slightly difficult in terms of transportation accessibility despite being walking
distance to Orchard Road. Great World City will enjoy a boost in consumer footprint, which will likely firm up
selling prices in the vicinity. A few of the failed enbloc projects may have another go, as the new station would
enhance property values.
from sbr
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