http://www.straitstimes.com/archive/...place-20121103

Selling Telok Blangah: It's parked in a good place

Its draw is in being close to both nature and business parks: Experts

Published on Nov 03, 2012

By Melissa Tan


IT IS known for its nature spots and as a gateway to Sentosa but Telok Blangah has a more potent attraction - its proximity to the Central Business District and nearby business parks.

The quiet estate's prime position means demand for housing could grow as Singapore develops into a global financial hub and wealth centre, experts said.

Yet despite Telok Blangah's location at the city fringe, it remains largely tranquil, largely due to its vast expanse of parkland.

A park connector, Henderson Waves, links Mount Faber Park and Telok Blangah Hill Park.

These two parks make up a third of the Telok Blangah area, SLP research head Nicholas Mak pointed out.

"The parks will not be developed into housing, so the tranquil environment is likely to be preserved," he noted.

Mr Png Poh Soon, head of consultancy and research at Knight Frank, added: "The area's lush greenery... provides a refreshing living environment for residents, which is a valuable entity in land-scarce Singapore."

But being close to the CBD, Mapletree Business City, Merrill Lynch HarbourFront and Alexandra Technopark gives it even more powerful selling points, as the active rental market attests.

There is a ready pool of expatriate tenants who want to lease public or private housing for short- or long-term stays, Mr Png said.

Tenants are also drawn there by the presence of the VivoCity mall, one of Singapore's largest shopping centres, and HarbourFront MRT station.

The Telok Blangah MRT station along the Circle Line also opened last year.

Mr Png noted that most leases are signed at newer condominium developments, particularly at the Caribbean at Keppel Bay.

Rents at the 969-unit Caribbean at Keppel Bay range from $6,000 to $6,500 a month for a 1,250 to 1,350 sq ft unit while a unit above 2,000 sq ft can command around $8,000 a month, Mr Png added.

Resale volume at the Caribbean at Keppel Bay also accounted for nearly a quarter of total new sale, sub-sale and resale transactions over the past five years, he added.

Mr Mak said other tenants could be foreigners working in the Sentosa integrated resort or in other parts of Sentosa.

Though the rental market is buoyant, the number of new developments completed over the past five years is fairly limited.

There are also no sites in Telok Blangah under the Government Land Sales programme for the second half of this year, though Mr Mak said that there are some vacant plots in the area that the Government may offer for sale in the future.

Only three new condominium projects have been launched since last year - Foresta@Mount Faber, Skyline Residences and Harbour Suites. These are expected to obtain their temporary occupation permits some time between next year and 2015.

At Foresta@Mount Faber, developer Hoi Hup launched smaller units of between 430 sq ft and 720 sq ft at average prices ranging from $1,850 psf to $2,000 psf.

Other recent projects at the Telok Blangah area include the 1,129-unit Reflections at Keppel Bay condo and the new 333-room Bay Hotel Singapore directly opposite Sentosa Gateway.

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