New life is being breathed into Redhill (pictured) as more condominium projects are set to be developed in the city-fringe neighbourhood, according to The Straits Times.
Approximately 1,000 condo units have already been delivered at four projects in the area with three upcoming developments expected to add 1,500 more units. The first is the newly launched 373-unit Ascentia Sky, which has already been 98 percent sold at a median price of S$1,398 psf as of August.
Two other projects will also be developed at Alexandra Road and Prince Charles Crescent, said property analyst Lee Sze Teck, Senior Manager of Training, Research and Consultancy at Dennis Wee Group.
Moreover, two sites have been made available on the reserve list of the Government Land Sales (GLS) Programme. Both are expected to yield another 1,000 units.
Given its popularity especially with expatriates and investors, the area’s prices have generally held up, Lee said. Most projects are within close proximity to Redhill MRT station and other amenities. However, there are no major malls in the vicinity.
Condo prices have risen at least 37 percent since 2009, when property prices were at a low.
Over at the 14-year old Tanglin Regency, median resale prices stood at S$1,216 psf in Q3, up from S$826 psf in Q2 2009. Another project, the 11-year old Tanglin View, saw prices jump 54 percent to S$1,285 psf over the same period.
Prices at The Metropolitan condo also went up over 50 percent to S$1,317 psf, while the nine-year old freehold Alessandrea saw prices grow 37 percent during that time.
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