Following the announcement of plans for the Thomson Line (TSL) project, consultants expect property prices in the north to go up.
According to Alan Cheong, Research Head at Savills Singapore, residents in Seletar, Springleaf and Lentor, who are currently underserved by the public transport system, would benefit the most from the TSL.
“Homes in the Springleaf/Springside area will see prices rise by 10 percent at least. Prices will move, starting now; we do not have to wait until the line is completed before prices go up. They will usually move for a few months and then stabilise,” said Cheong.
Overall, consultants expect housing prices to increase as the MRT line nears completion.
In the short term, property prices near the project could grow gradually by three to five percent, said Gabriel Goh, Senior Manager for Investment Sales at HSR.
He added that these properties would eventually see a 20 to 30 percent premium over homes located away from the stations.
Lee Sze Teck, Senior Manager for Training, Research and Consultancy at DWG, anticipates price increases of five to 10 percent in the near-term, leading to 20 to 30 percent appreciation once the MRT line is completed.
However, properties close to major construction sites could see a temporary price drop of between five and 15 percent, said Chua Chor Hoon, Head of Asia Pacific Research at DTZ.
“Otherwise, we do not expect any adverse impact on prices on other properties along the route. Even if there is road diversion … owners will (likely) hold out for better prices later,” she noted.
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