With buyers looking forward to Keppel Land’s upcoming 500-unit condominium along Kim Tian Road in Tiong Bahru, there was not a single resale transaction recorded at the nearby existing condominiums since the start of the year.
According to media reports, the 99-year leasehold Highline Residences is expected to be launched in late June, with prices ranging from $1,700 to $1,900 psf.
It will be next to three completed developments — Central Green, Regency Suites and Twin Regency, where there has been an absence of resale activities in the past few months, based on caveats submitted to the Urban Redevelopment Authority (URA).
Completed in 1995, the 412-unit Central Green saw its most recent resale transaction in December 2013, when a 1,292 sq ft unit was sold for $1.73 million ($1,339 psf). Average rents at the 99-year leasehold project reached $4.05 psf per month in the last six months.
As for the Regency Suites, its latest resale deal was in August 2013, when a 980 sq ft unit was sold for $1.63 million ($1,664 psf). Units at the 84-unit freehold project also yield a higher average rent of $4.82 psf per month.
Finally, the 234-unit Twin Regency witnessed its most recent resale activity in July 2013, when a 1,227 sq ft unit was transacted for $2.15 million ($1,752 psf). The freehold project also has the highest average rent of $5.18 psf compared to the other two.
Meanwhile, the outlook for property in Tiong Bahru appears promising due to its scarce supply of new homes and convenient city fringe location, according to experts. Expatriates also find the area appealing thanks to its vibrancy.
Ong Kah Seng Research Director at R’ST, said, “The character of Tiong Bahru is very unique, with a mix of older and new apartments, eateries, shops and some old-world charm, setting it apart from areas that are too similar in housing forms.”
However, resale prices of the newer completed condos there could drop to about $1,550 psf by year-end, given the sluggish resale market, he added.
Image: Tiong Bahru (Source: Wikimedia Commons/User: Sengkang)
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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