Singapore Property | The forthcoming phase 1 of the Cross Island Line – the longest completely underground MRT line in Singapore – appears to a perfect location for some condo developments close to the recommended stations.
Some of the condominiums that have attracted many potential buyers since information about the upcoming line came out in early February are The Garden Residences and Affinity at Serangoon. Both condos were launched nearly a month prior to the introduction of cooling measures on July 5, 2018.
The take-up rates for the properties in Serangoon North after the cooling measure was moderate because of their closeness to one another. There was stiff competition from new development in the neighbourhood and an absence of MRT connectivity during that time.
However, in just a week after the announcement of details of the upcoming line, Affinity at Serangoon has moved about 45 units at a median price of $1,475 per sq. ft., with about 30 units sold over the weekend, noted Director Eugene Lim, who is in charge of sales and marketing at Oxley Holdings.
Talking to The Straits Times, Mr. Lim said the company had managed to move 360 units out of the 650 units availed for sale.
“On a good weekend, we sell around 5-8 units. The demand for these units has skyrocketed thanks to the MRT Line connectivity,” noted Mr. Lim.
“Currently, the Serangoon North MRT will be just a 5-minute walk from our condo development. Condominiums within close proximity to the MRT can attain great rental yield,” he added.
“We expect the MRT impact to be higher in the suburbs, where proximity to MRT stations is a great bonus, particularly if these neighbourhoods are several kilometres from the city center,” observed Ms. Alice Tan who works at Knight Frank Singapore as the head of residential project marketing. Phase 1 of the upcoming Cross Island Line will be ready by 2029 and will feature 12 stations running from Changi to Sin Ming. It will feature four interchanges.