Strong sales have been generated in condos linked to MRTs in the past 10 years. The trend has been more prevalent especially for the integrated developments with a commercial component, for instance, a shopping mall.
“An integrated development is a mixed-use project with a commercial and residential component and seamless connection to a transport node and public space,” said Knight Frank head of research and consultancy, Alice Tan.
In Paya Lebar, an example of an integrated development is Paya Lebar Quarter’s Park Place Residences. The private condo had over 250 units of the 429 units taken up on the first weekend at $1,801 psf average price. The project has 3 office blocks with approximately 1 m sqft office space, a shopping mall of 340,000 sqft and Paya Lebar Interchange station. It is set for completion in 2019.
Park Place Residences had a 12.5% higher launch price than that of Katong Regency of $1,600 psf. Katong Regency is a freehold development above One KM shopping mall whose completion was in 2015 after launching in 2012. All its units were taken up in under a month and it is near Park Place Residences.
(Artist Impression of Park Place Residences)
The 99-year leasehold Sims Urban Oasis by GuocoLand has 1,024 units and set for completion later 2017. So far, 70% of the units at the project whose launch was in 2015 has been sold with 60 units being sold in April at $1,380 average price.
TRE Residences is a 99-year leasehold private condominium next to Aljunied MRT. The 250-unit project is a joint development by Greatview Development, MCC Land, and Sustained Land. Its launch was in November 2014 at $1,416 average price. Based on lodged caveats, 54 units were sold in March and April at $1,456 average price.
Compass Heights is Singapore’s first integrated project that was completed in 2002. The 536-unit private condo in Sengkang has 2 blocks of 14-storeys each that are seamlessly linked to Compass One Mall, Sengkang MRT station, bus interchange and LRT Station. During its launch in February 2001, units fetched $480 psf average price. Based on lodged caveats, units exchanged hands at $841 psf average price between July and September 2011.
Across the Compass Heights is The Luxurie, a 622-unit development at Sengkang Square by Keppel Land. The 99-year leasehold project had its launch in September 2011 with units fetching $980 psf average price. It was completed in 2015.
Read on more new property launches with fabulous discount like the One Surin, a freehold cluster development in District 19 and Belgravia Villas, a freehold cluster development in District 28. Stay tune for part 2 of Price Premium of Integrated Developments.