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Brisk Sales, Healthy Price For New Private Homes Around Bidadari

| Property Articles | 15/06/2014

Venue Residences1

Venue Residences1

 

The incessant drilling and piling at Bidadari marked a new chapter in the history of the area. When construction works are completed, a new town will rise from the rolling green grass that once laid above countless dead bodies.

But its macabre reputation will fade with time, and Bidadari will likely prove to be a popular housing estate given its prime location near the city.

Fenced by Bartley Road, Upper Serangoon Road, Sennett Estate and Mount Vernon Road, and sandwiched between Woodleigh and Bartley MRT stations on the North-East Line and the Circle Line respectively, people will appreciate the transport convenience Bidadari offers.

As an added bonus, the well-reputed Cedar Girls’ Primary and Secondary School, and Maria Stellar High School are in close proximity. For expatriates, there is Stamford American International School.

HDB envisions Bidadari to be “A Community in a Garden” where a heritage walk, lake and park will make up the green lungs, and a “Market Square” housing a bus interchange, retail and community amentities, will be the congregation point for residents.

Nevertheless, the area is still under-going development, and the fewer amentities there compared to its more established neighbouring towns like Bishan and Serangoon Central, translate into lower prices. Thus there is considerable upside potential as Bidadari grows.

For now, we look at how private home prices in the immediate vicinity of Bidadari is faring.

Based on caveats lodged with the Urban Redevelopment Authority (URA), as of 15 June 2014, and the URA’s monthly report, we examine the prices of under-construction private housings along Mount Vernon Road, Upper Aljunied Road and the adjoining section of Upper Serangoon Road. We leave out the private home projects, The Quinn and Gambir Ridge, which are further up north along Bartley Road.

From Table 1, there are seven under-construction projects, and all have 80 to 100 per cent sold-out rate based on the number of units launched for sales.

For all but Nin Residences, the minimum price per square foot ($ psf) is above $1,000 psf in the launch month. A price above $1,000 psf is healthy, normal and in line with other condominium projects launched during the same period.

Table 1: Under-construction Private Homes In Bidadari’s Vicinity

Under-construction Project Street Name Property Type Launch Date Total Number of Units in Project Total Number of Units Launched to Date Total Number of Units Sold (Based on URA Apr’ 14 Report) Median Price ($psf) in Launch Month Price Range ($psf) in Launch Month

The Venue Residences

Tai Thong Crescent

Non-landed

Oct-13

266

70

56

1457

1300 – 1563

Sant Ritz

Pheng Geck Avenue

Non-landed

Apr-13

214

176

158

1494

1166 – 1634

Bartley Ridge

Mount Vernon Road

Non-landed

Mar-13

868

868

804

1296

1031 – 1514

Sennett Residence

Pheng Geck Avenue

Non-landed

Mar-13

332

332

301

1474

1290 – 1730

18 Woodsville

Woodsville Close

Non-landed

Mar-12

101

101

96

1737

1540 – 1938

Bartley Residences

Lorong How Sun

Non-landed

Feb-12

702

702

702 (Based on URA Jun’ 13 Report)

1260

1015 – 1504

Nin Residence

Pheng Geck Avenue

Non-landed

Dec-10

219

219

219

1254

895 – 1484

Source: URA

Going a step further, we examine the price and transactions between December 2013 and June 2014 when the property market has shown clear signs of cooling, and the festive periods would have dampened sales. Still, the minimum price per square foot ($ psf) remains above $1,000 psf, and units were moved in all but 18 Woodsville.

The median price and price range, however, have dipped compared to the launch month for The Venue Residences and Bartley Ridge.

In contrast, Sant Ritz defied expectations and its median price, as well as price range, surged. But units sold are fewer than for the other two projects.

Table 2: Transactions and Prices, Dec’ 2013 – Jun’ 2014

Under-construction Project

Units Sold in Dec’ 13 – Jun’ 14 *

Median Price ($psf) in Dec’ 13 – Jun’ 14

Price Range ($psf) in Dec’ 13 – Jun’ 14

Median Price Change (%)

The Venue Residences

15

1352

1255 – 1539

(7.21)

Sant Ritz

11

1597

1441 – 1682

6.89

Bartley Ridge

63

1207

1008 – 1329

(6.87)

Sennett Residence

1

1576

1576

6.92

18 Woodsville

0

Bartley Residences

0

(Fully sold by June 2013)

Nin Residence

0

(Fully sold by June 2013)

* Based on caveats lodged with URA as of 15 June 2014
Source: URA

All in all, we believe it is a good time to acquire a unit in the area while prices are still depressed. Speak to an iCompareLoan mortgage expert today to compare home loan Singapore, and maximise your returns!

Article is powered by icompareloan.com (Singapore 1st Cloud-based Home Loan Comparison platform for property agents and owners)

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