Downtown Line 3 (DTL3) stations will open on October 21 and will complete the third and final phase of the 42km Downtown MRT line that links the north-western and eastern housing estates to the old and new downtowns.
Locations of the 16 DTL3 stations were announced in August 2011, and include interchange stations at MacPherson, Tampines and Expo. The 21km DTL3 extension will bring direct connectivity along the corridor it serves, and is expected to have a positive impact on property prices.
In this article, we will look at how much non-landed private properties in the East have benefitted from the DTL3 extension. We start with properties located closest to the new MRT stations, and compare transaction values within these developments before and after the final announcement of the MRT station locations.
1) Baywater
Bedok Reservoir Road
Nearest to: Bedok Reservoir MRT Station (approx. 192m away)
Tenure: 99 years from 2001
Completion date: 2006
No. of units: 232
Baywater is located some 2.2km away from Bedok MRT station, currently the nearest MRT station from the development. The opening of the new Bedok MRT station, located less than 200m away, will cut travelling time by up to 15 minutes by bus for residents at the leasehold development.
The elevated convenience is reflected in the value of sales transactions before and after the locations of the new MRT stations were finalised. According to URA statistics, units at Baywater transacted at an average of $853 psf in 2010. This figure rose to an average of $920 psf in 2017, marking an 8% increase.
The rise in value of sales transactions at Baywater within this period has outpaced the property price index (PPI) of non-landed residential properties outside of central region (OCR), which stands at 6.9% from 2011 to 2017.
The latest sales transaction at the condo took place in August 2017, when a mid-floor two-bedder unit sold for $968,000 ($927 psf). Currently, a two-bedder unit is listed for sale on EdgeProp.sg for $970,000 ($929.10 psf), while a three-bedder is listed for $1.3 million ($1,015.60 psf). View more units at Baywater here.
2) Changi Court
Upper Changi Road East
Nearest to: Upper Changi MRT Station (approx. 200m away)
Tenure: Freehold
Completion date: 1997
No. of units: 297 units
Currently, the nearest MRT station from this freehold development is Expo, located about 1km away. The unveiling of Upper Changi MRT station will cut the walking distance to the nearest train station by more than three times, and travelling time of at least 10 minutes by bus.
For residents of Changi Court, the prospect of a shorter journey and greater MRT accessibility has translated to financial gains. In 1H2011, units at Changi Court sold for an average of $893 psf. The figure rose to $967 in 1H2017, marking an average price increase of 8% against the PPI of 6.9% for OCR properties within the same time period.
Two-bedder units are currently listed for sale on EdgeProp for between $980,000 ($1,011.40 psf) and $1 million ($1,032.00 psf), while four-bedders are listed fro between $1.32million ($951 psf) and $1.45 million ($1060.70 psf). Find similar units at Changi Court here.
Bedok Reservoir View
Nearest to: Bedok Reservoir MRT Station (approx. 265m away)
Tenure: 99 years from 1997
Completion date: 2001
No. of units: 420 units
The Clearwater is situated 1.5km away from Bedok MRT station, currently the nearest MRT station from the development. Value of sales transactions at the development has been rising steadily following the announcement of the new DTL3 MRT stations.
Three-bedroom units – the most commonly transacted unit type at the development – sold at an average of $788 psf in 1H2011, and at an average of $850 psf in 1H2017, marking an 8% increase in psf value against the PPI of 6.9% for OCR properties within the same time period.
For some residents at Clearwater, the announcement of the new MRT locations could have brought about a financial windfall. In January 2011, a 1,195 sq ft three-bedder on the ninth floor sold for $920,000 ($770 psf). The same unit fetched nearly $1.18 million ($985) in March 2013, marking a 28% increase in sales value.
Meanwhile, a 1,206 sq ft three-bedder unit on the 11th floor sold for nearly 23% more at $1.15 million ($954 psf) in November 2012, compared to its transacted value of $938,000 ($778 psf) in November 2010.
The most recent transaction took place in September 2017, when a 1,001 sq ft two-bedder changed hands for $880,000 or $879 psf. Two-bedder units are currently listed for sale on EdgeProp.sg for between $920,000 ($919.10 psf) and $980,000 ($1,034.80 psf). Browse more units at The Clearwater here.
Bedok Reservoir View
Nearest to: Bedok Reservoir MRT Station (approx. 373m away)
Tenure: 99 years from 1996
Completion date: 2001
No. of units: 720 units
Tanah Merah MRT station is currently the closest MRT station to Aquarius by the Park. It is located about 1.7km away and takes about 24 minutes to get there by bus. In comparison, the new Bedok Reservoir MRT station will be just minutes’ walk away for residents of the leasehold development.
In 1H2011, three-bedroom units – among the most commonly transacted unit types at Aquarius by the Park – sold at an average of $743 psf. Meanwhile in 1H2017, units sold at an average of $799 psf, marking a 7.5% increase in psf value against the PPI of 6.9% for OCR properties within the same time period.
More than five two-bedder units are currently listed for sale on EdgeProp.sg at prices between $800,000 ($895.90 psf) and $890,000 ($996.60 psf). See more Aquarius by the park units here.
Simei Street 4
Nearest to: Upper Changi MRT Station (approx. 400m away)
Tenure: 99 years from 1996
Completion date: 1999
No. of units: 602 units
Simei Green Condominium is a leasehold executive condo that is located about 570m away from Simei MRT station, currently the nearest MRT station from the development.
Three-bedders are among the most commonly transacted unit types at the development. In 1H2011, Simei Green Condominium units sold at an average of $661 psf. This figure rose to $716 psf in 1H2017, marking an increase of over 8% in psf value against the PPI of 6.9% for OCR properties within the same time period.
The most recent transaction at the condo took place in August 2017, when a three-bedroom unit sold for $995,000 ($638 psf). Three-bedroom units at the condo are currently listed for sale on EdgeProp.sg for between $860,000 ($887.50psf) and $938,000 ($691.20psf). Find similar units at Simei Green Condominium here.