Affordable properties with en bloc potential in Central Singapore

/ EdgeProp
March 26, 2018 7:00 AM SGT
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The average price across the 21,862 private non-landed residential property transactions in 2017 is $1,404 psf, according to URA caveat data as at March 21. This is a 3.6% y-o-y increase from $1,355 psf. Developers sold 9,733 new residential units at an average price of $1,510 psf in 2017, up 5.3% y-o-y. This year as at March 21, developers had sold 995 units at an average price of $1,649 psf, up 9.2% y-o-y.
The uptrend in transacted prices notwithstanding, particularly at new projects, affordable properties priced below $1,000 psf can still be found in Singapore, but they are likely to be at older developments. EdgeProp identified 24 developments in the Central Region where there were at least three transactions below the $1,000 psf mark between 4Q2017 and March 21. Among them are several projects that have high collective sale potential, according to EdgeProp’s en bloc calculator. They are Sherwood Tower in Bukit Timah; Hillcrest Arcadia and The Arcadia on Arcadia Road, off Adam Road; Kentish Lodge on Rangoon Road; Townhouse Apartments, adjacent to Anglo-Chinese School (Junior); Bukit Regency in Upper Bukit Timah; SKT Mansions in Aljunied; and Pandan Valley, off Holland Road (see table).
Source: URA, EdgeProp
Sherwood Tower is a 269-unit apartment block within Bukit Timah Plaza. Residents enjoy direct lift access to the retail podium of the mixed-use development. In the most recent transaction, an 829 sq ft unit changed hands for $662,800 ($800 psf) on March 6. In February, a 1,830 sq ft unit and a 1,539 sq ft unit were sold for $1.1 million ($601 psf) and $968,000 ($629 psf), respectively.
About 300m from Bukit Timah Plaza is Mayfair Gardens, a 99-year leasehold condo completed in 1985. It was sold en bloc to Oxley Holdings last November for $311 million, or $1,244 psf per...