Completed condos near new launches in OCR present buying opportunities
By Michael Lim
/ The Edge Property |
Completed condos near new launches in OCR present buying opportunities
The launch of The Wisteria in Yishun in March and Cheung Kong Properties’ Stars of Kovan in May has stirred interest in completed condominiums in these two suburban neighbourhoods, which are located in the Outside Central Region (OCR), according to the top 50 property searches in The Edge Property website.
“Buyers who are looking for a home in the vicinity will zoom in on projects that were recently completed or other comparable projects,” says Alice Tan, head of research at Knight Frank Singapore. Some are of the view that projects that were launched earlier are likely to be priced lower, providing higher capital appreciation in the future, she explains.
For instance, in Yishun, a consortium led by BBR Holdings launched The Wisteria at an average price of $1,100 psf. Meanwhile, th e 608-unit The Estuary by MCL Land, which was completed in 2013, has seen resale prices averaging $904 psf over the past six months. This represents a discount of about 18% on average compared with The Wisteria, points out Knight Frank’s Tan.
The 608-unit The Estuary by MCL Land, which was completed in 2013, has seen resale prices averaging $904 psf over the past six months
The price premium could also be due to the fact that The Wisteria is a mixed-use development with a retail mall. “Buyers in the OCR are more price-sensitive, especially in the current uncertain economic situation,” says Tan. “They prefer a completed development as they can move in immediately or lease it out for rental income even though the rental market is relatively challenging.”
A similar scenario is taking place in the Kovan area. The launch of Stars of Kovan in May has created a buzz, and 80 units have been sold to date, based on caveats lodged on URA Realis. The average transacted price was $1,400 psf.
At Kovan Residences, the average price of units sold over the last six months was $1,167 psf
Two neighbouring completed condos have benefited from the launch of Stars of Kovan. One is the 521-unit Kovan Residences, which was completed in 2011 and jointly developed by Centurion Properties and Lian Beng Group. The average price of units sold at the development over the last six months was $1,167 psf. The other condo is the 393-unit Kovan Regency by Hoi Hup, which is expected to be completed later this year.
A 550 sq ft unit at Kovan Regency was sold in November 2015 at $770,000 ($1,300 psf)
The most recent transaction at Kovan Regency was for a 550 sq ft, one-bedroom unit for $770,000 ($1,300 psf) in November 2015. Meanwhile, a 506 sq ft studio at Stars of Kovan was sold for $864,580 (1,314 psf). The very slight price premium for Stars of Kovan over Kovan Regency could be due to the fact that the latter will only be completed later this year, says Knight Frank’s Tan.
With more value-buy opportunities surfacing in the OCR as new projects are being completed, buyers will have to do their homework, says Tan.
Top 50 searches in Outside Central Region from Jan 1 to June 19
A TREASURE TROVE | Condominium | 99 Yrs From 09/03/2011 | 2015 | 882 |
|---|---|---|---|---|
ARCHIPELAGO | Condominium | 99 Yrs From 01/06/2011 | 2015 | 553 |
BARTLEY RESIDENCES | Apartment | 99 Yrs From 29/06/2011 | 2015 | 702 |
BAYSHORE PARK | Condominium | 99 Yrs From 17/03/1982 | 1986 | 1,083 |
BEDOK RESIDENCES | Apartment | 99 Yrs From 21/11/2011 | 2015 | 583 |
BOTANIQUE AT BARTLEY | Condominium | 99 Yrs From 14/04/2014 | Uncompleted | 797 |
CASA ESPANIA | Apartment | Freehold | 1991 | 19 |
CASA MERAH | Apartment | 99 Yrs From 11/07/2006 | 2009 | 556 |
CHILTERN PARK | Condominium | 99 Yrs From 01/03/1991 | 1995 | 500 |
COMPASS HEIGHTS | Apartment | 99 Yrs From 30/04/2000 | 2002 | 536 |
COSTA DEL SOL | Condominium | 99 Yrs From 05/05/1997 | 2004 | 906 |
GLENDALE PARK | Condominium | Freehold | 2000 | 448 |
GUILIN VIEW | Condominium | 99 Yrs From 24/04/1996 | 2000 | 655 |
HILLVIEW GREEN | Condominium | 999 Yrs From 19/05/1883 | 1998 | 400 |
KINGSFORD . HILLVIEW PEAK | Condominium | 99 Yrs From 04/06/2012 | Uncompleted | 512 |
KINGSFORD WATERBAY | Apartment | 99 Yrs From 03/03/2014 | Uncompleted | 1,165 |
LAKEVILLE | Condominium | 99 Yrs From 30/04/2013 | Uncompleted | 696 |
MARTIA RESIDENCE | Apartment | Freehold | 2006 | 20 |
MEADOWS @ PEIRCE | Condominium | Freehold | 2012 | 479 |
MELVILLE PARK | Apartment | 99 Yrs From 01/09/1992 | 1996 | 1,232 |
NORTH PARK RESIDENCES | Apartment | N.A. | Uncompleted | 920 |
NV RESIDENCES | Condominium | 99 Yrs From 07/01/2008 | 2013 | 642 |
PALM GARDENS | Condominium | 99 Yrs From 12/08/1996 | 2000 | 694 |
PARC OASIS | Condominium | 99 Yrs From 01/12/1991 | 1994 | 950 |
PARC OLYMPIA | Condominium | 99 Yrs From 25/01/2012 | 2015 | 486 |
RIPPLE BAY | Condominium | 99 Yrs From 10/08/2011 | 2015 | 679 |
RIVER ISLES | Condominium | 99 Yrs From 06/02/2012 | 2015 | 610 |
RIVERSAILS | Condominium | 99 Yrs From 07/12/2011 | 2016 | 921 |
SELETAR PARK RESIDENCE | Condominium | 99 Yrs From 15/03/2011 | 2015 | 276 |
STARS OF KOVAN | Apartment | 99 Years Leasehold | Uncompleted | 395 |
STRATUM | Condominium | 99 Yrs From 11/07/2012 | Uncompleted | 380 |
SYMPHONY SUITES | Condominium | 99 Yrs From 10/06/2014 | Uncompleted | 660 |
THE AMORE | Executive Condominium | 99 Yrs From 30/10/2013 | Uncompleted | 378 |
THE BROWNSTONE | Executive Condominium | 99 Years Leasehold | Uncompleted | 638 |
THE CENTRIS | Apartment | 99 Yrs From 21/06/2006 | 2009 | 610 |
THE GLADES | Condominium | 99 Yrs From 21/01/2013 | Uncompleted | 726 |
THE LUXURIE | Condominium | 99 Yrs From 15/06/2011 | 2015 | 622 |
THE MINTON | Condominium | 99 Yrs From 27/07/2007 | 2013 | 1,145 |
THE PALETTE | Condominium | 99 Yrs From 20/10/2010 | 2015 | 892 |
THE PANORAMA | Condominium | 99 Yrs From 08/04/2013 | Uncompleted | 698 |
THE SCALA | Apartment | 99 Yrs From 06/01/2010 | 2013 | 468 |
THE SPRINGBLOOM | Condominium | 99 Yrs From 01/03/1995 | 1999 | 372 |
THE TRILINQ | Condominium | 99 Yrs From 16/04/2012 | Uncompleted | 755 |
THE VALES | Executive Condominium | 99 Years Leasehold | Uncompleted | 517 |
THE VISIONAIRE | Executive Condominium | 99 Years Leasehold | Uncompleted | 632 |
THE WISTERIA | Apartment | 99 Years Leasehold | Uncompleted | 216 |
URBAN VISTA | Condominium | 99 Yrs From 05/11/2012 | Uncompleted | 582 |
VUE 8 RESIDENCE | Condominium | 99 Yrs From 10/09/2012 | Uncompleted | 463 |
WANDERVALE | Executive Condominium | 99 Years Leasehold | Uncompleted | 534 |
WATERTOWN | Apartment | 99 Yrs From 18/05/2011 | Uncompleted | 992 |
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