FoundOnEdgeProp: Two-bedders near MRT and under $1 million
By Elizabeth Choong
/ EdgeProp Singapore |
D’Weave is located near Paya Lebar Quarter and Paya Lebar MRT Station. (Photo: EdgeProp Singapore)
Singapore (EDGEPROP) – Being located near a transport hub often tops the list of "must-haves" for Singaporeans when they are looking for a new home. Sufficient space and affordability are other common requirements.
We combed through the sales listings on EdgeProp and found several listings for condo units that have two bedrooms and are located within a 500m radius of an MRT station. The units are also attractively priced below $1 million.
Listings for condo units near Tanah Merah MRT Station
At the time of writing, there were nine listings for condo units with at least two bedrooms and an asking price of under $1 million near Tanah Merah MRT Station. Of the nine listings, five of them are for Urban Vista, and the remaining four are for The Glades. The developments are located a stone's throw away from each other.
Urban Vista and The Glades are 99-year leasehold condos located in District 16. Both developments obtained TOP in 2016, but The Glades is a larger development with 726 units, while Urban Vista has 582 units.
Both developments are located within a 1km radius of Bedok Green Primary School, St. Anthony's Canossian Primary School, Anglican High School, and St. Anthony's Canossian Secondary School. Bedok Stadium and Bedok Sports Centre are also nearby.
All five listings for Urban Vista are two bedroom units with sizes ranging from 549 to 603 sq ft. The average asking price for the five listings is $1,706 psf. Among the five listings, a 560-sq ft unit has the lowest asking price of $952,000, while a 592-sq ft unit has the highest asking price of $988,000. Both listings are for high-floor units.
Kitchen of the unit at Urban Vista with an asking price of $988,000 (Photo: EdgeProp Singapore)
Like the listings for Urban Vista, the four listings for The Glades are also for two bedroom units but are larger in size. The four units in The Glades range in size from 570 to 624 sq ft. Their asking prices range from $948,000 to $998,000, with an average of $1,658 psf.
The unit with the lowest asking price of $948,000 is a low-floor unit of 570 sq ft. The unit with the highest asking price of $998,000 is a larger mid-floor unit of 624 sq ft.
The average resale prices for both developments are trending above their 99-year leasehold counterparts in District 16. However, the average resale price for leasehold condos in District 16 is growing at a much faster pace compared to the two condos.
Since 2018, the average resale price for leasehold condos in District 16 has grown by 25% to the current average price of $1,362 psf. The average resale price for Urban Vista grew only 4.7% to $1,502 psf, while the average resale price for The Glades inched up by 0.5% to $1,586 psf.
Look to District 14 for variety
Over in District 14, there were three listings of two bedroom condo units with asking prices of under $1 million and are within a 500m radius of Aljunied MRT Station. At the time of writing, there were two such listings for Paya Lebar MRT Station.
The three listings near Aljunied MRT Station are for Avant Residences and Suites @ Sims. Avant Residences is a 99-year leasehold development with 50 units, while Suites @ Sims is a freehold development with 48 units. Avant Residences obtained TOP in 2012, a year before Suites @ Sims.
The developments are located near Geylang Methodist School (Primary), Geylang Methodist School (Secondary), James Cook University Singapore, Sims Vista Market and Food Centre, Old Airport Road Food Centre and Shopping Mall, Geylang East Public Library, Geylang Polyclinic, the Pan Island Expressway, and the Kallang Paya Lebar Expressway.
The two listings for Avant Residences are for 527-sq ft units. The cheaper listing has an asking price of $820,000, while the more expensive listing has an asking price of $900,000. The sole listing for Suites @ Sims is for a 560-sq ft unit with an asking price of $899,999.
The average resale prices for Avant Residences ($1,703 psf) and Suites @ Sims ($1,554 psf) are currently above those of other condos in District 14 ($1,499 psf). However, the resale prices for both developments are growing at a slower pace compared to other condos in the same district. Since 2018, the average resale price for condos in District 14 has grown by 28%, while prices for Avant Residences and Suites @ Sims have grown by 6.2% and 13% respectively.
There are two listings for D'Weave, which is located near the dual-line Paya Lebar MRT Station. The freehold development in District 14 has 71 units and obtained TOP in 2014.
Nearby amenities include Paya Lebar Quarter, City Plaza, Kinex, Haig Road Market and Cooked Food Centre, Geylang Serai Market, Geylang Polyclinic, two primary schools, two secondary schools, and the Pan Island Expressway.
The listing with the lower asking price of $950,000 is for a mid-floor 549-sq ft unit, while the listing with a higher asking price of $980,000 is for a high-floor 570-sq ft unit. The average asking prices for both units are $1,725 psf.
The average resale price for D'Weave ($1,399 psf) has dipped below the average prices for freehold condos in District 14 ($1,416 psf) and Singapore ($1,821 psf). This is unsurprising because resale prices for D'Weave have declined by 0.6% since 2016. In contrast, resale prices for freehold condos in District 14 and Singapore have grown by 31.5% and 29.1% respectively.
Check out the latest listings near The Glades, Urban Vista, D'Weave, Avant Residences, Suites @ Sims, Paya Lebar MRT, Tanah Merah MRT, Aljunied MRT Station
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