LOCATION SCAN: Coney Island’s opening to spur Punggol property market?
By Tan Chee Yuen
/ The Edge Property |
Our own Coney Island, which shares the same name as the famous amusement park, Coney Island in New York, has been opened to the public recently. The 50-ha island is connected to the mainland by two bridges on its western and eastern ends to Punggol Promenade and Pasir Ris Coast Industrial Park 6. According to the master plan by the URA, a part of Coney Island is zoned for residential, sport, and recreational use.
Across the island, Singapore Institute of Technology (SIT) will have a new central campus to be integrated with the creative industry cluster in the north-east region. It will also be integrated into the Punggol Downtown and the Housing Development Board's upcoming Northshore District.
Illustration of Coney Island Park
Source: URA, National Parks Board
What’s available nearby?
As an overview, there are three uncompleted private non-landed projects within 2km radius of the island with recent transactions. The highest transacted price over the past six months was for a 1,550 sq ft unit at 99-year leasehold project Watertown which sold for $2.0M ($1,290 psf). Conversely, the most affordable transaction was for a 786 sq ft unit at 99-year leasehold project Flo Residences which fetched $830,000 ($1,056 psf). Average prices range from $966 psf to $1,183 psf.
Chart 1: Prices of private non-landed projects within 2km radius of Coney Island
Source: URA, The Edge Property
Separately, there are two uncompleted executive condominium projects within 2km radius of the island with recent transactions. The highest transacted price over the past six months was for a 1,711 sq ft unit at 99-year leasehold project The Terrace which sold for $1.4M ($829 psf). Conversely, the most affordable transaction was for a 700 sq ft unit at 99-year leasehold project The Amore which fetched $603,000 ($862 psf). Average prices are hovering around $800 psf.
Chart 2: Prices of EC projects within 2km radius of Coney Island
Source: URA, The Edge Property
In the public housing segment, 4- and 5-room HDB flats within 1km radius of the island were transacted at an average price of $421,956 and $446,750 respectively over the past six months.
Chart 3: Price statistics of HDB flats within 1km radius of Coney Island
Source: HDB, The Edge Property
Chart 4: Rental statistics of HDB flats within 1km radius of Coney Island
Source: HDB, The Edge Property
What’s recently transacted?
The Terrace executive condominium dominated recent transactions with a total of seven transactions in October. The highest transacted price was for a 1,442 sq ft unit, which changed hands at $1.1M ($781 psf). Meanwhile, a 1,098 sq ft unit at The Amore was sold at $922,000 ($840 psf).
Looking to stay close to the rustic Coney Island? The nearest LRT station is the Oasis station. Click here to start searching!
Table below only shows the 10 latest transactions, which are generated through our professional analytic tool on theedgeproperty.com. The tool is available for registered users. To find out more or to register, please write in to propertyeditor.sg@bizedge.com
Latest transactions of private non-landed projects within 2km radius of Coney Island
Date | Project | Address | Type of sale | Unit area (sq ft) | Tenure (years) | Type of area | Price ($ psf) | Price ($) |
|---|---|---|---|---|---|---|---|---|
4-Oct-15 | 100 Edgedale Plains #XX-XX | New Sale | 1,076 | 99 | Strata | 869 | 935,700 | |
4-Oct-15 | 55A Edgedale Plains #XX-XX | New Sale | 1,098 | 99 | Strata | 840 | 922,000 | |
4-Oct-15 | 88 Edgedale Plains #XX-XX | New Sale | 1,001 | 99 | Strata | 794 | 794,400 | |
4-Oct-15 | 84 Edgedale Plains #XX-XX | New Sale | 1,442 | 99 | Strata | 781 | 1,127,200 | |
4-Oct-15 | 90 Edgedale Plains #XX-XX | New Sale | 1,076 | 99 | Strata | 846 | 910,700 | |
3-Oct-15 | 80 Edgedale Plains #XX-XX | New Sale | 1,173 | 99 | Strata | 796 | 934,400 | |
2-Oct-15 | 100 Edgedale Plains #XX-XX | New Sale | 1,076 | 99 | Strata | 832 | 896,100 | |
30-Sep-15 | 55 Edgedale Plains #XX-XX | New Sale | 1,227 | 99 | Strata | 742 | 910,000 | |
30-Sep-15 | 53 Edgedale Plains #XX-XX | New Sale | 1,227 | 99 | Strata | 755 | 927,000 | |
29-Sep-15 | 88 Edgedale Plains #XX-XX | New Sale | 1,076 | 99 | Strata | 819 | 881,900 |
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