Properties in the East get a boost from new DTL3 stations

By EdgeProp Singapore / EdgeProp | September 29, 2017 11:00 AM SGT
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.
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 for $970,000 ($929.10 psf), while a three-bedder is listed for $1.3 million ($1,015.60 psf). View more units....