Spike in interest in Bukit Timah condos near King Albert Park MRT station

Older condominiums in the Bukit Timah neighbourhood of District 21, particularly Maplewoods and the adjacent Casa Esperanza on Bukit Timah Road as well as Mayfair Gardens on Rifle Range Road, just off Dunearn Road, are seeing renewed interest among buyers.
Traditionally sought-after for their proximity to good schools in the Bukit Timah area such as Methodist Girls’ School, Nanyang Primary School and Hwa Chong Institution, these condos are also becoming increasingly popular among homebuyers because they are located just 200 to 300m from the King Albert Park MRT station on the Downtown Line 2.
Maplewoods the prime beneficiary
The condo that has seen the biggest spike in transactions is Maplewoods on Bukit Timah Road. Developed by Wing Tai Holdings and completed 20 years ago, the freehold condo comprises 697 units in five 10-storey blocks amid a tropical resort setting.
Residents at the development had to put up with the construction of the Downtown Line 2, which began in July 2009. After enduring the inconvenience in terms of road congestion and noise for more than five years, they are now reaping the benefits of the condo’s proximity to the King Albert Park MRT station, which opened in December 2015.
The 697-unit Maplewoods has seen the most significant pickup in transactions with the opening of the King Albert Park MRT station on Downtown Line 2
The opening of the MRT station has drawn new buyers to Maplewoods, with transactions picking up significantly since last September. The most sought-after units were the threeand four-bedroom apartments ranging from 1,335 to 1,787 sq ft.
The two latest transactions in January reflect the trend. A 1,378 sq ft three-bedder on the second level changed hands for $1.96 million ($1,423 psf), according to a caveat lodged on Jan 23. And a 1,787 sq ft, four-bedroom unit on the fifth floor went for $2.4 million ($1,343 psf).
The highest psf prices achieved at Maplewoods were in 2013 and 2014 when a handful of units were sold at prices ranging from $1,503 to $1,573 psf, according to caveats lodged with URA Realis. At the bottom of the market in...