Residential property located near Circle line stations enjoying higher valuations

Residents occupying property located near the new Circle line stations are already enjoying a higher valuation months ahead of completion. According to a Credit Suisse report, property located near the Circle Line stations fared better than the overall real estate market.

Prices of private homes like Springbloom and Chiltern Park around Lorong Chuan station have risen 27 percent to 40 percent since June 2008.

Most of the 11 Circle Line stations are in established areas, such as MacPherson, Dakota, Mountbatten, Stadium and Bras Basah. With commuter journeys shortened by as much as 15 minutes for a journey from Woodlands to Paya Lebar, residential projects coming up near the Circle Line stations have also seen brisk business as residents look towards projects near to MRT stations.

The preview of UOL's Waterbank- a 616-unit condominium located next to Dakota MRT two weeks ago drew an overwhelming response, with 40% of units sold. Prices of typical units range from above $1000 psf to above $1,300 psf, and buyers were mainly Singaporeans. Units range from 484 sq ft for a one-bedder to 2,820 sp ft for a penthouse.

Next to Waterbank, developers Ho Bee Group and NTUC Choice Homes are left with mainly 50-odd four bedders at the 348-unit project Dakota Residences. The project is expected to TOP in August this year.

According to Propnex CEO, Mr Mohamed Ismail, "Properties near amenities, particularly along the MRT are always valued greater than those that are far from it."

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