What’s Better Than A Condo Next To An MRT?
What do MRT stations and condo concierge services have in common?
They both seem to get less impressive every year. Having a concierge and a reception desk was once the hallmark of a luxury condo. Today, home buyers just shrug and say it’s nice they gave a chair to the “security guard.”
If you have a concierge, there’s a good chance the only time you speak to them is to tell them to let the Deliveroo guy in. But the same thing is happening with MRT stations:
Back in the early-2000s, anything near a train station was assumed to be a guaranteed sellout. But over the past two decades, the number of MRT stations has multiplied: the North East Line, Circle Line, Downtown Line, Thomson East Coast Line, etc. all appeared on the scene. From a simple two-line diagram, the MRT network now looks like a graph of my circulatory system.
This has resulted in more condos now boasting an MRT station nearby; at least within 10-minutes or so. So when you tell homebuyers a train station is nearby, it’s about as amazing as declaring the condo has doors or a window. The response is just a muffled “Hmmmpf,” followed by the all-important question:
Which line? How many stations?
Today, it’s clear that different train lines have different values.
The two oldest lines: the East West Line and North South Line, are the main favourites. Being near one of these stations is often ranked higher in value, than being near, say, a Thomson East Coast Line or Downtown Line station. Perhaps it’s just familiarity, but Singaporeans tend to immediately think “Good, I can sleep all the way to City Hall/Orchard” when these two lines present themselves (I know you can do that on some other train lines as well, but call this a visceral association.)
The next big factor, besides the line, is how many train lines a condo is close to. Being close to a single MRT station just prompts a shrug. But if you’re close to multiple train stations on different lines – or the nearby station is an interchange – that’s a much bigger deal. Woodleigh Residences is nice because it’s integrated with Woodleigh MRT, but that’s just one line. Park Place Residences at Paya Lebar, however, has both the coveted East West Line and Circle Line wrapped into one.
As of today, this is really what gets buyers interested: just as people now want multiple schools within an enrolment radius, there’s a desire to have multiple train lines within walking distance. Just having one station on one line may no longer be able to stand out.
It also reminds me, to some extent, of how bus stops near your house were a bigger deal when I was growing up.
If you were in the property market during the ‘80s and early ‘90s, you might remember how the position of a bus stop was a big deal. Realtors and sellers would proudly point out that the local bus stop was just across the street, or less than a few minutes’ walk. A simple bus stop was one of the reasons my own parents were, many decades ago, convinced to put down a higher offer.
Today this is an ignored factor, and some realtors don’t even bother to work out how close the relevant bus stops are (a pity, since some buyers still care if the stop is right outside the side gate).
Meanwhile in other property news…
- Freehold three-bedder condos for under $2 million: do they still exist? Well not many, but here are some.
- Singapore’s population is now over 6 million. Who’s going to benefit from this, and who will pay for it property wise? Here’s our take.
- Those one-bedders sure have a sweet, low quantum huh? But before you fork out for one, think through these factors.
- Not many developers build duplex condos these days, but we did manage to uncover some projects with these rare unit types.
Weekly Sales Roundup (23 September – 29 September)
Top 5 Most Expensive New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| 32 GILSTEAD | $14,646,000 | 4209 | $3,480 | FH |
| CANNINGHILL PIERS | $5,623,000 | 1959 | $2,870 | 99 yrs (2021) |
| PINETREE HILL | $4,768,000 | 1733 | $2,751 | 99 yrs (2022) |
| TEMBUSU GRAND | $3,539,000 | 1432 | $2,472 | 99 yrs (2022) |
| LENTOR MANSION | $3,383,000 | 1507 | $2,245 | 99 yrs (2023) |
Top 5 Cheapest New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| KASSIA | $1,169,000 | 549 | $2,129 | FH |
| SORA | $1,268,000 | 538 | $2,356 | 99 yrs (2023) |
| LENTORIA | $1,273,000 | 538 | $2,365 | 99 yrs (2022) |
| PINETREE HILL | $1,390,000 | 538 | $2,583 | 99 yrs (2022) |
| TEMBUSU GRAND | $1,392,000 | 527 | $2,639 | 99 yrs (2022) |
Top 5 Most Expensive Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| CUSCADEN RESERVE | $7,098,000 | 2099 | $3,382 | 99 yrs (2018) |
| THE TRILLIUM | $6,480,000 | 2390 | $2,712 | FH |
| OXLEY RESIDENCE | $5,880,000 | 2573 | $2,286 | FH |
| PARVIS | $4,280,000 | 1701 | $2,517 | FH |
| DOMUS | $3,880,000 | 2788 | $1,392 | FH |
Top 5 Cheapest Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| PARC ROSEWOOD | $670,888 | 506 | $1,326 | 99 yrs (2011) |
| PRIMEDGE | $672,000 | 441 | $1,523 | FH |
| KINGSFORD WATERBAY | $715,000 | 484 | $1,476 | 99 yrs (2014) |
| D’WEAVE | $720,000 | 420 | $1,715 | FH |
| CARDIFF RESIDENCE | $730,000 | 420 | $1,739 | 99 yrs (2011) |
Top 5 Biggest Winners
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| THE BELVEDERE | $3,088,000 | 1302 | $2,371 | $2,120,000 | 18 Years |
| THE SEA VIEW | $3,575,000 | 1410 | $2,535 | $2,080,400 | 17 Years |
| SEVEN HOLT ROAD | $3,560,000 | 1873 | $1,901 | $2,023,754 | 23 Years |
| MANDARIN GARDENS | $2,665,000 | 2034 | $1,310 | $1,840,000 | 21 Years |
| MERAPRIME | $2,580,000 | 1313 | $1,965 | $1,767,000 | 19 Years |
Top 5 Biggest Losers
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| SCOTTS SQUARE | $3,180,000 | 947 | $3,357 | -$915,775 | 17 Years |
| UP@ROBERTSON QUAY | $1,400,000 | 753 | $1,858 | -$690,000 | 12 Years |
| MON JERVOIS | $1,740,000 | 1001 | $1,738 | -$401,695 | 7 Years |
| MARINA ONE RESIDENCES | $1,550,000 | 753 | $2,057 | -$262,086 | 4 Years |
| THE SAIL @ MARINA BAY | $1,100,000 | 614 | $1,793 | -$164,840 | 14 Years |
Transaction Breakdown
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