Saturday, June 2, 2012

Changing face of Pasir Ris

Straits Times: Sat, Jun 02
PASIR Ris is easily dismissed as a sleepy outpost at the end of the East-West MRT line, but property experts say home hunters could do well to consider the area.

They say the face of Pasir Ris will change significantly in the years ahead as numerous projects, both private and public, add buzz to the well-established area.

Buying interest in projects launched so far has already been strong, thanks in part to the affordability factor, the experts say.

Take for example, Pasir Ris One, said to be the last project under the Housing Board's Design, Build and Sell Scheme (DBSS).

Before e-applications closed on May 2, it was already oversubscribed. Only 447 units are available at the project, which is about five minutes' walk from Pasir Ris MRT station.

Executive condominium (EC) Watercolours also attracted keen interest, with more than 800 applications for 416 homes.

Huge Development - a consortium made up of Ho Lee Group, UE E&C, GPS Alliance Development and Investment, and Evia Real Estate - is behind the 99-year leasehold EC.

Per sq ft (psf) prices for the EC range from $570 to $750, and work out to an average of $706 psf.

Private projects include MCL Land's Ripple Bay, which sold nearly 500 units by April, out of 679 units on offer at the 99-year leasehold project. The units were sold for $870 psf on average.

Hong Realty's 642-unit NV Residences is already fully sold while Far East Organization's Seastrand is over 80 per cent sold.

The condos are expected to be completed in 2014.

Next weekend, Hoi Hup Realty is expected to preview its 376-unit Sea Esta in Pasir Ris Link. It will be sold at similar prices of about $850 psf to $890 psf on average, agents said.

Pasir Ris is a 'value-for-money purchase', especially for those who like the east and being close to amenities, said property consultant Ong Kah Seng.

Private projects have seen quite encouraging sales as buyers show strong interest in suburban properties after the additional buyer's stamp duty (ABSD) was imposed, noted Mr Ong, director at R'ST Research.

'Various investors also saw future leasing upside from the growing major eastern business hubs, essentially foreign professionals in Tampines and Changi business parks, or possibly from airline-related crew,' he said, adding homeowners may see longer-term resale potential when such decentralisation of office space takes better shape in years to come.

This, coupled with the plethora of new launches there, could explain why resale activity has been subdued recently, he said.

Still, prices have held up. For instance, the freehold Ferraria Park sold 13 units at a median price of $940 psf in the first five months of the year. It was completed in 2009. 'That price is fairly similar to that of new freehold launches,' he said...
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