Sunday, March 17, 2013

Potong Pasir set to get infusion of new life

The Straits Times  |  Mar 16, 2013
Experts foresee more retail amenities with 1,000 new homes in the pipeline

Potong Pasir has long been something of a backwater but it is likely to spring to life in the next few years, with as many as 1,000 new homes set to be built there.

The new condominiums which will boost the supply of private homes in the neighbourhood are Nin Residence, 18 Woodsville, Sant Ritz, and the newest kid on the block - Sennett Residence.

Sennett Residence, which is closest to the Potong Pasir MRT station, has sold more than 70 per cent of its 332 apartments since its launch last week. The average price of units at the project was $1,450 per sq ft (psf).

Although it is primarily a residential estate, Potong Pasir does not have many amenities, experts say.

But a mixed-use site at the corner of Upper Serangoon Road and Meyappa Chettiar Road that was sold in September last year is expected to yield more retail amenities for residents in the area.

"There are opportunities for new mall developments, but these usually develop after some critical mass is in place," said R'ST Research director Ong Kah Seng.

However, the area's proximity to the city centre still makes it an attractive neighbourhood for investment.

Mr Ong said: "Investors will find the rentability of homes here higher than those in the north-east area, as they are better located and the profile of occupiers is less owner-occupier."

The area is also expected to be a popular alternative for expatriates who want to move out of the expensive central region to save on housing costs.

Currently, the completed projects in the area are One Leicester and Woodsville 28.

Units at One Leicester, which was launched in April 2006, were sold for an average price of $610 psf.

Homes at Woodsville 28 were sold for an average price of $775 psf during its launch in July 2008.

Potong Pasir is located next to the upcoming new town of Bidadari, and is also near popular schools such as St Andrew's Junior College and Cedar Girls' Secondary School, as well as the Stamford American International School.

"Potong Pasir is definitely an area that the more affluent HDB upgraders can consider, as it is well-located... and the spate of new residential developments and some supporting retail amenities are set to energise the area," noted Mr Ong.

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