FoundOnEdgeProp: Live in a Bishan condo under $2 million
By Elizabeth Choong
/ EdgeProp Singapore |
At the time of writing, there were three sale listings of three-bedroom units in Bishan 8 with asking prices below $1,800 psf. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) – Bishan is a popular housing estate with approximately 32 condominiums and over 8,300 units. The popularity of this residential enclave could be due to its numerous amenities, including several reputable schools such as Ai Tong School, Catholic High School (Primary and Secondary), and Raffles Institution (Secondary and Junior College).
Additionally, there are four MRT stations serving the area, namely Bishan, Marymount, Bright Hill, and Upper Thomson Stations. Bishan MRT Station is a dual-line station that serves both the North-South and Circle Lines. Bright Hill MRT Station currently serves only the Thomson-East Coast Line but will become an interchange station with the Cross Island Line in 2030.
Furthermore, the average resale price for condos in Bishan ($1,802 psf) has remained well below that of its counterparts in the Central Region ($2,017 psf), providing buyers an opportunity to live in a central location at a more affordable price (see Chart 1). The average resale price for condos in Bishan is still below $2,000 psf, while the price for condos in the Central Region surpassed the benchmark this year. Since 2014, the average resale price for condos in Bishan (69%) has also achieved a stronger growth compared to condos in the Central Region (29%).
Source: EdgeProp Market Trends (as at 29 July 2024)
We combed through the condo sales listings on EdgeProp and found condo units in the Bishan Planning Area that are located near an MRT station and have asking prices below $2 million.
Three condos within walking distance of Bishan MRT Station
Sky Habitat, Sky Vue, and Bishan 8 are located within walking distance of the dual-line Bishan MRT Station (see Map 1). All three condos are 99-year leasehold developments. However, Bishan 8 is older, having obtained its temporary occupation permit (TOP) in 1999, while Sky Habitat and Sky Vue obtained theirs in 2015 and 2016, respectively. Bishan 8 is also a significantly smaller development with only 200 units compared to 509 units in Sky Habitat and 694 units in Sky Vue.
Source: EdgeProp LandLens (as at 29 July 2024)
It is notable that Bishan 8 has achieved the strongest price growth despite being the oldest development among the three condos. Since 2016, the average resale price for Bishan 8 increased by 46.7% compared to growths of 22.3% for Sky Habitat and 19.4% for Sky Vue (see Chart 2). Furthermore, the average resale price for Bishan 8 ($1,614 psf) has consistently trended below that of Sky Habitat ($1,782 psf) and Sky Vue ($2,083 psf).
Source: EdgeProp Market Trends (as at 29 July 2024)
At the time of writing, there were three sales listings with asking prices of $2 million or below for Bishan 8 and Sky Habitat, while Sky Vue had four such listings. Despite being the oldest, Bishan 8 had the highest asking prices, ranging from $1.94 million to $2 million. Asking prices for Sky Habitat ranged from almost $1.6 million to $1.9 million, while asking prices for Sky Vue ranged from $1.53 million to $1.9 million. This is because the available units from Bishan 8 are larger and have three bedrooms compared to the available two-bedroom units from Sky Vue and Sky Habitat.
The unit in Bishan 8 with the lowest asking price of $1.94 million ($1,668 psf) is a 1,163-sq ft three-bedroom unit on a low floor. The unit with the highest asking price of $2 million ($1,720 psf) is also a three-bedroom unit of the same size but is on a higher floor.
Unit in Bishan 8 with an asking price of $2 million (Photo: EdgeProp Singapore)
Sky Vue and Sky Habitat share many similarities. However, Sky Vue tends to command a higher price on a per square foot basis compared to Sky Habitat because Sky Habitat was relaunched at a lower price. Furthermore, Sky Vue has more small units that gave to a boost to its per square foot price.
Hence, it is not surprising that all four listings for Sky Vue have asking prices above $2,000 psf, while the asking prices for the three listings for Sky Habitat are approximately $1,800 psf.
The unit in Sky Habitat with the lowest asking price of almost $1.6 million ($1,835 psf) measures 872 sq ft. The unit with the highest asking price of $1.9 million ($1,857 psf) is larger at 1,023 sq ft. Both are mid-floor units with two bedrooms.
Unit in Sky Habitat with an asking price of $1.9 million. (Photo: EdgeProp Singapore)
The available two-bedroom units in Sky Vue are smaller compared to their counterparts in Sky Habitat. The unit with the lowest asking price of $1.53 million ($2,257 psf) measures 678 sq ft, while the unit with the highest asking price of $1.9 million ($2,354 psf) measures 807 sq ft.
Unit in Sky Vue with an asking price of $1.53 million. (Photo: EdgeProp Singapore)
Many options from Jadescape
Buyers who prefer a newer development might want to consider Jadescape, which obtained its TOP in 2022. The leasehold condo is a massive development with 1,206 units and is located within walking distance of Marymount MRT Station, Shunfu Mart Market and Food Centre, and Sin Ming Plaza (see Map 2).
Source: EdgeProp LandLens (as at 29 July 2024)
At the time of writing, there were 19 listings for Jadescape with asking prices below $2 million. The listings were for two-bedroom units that measure between 764 sq ft and 775 sq ft. Due to the age of the condo, all units had asking prices above $2,000 psf.
The listing with the lowest asking price of $1.589 million ($2,080 psf) is for a mid-floor unit that measures 764 sq ft. A two-bedroom high-floor unit, which measures 775 sq ft, has the highest asking price of $1.9 million ($2,452 psf).
Unit in Jadescape with asking price of $1.9 million. (Photo: EdgeProp Singapore)
Since 2021, the average price for Jadescape ($2,154 psf) has been marginally above that for leasehold condos in Bishan that are less than 10 years old ($2,122 psf) (see Chart 3). Since 2018, the average price for leasehold Bishan condos that are less than 10 years old has achieved stronger price growth of 35.5% compared to the 29.1% increase achieved by Jadescape.
Source: EdgeProp Market Trends (as at 29 July 2024)
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