FoundOnEdgeProp: Live in a freehold condo in Bukit Timah for under $1,700 psf
By Elizabeth Choong
/ EdgeProp Singapore |
At the time of writing, there were nine sale listings of units in Pandan Valley with asking price below $1,700 psf. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) – The government’s plans for the former Bukit Timah Turf City are expected to shine a spotlight on the neighbourhood. Our earlier article highlighted that freehold condos in District 21 could be hidden gems for savvy buyers because they are more affordable than their counterparts in District 10 and islandwide.
Since 2014, the average price for freehold condos in District 21 ($1,711 psf) has trended below that of District 10 ($2,292 psf) and islandwide ($1,813 psf). Furthermore, the average price for freehold condos in District 21 has grown by 43.7% since 2014, compared to weaker price growths of 32.2% for freehold condos in District 10 and 31% for freehold condos islandwide. (see Chart 1)
Source: EdgeProp Market Trends (as at 18 June 2024)
We searched through the condo sales listings on EdgeProp and found several freehold condo units in District 21 and the Bukit Timah Planning Area with asking prices below the district’s current average resale price.
Three freehold developments within walking distance of each other
At the time of writing, there were two listings for Signature Park, five listings for The Creek @ Bukit, and six listings for Highgate with asking prices under $1,700 psf. All three freehold developments are located within a 500m radius of each other. Amenities within a 1km radius include Beauty World MRT Station, Beauty World Plaza, Bukit Timah Primary School, Bukit Batok Nature Park, and the Pan Island Expressway. (see Map 1)
Source: EdgeProp LandLens (as at 18 June 2024)
Signature Park and The Creek @ Bukit are located along Toh Tuck Road, while Highgate is located along Tuck Road. However, all three developments are situated within District 21 and the Bukit Timah Planning Area.
Highgate is the oldest among the three developments, having obtained its temporary occupation permit (TOP) in 1995, followed by Signature Park in 1998, and The Creek @ Bukit in 2017. Among the three developments, Signature Park is the largest, with 928 units. The Creek @ Bukit features 260 units, while Highgate has a mix of 216 condo units and 108 landed units.
Despite having the most units, there were only two listings in Signature Park with asking prices under $1,700 psf at the time of writing. Both listed units have two bedrooms. The unit with the lower asking price of $1,627 psf, or $1.7 million, is a ground-floor unit that measures 1,045 sq ft, while the unit with the higher asking price of $1,668 psf, or $1.76 million, is a mid-floor unit that measures 1,055 sq ft.
The five listings for The Creek @ Bukit have asking prices ranging from $1,503 psf to $1,632 psf. The listing with the lowest unit asking price is for a four-bedroom penthouse that measures 1,797 sq ft. The listing with the highest unit asking price is for a two-bedroom penthouse that measures 1,206 sq ft. Due to their different sizes, the unit with the lower asking price of $1,503 psf actually has a higher total asking price of $2.7 million compared to the other listing with an asking price of $1,632 psf or $1.968 million.
The listing in Highgate with the lowest unit asking price of $1,557 psf ($2.28 million) is for a three-bedroom unit on a high floor, measuring 1,464 sq ft. The listing with the highest unit asking price of $1,654 psf ($2.1 million) is for a smaller four-bedroom unit that measures 1,270 sq ft.
Golden oldie
Pandan Valley is a freehold development located in District 21 and the Bukit Timah Planning Area. The 605-unit condo obtained TOP in 1978. Amenities within a 1 km radius include Dover MRT Station and Henry Park Primary School. (See Map 2)
Source: EdgeProp LandLens (as at 18 June 2024)
Pandan Valley could be the answer for buyers searching for affordable and spacious units in the Bukit Timah Planning Area. At the time of writing, there were nine listings for units in Pandan Valley with asking prices below $1,700 psf. The listed units have at least four bedrooms and measure at least 2,000 sq ft.
The listing with the lowest asking price of $3.1 million ($1,532 psf) is for a four-bedroom unit that measures 2,024 sq ft. A five-bedroom penthouse, which measures 5,974 sq ft, has the highest asking price of $6.63 million ($1,110 psf).
Those who are keen to live near Pandan Valley but are concerned about the age of the development can consider the uncompleted Pinetree Hill, which is located adjacent to Pandan Valley. However, Pinetree Hill has a tenure of 99 years compared to the freehold tenure of Pandan Valley. The 520-unit Pinetree Hill was launched in July last year, and 29% of its units were sold during its launch weekend at an average price of $2,460 psf. The cumulative take-up rate has since improved to approximately 42.1%. (See Chart 2)
Source: EdgeProp Research (as at 18 June 2024)
Buyers may also wish to wait for the launch of another 99-year leasehold development adjacent to Pinetree Hill. The future condo will be built on a nearby government land sales site that was awarded in November last year to a consortium comprising MCL Land and Sinarmas Land. At the time of writing, the condo has not been launched for sale.
Check out the latest listings for Pandan Valley, Signature Park, Highgate, The Creek @ Bukit properties
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