FoundOnEdgeProp: Live in popular Bukit Merah for under $1 million
By Elizabeth Choong
/ EdgeProp Singapore |
Spottiswoode 18 and other nearby housing developments (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Singapore (EDGEPROP) – Bukit Merah is a popular residential neighbourhood because of its central location and numerous nearby amenities. It is expected to gain more demand from buyers after undergoing an upgrading program under the Remaking Our Heartland initiative.
Affordable freehold condos in Bukit Merah
At the time of writing, there were several listings for The Foresta @ Mount Faber with asking prices below $1 million. The freehold development has 141 units and obtained temporary occupation permit (TOP) in 2014.
The Foresta @ Mount Faber is located along Wishart Road in District 4. The condo is within walking distance of Telok Blangah MRT Station on the Circle Line (CCL). Other nearby amenities include VivoCity, Blangah Rise Primary School, Seah Im Food Centre, HarbourFront Bus Interchange, The Southern Ridges, and SAFRA Clubhouse (Mount Faber).
Source: EdgeProp LandLens (as at 9 October 2023)
All listings for The Foresta @ Mount Faber with asking prices under $1 million were for one-bedroom units. The listing with the lowest asking price of $880,000 ($2,047 psf), was for a 430-sq ft unit, while the listing with the highest asking price of $990,000 ($2,045 psf), was for a 484-sq ft unit. Both units are on the ground floor.
The unit in The Foresta @ Mount Faber with an asking price of $990,000 (Photo: EdgeProp Singapore)
Spottiswoode 18 might appeal to buyers who work in the CBD. The freehold development is located along Spottiswoode Park Road in District 2. The development has 251 units and obtained TOP in 2014.
Outram Park and Cantonment MRT Stations are within walking distance. Outram MRT Station is a triple-line MRT station that provides easy connectivity to the East-West, North-East, and Thomson-East Coast Lines. Cantonment MRT Station on the CCL is still under construction but is expected to be completed in 2026.
Other nearby amenities include Cantonment Primary School, Maxwell Food Centre, Tanjong Pagar Plaza, Ayer Rajah Expressway (AYE), and Singapore General Hospital.
Source: EdgeProp LandLens (as at 9 October 2023)
The unit in Spottiswoode 18 with an asking price of $968,000 (Photo: EdgeProp Singapore)
Price trends of The Foresta @ Mount Faber and Spottiswoode 18
Since 2016, the average resale price for condo units under 500 sq ft in The Foresta @ Mount Faber has slipped by 2% to the current price of $2,021 psf. In contrast, the average resale price for similar units in Spottiswoode 18 has risen by 20% to the current price of $2,426 psf. Freehold condo units under 500 sq ft in Bukit Merah have increased at a slower pace of 13% to the current price of $2,322 psf.
Source: EdgeProp Market Trends (as at 9 October 2023)
Five-room HDB flats near Spottiswoode 18
Families who wish to stay near Spottiswoode 18 for under $1 million may want to consider purchasing a five-room HDB flat in the vicinity. At the time of writing, there were about 10 listings for five-room HDB flats along Spottiswoode Park Road with asking prices ranging from $816,000 to $980,000.
The listing with the lowest asking price of $816,000 ($627 psf), was for a 1,302-sq ft flat at 109 Spottiswoode Park Road. The listing with the highest asking price of $980,000 ($741 psf), was for a slightly larger flat (1,323 sq ft) located at nearby 110 Spottiswoode Park Road. The main drawback for both flats is their age, as they were completed in 1979.
The flat in 109 Spottiswoode Park Road with an asking price of $816,000 (Photo: EdgeProp Singapore)
However, the short remaining tenure for the flats could be compensated for by their convenient location. Both flats are located beside the future Cantonment MRT Station and the AYE. Other amenities within a 1km radius include Cantonment Primary School, Outram MRT Station, 100AM, and Singapore General Hospital.
Source: EdgeProp LandLens (as at 9 October 2023)
Five-room HDB flats in Telok Blangah
At the time of writing, there were approximately 10 listings for five-room HDB flats in Telok Blangah with asking prices under $1 million. Among these 10 listings, seven were for flats located along Telok Blangah Heights, with asking prices ranging from $748,000 to $935,000.
Three of the listings for flats along Telok Blangah Heights were specifically for 74 Telok Blangah Heights. These three listings had asking prices below $800,000 because the HDB block was completed in 1978. Asking prices for these listings ranged from $748,000 ($598 psf) to $799,000 ($635 psf).
The flat in 74 Telok Blangah Heights with an asking price of $799,000 (Photo: EdgeProp Singapore)
Buyers looking for newer five-room HDB flats in Telok Blangah will need to have deeper pockets. At the time of writing, there were three listings under $1 million for 86 Telok Blangah Heights and one listing for 85 Telok Blangah Heights. Both blocks were completed in 2003.
A unit at 86 Telok Blangah Heights had the lowest asking price of $860,000 ($726 psf), while the unit at 85 Telok Blangah Heights had the highest asking price of $935,000 ($790 psf).
The flat in 86 Telok Blangah Heights with an asking price of $860,000 (Photo: EdgeProp Singapore)
The three HDB blocks are located within walking distance of each other. Blangah Rise Primary School, Depot Heights Shopping Centre, The Southern Ridges, and Telok Blangah Market are also a short walk away. Other nearby amenities include AYE, Alexandra Retail Centre, Gillman Barracks, and Telok Blangah MRT Station (CCL).
Source: EdgeProp LandLens (as at 9 October 2023)
Price trends of five-room HDB flats in Bukit Merah
The average resale prices for five-room HDB flats in Bukit Merah and the Central Region have moved in tandem since 2012 and are significantly higher than the average resale price for their islandwide counterparts.
Since 2012, the average resale price for five-room HDB flats in Bukit Merah has grown by 22% to the current average price of $724 psf. The average price for similar flats in the Central Region and islandwide has increased by 27% to the current average prices of $709 psf and $540 psf, respectively.
Source: EdgeProp Market Trends (as at 9 October 2023)
Check out the latest listings for The Foresta @ Mount Faber, Spottiswoode 18 properties
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