Rising Demand For Bukit Batok Properties
By EdgeProp Singapore
/ EdgeProp Singapore |
Bukit Batok has come a long way. Once a quarrying village, it is today a self-sustaining residential town.
The various facilities and lifestyle amenities that have emerged in recent years continue to elevate the area’s appeal. Popular hangout spots amongst Bukit Batok residents include HillV2 – a mixed development which serves everything from zi char to Japanese cuisine, to cafes like Starbucks and Dean & Deluca.
Recent improvements to the public transportation network such as the new Downtown Line 2 (DTL2) MRT stations, Cashew and HIllview in Bukit Batok has further contributed to its growing popularity, and this is perhaps reflected in the rising demand for properties in the area.
Rising demand for resale condos in Bukit Batok
Between 2014 and 2018, transaction volume for resale private properties in Bukit Batok rose by 153%, while prices increased by about 7% - outpacing the property price index (PPI) of non-landed residential properties in the Outside of Central Region (OCR), which was at about 1% within the same time period.
i) Demand and prices of resale private properties in Bukit Batok from 2014 - 2018
Source: EdgeProp.sg, URA
Prices of resale private properties in Bukit Batok continued to rise into 2019. Based on 17 resale transactions, prices averaged at about $1,102 psf in January.
ii) Property Price Index of Non-Landed Residential Properties in Outside Central Region (OCR)
Source: EdgeProp.sg, URA
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New projects in Bukit Batok set new price highs
There was also an uptrend in prices for new private residential properties in the area. Based on URA caveats, new home sales transactions averaged at $1,454 psf for the whole of 2018, and $1,447 psf in the first month of 2019.
i) Demand and prices of new private residential properties in Bukit Batok from 2014 - 2018
Source: EdgeProp.sg, URA. Note *2019 figures are derived from sales transactions that occured in the month of January.
The price increase was mostly contributed by new sales transactions at Mont Botanik, a 108-unit freehold development that was launched in August 2018. Six units at the project were sold since its launch at an average price of $1,819 psf.
Meanwhile, the priciest unit to have been sold at Mont Botanik to date was a 775 sq ft unit at $1.598 million or $2,061 psf.
Six units at the project were sold since its launch at an average price of $1,819 psf.
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Another new project that has spearheaded prices in the area was Le Quest. When completed, the mixed-use development will have 12-storey apartment blocks above a four-storey podium that will house retail space, a childcare centre and car parks, as well as 516 private residential units.
Between January 2018 and February 2019, a total of 97 units at Le Quest were sold at an average of $1,431 psf. On a psf basis, the priciest unit to have been sold at the development so far was a 700 sq ft unit at $1,514 psf in May 2018.
When completed, Le Quest will have 12-storey apartment blocks above a four-storey podium that will house retail space, a childcare centre and car parks, as well as 516 private residential units.
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Between January 2018 and February 2019, a total of 97 units at Le Quest were sold at an average of $1,431 psf.
Moving forward, with Bukit Batok being a key district as part of ongoing plans to build the Jurong Lake District, there is little doubt that demand for properties in the area will continue to rise.
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