Strong demand expected for future HDB apartments in Mount Pleasant: analysts

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POTENTIAL DISADVANTAGES

Ms. Sun noted that there might be some drawbacks to the location, such as noise and noise from the freeway and its proximity to a cemetery. The land is located next to the Kopi Sua cemetery.

But Mr Nicholas Mak, head of research and advice at ERA Realty, said he believes it probably won’t deter many buyers.

Citing how the BTO projects in the Bidadari area, which are built directly above an exhumed cemetery, have always been heavily oversubscribed, he said the prime location of the site will outweigh other factors.

He added that it is close to the mature Toa Payoh Estate, which has many amenities such as schools and restaurants.

EXPECTED SALE PRICE

Ms. Sun expects prices to be close to BTO launches in Toa Payoh or Bidadari. “For example, for this year’s launch in February in Bidadari, prices for five-room apartments started from S $ 611,000 while four-room apartments started at around S $ 460,000.

“For the February 2020 launch at Toa Payoh, four-room apartments started at around $ 400,000 and prices have increased to S $ 666,000,” she said.

Mr Lee, who believes the land has the potential to fall under the Prime Land Housing (PLH) model, said prices could start from S $ 600,000 for a four-room apartment if so. If not in the PLH model, it could reach at least S $ 650,000, he estimated.

IMPACT ON THE EXISTING DISTRICT

With around 5,000 households brought to the area, that could mean more vehicles and more congestion in the area, Mak said.

But such issues of intensifying land use are also “hard to escape,” he said, adding that it “doesn’t make economic sense either” to leave the plot empty. or underutilized.

He noted that development will be gradual and the nearby MRT station could help alleviate traffic.

As for other residents, Ms. Sun said they could benefit from a rejuvenation of the estate if more amenities are built to support the greater number of residents in the area.

“These additional amenities and the completion of the new MRT station may increase the value of their homes, although residents may have to live with construction noise, inconvenience and dust for a few years,” he said. she declared.

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