Pasir Ris used to be a quiet HDB town tucked at one corner of Singapore which has transformed recently with the numerous and some outstanding upcoming private residential developments. Due to the affordable quantum for a decent size unit configuration which made most of these projects to be perceived as value-for money, most of these developments were equally well received by the buyers.
Most of these private residential developments in Pasir Ris are suitable for singles, couples and families with amenities such as schools, parks and Downtown East clustering near to these projects.
Watercolours, a EC development has received 800 applications for the 416 units. The price range for this EC is from $570 to $750 with an average price of $706 psf.
Ripple Bay, a 99 years leasehold project, has sold about 500 units out of 679 by April. The units were priced at an average price of about $870 psf. Some of the units with sea view was sold at a higher psf and was among the most popular configurations sought after by the buyers. Meanwhile, Seastrand has sold more than 80% of its units.
NV Residences, near to Pasir Ris MRT station, has sold all the 642 units which is expected to be completed in 2014.
Very soon, Hoi Hup Realty will be previewing its 376-units Sea Esta in Pasir Ris Link. The selling features for this project is that more than a third of the units will enjoy sea view while more than half will enjoy pool view. It is expected to be priced at the sweet spot average price of $850 psf to $890 psf.
Pasir Ris has grown into a value-for-money location for buyers who like the idyllic east and close to amenities. It is located in the suburban area which is becoming popular after the implementation of ABSD.
Some investors are eyeing at this location due to the growing eastern business hubs that sprung up in Tampines and Changi business parks, and they are looking forward to these foreign professionals and the traditional airline-related crew as potential tenant pool. At the same time, these properties may see potential appreciating capital gain as such decentralisation of office space unfolds in the coming years.
Resale activities have been encouraging. 13 Units at Ferraria Park, which was completed in 2009, were sold at around $940 psf from January to May of 2012.
As these new developments complete in time, Pasir Ris is set to be more vibrant. Consequentially, this could bring about good impact for the retail industries in the vicinity as well.
2 June 2012