FoundOnEdgeProp: Living large in the East for under $1,100 psf
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Resale transactions for condo units above 3,000 sq ft are even rarer. For the first 10 months of this year, there were only 110 transactions for such units, accounting for a mere 1.3% of the resale transactions during that timeframe. The East Region is particularly popular amongst buyers, accounting for 1,607 resale transactions of condo units, or 19.1%, for the first 10 months of this year. In 2020, the region made up 20.7% of total resale transactions.
But, buyers with families who are looking for larger and more affordable homes may be in luck. EdgeProp has combed through the listings and found several units of at least 3,000 sq ft in the East Region with asking prices under $1,100 psf.
URA’s master plan for Tampines presents a great opportunity for potential investors who are looking to reap the benefits of long-term capital gains from Tampines Ave 11 Condo.
Archipelago, located along Bedok Reservoir Road in District 16, is one such option. The 99-year leasehold development obtained its temporary occupation permit (TOP) in 2015 and features 553 condo units as well as 24 strata landed units. At the time of writing, there was a listing for a strata landed unit at Archipelago with an asking price of $3.58 million ($813 psf). The unit is 4,402 sq ft in size and has five bedrooms.Nearby amenities include Bedok North MRT Station, Damai Primary School, Bedok Reservoir Park, and the Pan Island Expressway.
Freehold Edelweiss Park Condominium and the 99-year leasehold Palm Isles, located along Flora Road in District 17, are also options worth looking into. Both developments obtained their TOP in recent years and are within a 500m radius of each other. Although there are no MRT stations within walking distance, the Tampines Expressway is only a short drive away. Plus, Tampines Mart, Komo Shoppes, East Spring Primary School, and East Spring Secondary School are all within a 1km radius.
At the time of writing, Edelweiss Park Condominium had a listing for a 3,197-sq ft unit with four bedrooms and an enclosed terrace. The asking price for the unit was $3.05 million ($954 psf). Palm Isles had a listing for a three-storey unit with an asking price of $3.14 million ($836 psf), and a smaller 5-bedroom unit for $2.8 million ($929 psf).
In District 15, there was a 3,940-sq ft unit in Sanctuary Green with an asking price of $4.1 million ($1,041 psf) at the time of writing. The penthouse unit has four bedrooms and a study. Additionally, Laguna Park, a 99-year leasehold condo located along Marine Parade Road, had a listing for a four-bedroom penthouse unit that is 3,370 sq ft in size and had an asking price of $3.6 million ($1,068 psf).
Since 2012, the average resale price for condos in District 15 has consistently exceeded the price of those located in Districts 16 and 17. This could be attributed to the stronger price growth of 47% achieved, as compared to Districts 16 and 17’s 44% and 39%.
Overall, there are several options in the East Region for buyers looking for condos of at least 3,000 sq ft with asking prices that are under $1,100 psf. For more listings and information, readers may wish to check out EdgeProp.sg.