The Bukit Timah area is growing in popularity and property prices are rising. Compared to the past few years, property prices in this neighbourhood have been steady, and more units were snapped up in July to November and January to June. More Government Land Sales are taking place in the Western region of Singapore, which is good news for Bukit Timah properties. Forett at Bukit Timah offers a freehold tenure and proximity to amenities.
Property prices rise in Outside Central Region
The recent growth in resale condo sales continues to spur demand for The Reserve Residences. Unlike last year, when sales declined and the Hungry Ghost Festival coincided with a drop in prices, resale prices are 7.9% higher than last August. This trend is due to COVID-19, which has changed people’s lifestyles. For example, buyers have begun opting for bigger homes in the OCR, as these are more comfortable with work-from-home arrangements. Additionally, the lower price of OCR properties has contributed to the growth in demand in OCR properties.
There are a number of en-bloc sites outside of the Central Region near The Reserve Residences, including boutique condos near Bukit Panjang MRT station, a new mixed-use development near Tanah Merah MRT station, and several private residential transactions. All of these properties are located within 5 minutes’ walk of the MRT station. As for the affordability of these units, the Outside Central Region is an excellent choice.
Growth of private residential units
The housing market in Singapore remains healthy despite the effects of the COVID-19 pandemic. Prices for private homes like The Reserve Residences East are on the rise in Singapore and are expected to remain strong for the next two years, with a 1% to 3% growth in private residential prices in the next four years. The latest data from the Urban Redevelopment Authority of Singapore (URA) shows that the overall price of private residential units in Bukit Timah increased by 0.8% QoQ in Q3.
Foreign buyers for The Reserve Residences are increasingly looking to Bukit Timah as a second home for their family. Despite the high ABSD, foreigners are prepared to pay a higher price. The high level of vaccination rate has increased foreigners’ confidence. Furthermore, the low price of one and two-room units is attracting both Singaporeans and permanent residents to the market. Foreigners make up the majority of buyers and account for ninety percent of the non-landed new home sales in the central region over the first eight months of this year.
Covid-19 cases dampen demand for luxury homes in Outside Central Region
The rising number of Covid-19 cases could dampen demand for luxury homes in Outside Central Area, but the shortage of luxury properties is likely to remain low as long as multinational corporations continue to send senior expatriates to the region. The opening of additional travel lanes will release pentup international demand for CCR, and overall private residential prices are forecast to rise 7%-9% in 2021.
Despite Covid-19 cases, the price of non-landed private residential properties in Outside Central Region is expected to rise for The Reserve Residences Jalan Anak Bukit, as consumer confidence is higher than the last few quarters. Furthermore, the government’s push to open up its borders will boost foreign investment and luxury home sales. Moreover, high vaccination rates are also expected to attract more foreign investors. Moreover, Singapore is a safe investment for foreign nationals, so it may be a good time for wealthy investors to invest in luxury homes.
Up-and-coming area of Bukit Timah
Located just a short drive away from the prime Bukit Timah district, the Up-and-coming area of Bukit Timai is a great place to buy property. The region boasts lush greenery and is surrounded by nature reserves. Bukit Timah Nature Reserve and Bukit Batok Nature Park are both nearby. This area is outside the Central Region, but is home to a thriving market and food centre. Additionally, it has an integrated transport hub.
One of the reasons why Bukit Timah is considered an up-and-coming area is the increasing number of potential investment opportunities in the area. The area will soon be home to new residential centres, parks, and transportation hubs, which will increase its appeal to homebuyers. It will also see the construction of new sky parks and landmarks. The new developments are likely to boost Bukit Timah’s price appreciation and will help residents realize their property investment goals.