Higher prices benchmark for city fringe apartments with more transactions surpassing $2,500 psf
The Reserve Residences Near to Nature and City Area
Residents of The Reserve Residences will enjoy being near two of Singapore’s most beautiful nature reserves. The Bukit Timah Nature Reserve is home to a wide range of native animals and plants, so residents will have plenty of opportunities to observe them. Located near the Bukit World MRT station, residents can easily commute to the city’s CBD and the Bugis Interchange. A visit to the ruins of the monkey sanctuary is also a must for all residents.
Residents of The Reserve Residences will enjoy the close proximity to nature. This residential project is situated near Bukit Timah Nature Park, which has become synonymous with prestige in Singapore. Other attractions close by include the Bukit Timah Fire Station and the Coast-to-Coast Trail. Pedestrian connections will help residents access transportation nodes and nature parks. The Far East Organization, the developer behind The Reserve Residences, is aiming for a completion date of 2021.
The project will encompass 3.22 acres and include 845 new residential units. Other amenities will include a public transportation hub and bus interchange. It will also have civic spaces and business areas. This project will be part of the wider vision to revitalize this area of Singapore. The Reserve Residences are expected to offer a great living space to entrepreneurs and business owners. If it can deliver on its promises, the project should be completed by 2018.
The pattern is underpinned by a spike in costlier deals, which Christine Sun, elderly vice-president of study & analytics at OrangeTee & Tie, believes might seal a new rate standard for the RCR. In 2021, as numerous as 1,009 new apartments in the city fringe were cost above $2,500 psf, making up 19.1% of all units offered. In contrast, five years ago in 2017, just 0.4% or 14 systems transacted within that cost variety. 2021 likewise saw an overall of 165 deals valued over $3,000 psf.
Year to day, 206 condominiums in the RCR have been sold for greater than $2,500 psf in between January and April, including 20 apartments transacted over $3,000 psf at Rivière, Canninghill Piers and also Sky Everton.
OrangeTee additionally observes that with the more expensive deals, an expanding variety of city fringe apartments are now selling at rates similar to apartments in the Core Central Region (CCR). In between January 2021 to April this year, 543 new condominiums in the RCR were sold above $2,800 psf. Throughout that period, 963 new condos and also 311 resale condos in the CCR were cost the same price level.
“The rate overlap indicates that some customers were willing to pay top dollar for chosen city edge condos, comparable to high-end condos, for their special characteristics, distinctive layouts and unique places,” states Sun.
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