Get the Guru View: Property rates in East Coast

With the East Coast area among PropertyGuru’s most desirable areas to live, according to our Consumer Sentiment Survey, it’s little marvel then that rates in the area stay higher. In this item, we check out a lot more about residential property prices in East Coast area, for both rent as well as sale. Non-landed private residential transaction costs in East Coast (District 15). A graph detailing quarterly Condo Property Prices in East Coast. Purchase costs for condominiums in the East Coast like sceneca residence.

Deal prices in the East Coast area have actually been enhancing, as the residential or commercial property cycle swings up. Of note was the sharp top in main (or new launch) sales in Q2 2018, mainly driven by the effective launch of UOL’s Amber 45. As of Q2 2018, the general mean cost for non-landed personal properties in the East Coast area is $1512 per sq ft, which equates to $1.5 million for a 1000 sq ft condominium unit.

As the marketplace recuperates, we anticipate costs in the area to increase. Of note is the upcoming new launch for Amber Park, which was marketed en bloc to City Development in late 2017 for a monstrous $906.7 million. When the redeveloped project launches, market watchers anticipate asking costs between $2,500 as well as $2,800 per sq ft, levels only seen in prime area 9, 10 as well as 11 presently. Surrounding homes are likely going to ask for commensurately higher residential properties also, and we anticipate median residential or commercial property prices for apartments in the East Coast to climb up closer to $1900 psf in a number of years.

Check out our helpful overview to understand more regarding the en bloc procedure.
Non-landed exclusive household rental costs in East Coast (District 15).

Graph showing Rental Property Prices in East Coast Non-Landed Private Residential.

Non-landed private property rental costs in the East Coast (D15). Resource: URA, PropertyGuru.

While the majority of market spectators concur that the condo rental market is rather soft recently, rental home rates in the East Coast continue to be fairly steady, with a median $PSF monthly hovering around $3 and $3.05 over the past 6 quarters. In contrast, URA’s personal property rental index declined by 0.45% on average per quarter in 2017, before making a recuperation in 2018.
Obtain the Guru View.

Prices in the East Coast, sustained by strong principles, such as the closeness to kilometres of beaches as well as incredibly prominent institutions, as well as brand-new facilities advancements like the Thomson-East Coast line, are likely to continue increasing. Therefore, PropertyGuru anticipates an annualised growth in residential or commercial property prices of concerning 5.5 percent per annum over the following 10 years in the location.