With no new BTO launches, there aren’t any home prices to measure Bidadari against. Also, its status as an upcoming estate means no resale flat transactions will take place in the foreseeable future given the 5-year Minimum Occupation Period.
Due to its city fringe location and status as an upcoming residential hotspot that could rival nearby Serangoon and Potong Pasir, recent launch prices of private condos in the area have been relatively high for an estate that is currently undergoing development. For instance, Park Colonial by CEL Unique Development has an average price of $1,750 psf while the upcoming launch of The Woodleigh Residences by SPH and Kajima Development could see prices breach the $2,000 psf mark!
Looking at overall median prices for District 12 where Bidadari is located, it has been rising steadily from about $1,235 psf in the beginning of 2017 to $1,486 psf in Q2 2018. We expect property prices to increase as the area develops further and demand for new homes rises.
Private property transaction prices in District 12
Private property rents in District 12 fell towards the end of last year, but have been on the rise again since the first quarter of 2018. Median rents are at the same level as last year at $3.27 psf per month. We expect rental prices in the area to increase over time as new projects in Bidadari complete and tenants move in. Its city fringe location and proximity to Woodleigh MRT station on the North-East Line will attract renters who are looking for a more affordable alternative to Potong Pasir.
Private property rents in District 12
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Bidadari is still under construction and aside from new roads and BTO flats under construction, there’s not much else right now. But recent launch prices in the area have been rather high and we’ve seen developers bid aggressively for land sites there. This indicates that there’s a high level of optimism for the area’s potential.
Looking at nearby Potong Pasir and how it has developed into a city fringe location that’s seeing strong demand from home buyers and investors, we expect to see a similar trend emerge in Bidadari.