With the East Coast area one of PropertyGuru’s most desirable areas to live, according to our Consumer Sentiment Survey, it’s little wonder then that prices in the area remain higher. In this piece, we explore more about property prices in East Coast area, for both rent and sale.
Non-landed private residential transaction prices in East Coast (District 15)
Transaction prices in the East Coast area have been increasing, as the property cycle swings upwards. Of note was the sharp peak in primary (or new launch) sales in Q2 2018, largely driven by the successful launch of UOL’s Amber 45. As of Q2 2018, the overall median price for non-landed private properties in the East Coast area is $1512 per sq ft, which translates to $1.5million for a 1000 sq ft condo unit.
As the market recovers, we expect prices in the area to increase. Of note is the upcoming new launch for Amber Park, which was sold en bloc to City Development in late 2017 for a whopping $906.7 million. When the redeveloped project launches, market watchers expect asking prices between $2,500 and $2,800 per sq ft, levels only seen in prime district 9, 10 and 11 currently. Surrounding properties are likely going to ask for commensurately higher properties as well, and we expect median property prices for condos in the East Coast to climb closer to $1900 psf in a couple of years.
Non-landed private residential rental prices in East Coast (District 15)
While most market watchers agree that the condo rental market is pretty soft in recent years, rental property prices in the East Coast remain relatively stable, with a a median $PSF per month hovering around $3 and $3.05 over the past six quarters. In contrast, URA’s private property rental index declined by 0.45% on average per quarter in 2017, before making a recovery in 2018.
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Prices in the East Coast, supported by strong fundamentals, such as the proximity to kilometres of beaches and super popular schools, and new infrastructure developments like the Thomson-East Coast line, are likely to continue rising. As such, PropertyGuru expects an annualised growth in property prices of about 5.5 percent per annum over the next ten years in the area.