With the government declaring the area as the next decentralised CBD, home prices in Paya Lebar look set to increase. Sellers have “future-priced” their projects in a bid to capitalise on this. However, it’s never about timing the market, but rather time-in the market. We fully expect home buyers in the area to reap the returns from the exciting Master Plan for Paya Lebar. However, home buyers should hold the properties for the medium to long term, i.e, at least five to 10 years.
Condo prices in Paya Lebar
New launches in Paya Lebar have been the key driver of moving prices upwards. The two key spikes we see in Q1 2017 and Q2 2018 are likely to be brought about by the strong take-up of Lendlease’s Park Place Residences, part of the mega Paya Lebar Quarter integrated project.
Boutique project Sixteen35 also launched in the area in Q2 of 2018, with 56 units sold at time of writing, at a median price of $1,495 per sq ft.
Once derided for it’s proximity to the Geylang red-light district, the area has since transformed into a property hotspot and has seen property prices grow commensurately.
Condo rental prices in Paya Lebar
Condo rental prices in Paya Lebar were on an upward trend in 2017, peaking at $3.57 per sq ft per month in Q1 2018. This means the median rental for a 1000 sq ft apartment in the area cost about $3570.
Rents in the Paya Lebar area are supported by good connectivity. Paya Lebar MRT connects the East-West and Circle Lines, and the area is served by a variety of bus lines. More information on getting around Paya Lebar can be found here.
Furthermore, commercial developments such as Paya Lebar Square and the Lifelong Learning Institute, with a variety of offices and training centres, provide a ready pool of tenants for the area. In time, once Paya Lebar Quarter completes construction and corporate tenants move in, rental demand for homes in the area will only increase.