Summary of HDB and private property prices in Potong Pasir
Median HDB resale prices in Toa Payoh
Note: * indicates cases where are less than 20 resale transactions in the quarter for the particular town and flat type. The median prices of these cases are not shown as they may not be representative.
Median HDB resale prices in Kallang/Whampoa
Note: * indicates cases where are less than 20 resale transactions in the quarter for the particular town and flat type. The median prices of these cases are not shown as they may not be representative.
There is no data from HDB on median prices of HDB flats in Potong Pasir. As such, the median prices of HDB flats in nearby Toa Payoh and Kallang/Whampoa are examined.
In general, the median prices of HDB flats in Toa Payoh declined in Q4 2018 compared to a year ago. The price drop is especially prominent for 3-room flats where median prices fell 12.2 percent year-on-year. In contrast, median prices for 4- and 5-room flats decreased at a slower pace of 6.2 percent year-on-year and 4.9 percent year-on-year respectively.
Median prices for flats in Kallang/Whampoa seem to be holding their value better. Median prices for 5-room flats held was $690,000 in Q4 2018; unchanged from Q4 2017. Meanwhile, median prices for 4-room flats increased by 11.2 percent year-on-year but median prices for 3-room flats inched down by 1.6 percent year-on-year.
It is interesting to note that while 3-room and 4-room HDB flats are cheaper in Toa Payoh, 5-room flats are cheaper in Kallang/Whampoa. As such, savvy buyers who are singles might want to consider Toa Payoh over Kallang/Whampoa while the opposite would hold true for couples looking to start a family.
Median HDB rents in Toa Payoh
Note: * indicates cases where are less than 20 rental transactions in the quarter for the particular town and flat type. The median rental of these cases are not shown as they may not be representative.
Median HDB rents in Kallang/Whampoa
Note: * indicates cases where are less than 20 rental transactions in the quarter for the particular town and flat type. The median rental of these cases is not shown as they may not be representative.
There is no data from HDB on median rents of HDB flats in Potong Pasir. As such, the median rents of HDB flats in nearby Toa Payoh and Kallang/Whampoa are examined.
Since Q1 2017, there has been very little movement in median rents for 3-room HDB flats in Toa Payoh and Kallang/Whampoa. However, slight rental declines have been noted for the larger 4- and 5-room flats.
In addition, median rents for both towns are almost the same. However, Kallang/Whampoa commands slightly higher rents for 3- and 4-room flats. This because flats in Kallang/Whampoa are newer compared to their counterparts in the more mature estate of Toa Payoh.
Median private property prices in Potong Pasir
Source: PropertyGuru
From Q1 2017 to Q1 2018, median prices for private properties in Potong Pasir have stayed below $1,400 psf, but the benchmark has since been breached. As at Q1 2019, the median price for Potong Pasir was $1,591 psf; an increase of 20.3 percent year-on-year.
The positive price performance could be driven by recent new launches which sparked the interest of savvy home buyers. The recent launches of The Tre Ver, The Addition and Jui Residences could have directed more attention to the charms of Potong Pasir and hence given a boost to housing prices.
Besides the new developments, Potong Pasir also has a number of older developments that are still popular with home buyers. The Sennett Residence, Sant Ritz and The Venue Residences are good examples.
Artist’s Impression of Sennett Residence
The Sennett Residence is located next to Potong Pasir MRT station and features 335 units spread over 18 storeys. Completed in 2016, the 99-year leasehold development is commanding prices ranging from $850,000 for a one-bedroom unit to $16.78 million for a penthouse.
Sant Ritz is located right to The Sennett Residence and was also completed in 2016. The 99-year leasehold project has 214 units with median transacted prices of $810,000 to $2.3 million ($891 psf to $1,820 psf).
The Venue is a mixed development that was developed by City Developments Limited (CDL) and completed in 2017. The project has 266 residential units and 28 commercial units on the first floor. The 99-year leasehold project is located beside Sant Ritz. The residential units have transacted at prices between $850,000 to $3.0 million ($1,195 to $1,786 psf).
Looking forward, Potong Pasir is expected to enjoy some spillover benefits from the rising popularity of Bidadari. As such, demand and price for homes in Potong Pasir are expected to trend upwards.
Median private property rent in Potong Pasir
Source: PropertyGuru
From Q1 2017 to Q3 2018, monthly median rent for private properties in Potong Pasir hovered between $3.15 psf and $3.23 psf. However, monthly median rents have been increasing at a rapid pace. Rents rose to $3.32 psf in Q4 2018 before spiking to $3.81 psf in Q1 2019.
The rents in Potong Pasir is expected to continue to climb upwards albeit at a less neck breaking pace.
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Considering the excellent location and connectivity of Potong Pasir, private home prices are still relatively affordable with median prices of $1,500 to $1,700 psf. As for resale HDB flats, 3-room flats are about $300,000 and 4-room flats are under $600,000. However, prices can be expected to increase, supported by renewed interest in the neighbourhood.
Can you afford a property in Potong Pasir? Check your affordability now. Alternately, refer to our handy buying guides.
