Tanah Merah is fast becoming a popular destination for property hunters following the launch of new developments in the vicinity, especially near the MRT station, reported The Straits Times.
The area has seen the rise of three new projects in the last few years. The first was in 2009 when Wing Tai Holdings and NTUC Choice Homes jointly developed the 556-unit Casa Merah condominium. This was followed by TID’s Optima@Tanah Merah, which was completed last year, while Urban Vista, jointly developed by World Class Land and Fragrance Group, is set to be launched next week.
Urban Vista is expected to receive strong interest given its close proximity to the MRT station, noted Mohamed Ismail, Chief Executive of PropNex Realty.
More projects are also expected to be unveiled in the area. Last October, Keppel Land subsidiary Sherwood Development acquired a site at the corner of Bedok and New Upper Changi roads for S$434.6 million. The land parcel is expected to yield about 700 units.
Market watchers expect prices at Urban Vista to range between S$1,500 and S$1,600 psf — higher than average condominium prices in nearby Bedok.
Notably, prices at Bedok Residences range from S$1,050 to S$1,550 psf, while those at Far East Organization’s eCO are between S$1,300 and $1,450 psf, said Alice Tan, research manager at Knight Frank.
Amid higher flat prices and rents, Tan expects the area to see strong leasing demand and rental income from residential properties due to its rising population of students, working expatriates and families.
Image: Launching next week, Urban Vista is the latest condo project to come up in Tanah Merah
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@propertyguru.com.sg
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