The recent unveiling of the names and locations of nine MRT stations on the future Thomson-East Coast Line (TEL) is expected to improve rentals of existing and new residential developments along the East Coast, in turn leading to potential capital growth, revealed an OrangeTee report.
To be completed in two phases, the first seven stations from Tanjong Rhu to Bayshore will be ready in 2023, while construction of the last two stations in Bedok South and Sungei Bedok will be finished a year later.
Built at a cost of $6.8 billion, the TEL is an extension of the Thomson Line which will link up with the Eastern Region Line.
“For a long time, residents in the East Coast have been relying on buses or private transport. With a new MRT line nearby, travelling time to the CBD or the northern part of Singapore will be shortened significantly,” said the report.
For instance, residents commuting to work from Marine Parade to Shenton Way will enjoy reduced journey times from 40 to 20 minutes.
Thomson-East Coast Line (Source: LTA)
The report also identified a number of private property projects in the vicinity of the new stations that could benefit from the better accessibility.
Developments around Tanjong Rhu station include Casuarina Cove, which has a median psf price of $1,065, Pebble Bay ($1,414), Tanjong Ria Condominium ($1,243) and Water Place ($1,294).
Over at Katong Park station, the condominiums mentioned are Meyer Residence, with a median psf price of $1,567, The Belvedere ($1,646), The Waterside ($1,343) and The Line @ Tanjong Rhu ($2,115), which is expected to obtain TOP in 2016 (pictured).
Further along the line, Amber station will be in the vicinity of Aalto, which has a median psf price of $1,794 psf, Amber Point ($1,438), the upcoming Amber Skye ($1,670), which will be completed in 2017 and King’s Mansion ($1,263).
Meanwhile, Marine Parade station will benefit the residents of Cote D’Azur, which has a median psf price of ($1,251), The Palladium ($1,445), The Sea View ($1,702) and the future Marine Blue, which is yet to be launched.
Projects near Marine Terrace station include Grand Duchess at St Patrick’s, which has a median psf price of $1,433, St Patrick’s Residences ($1,327) and the soon-to-be-launched Seventy Saint Patricks.
The next stop is Siglap station. Nearby properties include Elliot at the East Coast, with a median psf price of $1,037, Lagoon View ($798), Laguna Park ($884) and Villa Marina ($913).
This is followed by Bayshore station. The area is home to Bayshore Park, which has a median psf price of $1,038 psf, Costa Del Sol ($1,309) and The Bayshore ($1,019).
The construction of Bedok South station will benefit Kew Garden, with a median psf price of $662 and the terrace development Kew Residencia ($661).
The last station on the line is Sungei Bedok and this will benefit Country Park Condominium, with a median psf price of $1,193, Eastwood Lodge ($954) and Fairmount Condominium ($731).
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
