SINGAPORE - Near the eastern end of Pasir Ris Park is a quiet waterfront neighbourhood that has traditionally been a landed estate with pockets of chalet developments.
However, in recent years, the Jalan Loyang Besar area has undergone a sharp transformation with the construction of several private condominiums. It is near the Downtown East complex in Pasir Ris, and some projects offer a view of the sea.
Analysts say the district appeals to many because they can walk to the beach and the park, but added that it is fairly far from major transport nodes and does not have an upcoming MRT station nearby.
The most recent launch in the area was the 58-unit Ocean Front Suites by Regal Realty, which went on the market in March this year.
So far, 10 units have been sold at the development, at prices ranging from $1,499 to $1,574 per sq ft (psf), according to Urban Redevelopment Authority (URA) data. Unit sizes start from 409 sq ft, and the project is on a 946-year leasehold dating from 1937.
"The average price of $1,500 psf might sound high, but it will attract buyers and investors as the units are small at 409 sq ft, and the absolute prices of $600,000 to $650,000 per unit are affordable," said Chris International director Chris Koh.
He said prices in the Jalan Loyang Besar area are expected to increase in the near future as more developments sprout there.
Other developments that are still under construction nearby include Sea Esta, Ripple Bay, Seastrand and the Watercolours executive condominium (EC). They are all on 99-year leasehold land.
The 376-unit Sea Esta, which is being developed by Hoi Hup, went on the market in June last year and has been fully sold. New sale prices range between $720 psf and $1,059 psf.
MCL Land's Ripple Bay and Far East Organisation's Seastrand are more than 90 per cent sold.
The 679-unit Ripple Bay, launched in March last year, had moved 667 units as at the end of April this year, according to URA data - that works out to 98 per cent sold. Seven units were sold in April at a median price of $913 psf.
Of the 473 units at Seastrand, roughly 96 per cent or 452 units have been sold - five of them in April this year at a median price of $983 psf. The project went on the market in June 2011.
The 416-unit Watercolours EC went on sale in May last year with an average launch price of $706 psf.
Recently completed private residential projects in the area include the 71-unit Bluwaters 2, which received its temporary occupation permit (TOP) in 2010. It has seen 11 resale transactions since January last year, at prices ranging from $744 psf to $1,062 psf, according to caveats lodged with URA.
Its 946-year leasehold dates from 1938. A two-bedder fetches rentals of between $2,600 and $3,200 per month.
Bluwaters 2 is separate from the 45-unit Bluwaters condo, which is just a few blocks away and is also on a 946-year leasehold. It was completed in 2007. Both were developed by Novelty Group.
There have been only six resale transactions at Bluwaters since January last year, at prices of between $954 psf and $1,046 psf.
Rentals for two-bedroom units range from $2,600 to $3,200 per month.
Analysts said the rental catchment for the area could come from expatriates working at the Tampines regional centre.
There are two projects in the area with 999-year leasehold dating from 1885 - Coastal View Residences and Celadon View.
Coastal View Residences is a small development with 40 units. The most recent resale at the project was in March this year, when a 1,162 sq ft unit was sold at $1,101 psf. It is next to Ocean Front Suites.
As for Celadon View, it is an even smaller project with only 27 units. The most recent resale transaction here was in April this year - a 1,442 sq ft unit at $563 psf. A three-bedder at Celadon View rents out for $2,800 to $3,200 a month.
Rents at a 99-year leasehold condo nearby, Lighthouse, go at $2,500 to $3,100 per month for a two-bedder. Completed in 2004, it has 51 units. Historical transaction prices vary, ranging from $344 psf for a 1,819 sq ft unit in 2006 to $856 psf for a 1,119 sq ft unit in September last year.
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