SINGAPORE - Pasir Panjang has long been a tranquil, relatively uncrowded corner of Singapore. But new projects and better transport links have resulted in more interest in the area.
Commuters can use the Circle Line stations of Haw Par Villa and Pasir Panjang to get around, or take a bus to the central business district (CBD) or National University of Singapore (NUS).
R'ST Research director Ong Kah Seng said: "Population density is considerably lower in the area, but the merit of it is the more relaxed feel residents get, as the district hardly ever faces issues of overcrowding during the weekends."
While there is no major shopping centre, VivoCity and HarbourFront Centre are not far away down West Coast Highway, which runs through Pasir Panjang.
Based on the number of listings on portal STProperty last month, the 120-unit Whitehaven clinched top spot as the most advertised project by agents.
The project was launched in the second quarter of the year, and the average transacted price for units sold in August was $1,590 psf, based on calculations from STProperty's trend and analysis tool.
It is one of eight residential properties launched in the last two years, said Knight Frank research head Alice Tan.
Among the eight properties, freehold Village @ Pasir Panjang was the biggest, with 148 units.
Ms Tan said: "Private home prices in Pasir Panjang have been trending upwards over the past year, with subsale non-landed properties recording the highest price increase of 21 per cent.
"Resale non-landed property prices moved up 8.6 per cent in the same period, followed by new sales of non-landed homes which increased by 2.9 per cent."
Prices for landed properties for both new and resale transactions in Pasir Panjang rose by 2.7 to 2.8 per cent, she added.
OrangeTee research head Christine Li said: "There is good support for the rental market in Pasir Panjang due to its close proximity to existing and future commercial and education hubs such as NUS, Singapore Science Park, one-north and Mapletree Business City."
Ms Li said rental yields stood at about 4.4 per cent for units at Parc Imperial, the most recent condominium, which received its temporary occupation permit in 2010.
Mr Ong expects the long-term prospects for residential property in the area to remain positive.
"Following the implementation of the total debt servicing ratio, the overall property market sentiments might cool more definitely than in the past," he said.
"But leasing demand for homes in Pasir Panjang will be continually supported by the foreign professionals working in vicinity, especially from the university, science parks, HarbourFront-Alexandra business district, and the CBD, if rents are offered at realistic levels."
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