Upper East Coast: Set to see spillover demand from nearby areas

THE biggest story in the suburban regions next year may well come from Upper East Coast.

Siglap and Bedok are set to see a large spillover of demand from nearby Marine Parade and Katong, predicted Savills Singapore.

Homebuyers priced out of the popular District 15 will look further east, as will owners who have sold their Marine Parade homes en bloc and are seeking more affordable replacements, said Savills director of marketing and business development Ku Swee Yong.

His forecast: The entire stretch from Siglap New Market to Bedok Camp will see some units crossing $1,000 per sq ft (psf).

The corridor that is closest to the East Coast area - Siglap New Market to Bedok South Avenue 1 - will climb in price the most, said Mr Ku.

Prices of developments there, such as Villa Marina and Park East, have gone up about 65 per cent in the last year and are now averaging $667 psf. This, however, could more than double to $1,200 to $1,700 psf next year, he predicted.

Further down, Bedok South Avenue 1 to Bedok South Avenue 3 are also likely to do well. Average prices in this area are $793 psf and could go up to $900 to $1,400 psf next year, according to Mr Ku.

He said this stretch plays host to projects such as Bayshore Park and The Bayshore, which have gone up in price by 89 per cent and 55 per cent, respectively, over the last 12 months.

At the far end, developments nestled between Bedok South Avenue 3 and the Bedok Camp area will also improve in value. Prices there are now about $603 psf on average, but Mr Ku's forecast for next year is $700 to $1,100 psf.

Source : Sunday Times - 18 Nov 2007

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