Getting a BTO apartment location is a bargain shown; and the call for PLH sites, even with all its restrictions, is proof of this.
For the owners, Alexandra meets all the requirements; and it is already being discussed as a position to wait. Here’s what’s vital about this location:
The site is along Prince Philip Avenue, near Alexandra Canal and Park Connector. This places you in Bukit Merah, or in the HDB apartments in the central area. It is expected to bring about 1,500 homes.
This is the first time in over two decades that we have noticed the launch of a BTO in this area. While there was once HDB at this site, they were demolished long ago in the 1990s. The nearest HDB blocks are now on Henderson Crescent. , across the road.
Everything that will appear here will be one of the best-placed HDB trailers to date. This site is about an eight-minute drive from Orchard Road, and it’s imaginable to cycle to the Orchard Central/Centrepoint stretch in about 11 minutes.
The cbd’s centre, Raffles Place, is a bit remote, a 10-minute drive away.
Aside from that, some notable highlights include:
Depending on the location of your block, it is estimated that there are between 8 and 10 minutes walk from Redhill MRT station. It is on the east-west line and there are 4 stops to Holland Village (via the Buona Vista interchange) and 4 stops (direct) to Raffles Place MRT.
Dover MRT station, which is right next to the Polytechnic of Singapore, is also 4 stops away.
Several major bus lines (122, 139, 186, 51, and 970) are also in the area, making it one of the HDB sites available via public transportation.
The Alexandra Park connector is only lovely for nature walks. This connector runs from Tanglin Road to Zion Road. This means it touches several key amenities along the way, adding Valley Point Mall, Great World City Mall, and Robertson Quay.
And if you’re adventurous (or have enough compatibility), you can even walk to Raffles Place on an adorable scenic drive!
For bikers, this can put Valley Point within a 2-minute walk (or about a 5-minute walk if you need a slow walk). Raffles Place is actually longer, but at about 15 minutes it is also not prohibitive to do it every day.
Some homebuyers love Tiong Bahru’s hipster vibe, but struggle with the top charge for resale apartments there (especially young couples, who have to deal with the complex lease degradation).
We believe that the Alexandra site presents an ideal solution if you are lucky enough to have an apartment here. From Redhill MRT station, there is only one stop to tiong Bahru MRT. By car, the adventure takes only 4 to 5 minutes on Henderson Road.
Although we don’t think BTO apartments are cheap, they are not as expensive as Tiong Bahru’s resale apartments.
And to say, having Tiong Bahru nearby means having a lot of original restaurants, craft cafes, shops, etc. near.
We estimate that approximately six schools are within one kilometer of home-school (HSD) on Prince Philip Avenue:
In addition to the Singapore Polytechnic, located 4 stops away from direct exercise, this can mean only for young people from number one to the poly level. And if this site falls under PLH’s decision, having features for its young people also mitigates this 10-year minimum permanence requirement. .
We know that Prime Location Housing (PLH) is meant to mitigate the providence effect, to get apartments everywhere.
While we can’t expect what HDB will designate as the main one, Alexandra’s site does work. The BTO apartments here will be in the highly desirable core domain and will offer greater connectivity and amenities than almost any other launch we’ve ever made. noticed in years.
In fact, the only one that comes close would be Rochor’s BTO site in 2021, which is the first PLH site.
We will also have to take into account the value of such a privileged area. While we don’t know the precise HDB formula for the price of BTO apartments, we do know that it is based, at least in part, on resale values in the general area. Now, take a look at the resale values of Bukit Merah apartments:
At the end of December 2021, the 4-bedroom apartments averaged $708 psf.
(For comparison, the average value of a 4-bedroom apartment across the island is $493 psf. )
According to actual real estate agents on the ground, a four-bedroom resale apartment, in the bukit Merah spaces, can fetch as high as about $740,000.
Given the surrounding prices, all BTO apartments on the domain will likely require larger government subsidies. This is one of the purposes of the recovery of subsidies (SR) in PLH apartments: a larger subsidy is granted to make the apartments affordable, but it is recovered from the first organization of buyers at the time of resale.
In light of all this, there is a strong possibility that Alexandra’s site is a PLH site. HDB said it aims to have one PLH site per year; and with no trace of any other site in the central zone to win, it turns out that Alexandra is “it” for 2022.
This means that while the location is impressive, buyers would possibly have to deal with a 10-year Minimum Occupancy Period (MOP), SR costs, and apartments they can’t afford to buy as singles.
In any case, this will be heavily monitored through buyers in the coming years; and even with a pool of 1,500 apartments; everything that happens here is going to be oversubscribed
This article was first published on Stackedhomes.