http://www.straitstimes.com/Singapor...ry_653775.html
Apr 7, 2011
Prices on the up and up in Bedok Reservoir
By Daryl Chin
THERE are few better places to witness the rise and rise of suburban condominium prices than Bedok Reservoir.
From the window of his four-room flat in the area, operations officer Harry Quek has a bird's eye view of this.
The condominiums being built just a stone's throw away are a constant reminder to the 49-year-old - who lives with his mother, wife and son - of his desire to upgrade his home.
'I thought if I saved up enough, I would be able to afford one nearby by now,' he says ruefully. 'But looking at prevailing prices and increasing medical expenses as we get older, I doubt that is a possibility.'
Mr Quek says he bought his flat in 1999 for about $260,000 and it can now fetch about $350,000.
But prices for the condominiums have been accelerating much faster and are now beyond his reach.
Within a decade, at least eight condominiums have sprouted up on the edge of Bedok Reservoir, an area more commonly associated with public housing estates.
With each launch, prices have been ratcheting up.
The first couple of developments - Aquarius By The Park and The Clearwater - were launched in 1999 at around $460 to $480 per square foot (psf). Baywater was launched in 2004 at $500 psf.
By the time Waterfront Waves and Waterfront Key were launched in 2008 and 2009 respectively, the prices had hit $800 psf.
The latest launches - Waterfront Gold and Waterfront Isle - have seen units sold at just over $1,000 psf, meaning that launch prices have more than doubled in just over 10 years.
Home owners like Madam Ho Lai Ping, who lives in Aquarius By The Park, are clearly delighted.
She was one of the first few buyers of the project, paying about $610,000 for a 1,540 sq ft unit. Recently, she received a million-dollar offer for it.
But she is not selling. 'It's a gold mine which will appreciate when more amenities like the Bedok Reservoir MRT station come up,' she says.
'When my two children are older and want to move out, I can sell it and move to somewhere smaller and, hopefully, a lot cheaper.'
A 16-station Downtown Line Stage 3 will run underground through the Singapore Expo, Bedok Reservoir, MacPherson, Jalan Besar and Sungei Road areas.
Work will start in the second quarter of this year and be completed by 2017.
Earlier this year, the Housing Board revealed a $1 billion Remaking Our Heartland plan which will benefit Hougang, East Coast and Jurong Lake.
Bedok Reservoir will be spruced up and have new food and beverage outlets and cycling paths over the next five years.
These are some of the reasons HDB upgraders from other areas, like Mr Leong A.K., 43, who currently lives in a four-room unit in Hougang, want to move into the area.
'I'm looking at both public and private but private is getting pricier, which means I should have acted earlier,' he said. 'So far the HDB resale market seems more attractive.'
PropNex spokesman Adam Tan said resale flat prices in Bedok Reservoir might rise with buyers like Mr Leong refocusing their priorities, and with new amenities and better connectivity coming up.
Mr Quek is watching and waiting, hopeful that this might somehow help his upgrading dream.
'Maybe in future, I can sell my place for more and then we'll see,' he said.
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