Hi,
Would just like to bring this up for discussion. I believe the MRT system and its future lines are bringing about a permanent increase in the property prices and value of OCR condos.
Looking at all the new MRT stations, the completion of circle line all stages soon, and the future MRT lines. I link this with the large increase in prices of the outer region condos as compared to central.
In the past, distance was a much bigger factor and natrally, the nearer you are to the central region, the better because it would mean less travel time. The initial 2 MRT lines NS and EW line only reaffirmed that, because only the central region can quickly change lines and the lines went outwards from the centre mostly.
The circle line, and the upcoming line will redefine this entire concept. No longer will it be necessary to take an MRT to the centre and change lines there. You use circle line, and other future lines to change lines. This has dramatically increased the connectivity and hence desirability of outer lying stations and hence areas.
The increased car traffic in Singapore and traffic congestion has also meant that transport travel via MRT is valuable in its own right. If they are having an F1 event or NDP event. You are advised to take the train anyway because the roads will be closed. In fact, the train, even if congested at least gaurantees arrival within a fixed time. Taking a car and then running into a 2 hour jam does not even have that kind of reliability.
This means that we may be looking at a permanent increase in the attractiveness and pricing of OCR condos, especially those which have easy access to MRT. This explains why even places like Lakeside, Tampines, etc which in the past would have been seen as very far very the centre and seeing over 1000 psf for condo launches.
If we look forward, by 2020, pretty much most areas in Singapore will be well linked by MRT by then. When that happens, will people be choosing property more based on whehter they get a good view, a sea view, a park view, the more immediate ammenities and good schools within walking distance? Because by 2020, it may be that if you want to reach the city centre or the CBD area, it will take 30 minutes for most people because of MRT.