http://www.straitstimes.com/archive/...erest-20140614

HOT SPOT

Bidadari home projects attract growing interest

They have good potential for gains in home value

Published on Jun 14, 2014 1:35 AM

By Cheryl Ong


INTEREST in Housing Board flats in Bidadari is growing but investors have also been quick to buy private homes in the growing residential enclave.

Of course, any mention of the quiet neighbourhood brings to mind the burial grounds of the former Bidadari Cemetery.

But analysts say this will recede with the Government's efforts to transform it into a housing estate.

The proliferation of upcoming mixed developments in the vicinity also means that residents will be well served by amenities, they said.

"Bidadari has been identified as, and will become, a public housing precinct as well as a private residential enclave," said Mr Desmond Sim, research head at CBRE.

The area is bounded by the Sennett Estate, Bartley, Upper Serangoon and Mount Vernon roads.

The Housing Board earmarked the town for further development under its Master Plan 2014. As many as 10,000 public homes are expected to sprout up, with another 1,000 private homes to be built by the second half of 2015, said Ms Christine Li, research head at OrangeTee.

Condominiums that have been launched in the area have seen brisk sales.

Qingjian Realty's Nin Residence in Pheng Geck Avenue, for instance, has been fully sold. The 219 units at the 99-year leasehold project were sold at a median price of $1,218 per sq ft (psf).

All 702 units at City Developments' (CDL) 99-year leasehold Bartley Residences have also been shifted, at a median price of $1,246 psf.

These developments, however, went on the market before the total debt servicing ratio loan guidelines were introduced in June last year. Though sales at recent launches have paled in comparison, units are still being purchased.

About 56 units were sold at CDL's The Venue Residences in Tai Thong Crescent for a median price of $1,396 psf. The mixed development will have 28 retail units when completed in 2017, and will support the needs of the estate's mushrooming population, said Ms Elaine Chow, research head at Chesterton Singapore.

A mixed public housing and commercial development called the Market Square will also add to the retail offerings in the area.

While resale transactions in the area have been scarce, prices have remained stable in the past year, noted Mr Sim. Units at the 330-unit 8@Woodleigh have changed hands at about $1,200 psf to $1,400 psf, while resale prices of units at Woodsville 28 were about $1,200 psf to $1,300 psf, Urban Redevelopment Authority data showed.

Rents have held firm in the past year, staying between $3.50 psf and $4 psf for three- or four-bedroom units in newer projects such as 8@Woodleigh and Blossoms@Woodleigh.

The area is well-connected with the Woodleigh and Potong Pasir MRT stations, which are both on the North-East and Circle lines. Schools in the vicinity, like the St Andrews Junior College, Maris Stella High School and Stamford American International School, should boost Bidadari's appeal to both expats and locals, said Ms Li.

But while the neighbourhood is being built up, investors might have to put up with soft demand. This also means that prices in the estate are lower than nearby mature estates like Bishan and Toa Payoh, so there is potential for gains in home values.

"This precinct looks set to benefit from the future infrastructure and amenity provisions," said Mr Sim.

[email protected]