Expect en blocs, property prices in areas around Paya Lebar Air Base to rise, but not so soon

by Albert02

Expect en blocs, property prices in areas around Paya Lebar Air Base to rise, but not so soon

Expect en blocs, property prices in areas around Paya Lebar Air Base to rise, but not so soon. Property experts believe that the plans to transform Paya Lebar Air Base into a new town will increase house values in the surrounding districts, but only during the next decade. This is due to the fact that, once the five-year minimum occupation permit has expired, new communities and Build-To-Order (BTO) flats by the public housing authority frequently arrive with new amenities and attract higher rates than what their owners first paid for. This will increase the value of resale flats in the surrounding neighborhood. Developers seeking for en-bloc sales prospects may also be interested in private properties.

Prime Minister Lee Hsien Loong announced in his annual National Day Rally speech on Sunday (Aug 21) that the air base relocation will begin in the 2030s, with the 3.8km runway perhaps repurposed as the town’s “central core.” He anticipates that 150,000 additional residences will be developed in the area, roughly equal to the combined population of Punggol and Sengkang. “Once the air base is decommissioned, we can remove some of the height limits around it,” he added, adding that these sites can be rebuilt to include more amenities and maximize their use. “It will take time, but we can entirely transform Singapore’s eastern region.”

For the time being, analysts told TODAY that the proclamation that development height limitations will be abolished will not cause an en-bloc fever in the neighboring districts. “The removal of the height restriction does not automatically result in a rise in en bloc sales,” said Mr Nicholas Mak, head of research and consultancy at ERA Realty Network. The Urban Redevelopment Authority’s (URA) Master Plan specifies how much space a developer can generate on a block of land and must be followed by an increase in plot ratio, or developers may be unwilling to buy the land.”

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Source: 
https://www.todayonline.com/singapore/paya-lebar-air-base-property-prices-en-bloc-1974976


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