2018 shall see two new launches in District 3 and both would be near Queenstown MRT, namely at Margaret Drive and Stirling Road.
Based on the recent land bids, prices may have already bottomed out and seem to be back on the upward trend. A quick re-cap on the recent land bids for D3 would be as follows:
Sep 2012 Prince Charles Crescent (Wingtai & Metro / The Crest) $960 psf ppr
Dec 2012 Alexandra View (Singapore Land/ Alex Residences ) $970 psf ppr
Feb 2013 Commonwealth Ave (Hong Leong/ Commonwealth Towers ) $883 psf ppr
Apr 2013 Kim Tian Road (Keppel Land / Highline Residences) $1163 psf ppr
Apr 2014 Prince Charles Crescent (UOL & Kheng Leong / Principal Garden ) $821 psf ppr
Jun 2015 Dundee Road (HY Realty/ Queen's Peak) $871 psf ppr
Nov 2015 Alexandra View (Tang Skyline / Artra) $851 psf ppr (Mixed Development)
Dec 2016 Margaret Drive (MCL Land) $998 psf ppr
May 2017 Stirling Road (Logan & Nanshan) $1051 psf ppr
Oct 2017 Normanton Park (Kingsford) $969 psf ppr
At the date of writing, Alex Residences and Commonwealth Towers have already been 100% sold. Principal Garden is almost 100% sold while Highline Residences is already 90% sold (mainly only 3 and 4 bedroom units left). However, units in Queen’s Peak and Artra are still available.
From the figures above, MCL Land and Logan & Nanshan have already paid more than what Singapore Land had paid for the Alexandra View plot. However, the prices may be more reflective of current market prices given that the amount paid is comparable to what Kingsford had paid for Normanton Park, since Margaret Drive and Stirling Road are nearer to amenities and the completion of upcoming developments around the Queenstown MRT.
It would be interesting to see how MCL Land and Logan & Nanshan would differentiate their projects from the rest in order to still provide value to perspective buyers.
