| HDB flat prices are likely to inch up in Ang Mo Kio, Bedok and Clementi when they're given the makeover promised to them by the Prime Minister at the National Day Rally.
That's the view of property experts who have seen Toa Payoh totally transformed by the government's estate renewal.
Looking at the flats in Toa Payoh today, you wouldn't imagine that it is one of the oldest HDB estates around.
The upgrading of the entire estate has increased the value of its flats by some 10 to 15 percent.
Mohamed Ismail, PropNex CEO, said: "A four-room flat in Toa Payoh, in the past, it used to be in the range of about $190,000 to $200,000. Today, such properties are going at a range of about $240,000 to $250,000. We can also see the differences in the prices within Toa Payoh."
If Toa Payoh is anything to go by, HDB property prices for Ang Mo Kio, Bedok and Clementi will likely go upwards once the upgrading is completed.
Mohamed Ismail said: "We'll not expect an immediate demand because such upgrading will take a period of time.....between 2-5 years or even more. But people who are staying there will be comforted to know that their property will certainly go up in terms of value."
Singaporeans already have a wishlist for what they'd like if their estates are chosen for upgrading.
"Like sporting facility, more space, more park lands for people," said one person.
"Hoping to see cleaner flats and the repainting of the flats because the flats are quite old already," said another.
"For my age, of course, I need the lift to stop on every floor, instead of having to walk three floors up," said a third.
One thing is for sure - the makeover for each estate will be unique and unlikely to be a replica of Toa Payoh.
Donald Han, managing director of Cushman and Wakefield, said: "A good example would be Clementi. It has among the three, the smallest population of about 87,000, 88,000 people. We should try to draw on its strengths by looking at some of its surrounding facilities like, for instance, Clementi is fairly close to NUS, you've got Singapore Poly just down the road, you also have Ngee Ann Poly. So, it could potentially attract the student enclave into Clementi. A bohemian kind of character, theme in Clementi. That's probably a good concept to have."
Mr Han believes every town will have an attraction for different target groups, so any upgrading is likely to reflect the estate's "character". - CNA/ir |
