MRT boost for new East Coast condo
A new freehold condominium along Upper East Coast Road in District 15 is expected to launch soon, after its recently concluded VVIP preview attracted a good response.
The showflat for 70 St Patricks by UOL Group has seen many potential buyers in the past few days, said one property agent.
Although the developer declined to give an official launch date, marketing materials distributed by agents said the project is still pending approval for sale.
70 St Patricks will comprise 186 two- to four-bedroom units and penthouses. Sizes range from 700 sq ft to 1,647 sq ft.
Indicative prices start from about $1.2 million for a two-bedroom, while the lowest price for a penthouse is approximately $1.5 million.
Other residential developments nearby include Grand Duchess at St Patricks and St Patricks Residences, which have median psf prices of $1,433 and $1,327 respectively.
Developed on the site of the former St Patricks Garden, the low-rise 70 St Patricks will be located next to Marine Terrace MRT station on the future East Coast Line. Tao Nan School, Victoria Junior College and shopping malls such as Parkway Parade and 112 Katong are also close by.
In addition, residents will have easy access to the city centre and Changi Airport via the ECP and MCE.
Notably, the East Coast Line is set to be fully operational by 2024 and will drive the regions property market, revealed OrangeTee recently.
The report noted that properties within proximity of the new MRT stations are expected to see improved rentals, in turn leading to potential capital growth.
In our view, residential developments in the vicinity will likely see five to ten percent capital gains, said UOB Kay Hian analyst Vikrant Pandey in a media report.
OrangeTee added: For a long time, residents in the East Coast have been relying on buses or private transport. With a new MRT line nearby, travelling time to the CBD or the northern part of Singapore will be shortened significantly.
Meanwhile, analysts expect sales of new private homes to improve in September on the back of some highly-anticipated upcoming launches, which includes 70 St Patrick's.
Developers are also likely to intensify efforts to launch projects with attractive offers to boost sales performance in view of a traditionally quiet year-end period ahead, said Alice Tan, Research Head at Knight Frank Singapore.
70 St Patricks is expected to be completed in 2017.
Image: Artist's impression of 70 St Patrick's.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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