Condo cluster in the east still attracting buyers

Condo cluster in the east still attracting buyers

It is one of the older condo clusters around but Bayshore Park, Costa Del Sol and The Bayshore just off Upper East Coast Road are still attracting buyers - even without an MRT station nearby.
There is plenty to attract, from the impressive sea views many high-floor units enjoy to the quiet, private surroundings, the proximity to the beach and the rental potential.

The nearest MRT and bus interchange is in Bedok. There is an upcoming Eastern Region Line, slated for completion in 2020 at the earliest. Details of station locations have not been disclosed yet.

Resale activity in the enclave has been "consistently fairly active" in the past two or three years.

And 30 to 50 units were transacted in each quarter during 2010 and 2011. There has been a slowdown in resale activity since, but that is in line with islandwide trends.

Whether or not sellers reaped profits depends on the time of purchase. But generally, those who held on to their units at The Bayshore and Bayshore Park for at least two years saw a price increase of at least 15 per cent, while owners at Costa Del Sol would have made at least 18 per cent.

Broadly speaking, prices at the condos are about 5 per cent higher than those in nearby Upper East Coast Road.

Rents ranged from $3 to $3.80 per square foot (psf) a month in the first six months of the year. Rents tend to be lower at The Bayshore, where the sea views are blocked.

Larger launches in areas like Punggol and Pasir Ris may have diverted interest away from the Bayshore cluster.

Source: The Straits Times – 8 September 2012