Property prices to ride high on Thomson Line

Property prices to ride high on Thomson Line

Residents in the northern region of Singapore can expect the announcement of the upcoming Thomson MRT Line to boost property prices almost immediately, say consultants, although they differ on the extent of the rise.

Homes in the Springleaf/Springside area will see prices rise by 10 per cent at least. Prices will move, starting now; we do not have to wait until the line is completed before prices go up. They will usually move for a few months and then stabilise.

Broadly speaking, consultants BT spoke with expect home prices to spike closer to the completion of the line.
A near term price increase of 5-10 per cent is expected, with a price appreciation in the range of 20-30 per cent when the MRT line is completed.

That being said, prices of properties close to major construction work sites may take a momentary dip to the tune of 5-15 per cent.

The area spanning Woodlands to Upper Thomson will likely see the largest increase in price given that they benefit most from the reduction in travelling time to town.

The Thomson MRT Line will be launched progressively in three stages from the north to the south, with three stations from Woodlands North to Woodlands South ready by 2019, six stations from Springleaf to Caldecott ready in 2020, and 13 stations from Mount Pleasant to the Gardens by the Bay fully operational by 2021.

However, there may eventually be less disparity in prices in different parts of Singapore as the transport network improves connectivity and reduces travelling time, said DTZ's Ms Chua.

The uplift on prices will progressively be less pronounced compared with in the past when there were much fewer properties that enjoy proximity to MRT stations.

Source: Business Times – 31 August 2012