Booming Bedok
Posted Date: Apr 21, 2011
By: Daniel Seifert
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Bedok Reservoir, a quiet area previously only known for its water sports activities and public housing estates, has become its own little property bubble. Prices for suburban condominiums have continued to rise with each successive launch of new properties. In the past decade or so, at least eight properties have been raised, such as Aquarius By The Park and The Clearwater, opened in 1999 to a cost of $460-480 per square foot. A more recent launch, the Waterfront Key which opened in 2009, had prices hitting $800 per square foot β and prices continue to rise.
(Boom town Bedok. Image courtesy of Allanjarina Images.)
One reason for this, apart from the snowballing amount of new condos, is upcoming development in the area. The 16-station Downtown Line Stage 3, due to be finished by 2017, will link together the Singapore Expo, Bedok Reservoir, MacPherson and Jalan Besar areas. Currently, the East-West Line Bedok station is more than a kilometre away from the reservoir area itself. The Housing Board has also unveiled a plan to gentrify the zone with updated F&B establishments and cycling paths. The $1 billion Remaking Our Heartland project will also improve Hougang, East Coast and Jurong Lake.
While some nearby residents decry the rising prices, others, such as Madam Ho Lai Ping who lives in Aquarius By The Park, are pleased. She bought her property for $610,000 and recently received a million-dollar offer. For the moment though, she is sitting tight, she told The Straits Times: βItβs a gold mine which will appreciate when more amenities like the MRT come up.β
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Related Categories: General, Country Guide - Singapore, Buying Guide - Singapore, Bedok
Tags: Aquarius, Aquarius Bedok, Aquarius By The Park, Bedok, Bedok Reservoir, Clearwater, Downtown Line MRT, East Coast, Jalan Besar, MacPherson, Our Heartland Project, property launch, Singapore condominiums, Waterfront Key
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Comments:
Chee said...
> nice article
April 25, 2011 8:59:00 AM
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