SINGAPORE: The construction of the Cross Island Line MRT has triggered a surge in the resale property market, with significant interest in surrounding areas, according to property experts.
This rise in demand was recently highlighted by the sale of a five-room HDB flat in Teck Ghee Vista, Ang Mo Kio, for a record-breaking S$1.3 million – the highest resale price for a five-room flat in the area to date.
The transaction involved a unit on the 21st floor of Block 310A along Ang Mo Kio Avenue 1. According to real estate platform 99.co, the unit, which spans 1,302 square feet, was sold within just three weeks.
The high-rise flat is part of Teck Ghee Vista, with this particular block completed in 2012, making it only 12 years old, compared to older flats in the estate, which date back to 1977.
Experts point to the proximity of the upcoming Teck Ghee MRT station as a key factor in the unit’s appeal. The station, part of the Cross Island Line, is expected to greatly enhance the area’s connectivity, making it more attractive to potential buyers.
Alongside the MRT station, the nearby North-South Corridor also adds to the area’s development prospects, which many believe will lead to continued price appreciation in the years ahead.
Another factor driving the staggering sale price was the flat’s 21st-floor location, offering impressive views and superior ventilation. These attributes, combined with the scarcity of five-room flats in Ang Mo Kio, created a strong demand for the unit.
Industry analysts believe this sale reflects broader trends in the resale market, with buyers increasingly focused on well-located, newer properties with strong future growth potential.
As infrastructure projects like the Cross Island Line progress, surrounding areas may see continued interest and price growth.