Singapore — Mount Pleasant, previously known for its iconic black-and-white bungalows built in the 1940s, is set to welcome new high-rise apartment blocks, drawing attention to its prime location wedged between Bukit Timah and the Novena area.
Analysts expect super hot demand for the 5,000 or so public housing apartments to be built on this 33-hectare plot that property analysts such as Huttons Asia head of research Lee Sze Teck describe as a “super prime area”.
The prime location and abundance of surrounding amenities add to the expected intense interest in the area.
OrangeTee & Tee’s senior vice-president of research, Christine Sun, added that it is “not often” that such projects are built near or next to an MRT Station.
“It is near MacRitchie Reservoir, close to an MRT station, near the (Pan Island Expressway) and (has) unblocked views towards the North and South,” Mr Lee told Channel News Asia.
The Housing Board and Singapore Land Authority (SLA) announced in a joint release that the first Build-to-Order project on this prized plot would be launched within the next five years.
In a Facebook post on Tuesday (Nov 23), National Development Minister Desmond Lee said the estate’s design would draw inspiration from the heritage and nature in the area.
“As I promised the Police fraternity in 2017 when we first announced plans to redevelop the site in Mount Pleasant, we will pay tribute to the OPA’s (Old Police Academy) rich history in our plans,” said Mr Lee.
Since the academy was opened in 1929, it had trained tens of thousands of trainees before that historic training hub was relocated to the Home Team Academy in Choa Chu Kang.
The academy’s presence explains those black-and-white houses. Developed together with what began as the Police Depot in Thomson Road, those were built to house police inspectors-general and other high-ranking colonial officers.
“In this vein, we have conducted a detailed heritage study, the first of such a scale, and have extensively engaged with heritage experts, consultants and members of the police fraternity,” he added.
Mr Lee noted that while the new housing estate will sit on a brownfield site, it is close to Bukit Brown and the Central Catchment Nature Reserve, hence an environmental study was also conducted.
“Singapore’s land and resources are always finite, but our needs will continue to grow. Hence, we will need to strengthen how we plan for the long-term and work more closely with the community to balance our different needs sensitively,” said Mr Lee.
HDB is reportedly still assessing whether the site will fall under the new prime location public housing (PLH) model with stricter ownership conditions.
Analysts expect the prices to be close to those of Build-to-Order (BTO) flats at Toa Payoh or Bidadari, which started at S$611,000 (five-room) and S$460,000 (four-room).
If the plot falls under the prime location housing model, selling prices could start at S$600,000 for a four-room flat. /TISG
Read related: Property prices are showing signs of slowing down: Property Guru
https://theindependent.sg/property-prices-are-showing-signs-of-slowing-down-propertyguru/
Read also:
HDB February 2023 BTO Launch Review: Affordable Developments