Location, location, location. And then again, location. Top of the list on adding digits to a property’s selling price is where the property is situated. Being close to the Central Business District and also the Buona Vista science parks makes Redhill the prime spot for property sales.
Though part of their popularity comes from the lower prices of 99-year properties, recent launches have set the bar. Alex Residences, which launched just this week had an average selling price of $1, 650 psf. This is quite close to the $1, 795 psf for the 508-unit Echelon nearby. All units at the Echelon have been sold out. Ascentia Sky which is situated near the Echelon went for $1, 709 psf.
The overall housing market has seen a little less action in the rising prices front, though the number of transactions of private properties sold remain high. New homes in particular now come with a smaller price tag, and those looking to sell their resale units may find themselves having to match these competitive prices.
On the other hand the rental market in this area, though stable, has not been especially vibrant. Prices have remained at around $4.22 psf to $4.54 psf over the past 12 months. But industry experts think that if you can hold out for about 7 years, the outlook may look rosier.