PASIR RIS 8 PRICE
Pasir Ris 8 Price
April 2021 is another impressive month for private new home sales. Since the end of the circuit breaker in June 2020, it has been the seventh consecutive month where new home sales have exceeded 1,000 units per month. Based on the latest report from URA, developers have sold a total of 1,262 new private homes in April 2021. In addition, there is a greater proportion of higher-priced homes sold as recent new launches were located in the city fringe and Core Central Region. Overall property market sentiments have been very upbeat and positive and this will definitely be a strong momentum for the Pasir Ris 8 Price to ride on.
Property Price Trend In Singapore
Overall private property prices have been on the increase in Singapore. Based on URA’s data since 2009, the residential price index at Q1 2021 has increased by an estimated 62% across Singapore from Q1 2009. Landed property has enjoyed a price growth of about 85% from 2009 while non-landed property prices have increased by an estimated 57%.
In addition, prices in the respective regions have shown significant growth over the past 11 years. The strongest price growth of about 85% comes from the Outside Central Region which includes Pasir Ris while the Core Central Region and the Rest of Central Region experienced an estimated growth rate of 34% and 70% respectively over the past 11 years. All these healthy growth trends are a positive platform for the Pasir Ris 8 Price to build on.
Similarly, the Outside Central Region has also experienced strong demand over the past years, especially from families upgrading from public to private housing. In addition, many permanent residents who started at a rental home have decided to raise their families in Singapore and thus motivated them to invest in their own homes for the long term. Without a doubt, this favorable progress over the years has contributed to the strong foundation for the Pasir Ris 8 Price.
There are primarily a few factors that drive the prices of residential units such as the Pasir Ris 8 Price. One of the top reasons is attributable to the scarcity of land in Singapore. Another factor is government policies that regulate the supply of units available in both private and public housing. With effective policies in place, the Singapore property market is less concerned about any supply glut that may potentially push property prices such as Pasir Ris 8 Price down.
Looking at the pipeline supply of private residential units (excluding Executive Condominiums) by the expected year of completion which is detailed in URA’s report, one would quickly realize that the supply of private residential units will peak at 14,518 in 2023 and subsequently reduced to 3,389 units in 2025. With a foreseeable shortage in 4 years’ time, even with flat demand, it would potentially drive up prices such as Pasir Ris 8 Price points.
First Mover Entry Price
Why are people excited about the launch of new developments? When you are buying a residence at launch, the number of units available is plentiful but more importantly, the units are also priced sensitively reflecting the market sentiment at that particular time frame. As such, homebuyers can expect Pasir Ris 8 Price points to be priced thoughtfully to align with the reactions and attitudes of the market at launch. The concern for every developer is that their pricing is out of touch with the market which may cause potential buyers to switch their attention to other developments.
As such, much consideration and thought are invested in setting the right prices which increases the appeal of the development to potential buyers. Therefore, home buyers and investors should seize the first-mover advantage and secure an attractive entry spot in terms of the Pasir Ris 8 Price point. For investors, a low-risk entry price would yield a healthy return on their property investment when they cash out in the future.
Pricing of Integrated Development
Presently, there is only a small pool of integrated developments in Singapore which includes 14 completed condominiums in 13 integrated developments. In total, there are an estimated 7,513 residential units from these 14 completed residences which is equivalent to an estimated 2.5% of total non landed residential units. In view of the limited supply of such developments and the availability of comprehensive amenities such as a shopping mall and MRT interchange right below the residence, home buyers and investors can expect Pasir Ris 8 Site Plan to be an extremely attractive proposition.
Given these strong attributes, the Pasir Ris 8 Price reflects its desirability in the market. In terms of future growth, homeowners would expect such appealing attributes to enable their property to command a premium over regular condominiums. Pasir Ris 8 Unit Mix is filled with different units.
Growth Potential Of Integrated Development
Compared to most regular condominium developments which are built on residential sites, the new Pasir Ris 8 Location is strategically located on a white site. Such sites are rare and they allow developers to build mixed-use development which comprises a mixture of residential, commercial, and recreational spaces such as parks and other communal places. The level of convenience and accessibility which an integrated development can offer is very unique and way above the typical residential development.
For Pasir Ris 8, the development will have its own integrated 4-story shopping mall which offers residents a comprehensive range of amenities. Furthermore, there will also be a polyclinic on site which will be very convenient for families with children and elderly folks. Furthermore, in terms of the transport network, the new development is right next to the Pasir Ris MRT interchange and the bus station interchange. In view of these strong attributes of the integrated development, homeowners and investors can expect growth potential for the Pasir Ris 8 Price in the future.
Besides the holistic amenities at the doorsteps of residents, white sites are generally in high demand as such sites are able to generate higher yield and potential value due to the commercial element of the development. As such, besides looking at potential rental yield, investors should also expect growth potential for the Paris Ris 8 Price which would exceed a regular condominium development.
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