Expect en blocs, property prices in areas around Paya Lebar Air Base to rise, but not so soon

by Albert02

Expect en blocs, property prices in areas around Paya Lebar Air Base to rise, but not so soon

Expect en blocs, property prices in areas around Paya Lebar Air Base to rise, but not so soon. Property experts believe that with plans to turn Paya Lebar Air Base into a new town, housing values in the surrounding areas would rise, but only over the next decade. This is because, after the five-year minimum occupation permit has expired, new communities and Build-To-Order (BTO) flats by the public housing authority frequently come with new amenities and tend to command higher prices than what their owners initially paid for. This will raise the value of resale flats in the nearby area. Private properties may also appeal to developers looking for en-bloc sales opportunities.

In his annual National Day Rally speech on Sunday (Aug 21), Prime Minister Lee Hsien Loong stated that the air base relocation will begin in the 2030s, with the 3.8km runway possibly repurposed as the town’s “central core.” He believes that 150,000 new homes will be built in the area, around the same as the combined population of Punggol and Sengkang. “Once the air base is decommissioned, we can remove some of the height restrictions around it, such as in Hougang, Marine Parade, or Punggol,” he said, adding that these areas can be refurbished to incorporate more amenities and maximize their use. “It won’t happen overnight, but we can completely revamp Singapore’s eastern sector over time.”

For the time being, experts told TODAY that they do not expect an en-bloc fever in the surrounding areas as a result of the declaration that construction height restrictions will be lifted. “The elimination of the height restriction does not automatically result in an increase in en bloc sales,” said Mr Nicholas Mak, ERA Realty Network’s head of research and consultancy. It must be followed with an increase in plot ratio, or developers may be unwilling to buy the land.” The Urban Redevelopment Authority’s (URA) Master Plan governs how much space a developer can produce on a block of land.

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Source:
https://www.todayonline.com/singapore/paya-lebar-air-base-property-prices-en-bloc-1974976


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