Telok Blangah - Upcoming Boom Town?

RESIDENTIAL MARKET 

Selling Telok Blangah: It's parked in a good place

Map of Telok Blangah

It is known for its nature spots and as a gateway to Sentosa but Telok Blangah has a more potent attraction - its proximity to the Central Business District and nearby business parks.

The quiet estate's prime position means demand for housing could grow as Singapore develops into a global financial hub and wealth centre, experts said.

Yet despite Telok Blangah's location at the city fringe, it remains largely tranquil, largely due to its vast expanse of parkland.

A park connector, Henderson Waves, links Mount Faber Park and Telok Blangah Hill Park.

But being close to the CBD, Mapletree Business City, Merrill Lynch HarbourFront and Alexandra Technopark gives it even more powerful selling points, as the active rental market attests.

Tenants are also drawn there by the presence of the VivoCity mall, one of Singapore's largest shopping centres, and HarbourFront MRT station.

The Telok Blangah MRT station along the Circle Line also opened last year.

Rents at the 969-unit Caribbean at Keppel Bay range from $6,000 to $6,500 a month for a 1,250 to 1,350 sq ft unit while a unit above 2,000 sq ft can command around $8,000 a month, Mr Png added.

Resale volume at the Caribbean at Keppel Bay also accounted for nearly a quarter of total new sale, sub-sale and resale transactions over the past five years, he added.

Though the rental market is buoyant, the number of new developments completed over the past five years is fairly limited.

There are also no sites in Telok Blangah under the Government Land Sales programme for the second half of this year.

Only three new condominium projects have been launched since last year - Foresta@Mount Faber, Skyline Residences and Harbour Suites. These are expected to obtain their temporary occupation permits some time between next year and 2015.

At Foresta@Mount Faber, developer Hoi Hup launched smaller units of between 430 sq ft and 720 sq ft at average prices ranging from $1,850 psf to $2,000 psf.

Other recent projects at the Telok Blangah area include the 1,129-unit Reflections at Keppel Bay condo and the new 333-room Bay Hotel Singapore directly opposite Sentosa Gateway.

Source: The Straits Times – 3 November 2012