Better known for its industrial and office buildings, the sleepy neighbourhood of Alexandra has slowly been gaining favour among home buyers in recent years.
More private property projects - such as the Metropolitan, Alexis and Echelon - have been or will be built on sites previously occupied by public housing.
Flanked by neighbouring towns Tanglin and Queenstown, Alexandra is on the fringes of the District 10 prime residential area.
The mature estate's proximity to the Central Business District, Orchard Road and public transport has made it a favourite locale for expats looking for rental properties.
This demand for rental housing has led to an increase in investor interest, pushing up the prices of private homes in the area.
About a fortnight ago, 200 units at the Echelon project in Alexandra View were snapped up, at prices averaging $1,700 psf.
The project consists of 508 units, spread over the condominium's two 43-storey towers.
The heightened interest has also trickled down to land prices, with winning bids for government land tenders moving up 15 per cent to 27 per cent in the last year.
Last December, a 99-year Alexandra Road condo site near Redhill MRT station fetched a price of $332.7 million, which translates to $970 psf per plot ratio.
Source: The Straits Times –5 January2012
No comments:
Post a Comment
No Spam, No Abusive Languages. Thank you for your cooperation!