Savills Singapore Predicts and Reasons for its latest ‘Hot Pick’.
Predictions
Within 18 months, we believe that prices for condominiums in the Pasir Panjang and West Coast Road area will achieve:
-S$1,200-$1,800psf for Pasir Panjang Road, from Keppel Bay area to Alexandra Road junction
-S$900-$1,300psf for Pasir Panjang Road, from Alexandra Road to Clementi Road junction
-S$800-$1,100psf for West Coast Road at Clementi Road junction to Jalan Buroh area
Reasons
-Price gradient of this stretch of Pasir Panjang Road to West Coast Road is rather steep, given that the S$2,000psf levels have already been achieved in Sentosa Cove and Keppel Bay areas.
-Several billion dollars of investments will be poured into research and development in the Science and Engineering Research Institutes, Science Parks, National University of Singapore and Biopolis/Fusionpolis. Many high-income, knowledge-based workers reside in this enclave. Good-quality residential units within a few kilometres will see strong demand, and rentals and capital values will rise hand in hand.
-Proximity to high-value industries, logistics and petro-chemical firms stretched from Alexandra Road to the Jurong Islands.
-With the opening of Genting’s Resorts World on Sentosa in 2010 and the expected 45,000 jobs that it will provide, the demand in Pasir Panjang and West Coast could remain strong for the next five years.
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