27/02/2024
Let us dive into this article from EdgeProp to understand why Toa Payoh One Residences would generate high demand upon launch.
According to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), the appeal of the latest GLS site at Lorong 1 Toa Payoh is “evident” given the allure of its mature residential location and the dearth of new project launches in the area.
“The Toa Payoh estate has experienced a considerable seven-year hiatus since the last property launch in 2016, when Gem Residences was launched. This extended gap will likely create pent-up demand (for new condo units) and development potential within the area, this likely piqued [developers’] interest and ignited their enthusiasm to invest in this estate,” says Sandrasegeran.
Moreover, the site is close to Braddell MRT Station, which is one stop from Bishan MRT Interchange on the North-South and Circle Lines.
Toa Payoh has also generated several million-dollar HDB resales in recent years, says Sandrasegeran, adding that the estate has recorded 49 such transactions in the first 10 months of this year. “This reflects a promising pool of potential HDB upgraders within the Toa Payoh estate, adding to the overall potential demand outlook for the upcoming development on the Lorong 1 Toa Payoh site,” he says.
Source:
The joint bid from CDL, Frasers Property, and Seikisui House of $1,360 psf ppr is 18% higher than the next highest bid of $819.99 million ($1,153 psf ppr) submitted by Tanglin Land, a subsidiary of CapitaLand.
