For those whose mouths watered at the prospect of living in the newly-announced Greater Southern Waterfront, I have bad news for you.
Your chances of getting an apartment there are about as slim as your chances of winning the lottery.
Greater Southern Waterfront
In case you don’t already know, the Greater Southern Waterfront is a huge waterfront development project that was announced by Prime Minister Lee Hsien Loong during Sunday’s National Day Rally.
You can learn more about it in one of our previous articles, but it’s basically a large-scale redevelopment project that covers 30 kilometres of coastline from Gardens by the Bay East area to Pasir Panjang.
It’s six times the size of Marina Bay and double the size of Punggol town.
One of the most exciting parts of the project for Singaporeans is the construction of 9,000 public and private housing units in the area. Exciting because it might look like this:
Yes, it looks like something out a Philip K. Dick novel and it’d be nice to live there. But, like most things in life, the path to the things we desire is not a straight one.
Like striking the lottery
Speaking to Today, one analyst said that getting an HDB flat at the waterfront location would be like striking a lottery.
This is because housing in the area is expected to be in demand, given the waterfront living and good location.
Moreover, because of its attractive location, property prices are expected to be high.
Similar To Pinnacle@Duxton
While it is difficult to predict property prices in the next five to 10 years, Mr Chris Koh, director of property consultancy Chris International, said the prices for HDB apartments would be similar to those at Pinnacle@Duxton.
A 50-storey housing development next to Singapore’s central business district, Pinnacle@Duxton broke records in 2015 when a few units — that were not maisonettes, executive or landed units — sold for S$1 million or more.
And with this stunning rooftop layout, you can see why.
Mr Colin Tan, director of the research consultancy at Suntec Real Estate Consultants, added that a four-room flat in the Greater Southern Waterfront area will probably be more expensive than one in a non-mature estate such as Sengkang, with a difference of at least around S$200,000.
Mr Tan, too, believes that scoring a unit at the Greater Southern Waterfront will be like “striking a lottery”.
I don’t know about you, but I’ve purchased enough lottery tickets to know that all I’ll end up with is a disappointment.
Plus, is a chance to live by the sea really worth S$200,000?
Editor: YES.
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