Pasir Ris 8 is one of the most popular projects in 2021, with 85% of units selling within the first weekend.
FOMO can be a real problem, but not all is lost. Three resale options are available in the area: Coco Palms and The Palette, which are 99 year leasehold developments, located in Pasir Ris Grove in District 18.
They are as close as Pasir Ris 8 MRT station and offer great value for money.
Buyers looking to cut out the wait time due to construction delays may find these resale condominiums more suitable for their needs. This will increase overall demand for resale properties.
Buyers who are price sensitive gravitate to the resale marketplace due to the increasing price gap between new launches, resale projects, and the rising cost of goods.
These three projects are priced at a more affordable price point than Pasir Ris 8 which averaged $1,824 per square foot in August.
They are resale property, but they stand out because of their attractive locations and price.
In 2017, the government also announced the Pasir Ris renewal plans. New additions and improvements to Pasir Ris are planned under the Remaking Our Heartland initiative (ROH). The plan also includes a revamped downtown and additional recreational facilities.
Pasir Ris 8 has a positive impact on neighbouring properties. It will also include a HDB town plaza as well as a polyclinic.
Because Pasir Ris is so close to Singapore’s Changi International Airport, property prices tend to be higher. Pasir Ris is also prominently represented by the announcement of Cross Island Line (CRL). It will connect the town and make it easy to commute for Pasir Ris residents.
1. Coco Palms
This 99-year leasehold project was created by City Developments Limited, (CDL), a respected developer who has clung to its legacy in property development over 55 years.
CDL has built over 47,000 homes, and holds over 23 million square feet of commercial and residential property. It has also received many awards over the years.
Coco Palms stands 16 stories high and contains a total 944 units. These include 1-to-5-bedroom apartments as well as penthouses. There are four swimming pools and four tennis courts.
This project is relatively recent as it was launched in 2019. It originally launched in 2014. The median unit price for the project was $1,040/sqf.
Coco Palms’ greatest asset is its location. It is within walking distance to Pasir Ris MRT station, and a bus interchange.
You can also access Downtown East by free shuttle bus from White Sands shopping center.
Two schools are located near the development: Coral Secondary School and Elias Park Primary School.
Ohmyhome research shows that the number of Coco Palms transactions has increased steadily since 2019. It rose by 65.5% in 2021 compared to the 29 transactions in 2019. Access to the MRT station was a key factor in the demand for it, which helped keep average prices at $1,200 per square foot.
The majority of transactions occurred in the $1.0 million-$1.5 million price range. The figures show that there were some transactions in this price range, which included 3-bedroom units measuring 904 square feet.
We can see that the prices are reasonable considering its prime location near a MRT station. These units can be resold at an average cost of $500-$600 per square foot.
Coco Palms has available units for sale
- 2BR, 1,001 Sq Ft for $1.1m ($1,136 perSF)
- 2BR, 1000 sq ft for $1.3m (1,300 psf).
2. The Palette
Similar to the Pasir Risgrove 99-year project, it was also developed by CDL.
The Palette is a larger estate that consists of 892 units. It has a variety of amenities and features, including swimming pools and a skating rink. The Palette was launched in 2011 at a median price of $890 per square foot and was completed in 2015.
The Palette is located right next to Coco Palms and enjoys the same geographical attributes, such as its proximity to both the White Sands Shopping Mall and the nearby transport hub.Our research shows that The Palette has maintained a steady flow of buyers. The average unit price has remained at around $1,000 per square foot, though there has been very little change over the past four years.
Properties in Pasir Ris are seeing an additional boost from the rejuvenation plans. The revitalized town centre, Pasir Ris Park, and Beach will offer more family and community activities and increase the price of properties.
Most transactions took place in the $1.0m-$1.5m price range. These were mostly 3 or 4-bedr units.
This development has a very attractive pricing strategy due to the different sizes of units. These units can be purchased at a lower price than units purchased at Pasir Ris 8.
For sale at The Palette:
- 2BR: 752 sqft for $875k (1,163 psf).
- 2BR: 753 sqft for $900k (1,195 psf).
Another 99-year leasehold project was developed by Hong Leong Investment Holdingss subsidiary. Hong Leong Group is a pioneer in the property industry, having been around since the 1960s. It has created many iconic properties over time and is now a market leader with over 130 properties.
There are 912 units in total across the 12 blocks of D’Nest, which range from 1-room units to 5-room penthouses or 6-room dual-key units.
D’Nest was completed in 2017. It was launched in 2013 at a median price of $965 per square foot.
It is similar to The Palette and Coco Palms, but it is a more attractive feature than The Palette. The Pasir Ris MRT station is 574 metres away. However, it should not deter potential homebuyers.Already, the number of transactions has increased by 57.9% over the first nine months of 2021, compared to 38 transactions for the entire year 2020. Due to its reasonable pricing strategy, the project has seen price increases over the years. The area’s future developments and changes played an important role in increasing the property value.
Residents have many options thanks to the improved connectivity, community spaces and Pasir Ris Town’s upgrade. In 2018, a hipster hawker center was completed.
Ohmyome research shows that the majority of transactions were priced between $800,000 and $1 million for units measuring approximately 753 square feet. These are the 2 bedders that attracted more buyers when you look at the floor plans.
For the various sizes, the average unit price is attractively priced. D’Nest is a popular choice for buyers due to its affordable pricing options. These units can be purchased at a savings of between $500 and $900 per square foot, compared to purchasing a new unit at Pasir Ris 8.
Available unit(s) at D’Nest for sale:
- 2BR, 752 Sq Ft for $900k (1,196 psf).
- 2BR, 752 Sq Ft for $950k (or $1,263 per square foot).
The future looks bright
East residents have always maintained that the “east side” is the best, and with all of the development planned in the area as well as a variety of amenities, it’s hard to imagine anyone not wanting to live there.
Buyers have more options than the alternatives we’ve chosen. These projects have relatively affordable prices. Buyers have more upside with the many developments that are in the pipeline.