Cheers to property savings along the NEL

If you like to have a drink or two before you return home after a hard day’s work, Clarke Quay is as good a place as any. It is great for people-watching and there are plenty of bars and restaurants to choose from.

Clarke Quay has the added advantage of having its own station on the North East MRT Line (NEL). Even if you have had one too many, you can still safely return home to any condominium within walking distance of this line.

If you like your beer, you would want to maximise your time in the pub and minimise your time getting home. This means the ideal location for your condo would be Clarke Quay: No commuting time on the MRT. The problem, though, is that condos in the area rank second-highest in terms of price per square foot among all condos within 1km of an MRT station on the NEL.

So it is best to choose a home farther out: In general, as you head towards Punggol, prices drop.

There are two exceptions. First, Boon Keng offers greater savings, but you will have a longer walk, on average, to your condo than in the case of other stations. Second, Serangoon offers less savings since it is an MRT interchange with Nex mall and an interesting mix of landed and non-landed homes nearby.

If you really love your beer, you could justify the long commute from Clarke Quay to Buangkok by consoling yourself with the notion that by saving so much money on property, you will have more to spend on your favourite beverage. In terms of beer, your property savings on a 1,000sqf flat would be equivalent to the cost of 59,610 pints at S$14 a pop. Yes, a home is not the only thing that is expensive in Clarke Quay.

That is a huge quantity of beer. If you drink two pints a night, it would take you 81.7 years to consume your property savings. Even with the recent advances in medicine, it would be challenging to drink this much in a lifetime.

So maybe in your case, there is a station on the NEL that would allow you to achieve a better balance between price, commuting time to Clarke Quay and property savings for beer.

It is your decision. However, I would think twice about Chinatown. Condos there are more expensive than those near Clarke Quay, so you start 1,714 pints in the hole and it will take you 2.35 years to catch up.

By Sam Baker – co-founder of SRX, an information exchange formed by leading real estate agencies in Singapore to disseminate market pricing information and facilitate property transactions. For more details on the statistics used in creating this article, visit srx.com.sg/research.

Source : Today – 27 Jun 2014

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