Owners near the Circle Line look to cash in

More property owners are looking to cash in on their homes near the Circle Line train network, even as the property market powers on.

Property experts said that there has been a 10- to 20-per-cent rise in interest in selling such properties since the 11 new Circle Line stations opened on April 17.

Dennis Wee Properties, for instance, has seen sales interest increase 20 per cent over the past two weeks.

Its director Chris Kok said: “There were some owners whom we spoke to who said that we should wait for the lines to be opened before putting their property up for sale.

“Now that the line is up, they are asking for 5 to 10 per cent more than what they used to ask for.”

Savills director of investment sales and prestige homes, Mr Steven Ming, said: “With the rise in car prices, home buyers are going for properties located close to such transport nodes or where there is a good network.

“And they may well be willing to pay as much as 20 per cent more.”

At a recent industry event, some developers said they were concerned that the expanded rail network could drive up land costs too.

Under the Government Land Sales programme for January to June, 10 out of 26 sites are close to train stations.

The Urban Redevelopment Authority told MediaCorp that it makes sense to release land around train stations for development as this will encourage more people to live there and benefit from the increased connectivity.

But industry watchers said that developers shouldn’t worry because homes near a transport network will command a premium and raise margins.

Source : Today – 4 May 2010

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