( Probably the only downside to the Pasir Ris estate is its sheer distance. Image courtesy of Terence Ong.)
However, it appears that the combined benefits of these factors and the draw of seaside living are not enough to counter the sheer distance that Pasir Ris is from the Central Business District (CBD)—and this shows in the prices.
( Source: Streetsine Analytics)
Comparing the average price per sq ft (psf) of HDBs in the Pasir Ris estate to the average psf of all HDBs, it is clear that Pasir Ris homes have consistently charted lower prices than the average public housing.
However, the past month has seen a bigger leap in average psf prices for the Pasir Ris estate than the average HDB; this could possibly be spurred by the emerging popularity of private homes in the vicinity, as well as executive condominiums popping up in the district (such as those in neighbouring estate Tampines).
As a result, while the average psf for HDBs across the island upped $43 psf over the year, the average Pasir Ris HDB jumped $50 psf, inching closer to the average HDB price.
The resale market, however, speaks a different story. From the above graph we can see that Pasir Ris resale home prices have consistently surpassed that of the average resale HDB, save for a one-time drop to below average in October last year.
It should also be noted that after December’s harsh round of property cooling measures, the difference between Pasir Ris resale prices and resale prices throughout the country has increased—from $10,500 in December 2011 to $17,000 in January 2012. One possible explanation is the significant portion of local and foreign property buyers who are still on the lookout for a good residential property purchase.
It is also interesting to observe the climbing resale prices of Pasir Ris public housing over the year. In the past year, the median price for resale transactions in Pasir Ris soared by $50,000, while the median resale price for the average HDB saw a $41,000 hike. This finding echoes what is previously observed in the Average Psf graph.
Given the growing trend for home seekers opting for property away from the CBD buzz, as well as the anticipated arrival of the Downtown and Eastern Region MRT lines that will bring the secluded estate closer to the town centre, it seems quite likely that Pasir Ris HDB resale home will remain popular among buyers, and prices on the incline.
The above table displays more transaction information for the Pasir Ris housing estate in the month of January 2012.
For our district guide to Pasir Ris, click here.
For a resident’s view of living in Pasir Ris, click here.
