Expert Eye: Balestier

Balestier is a one-stop destination blessed with residential, commercial and recreational facilities and enriched with decades of history. Couple that with its central location and it is safe to say that Balestier HDB units are generally more expensive than the national average.

(Proximity to town, historical qualities and good amenities make Balestier HDBs well sought after. Image courtesy of Terence Ong)

Unfortunately, there are no ready statistics for HDB sales in Balestier (District 12). However, the region shares the district with Serangoon and Toa Payoh. Given the statistics for these surrounding regions, we can give an educated guess on the prices of Balestier HDB flats.

The graph easily shows how the average price per sq ft (psf) is affected by proximity from Singapore’s Central Business District (CBD). For instance, Serangoon, which out of the three regions is located furthest away from town, is the closest to (albeit slightly higher than) the national average psf. Similarly, Toa Payoh (wedged in between Serangoon and Balestier) is significantly above the average HDB psf price. As such, a good estimation for Balestier’s average psf would be somewhere in between those of Central and Toa Payoh, as it is located much nearer to the Central area than Toa Payoh.

It is also interesting to note that while the average Serangoon and Toa Payoh psf are consistently on the rise over the past year, the same cannot be same for Central’s average psf. The fluctuations observed may be due to buyers’ price sensitivity, given that HDBs situated in town are much more costly.

Contrary to the average psf graph, median resale prices for Toa Payoh over the past year have been fluctuating. Still, all regions seem set on a general upward climb. Despite the fluctuations, we can safely peg the median resale price for a four-room flat in Balestier somewhere between $400,000 and $550,000.

Separately, a possible reason for the zero-sale record for Central area HDBs during the December 2010 and January 2011 period may be due to the lower number of HDB units available in the vicinity.

July was a slightly slower month for HDB sales around Singapore; yet, it brought about some interesting statistics. For example, the highest transacted price for an HDB unit in Toa Payoh is $762,800, while the highest transacted price for an HDB unit in the Central region is $655,000. A likely explanation could be the trend for homebuyers to choose a property just on the fringes of town, for accessibility without the hefty price, thereby increasing the demand and price.

For our district guide to Balestier, click here [link to].
For a resident’s view of living in Balestier, click here [link to].