Simei is a small town flanked by large the neighbouring estates of Tampines and Bedok, to its north and south respectively.
No information detailing property transaction information in Simei is currently available; so this month’s Expert Eye will compare prices of Housing Board (HDB) flats in Tampines and Bedok, against the rest of Singapore, to give a rough estimate of Simei HDB prices.
( The town of Simei saw a brief disruption in MRT services in April this year. Image courtesy of Wikimedia Commons and user Mrgraysingapore.)
A quick look at the graph below, which depicts the average HDB price per sq ft (psf) across Singapore against those of both Bedok and Tampines in the past year, and it is evident that Tampines has consistently been charting prices below the national average; while Bedok barely stays above average.
( Source: Streetsine Analytics)
One likely explanation for this is location. Although Bedok and Tampines can be found a similar distance to the east of the city centre, Bedok MRT Station is two stops closer to the central business areas than Tampines, allowing Bedok residents to enjoy a marginally quicker journey.
However, it should be noted that the psf prices of Bedok and Tampines are still considered very close to the national average. In fact, in April this year, the average Bedok public housing flat costs $452 psf ($11 psf more than the nationwide average), while the average in Tampines costs $420 psf ($21 psf shy of the national psf price).
From these observations, it is safe to say that Simei psf prices should fall just below the national average. This price would not only be in line with Simei’s position on the MRT network map (Simei MRT Station is perched in between Bedok MRT and Tampines MRT), but would also take into account Simei’s smaller area. As there are fewer HDBs available in the pint-sized estate, psf prices are naturally edged up.
While Tampines charted the lowest of the three variables in terms of average psf price, it recorded the highest resale prices. This can be seen in the above graph, which displays the median prices of four-room resale HDBs over the past year.
This observation can be attributed to the close proximity to entertainment facilities that Tampines residents are privy to. For instance, at the heart of Tampines are three major suburban malls; most residential estates in Singapore have just one suburban shopping centre. Another exceptional facility is the massive Tampines Bike Park.
Meanwhile, Bedok’s median resale price has been wrestling with the national median resale price over the past year. During this time, the Bedok Reservoir saw a number of deaths—beginning June 2011. While no direct relationship between the deaths and Bedok HDB prices has been established, concerns were raised at the time about whether these events would have an impact on housing prices in the area.
Additionally, Tampines’s price fluctuations appear much smoother and gradual than Bedok’s sharp and sudden jumps and slumps, suggesting that Tampines HDBs offer more stable and predictable prices because of the area’s maturity.
As for the Simei estate, its proximity to the many amenities that both Bedok and Tampines offer suggests that its resale prices could be slightly above the country’s median resale price. Furthermore, although technical faults along the MRT rail network caused train services between Simei and Tampines to be disrupted in April this year, it’s unlikely to have a huge impact on resale prices.
The above table shows additional transaction details for April 2012.
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