Paya Lebar is actually very well placed – not near enough to the city to command insane prices, but not too far away to cause inconvenience.
Let’s take a look at some of the great properties in Paya Lebar that you might want to make a home in.
Housing near Paya Lebar Square
Paya Lebar’s private condominium situation is really quite good. Let’s start with Paya Lebar Residences, one of the developments closer to the Paya Lebar MRT and Paya Lebar Square area.
The 117 unit freehold development was completed in 2003, with a swimming pool, BBQ pits, gym putting green and playground. It’s also a very short walk away from Paya Lebar Square, and the MRT.
This great location, in addition to the freehold status of the development, is extremely attractive to investors. This has led to multiple transactions that hold a $1200 – $1245psf pricing.
This means that a 2 bedroom, 872 sq ft apartment would go at an estimated $1.05 million. Larger floor plates like a 3 bedroom 1292 sq ft unit can go at $1.5 to 1.6 million.
Rental in this development is scarce at the moment, but if a unit does come up for rental, it’s a better bet to go with a larger apartment.
The size differential between a 2 bedroom and 3 bedroom unit is approximately 400 sq ft is big, and the decision to take a larger unit is helped by the fact that the per square foot of the rent drops by almost 30 cents. This results in a $120 difference for an extra 400 sq ft of space.
A little further from Paya Lebar Square is the mixed-used development of Paya Lebar Quarter. The residential portion of this development is called Park Place, has already sold 90% of its units.
Park Place is a newer development with more bells and whistles, and the prices reflect this difference. Units at this development are going at a steeper psf pricing, and are definitely smaller than you would like them to be.
A 667 sq ft, 2 bedroom unit is going at $1.39 million, or $2091psf.
If you’re seeking better value, you might want to start looking at larger units like their 3 bedroom configurations. A great example would be a 1087 sq ft, 3 bedroom apartment that is going at $1.79 million.
This brings the psf pricing own to $1651psf, which is a slightly more reasonable price point to be looking at.
Accessibility and amenities
Of course, the best part about living in the area is the proximity to creature comforts and accessibility that living near Paya Lebar Square provides.
Residents in the area get direct access to the East-West, North-East Line and Circle Lines from one station. This means no public transport woes as almost the entire island is accessible from one place. Paya Lebar is also connected by the ECP expressway to the city.
In terms of amenities, Paya Lebar Square really does cover quite a bit of the daily necessities, with a supermarket, and a ton of F&B outlets to keep residents fed.
The upcoming Paya Lebar Quarter, as well as the nearby SingPost Center, also provide options for shopping and dining.
The area is also home to some great local and international schools like Tanjong Katong Secondary School, Geylang Methodist Secondary School and Singapore Korean School.
Finally, the nearby Geylang district also has some of Singapore’s best food options.
Up and coming neighbourhood
Paya Lebar might be kind of overlooked right now, but that will not last for long. The location is starting to gain more attention with the increasing number of developments in the area.
Additionally, the nearby districts are slowly being cleaned up, with Eunos, Aljunied and Kallang firmly placed in redevelopment plans.
With great amenities and superb accessibility to the rest of the island, Paya Lebar is a great neighbourhood to live in.
See more: Are You Eligible To Sell Your HDB Flat?