In less than 10 years’ time, Queenstown will have at least 5,000 new homes in its midst; and as early as 2021, new launches may already introduce 2,060 of them into the market.
2,060 new homes may be ready for launch by 2021
There are a total of 10 sites up to tender. These are yield 7,147 proposed units, up to 6,600 sq m of commercial space and even a primary school. The entire diamond-shaped area which is likely to be the site for the 10 developments and span a total land area of 29 hectares. The locations will be connected to Queensway, Portsdown Avenue, Alexandra Road and the Ayer Rajah Expressway.
The area has been earmarked for residential use under the Urban Redevelopment Authority’s (URA) masterplan but it is yet unclear how many of the proposed 7,147 units will be public housing.
New launches of HDB flats in Queenstown rare
While Queenstown is a mature estate and is popular with buyers and 7,000 or more sounds like a large influx of new homes in the district, analysts say that there may not be any cause for concern as this number of new units will be staggered over a long period of time and across several developments.
This advanced knowledge of the potential influx of properties in the area can still, however, serve buyers and investors’ interest well, though in addition, one will need to keep up-to-date with the redevelopment plans for the area.
Currently, some of the most expensive HDB flats can be found in Queenstown and 3,700 new ones will be completed next year. The last Build-to-order (BTO) launch in the district was November 2012 with 1,179 units launched at Ghim Moh Edge.
Resale prices of flats in Queenstown and the upcoming Greater Southern Waterfront districts are expected to increase based on the popularity of properties in or near these areas. Timing of these upcoming launches may, however, be the criteria behind potential changes in market expectations.