What's better than a condo next to an MRT station?

What do MRT stations and condo concierge services have in common?

They both seem to get less impressive every year. Having a concierge and a reception desk was once the hallmark of a luxury condo. Today, home buyers just shrug and say it's nice they gave a chair to the "security guard." 

If you have a concierge, there's a good chance the only time you speak to them is to tell them to let the Deliveroo guy in. But the same thing is happening with MRT stations:

Back in the early-2000s, anything near a train station was assumed to be a guaranteed sellout. But over the past two decades, the number of MRT stations has multiplied: the North East Line, Circle Line, Downtown Line, Thomson East Coast Line, etc. all appeared on the scene. From a simple two-line diagram, the MRT network now looks like a graph of my circulatory system.

This has resulted in more condos now boasting an MRT station nearby; at least within 10-minutes or so. So when you tell homebuyers a train station is nearby, it's about as amazing as declaring the condo has doors or a window. The response is just a muffled "Hmmmpf," followed by the all-important question:

Which line? How many stations? 

Today, it's clear that different train lines have different values.

The two oldest lines: the East West Line and North South Line, are the main favourites. Being near one of these stations is often ranked higher in value, than being near, say, a Thomson East Coast Line or Downtown Line station.

Perhaps it's just familiarity, but Singaporeans tend to immediately think "Good, I can sleep all the way to City Hall/Orchard" when these two lines present themselves (I know you can do that on some other train lines as well, but call this a visceral association.)

The next big factor, besides the line, is how many train lines a condo is close to. Being close to a single MRT station just prompts a shrug.

But if you're close to multiple train stations on different lines — or the nearby station is an interchange — that's a much bigger deal. Woodleigh Residences is nice because it's integrated with Woodleigh MRT, but that's just one line. Park Place Residences at Paya Lebar, however, has both the coveted East West Line and Circle Line wrapped into one. 

As of today, this is really what gets buyers interested: just as people now want multiple schools within an enrolment radius, there's a desire to have multiple train lines within walking distance. Just having one station on one line may no longer be able to stand out.

It also reminds me, to some extent, of how bus stops near your house were a bigger deal when I was growing up. 

If you were in the property market during the '80s and early '90s, you might remember how the position of a bus stop was a big deal.

Realtors and sellers would proudly point out that the local bus stop was just across the street, or less than a few minutes' walk. A simple bus stop was one of the reasons my own parents were, many decades ago, convinced to put down a higher offer. 

Today this is an ignored factor, and some realtors don't even bother to work out how close the relevant bus stops are (a pity, since some buyers still care if the stop is right outside the side gate). 

Weekly sales roundup (Sept 23 – Sept 29)

Top 5 most expensive new sales (by project)

Top 5 cheapest new sales (by project)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
KASSIA	$1,169,000	549	$2,129	FH
SORA	$1,268,000	538	$2,356	99 yrs (2023)
LENTORIA	$1,273,000	538	$2,365	99 yrs (2022)
PINETREE HILL	$1,390,000	538	$2,583	99 yrs (2022)
TEMBUSU GRAND	$1,392,000	527	$2,639	99 yrs (2022)

Top 5 most expensive resale

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
CUSCADEN RESERVE	$7,098,000	2099	$3,382	99 yrs (2018)
THE TRILLIUM	$6,480,000	2390	$2,712	FH
OXLEY RESIDENCE	$5,880,000	2573	$2,286	FH
PARVIS	$4,280,000	1701	$2,517	FH
DOMUS	$3,880,000	2788	$1,392	FH

Top 5 cheapest resale

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
PARC ROSEWOOD	$670,888	506	$1,326	99 yrs (2011)
PRIMEDGE	$672,000	441	$1,523	FH
KINGSFORD WATERBAY	$715,000	484	$1,476	99 yrs (2014)
D’WEAVE	$720,000	420	$1,715	FH
CARDIFF RESIDENCE	$730,000	420	$1,739	99 yrs (2011)

Top 5 biggest winners

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	RETURNS	HOLDING PERIOD
THE BELVEDERE	$3,088,000	1302	$2,371	$2,120,000	18 Years
THE SEA VIEW	$3,575,000	1410	$2,535	$2,080,400	17 Years
SEVEN HOLT ROAD	$3,560,000	1873	$1,901	$2,023,754	23 Years
MANDARIN GARDENS	$2,665,000	2034	$1,310	$1,840,000	21 Years
MERAPRIME	$2,580,000	1313	$1,965	$1,767,000	19 Years

Top 5 biggest losers

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	RETURNS	HOLDING PERIOD
SCOTTS SQUARE	$3,180,000	947	$3,357	-$915,775	17 Years
UP@ROBERTSON QUAY	$1,400,000	753	$1,858	-$690,000	12 Years
MON JERVOIS	$1,740,000	1001	$1,738	-$401,695	7 Years
MARINA ONE RESIDENCES	$1,550,000	753	$2,057	-$262,086	4 Years
THE SAIL @ MARINA BAY	$1,100,000	614	$1,793	-$164,840	14 Years

Transaction breakdown

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This article was first published in Stackedhomes.