Downtown Line 2 MRT Effect
With the completion and operation of Downtown Line 2 (DTL2) in December 2015, properties sale and rentals are seen with increase in volumes in area nearby. Average prices rose 4.5 per cent from third quarter 2015 to $1592 psf in the fourth at Rochor Canal, Sungel Roads, Bukit Timah and upper Bukit Timah. This also heightened other properties such as The Skywood in Dairy Farm Heights to rose from 43 per cent to 85 per cent sold over the same period.
Leasing are also improving located near these station. One such property are King Albert Park that the number of leases signed rose from 38 percent to 358 in the second quarter to the third, said Mr Ong, R'ST Research Director.
The well recognised MRT effect is likely to increase prices of homes nearby is usually during announcement of plan and the completion of MRT station. One such property worth mentioning is 183 Longhaus at Upper Thomson Road. This freehold and close proximity to upcoming new Upper Thomson MRT and existing Marymount MRT coupled with many reputable education institution surrounding should benefit.