Toa Payoh (Bidadari) Analysis/ Review in 5 Visuals - November 2020 HDB BTO Sales Launch
- Propanalytics
- Nov 22, 2020
- 8 min read
Article Content
1. November 2020 Sales Launch Overview
2. Flat Location in Town by Lease
3. Overall Town Price Trends by Location & Lease
4. Price Comparison with Units in Close Proximity to November BTO
5. BTO Launch History by Location & Median Launch Prices
6. Development Plans for Town
7. Pros & Cons
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Summary
1,238 3RM, 4RM and 5RM units is offered in Toa Payoh (Bidadari) in the November 2020 BTO sales exercise. There are 2 plots, one at Bartley Beacon, near Bartley MRT station, while Parkview @ Bidadari is east of Woodleigh MRT Station
In 2020 thus far, the median resale price of 4RM units in Toa Payoh is $515,000/ $471 psf while the median resale price of 5RM units is $663,500/ $486 psf.
Resale flats nearest to the November 2020 BTO are in the western edge of town, in the Joo Seng area. All of these flats have remaining lease periods of 47 - 74 years. In 2020 thus far, the median resale prices of 4RM/ 5RM units from these flats are $410,000/ $370 psf and $547,000/ $387 psf respectively
In the last BTO launch, 4RM/ 5RM units at Woodleigh Hillside were launched at a median price of $512,500/ $630,000 respectively. Maris Stella School separates that site with Bartley Beacon, which is 1 of the 2 developments launched in this BTO exercise.
An integrated development is expected to be completed in the next few years at Woodleigh MRT (near to Parkview).
If you missed out on both BTOs but wish to stay in Toa Payoh for relatively affordable prices, explore the area in the outskirts of town west of CTE and the area around Joo Seng.
November 2020 Sales Launch Overview
1,238 3RM, 4RM and 5RM units is offered in Toa Payoh (Bidadari) in the November 2020 BTO sales exercise. There are 2 plots, one at Bartley Beacon, near Bartley MRT station, while Parkview @ Bidadari is east of Woodleigh MRT Station. Bartley Beacon, the bigger of 2 two plots, has 880 3/4/5 RM units on offer while Parkview @ Bidadari has only 3/4 RM units on offer. As an extension of Toa Payoh estate, a slew of projects have been launched in Bidadari to much fanfare since 2015. The last BTO launch in Bidadari, Woodleigh Hillside, was launched in 2017 where 4RM and 5RM units were oversubscribed by 3.1x and 5.2x. Given that 5RM units are hard to come by in key mature estates, it is not surprising there was huge demand for them. As of 22 November 2020, the 5RM application rates for Bartley Beacon is already 11.9x with 2nd timer application hitting 132x.
5RM units at Bartley Beacon come at a median launch price of $676,500, while 4RM units at both plots come at a median price of $532,000. Compared to Bishan Ridges, the average 4RM unit at Bidadari are almost 10% cheaper.
For more information, please click here.
Source: HDB
Flat Location in Town by Lease
On a whole, Toa Payoh has a decent mixture of older/ newer units. Some of the older flats are around 50 years old and are scattered around the main Toa Payoh area, west of CTE. A big cluster of flats are in the Potong Pasir area where majority of the flats have a remaining lease of 63 years remaining. The last cluster, nearest to Bidadari, west of town, have flats with a remaining lease of between 47 - 74 years remaining. The newest flats in town which are out in the resale market are located along Toa Payoh Central (Central Horizon) have a remaining lease of 88 years. There are also more flats with a remaining lease of more than 80 years west of Central Horizon, along Lorong 2 Toa Payoh (C1, C2).
Overall Town Price Trends by Location & Lease
In 2020 thus far, the median resale price of 4RM units in Toa Payoh is $515,000/ $471 psf. Prices peaked in 2013 where the median resale price of 4RM units was $600,000/ $630 psf and subsequently dropped to $518,000/ $480 psf in 2015. Subsequently prices recovered but only to fall again later in 2019. A slight uptick in median resale prices is noticed in 2020. (C5a).
Based on transactions in 2020, the price difference between units in different lease categories is substantial. The oldest 4RM units in Toa Payoh, which are generally located on the outskirts of the town west of CTE, were transacted at a median price of $338,000/ $377 psf in 2020. This is almost half the price of 4RM units in the 80 - 89 years lease remaining category which fetched a median price of $735,000/ $744 psf. Do note that flats in the latter category are amongst the most central in town (C4b, C6b).
4RM transactions in the Potong Pasir and Joo Seng clusters belonged to the 60 - 69 years remaining lease category. 4RM units in Potong Pasir fetched a median price north of $510,000/ $460 psf while similar units in Joo Seng fetched $410,000/ $370 psf (C4b, C*).
On a whole, 2020 4RM transactions in Toa Payoh ranged from the low $300s psf to almost $900 psf (C4b).
In 2020 thus far, the median resale price of 5RM units in Toa Payoh is $663,500/ $486 psf. Prices double-peaked in 2013 and 2018 where the median resale price of 5RM units was about $740,000/ $560 psf. 5RM unit prices have been falling since to current levels in 2020 (C5b).
Some of the more expensive 5RM transactions in 2020 are for units located near Toa Payoh Central. On the other hand, cheaper 5RM transactions are for units on the outskirts of the Toa Payoh central cluster and in Joo Seng. The cheaper units have gone for under $400 psf, while the more expensive units have gone for as high as $780 psf (C4b).
If you are unable to get the BTO, and die-die want to stay in Toa Payoh, the visuals above (2a/ 2b) will give you a better sense of prices/ leases to help you make a decision based on your preferences.
Price Comparison with Units in Close Proximity to November BTO
Resale flats nearest to the November 2020 BTO are in the western edge of town, in the Joo Seng area. All of these flats have remaining lease periods of 47 - 74 years. (C7).
In 2020 thus far, the median resale prices of 4RM/ 5RM units from these flats are $410,000/ $370 psf and $547,000/ $387 psf respectively (C8, C9). Based on 2020 transaction data, 5RM units at Joo Seng are amongst the lowest in Toa Payoh. Some units here go for as low as those in the next lease category (<60 years) located in the central Toa Payoh cluster (C4b, C6b)
BTO Launch History by Location & Median Launch Prices
The last BTO project in Bidadari, Woodleigh Hillside, was launched in 2017 where 4RM/5RM units were priced at a median of $512,500 and $630,000. Since then, Toa Payoh has had a few more BTOs in the Kim Keat and Braddell areas (Kim Keat Beacon, Kim Keat Ripples and Toa Payoh Ridge).
BTOs in Toa Payoh have generally been trending at the high 400s and low 500s thousands. One standout project from the price alone is Kim Keat Beacon, which was offered at a median price of only $421,500 (4RM) in 2018. Note that Kim Keat Ripples was launched together with Toa Payoh Ridge and its likely the former was priced similar to Kim Keat Beacon.
Bartley Beacon's 5RM median launch price is almost 7% higher than that of Woodleigh Hillside (guess having the MRT at your doorstep comes at a price) and almost 15% higher than the Alkaff Vista and Alkaff Oasis. One may not necessarily be a fan of expensive BTOs but the dearth of 5RM launches in mature estates (coupled with the lease degradation issue that casts a pall over the decision of buying older units) generally presents a case for buying these units.
Development Plans for Town
Source: HDB/URA
Woodleigh Mall is expected to be ready by 2022 and is a stones throw away from Parkview.
Bidadari Park, touted as the estates "green-lung" will consist of a lake, heritage/ experiential walks and children's play areas. The park is also flanked by community gardens.
New polyclinic planned south of Parkview, which will include a nursing home.
There are plans to enhance inter-town connectivity with new walking and cycling routes to Toa Payoh and other towns along the Kallang River. Residents can also look forward to new park connectors, an upgraded underpass below CTE and a cycling bridge across PIE.
For more details about development plans from URA, please click here.
Pros & Cons
Both plots are near MRT stations (Woodleigh (NEL) and Bartley (CCL) but Bartley Beacon edges this one because the plot is literally next to the station, while for Parkview, a short walk to the MRT is needed. Still not to shabby in our opinion since NEL brings one to town in a jiffy compared to the CCL.
However, Parkview is located near the upcoming Woodleigh Mall which is planned as a integrated transport hub and for fitness/nature enthusiasts, Parkview is also beside the Bidadari Park/ Alkaff Lake which will include part of the towns cycling/pedestrian network. Residents will also be close to the upcoming Polyclinic just south of the development.
Possibility of nice panoramic views for some units within both developments. Units at Parkview will have a great view of the upcoming lake while units at Bartley Beacon will have unblocked views over Mount Vernon Camp and private properties.
With the expected completion of 3 more stations in the circle line (CCL) by 2025, residents at Bartley Beacon will have quicker access to the Central Business District (CBD).
For drivers, there are several options. While PIE is just a short drive away, one can easily access other key roads like Bartley Road/ Upper Paya Lebar Road to get around.
5RM units are available at Bartley Beacon, which is a rarity in mature estates.
Noise may be a concern for stacks facing Bartley Road and Maris Stella School.
As a regular commuter on NEL, though its one heck of a line that brings you to town quickly, it gets very crowded during the peak hours. I say this as a resident living in Sengkang and see trains packed to the door so I find it hard to imagine what a resident entering the train at Woodleigh would go through. With the further extension in Punggol (and the huge influx of residents expected in Punggol within the decade), unless train regularity is adjusted/ other travel options made available, we may have to deal with slower travelling times.
There will be stacks at Parkview that will be facing the Funeral Parlor Complex.
While the schools are good, they are not plenty, and to add to that misery, Maris Stella is an all-boys school while Cedar Girls Secondary - pretty obvious. With the influx of residents in town, securing a place in these schools will be tougher.
Not necessarily cheap, especially when you compare to other projects in Kim Keat (TPY) for example. One may say its not necessarily a fair comparison, given these launches are near MRTs, but it comes with relative immaturity of surrounding amenities.
Parts of town may be very quiet.
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