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【出版时间及名称】：2010年4月新加坡地产行业研究报告
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：31
【目录或简介】：
Circle Line: the rail estate tour
New MRT stations to start operations on 17 April
A lot of exciting things are happening in Singapore in 2010. The first integrated resort,
Resorts World Sentosa, opened its doors on 20 January, followed by the Universal
Studios movie theme park on 13 March. The second casino, Marina Bay Sands, will open
its doors on 27 April and Singapore will be hosting the inaugural Youth Olympic Games
(YOG) from 14 to 26 August.
But before that, the opening of the next nine stations on phase two of the Circle Line (CCL)
of the Mass Rapid Transit (MRT) on 17 April should create a bit more buzz to the relevant
property scene, particularly those around the MRT stations. After all, commuting time
would shorten significantly, and accessibility and convenience would increase. For CCL,
commuters will now be able bypass the busy City Hall and Raffles Place interchanges to
get into the city and the northern parts of Singapore. According to LTA, daily ridership
would jump 5x to 200,000 along this line from 40,000 on the existing five stations. The first
five stations commenced operations in May 2009.
Property prices directly correlated with accessibility
Intuitively, we property prices are positively correlated with accessibility and thus proximity
to transport links. Case studies show that for similar properties with the same tenure,
similar facilities, and around same age, those that are near to MRT stations could
command about 15-20% price premiums to those that are further away.
When the opening of the North-East Line (NEL) coincided with the economic downturn
and SARS in June 2003, projects along the NEL, such as Compass Heights on top of the
Sengkang MRT station, and Sunglade near the Serangoon MRT station, managed to hold
up despite a 12% dip in the property price index between 1Q01 and 1Q04,.
Private property prices around the Lorong Chuan station, CC14, such as Chiltern Park and
Springbloom, have risen 27-40% since June 2008, outperforming a flat Residential
Property Price Index over the same period, on expectations of the Circle Line opening.
Lorong Chuan is one of the initial five stations to be opened along Circle Line in May 2009.
Correlation with office, industrial and retail properties is also positive.
A pictorial guide of the surroundings of CCL
We took a tour of the nine stations (CC2: Bras Basah to CC11: Tai Seng), which will open
on 17 April, and bring you this pictorial guide on its surroundings, and outline (hopefully)
what the future beholds based on the Master Plan 2008.
Key landlord beneficiaries: AREIT, MLT, SUN, ARA
Note that few developers have land bank around these stations. We reckon, among others,
the key listed property names that should benefit from the CCL opening are mainly the
landlords: AREIT and Mapletree Logistics Trust, which have some assets near the Tai
Seng and Macpherson stations, and Suntec REIT and its manager ARA for Suntec City
offices and mall, and Suntec International Convention and Exhibition Centre, which are
adjacent to the Esplande and Promenade stations. Hongkong Land’s One Raffles Link and
CityLink Mall are near the Esplanade station. CityDev’s mega South Beach development
(mixed) is near the Esplanade station, but is also near the existing City Hall interchange
MRT station, while its Plaza by the Park is near the Bras Basah station.
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