Singapore has one of the most efficient public transportation systems, and at the heart of it all is the incredible MRT system, which has come a long way since the modest five stations were built in 1987. Today, the MRT system stretches 241km all across the nation over six operational lines and more than a hundred stations, crisscrossing each other like a spider’s web.
With the MRT system serving as Singapore’s transportation backbone, proximity to a station can significantly impact property values. But should you buy a condo near an MRT station? Let’s take a look at all the pros and cons!
Pros of Buying a Condo Near an MRT Station
There are many advantages to buying a condo near an MRT station. Here are some of them!
Convenience – The MRT is used by over 3 million commuters daily. This accessibility will save time, especially during rush hours. For families, living near an MRT station means older children can travel easily to and from school.
Rentals – Condos near MRT stations are more sought after for tenants who don’t drive, which means they are more easily rented out to ready tenants.
Capital Appreciation – Properties near an MRT station often enjoy steady capital appreciation as the Singapore property market remains strong. Even during downturns, properties near an MRT are more sought after than those in remote locations. Upcoming MRT lines can also affect property values.
Amenities – Areas around MRT stations are often hubs of activity, like Toa Payoh’s Integrated Transport Hub which has Toa Payoh Mall and Hub. This gives residents loads of amenities like retail shops, supermarkets, dining, and entertainment right at their doorstep.
Cost-Effective, Eco-Friendly Living – With the current COE prices, cars can be exorbitant! Taking public transport isn’t just healthy for your wallet, but it is also kinder to the planet.
Cons of Buying a Condo Near an MRT Station
Higher Purchase Price – Developers know that being near an MRT is a selling point, and condos near MRT stations are often pricier.
Crowds and Noise – Easy access to amenities comes at a price, and hubs usually mean increased foot traffic, noise, and crowded surroundings. In addition, if the MRT line is above ground, you might get some noise pollution from passing trains, especially if you are right next door.
Potential Over-Supply – Developers target plots near MRT stations, and this might lead to an over-supply in some areas, which might dilute the market. This goes back to simple supply and demand rules.
Who Should or Should Not Buy A Condo Near An MRT Station?
If you are buying a condo for investment, getting one near an MRT station is almost always a good idea. With consistent rental income and potential capital appreciation, these properties are often in high demand especially if they are centrally located or near commercial hubs.
For families and working professionals, the convenience of living near an MRT station can significantly cut down on commuting time. The easy access to transportation and amenities can reduce costs and promote efficiency. Families with children in school can also benefit from hassle-free transportation to schools and extra-curricular activities.
The eco-friendly or budget-conscious individuals who prefer to live car-free will also find living near an MRT station advantageous.
However, living near an MRT station is not for everyone. If you value peace and privacy, you might not want to stay near the hub of activity, which is usually centered around the MRT station of each estate. The bustling environment of the station and its attached facilities will not suit those who prefer a quiet environment.
In addition, those on a tighter budget might struggle with the premium price of such developments.
Factors to Consider When Buying a Condo Near an MRT Station
Still want a condo near an MRT station? Here are some tips.
Distance – Condos next door to the MRT station might be busier and noisier than those a 10-minute walk away.
URA Plan – Future MRT lines or stations can greatly enhance property value.
Noise – Visit during peak hours to check the noise levels.
Price vs. Value – Compare the cost of the condo to others in the vicinity and evaluate whether the premium is justified by its location, amenities, and long-term growth potential.
Final Thoughts
Ready to buy a condo near an MRT station? You can’t get much more central than Toa Payoh. Did you know that there’s an exciting new development being built in Toa Payoh as we speak? The Orie is Toa Payoh’s first new development since 2016, and the pent-up demand is likely to trigger loads of enthusiasm from buyers.
Take a look at The Orie showflat today and see if it will suit your needs. We look forward to welcoming you to Toa Payoh!