Mon, Feb 01, 2010
The New Paper
HER block of flats is sandwiched between clusters of condominiums and landed property.
A brisk 10 minutes' walk can take her to the Geylang Serai market, while East Coast Park is just a few minutes away by bus. Her home is also just a 10 to 15-minute walk from Paya Lebar MRT station.
It is no wonder that after living in the Haig Road estate for more than 30 years, Madam S Salimah's 78-year-old mother is reluctant to sell her flat.
But she is getting frail, so she is moving in with Madam Salimah, 58, a retiree who lives with her husband in a three-room flat in Ang Mo Kio.
Madam Salimah's family had first rented a home in the estate before her mother bought the three-room second storey flat for $27,000 in 1982. Their 635sqft flat was recently valued at about $233,000.
A reasonable price if you compare it with flats in Marine Parade, a premium beachfront neighbourhood nearby. A similar-sized three-room flat in Marine Parade was sold for $280,000 around August last year, according to information on HDB's website.
In other words, the Marine Parade flat cost about $50,000 more, and is seven years older.
Madam Salimah said: "Given the choice, we wouldn't sell. Even President S R Nathan lives nearby, on Ceylon Road."
The community centre is just across the road from their home, there is a kindergarten at their void deck, and several good schools in the area.
With easy access to malls like City Plaza and Tanjong Katong Shopping Centre, she rarely needs to travel to town. If she wants to get to the city, there are several direct buses and it takes only half an hour, said Madam Salimah.
The beach is also just a short bus ride away, and Madam Salimah goes there with her family twice a month.
Mr Azhar Johar, a PropNex agent who is helping Madam Salimah to sell her home, said that flats in Haig Road are a good, and cheaper, alternative to those in Marine Parade.
The price difference between a five-room flat in Haig Road and a similar one in Marine Parade can be as much as $100,000.
He said: "The Haig Road flats are just a few roads away from Marine Parade. Yet, people are paying such high prices for flats there. It's crazy."
The estate is undergoing upgrading. And he believes that the flat prices there will appreciate once the upgrading is completed in about two years.
Mr Johar said: "The estate here is really exclusive. The environment is also good, since this area is a rich man's estate. There are landed houses and condominiums everywhere you look."
CEO of ECG Property Eric Cheng said: "Buyers will get better value for a flat in Haig road. The estate is just 2km from Marine Parade.
"What's more, flats in Haig Road are nearer to the MRT than those in Marine Parade."
Price vs Place
Price comparisons were done for flats of similar size, age and floor.
3-ROOM FLAT
HAIG ROAD: $233,000
MARINE PARADE: $280,000
4-ROOM FLAT
HAIG ROAD: $372,000
MARINE PARADE: $433,000
5-ROOM FLAT
HAIG ROAD: $540,000
MARINE PARADE: $645,000
