• Joshua Loo

Review: Opera Estate Landed Properties


Review Opera Estate Landed Properties

My previous article on Which Landed Estate Have the Highest Price Appreciation?, gave a good approximation of the prices on some of Singapore’s most popular landed estate. It provides a good approximation for new home buyers who need a rough idea of how that particular segment is performing.


However, the article tends to glide over other details such as neighbouring amenities, current asking prices, and traffic information. These are important information which, unless you are already staying within the estate, you will not be aware of.


This review seeks to address this issue. Depending on when you are reading this, some of the information might already be out of date, so do drop me an email or WhatsApp message for any latest updates. Not to fret, I’ll update this article when necessary.


Opera Estate is one of the biggest landed estates in Singapore. This naturally draws a lot of attention from both buyers and developers.


The approximation of Opera Estate depends on every individual, as Frankel Estate and Opera Estate does have some overlaps. For this review, we will define it as the area east of Frankel avenue and west of Bedok South Road.


Opera Estate Area


Sales Transaction Trend

Sales Transaction Trend of Opera Estate

For now, I did not include 2021 landed property sales when calculating the % appreciation due to the lack of transaction volume. The huge increase in average PSF (2021) was largely contributed by the sale of the new development at 70 Figaro Street (Land Size: 1,443sqft), which was sold at $3.58 mil ($2,473 PSF).


Current Supply and Demand

Opera Estate Market Supply Gap

Opera Estate sits in an area that is hotly contested by both Real Estate Developers and home buyers. This is evident by the market supply information above. 4-Bedroom and smaller houses have the highest demand as these typically have the best average PSF due to their reduced built up.


What is most intriguing is the high interest in 5-Bedroom and larger units. These are usually new houses from developers. This information is however skewed as developer units are often open listings. This means that most of these listings are the same units for sale.


New developments within Opera Estate are plenty. However, why are homeowners not purchasing them? Here are some of my reasons.


  1. Steep price – New developments in Opera Estate have higher asking prices as compared to less popular landed estates. Perhaps this will incentivize homebuyers to take a wait and see approach for developers to feel pressured to lower their asking price.

  2. Not ready for TOP – The majority of these new developments are still in the early stages of their development. I believe a large proportion of buyers looking in this area are more interested in properties that they can move in immediately.


Real Estate Developers Price Expectations

Present new developments in 2021 will have an asking PSF averaging around $2,600 PSF. As new developments are always setting the new benchmark in terms of housing prices, fair market value will occur when a willing buyer meets a willing seller.


This fair market value in my opinion lies between $2,200-$2,400 PSF.


Street Block Plan

Street Block Plan Opera Estate

The Street Block Plan refers more to new rebuilds and/or Additions & Alterations (A&A) projects, so do keep in mind these updates if you are planning one.


Pictures


Ongoing Projects


Swan Lake Avenue Rebuild
Woo Mon Chew Road Rebuilding
Norma Terrace Rebuild

Fidelio Street Rebuild

These are some of the ongoing rebuilds within Opera Estate. Currently, there are a lot of projects on almost every minor road. This potentially shows that real estate developers believe there is strong buying interest within this area.


Potential Rebuilds

Potentail Rebuild
Potential Rebuild

If you are living in a single storey or two storeys landed property like these, feel free to contact me in regards to unlocking the true potential of your home. These homes have the potential for an increased build-up which will be of interest to buyers at the right price.

Amenities

Opera Estate Primary School

Opera Estate Primary School is located at the heart of Opera Estate. This makes it convenient for families with young children.


Bethany Evangelical Free Church

Bethany Evangelical Free Church


Shophouses Along Swan Lake Avenue

Shophouses along Swan Lake Avenue.


Spelt Sourdough Loaf

I stopped by Baker & Cook; a popular bakery located along Swan Lake Avenue to get a freshly baked sourdough loaf!


Conclusion

Purchasing a landed property presents some of the best opportunities in regards to real estate. Opera Estate is one particular area with a lot of interest from real estate developers, and this makes it for a solid purchase if you are looking for a place to stay with good capital appreciation.


However, Opera Estate also presents one of the highest PSF, which is just below prime areas like Watten Estate (~$2100 PSF). This amount might not be suitable for some buyers, and other areas should be considered.


If you are a buyer, contact me now for my current listings of new and resale properties for sale.


If you are staying in Opera Estate, contact me for an indicative valuation of your home.


The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee, or other group or individual. The author does not accept any responsibility whatsoever for any harm or loss arising from accessing or relying on information contained in this blog post.

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