Building of North-South Expressway may hurt property prices

Building of North-South Expressway may hurt property prices

Property prices and rents of properties along the North-South Expressway's construction route could take a hit during the construction phase. According to The Straits Times, noise, dust polllution and traffic diversion may affect homes and properties and cause property values to drop by three to five per cent. This is due to prospective buyers steering clear of the properties. The impact will depend on the property's location and whether the nearby portion of the expressway is above or below ground. Other real estate projects may also face danger. The Straits Times reported today that the construction could affect an attempt by Novena Ville owners to mount a collective sale. Industry watchers told the English daily that developers are wary of buying this type of site as they do not like to launch a new project amidst construction chaos or lower prices. City Developments' (CDL) Cube 8 and 368 Thomson projects will also lose land from their total land areas. Real estate watchers who spoke to The Straits Times said owners who wished to sell their properties should adjust their pricing expectations as the inconvenience caused by the building works would need to be factored into the selling price. Rents could also be hit if potential tenants shy away from homes located close to construction sites.