Promising plans for Yishun
A full house at the Guru Talk seminar held at the sales gallery of North Park Residences.
Yishun properties are set to become the main beneficiary of government efforts to develop the northern region, which aims to decentralise commercial activities to regional centres outside the city.
Residential properties located within estates in the North are currently known for being more affordable due to their distance away from the Core Central Region (CCR). However, there has been speculation in the market about the area’s strong growth potential, given recent efforts by the government to develop the area further. This issue was highlighted during the recent Guru Talk seminar held at the North Park Residences sales gallery.
Guru Talk is a series of knowledge empowerment seminars aimed at providing expert views on the property market. Held on 23rd July, over 80 potential property buyers turned up to get insights from industry leader Thomas Tan, Executive Director at Real Estate Training and Consultancy, about the government’s Master Plan for the North, and how it could affect property values in the area.
The seminar kicked off with Tan providing an overview of the Urban Redevelopment Authority’s (URA) Master Plan for the North, and the four key goals of this plan.
“One of the focus areas is to de-centralise jobs to the North and shorten the travel time between the home and the workplace. With job de-centralisation, jobs will be distributed, and ideally residents won’t need to travel together to the same place at the same time. Opportunities are also present for new businesses or commercial hubs that come with the development of the high speed rail (HSR) and the transfer of knowledge expertise and skills from abroad,” he said.
Price analysis
With numerous estates in the North, Tan provided an analysis of price trends in those areas that are set to benefit from future growth plans. He noted that prices in Woodlands have plateaued, while those in Yishun and Sembawang are witnessing an upward trend.
Tan went on to compare the rental yield potential of properties within Yishun and Sembawang, highlighting that Yishun properties are likely see higher yields. This is because there are fewer properties within the vicinity of Yishun MRT station, giving landlords more bargaining power.
“Let’s look at amenities such as MRT stations and developmental projects within 0.5km from the Yishun and Sembawang MRT stations. The distance between the developmental projects and amenities in these two locations may be similar. However, the rules are simple – the fewer the project choices, the better the rental yields. In this case, Yishun is a better choice,” shared Tan.
He cited how rentals in Yishun performed better, with average monthly rental prices in the range of about $2.50 psf to $2.60 psf. Aside from having a well-connected MRT network and expressways, easy access to shopping, dining and entertainment options at Northpoint Shopping Mall, educational institutions, and medical facilities such as Khoo Teck Puat Hospital, plans are underway for improved connectivity in the form of the North-South Corridor (to be completed by 2026) and Springleaf MRT station (by 2020).
Attendees were interested to find out more about the potential investment opportunities of Frasers Centrepoint’s North Park Residences.
Integrated versus mixed developments
In addition, attendees were given an update on the performances of different projects in Yishun, and insights on the differences between integrated projects and mixed developments.
Due to land scarcity in Singapore, it was mentioned that the government plans to release more land for integrated developments, which incorporate amenities such as shops, MRT stations, bus interchanges and community clubs, hence, optimising land use.
Meanwhile, three lucky attendees walked away with a free one-month Hollandse Country Club membership.
All-in-all, the attendees were happy with the extensive information provided on the Master Plan for the North, and how integrated developments can benefit them in the long-term. To view what was shared at the Guru Talk seminar, please watch our videos at: bit.ly/2aBSd5G
To find out more about the next Guru Talk seminar, please visit: bit.ly/2bsuZ5c
This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now! | |||
