SINGAPORE - The demand for homes in new private residential projects and executive condominiums (ECs) in the northern, eastern and north-eastern districts has risen in tandem with the development of social amenities and better transport network in the suburbs.
Prices have risen from about $800 to $900 per sq ft (psf) early last year to $1,000 to $1,200 psf, with nearly 10 condominiums and six ECs comprising almost 8,900 units launched since 2010, and more projects are in the pipeline.
With new MRT lines, expressways and plans for more waterfront commercial projects that are being integrated with green corridors and parks, these areas may give housing estates elsewhere a run for their money, according to property watchers.
They note that buyers in the mature eastern locations of Bedok, Tampines and Pasir Ris are usually attracted by the easy access to good schools and other social amenities.
Sengkang and Punggol tend to draw young families and professionals for the recreational and waterfront facilities, while Yishun, Sembawang and Woodlands appeal to those who want to be away from the city centre, or they want to be close to the Causeway.
East (Pasir Ris, Tampines, Bedok)
The eastern part of Singapore appeals to buyers who like living close to the recreational and seafront areas of East Coast Park and Changi Beach.
In addition, there are also other leisure spots such as Wild Wild Wet, Downtown East and Escape Theme Park at Pasir Ris, which are popular for families with children. It is therefore not surprising that most of the residential projects here have names like Waterbay, RiverSails, Riversound and River Isles.
Proximity to the airport, Changi Business Park and Tampines Regional Centre is another plus point for residents who are working in these areas or those who are seeking expatriate tenants for their investment properties.
"Projects located in more mature estates such as Tampines and Bedok tend to be more attractive due to established transport links and easy access to nearby amenities and facilities," says Ms Lee Lay Keng, associate director for research at DTZ Debenham Tie Leung.
A marketing agent for the CityLife@Tampines, an executive condominium, adds: "Suburbs in the east can be just as developed as the city area. Tampines Regional Centre, for example, is the most established residential and commercial hub in the east. Residents do not have to travel far out to meet their daily needs."