How upcoming green spaces could boost your property values in Punggol

Punggol, with its scenic waterfronts and serene landscapes, has long been a favourite destination for nature enthusiasts in Singapore - and for good reason. Now, this beloved district is on the verge of becoming even more appealing, thanks to ongoing afforestation initiatives designed for urban spaces. Curious about what's unfolding? In this article, we delve into the afforestation programme and how it could shape the future property values in Punggol.

The "Gaea Forest" programme

The Gaea Forest programme is all about revitalising Punggol's greenery. GWS Living Art and the NUS Centre for Nature-based Climate Solutions (CNCS) lead this effort, with plans to plant 500 trees on a 300 sq m plot at City Sprouts Punggol urban farm.

Crucially, the Temasek Life Sciences Laboratory (TLL), backed by Temasek Trust and housed within NUS, has a pivotal role. They've supplied 100 seedlings of seven tree species, propagated through tissue culture, along with native tree saplings from City Sprouts. These have taken root on the former Uncle Ringo Amusement Park site, now a sprawling 16,827 sq m urban farm in Punggol.

By mid-2024, they'll gauge the carbon sequestered by these trees. The goal? To potentially make urban areas more sustainable and cost-effective.

Could this affect property values in Punggol?

A study by the NUS CNCS unveils an intriguing correlation.

It reports that for every one per cent increase in green foliage within 200 metres of an HDB flat, the property's value is estimated to increase by $553. The value leap is even more pronounced, reaching $883, for flats located between 200 metres to one kilometre from green spaces.

This phenomenon may be attributed to the enhanced enjoyment offered by distant green views, coupled with the more apparent cooling effects they provide.

In contrast, residing close to parks and green areas may involve dealing with disruptions like exercise groups and noisy children, heightened encounters with pests, and elevated humidity levels.

Consequently, the allure of distant green vistas and their cooling benefits could be pivotal factors propelling property prices upward in these areas.

Green transformations - a real estate game changer?

Properties adorned with greenery hold a special allure in Singapore's real estate market, and there are compelling reasons why they are highly sought after:

• Improved quality of life: Greenery enhances the living environment, reducing stress, improving air quality, and creating a more pleasant atmosphere.
• Improved air quality: Greenery absorbs pollutants and produces oxygen, which positively impacts the health and well-being of residents.
• Alleviating heat: Trees' cooling properties can help counteract the urban heat island effect, which results in elevated temperatures in densely populated cities.
• Lush views: The lush green views provided by these properties offer tranquillity and relaxation, a precious commodity in bustling urban centres like Singapore.

Wrapping up

Punggol's transformation through initiatives like the Gaea Forest programme not only promises a greener, more sustainable future but also has the potential to elevate property values in the area.

As Singaporeans increasingly value green living and sustainable practices, investing in properties near these burgeoning green spaces could be a wise decision. Whether you're an investor looking to get ahead in the real estate game or an individual seeking a tranquil abode amidst nature's embrace, Punggol's evolution offers a promising opportunity for all.

Keep an eye out for this green revolution; it could be your ticket to a brighter, greener future in Punggol.

ALSO READ: Enhancing amenities, connectivity and more: The transformation of Bukit Merah and 13 southern parks

This article was first published in 99.co.