Exclusive Living In Singapore
Singapore’s Eastern Region is one of the most diverse areas of the island. It is often overlooked however when it comes to finding a place to live in favour of more celebrated areas – Jurong for example. It has many advantages though that mean it should definitely not be ignored: transport, ease of access, parks, the coast and a wide variety of housing options to name just a few.
The collective sale market has continued to struggle, with experts predicting that nothing is going to change in the short term. There have been several examples where developments have been put up for sale, with the tender subsequently closing having received no bids. This despite going to the market several times, at a reduced price each time.
So which areas have been particularly effected, what is causing this downturn, and is there hope for the future?
Singapore is an island that is dripping with history. Its streets, buildings, monuments and places of worship define the nation, and display its rich cultural past. It is also a place where developments are happening at an almost astonishing rate, and it is essential that in its quest to improve and progress, it doesn’t lose its identity, and the essence that makes Singapore – Singapore.
Interest, when it comes to the rate charged by banks is a good thing isn’t it? Yes, throughout the history of banking the interest was a way of rewarding investors by giving them a (albeit small) percentage on top of the amount they have squirreled away. There has been a lot of speculation recently however about negative interest rates. So just what are these, why is there a possibility of them being introduced, what impact will this have in Singapore, and finally what is the likelihood that Singapore will experience negative rates?
The government’s Walk Cycle SG initiative will have a considerable impact on property developers on the island, and all subsequent developments in Singapore. From July this year all developers will be required by law to submit a detailed Walking and Cycling Plan (WCP) for all future projects. This plan needs to show that they have taken into account the needs of cyclists and pedestrians, in terms of their safety and ease of access.
Between 1965 and 2050, the land area of Singapore will have increased by 25 per cent. In that same time period, the population is predicted to have risen by 250 per cent. It is no wonder then that the government is looking to build new industrial developments on land previously deemed unsuitable, as well as developing, expanding and improving existing industrial areas. We look at two examples that are helping to transform the industrial landscape on the island, as part of the HDB’s Industrial Redevelopment Programme (IRP).
The Rochor Centre is hard not to notice and it will certainly be missed by residents, shop owners and many Singaporeans when it is demolished later this year. The public housing estate, built in 1977, is distinctive for its brightly coloured facades. Its blocks – coloured differing shades of blue, yellow, red and yellow – have found a place in the hearts of locals and visitors alike. The iconic landmark is in Bugis, next to Sungei Rochor and Sim Lim Square and was originally home to 567 households based in its 4 residential blocks as well as 183 shops and offices located in a separate, but equally colourful 3 storey block.
This 99-year leasehold land parcel @ Dundee Road was released for sale in mid 2016 by the government. The location of this residential land parcel is just situated next to Queenstown MRT station. With a site area of 10,516 m2, this land parcel is estimated to build about 645 residential condominium units.
The development of Jurong Lake District, which will become the second CBD of Singapore, and is intended to drive the nation on to the next level of its development, sees the area come full circle. Almost single handed the momentum created by the development of the industrialisation of the area, gave the much needed shot in the arm that Singapore needed at that time to create jobs, wealth and a focus. Now it is coming to the fore again and will almost challenge Marina Bay and the CBD as the commercial, leisure, and residential hub of Singapore. The new development is split into two districts, Jurong Lakeside and Jurong Gateway.
Jurong has often been at the forefront of change in Singapore’s history, and though at one stage it may have looked like it would be left behind with the shift in the nation’s focus away from heavy industry, once again the western district is set to play a leading part in the island’s fortunes.
A 99-year leasehold land at Lorong Lew Lian was released by URA for sale in Oct 2015. This land parcel was located at the cross junction between the Upper Serangoon Road and Lorong Lew Lian and is just a short distance away from Serangoon Central and Serangoon MRT station.
There have been differing stories coming across the water from Iskandar regarding the financial health of the project and its long term prospects. So what are the facts, and what is the truth behind the rumours and speculation?
The latest household income data released showed good news for all Singaporeans, especially for the poorest families on the island. The figures, which are for the whole of 2015, reveal that households from every income group earned more, with those in the lowest 30 per cent seeing the fastest growth in terms of real income.
Mention Bukit Timah to most Singaporeans and you are almost guaranteed to spark a conversation about one of three subjects: The hill itself; how expensive property is; and the preponderance of good schools. So is this all there is to the area? And do the facts that the majority of people routinely roll out about it actually stand up to scrutiny?
One thing is for certain, no one can deny the existence of the hill. Most Singaporeans have been to the top at some time or other, and can account for every one of its 163.63 metres. Most also know the misleading nature of its name. Bukit Timah, or “Tin Hill” in Malay, is actually a mispronunciation of Bukit Temak the original name of the hill, after the popok temak trees that once covered the slopes.
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As places become more fashionable, and are mentioned in forums, websites like this and in offices and restaurants across the nation, there is one cast iron consequence – prices rocket. See Tiong Bahru for the perfect example. The key – especially in an island the size of Singapore, is to spot the new trends, the new places that are going to be the places to live in 5 years’ time. And then you need to strike while the iron is hot and the prices are still reasonable. Three areas that could very well fit into that category, all within a stone’s throw of each other are Little India, Jalan Besar and Farrer Park.