New popular residential districts emerge

Districts 9, 10 and 11 have been the ideal residential areas in Singapore for several years. But with the recent property boom spreading to the suburbs, several newly popular districts have emerged outside these prime areas.

Property developers have acquired land sites around suburban MRT stations and city-fringe locations, and recently have been launching projects in those areas to great demand.

For instance, District 2, which includes the Tanjong Pagar area in the CBD, is slowly developing into an inner-city residential hub. Well-received recent launches in the area include Altez and 76 Shenton.

Meanwhile, Dakota Residences is, so far, 95 percent sold, while Casa Aerata and Waterbank @ Dakota in District 14 have already been sold out.

The launch of the two integrated resorts this year has made the centrally located areas more popular, according to some property consultants.

”Not only do they attract people who bought for their own use, they also attract a good number of property investors with a view to future price appreciation or rental income,” said Mr. Joseph Tan, executive director for residential services at property consultancy firm CB Richard Ellis.

Ms. Tay Huey Ying, director of research and advisory at Colliers International, also said: “District 2 has grown in popularity since 2006 and 2007 when the development of the two integrated resorts and Marina Bay Financial Centre popularised inner-city living.”

However, other “hot” districts may be less obvious, such as District 5 in the West Coast and District 16 in Upper East Coast.

Based on data released by DTZ, recent launches in District 5 like Parc Imperial was 100 percent sold, while The Vision and Hundred Trees were 95 percent sold in three months. In District 16, Optima @ Tanah Merah was snapped-up in only three days.

Mr. Tan said these areas have attracted interest due to their proximity to existing or future MRT stations, international schools and good schools. Homebuyers in the area are mainly locals – private homeowners and HDB upgraders – as well as permanent residents.

”These properties tend to be more affordably priced than those situated in the city or at the city fringe,” he said.

Singapore now has more “hot” areas than before due to deliberate government policies aimed at decentralising office hubs and collective sales of estates in older areas, said Ms. Chua Chor Hoon, head of South-east Asia research at DTZ.

Agreeing with this, Mr. Tan said: “With new initiatives to chart the progress of the country, future growth areas like Marina Bay, Jurong East, Kallang Riverside and Punggol Waterfront town are becoming more and more attractive because there is still room to encompass new ideas.”