Property in Choa Chu Kang is focused more toward BTOs than public property at the moment. However, residents of District 23 benefit from the improvements from other areas, such as the upcoming Jurong Lake District and the government’s plans to redevelop Jurong into a second CBD within 10-years. Property prices have fluctuated but more or less remained consistent in Choa Chu Kang.
It’s likely that demand in this area will see some growth as higher prices in Jurong push people to the other districts.
The consistency in the private property market in D23 is also a result of the low quantity of private property. In fact, seeing as how the most recent private properties are executive condominiums, the above graph is more of a window into the potential for the private market.
The rental market in D23 fluctuates through the quarters. The private market due to over saturation and cooling measures has seen some downturn. However, as Chua Chu Kang is still a new town, its potential for growth, reasonably lower prices and good infrastructure makes it attractive for people to double down and invest. From the graph above, we see that the median rental psf has increased over Q3 2018 and remained high in Q1 of 2019.
On average however, the median psf remains at SGD2.43 which is promising for a growing new town. Within 2019 and the next 10-years, with the development of the peripheral regions having a bleed over effect on Choa Chu Kang, it is likely prices will arise across the board.
BTOs are still expected to remain affordable, as there is plenty of land for redevelopment, unlike say D15. As surplus exists, at least for the foreseeable future, aspiring homeowners who are considering living in Chua Chu Kang should strike to take advantage of the lower prices while securing themselves for the future. However, it must be iterated in the sale of balance exercise BTO prices had shot up exponentially. Therefore, it’s prudent for hopefuls to try for a new flat, instead of a sale of balance or resale.
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Choa Chu Kang may have been developing quietly and in a bubble. As pricey private properties pop up all over the island, Choa Chu Kang’s lack of private property has rendered it somewhat invisible to buyers who are bombarded with news of developments in matured estates.
There’s money to be made here, but more importantly, a good life close to amenities and transportation. Choa Chu Kang may not have the appeal of a D15 or Orchard Road living, but it’s nevertheless a great option for young people to put down roots.
Like the last tiger in Singapore to have lived in Choa Chu Kang, it’s only fitting that the district symbolically is akin to a sleeping tiger, waiting for its hour to strike.