With the opening of the third Mass Rapid Transit line – North-East Line – in June 2003, followed by the Circle Line in May 2009, Serangoon is now, more accessible. Since pre-1960s, it has transformed completely from a plot of mushy swamp land around the Serangoon River.
True to the government’s crusade toward decentralisation, major regional clusters within the city-state are becoming an essential part of our lives. This is to encourage work and play to coexist within the cluster.
Sengkang is one such example.
With the recent construction of Seletar Aerospace Hub, and a Creative Cluster and Learning Corridor in Punggol, the properties are expected to experience an increase in demand and rental yield. Hence, there is no better time than now to invest in this part of Singapore.
If you are still unconvinced, here are three reasons why Seletar Aerospace Hub will elevate the value of Sengkang .
1. It is a world-class business infrastructure
Despite being a small country with no natural resources, the local authorities have for better or worse, developed a knack at upgrading nostalgic and historical buildings for a new lease of life. A classic example is the recently opened National Gallery located where the Old Supreme Court and City once were.
The same concept applies to the Seletar Aerospace Hub.
Recognised for its potential to attract aviation-related services and facilities to Singapore for the region, the government converted the historic Seletar airport area into a cutting-edge aerospace hub. These plans were first unveiled in 2008 and have continued its development since.
Seletar Aerospace Hub is known for its accessibility. It takes approximately 30 minutes from the city and 20 minutes from Changi International Airport to reach the hub.
The project is spearheaded by JTC Corporation, the national developer of industrial infrastructure. Built to the tune of S$60 million, the 320-hectare development will feature an upgraded airport, an 1,800-metre runway, aircraft parking areas and an engine run-up bay designed to support industrial and business aviation activities.
The advantages of a shared infrastructure and support services in the Seletar Aerospace Park is numerous. Companies located in the vicinity also stand to profit from economies of scale with increased efficiency among other benefits. Being in an integrated environment also promotes industrial synergies that would be otherwise difficult.
2. It enhances Singapore’s position as a global city
Singapore has cultivated a high international standing with foreign investors for decades. As the country seeks to better connect with the world and boast its economy, aviation becomes an obvious strategic industry to target. It is one of the fastest growing industries in the island, with a reported compounded annual growth rate (CAGR) of 8.6% over the last two decades.
Basically, the development of the Seletar Aerospace Hub will position Singapore in a better light to foreign investors as Asia’s premier aerospace hub. This will in turn attract quality investors to our shores that will grow the wider economy.
It is reported that Seletar Aerospace Park is expected to contribute about S$3.3 billion annually in direct and indirect value-add to the aerospace industry and Singapore’s economy by 2018.
3. More than 10,000 jobs will be created by 2018
With the main objective to serve key global players and related aerospace businesses, Seletar Aerospace Park is home to more than 60 aerospace companies.
Three major global aviation players namely, ST Aerospace, Rolls-Royce and Airbus Helicopters, currently operate in Seletar Aerospace Park.
The hub aims to create an eco-system of its own, creating and fostering greater collaboration and networking between MNCs and local SMEs.
Seletar Aerospace Park’s main function will be to provide various customized infrastructure solutions for the industry. In addition, a host of other services that range from maintenance, repair, manufacturing, assembly of engines & components to training and research & development will be provided. It is estimated that more than 10,000 jobs will be created by 2018.
With more job opportunities for both locals and foreigners in Sengkang , the demand for residential units in the area will inevitably rise. And as demand increases, so do the prices.
Those who chose to act fast and invest early, therefore, benefit.