Do international schools give a boost to prices of nearby condos?
By EdgeProp Singapore
/ EdgeProp Singapore |
J Gateway benefits from being near Jurong East MRT Station, an international school and several malls. (Photo: EdgeProp Singapore)
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Singapore (EDGEPROP) – In this article, we will examine the resale transactions of condos within a 2km radius of international schools to determine if the average prices and sales volumes of the condos receive a boost.
Methodology
The international schools featured in this article have been selected because of their large student populations and well-established status in Singapore. Care has been taken to select schools that are geographically dispersed to ensure that each school has different condos within a 2km radius.
The residential properties examined in this article comprise only of condos that have obtained a temporary occupation permit (TOP), as buyers are likely to require immediate occupancy for the convenience of their school-going children. Condos that have been sold via en bloc are also excluded. Additionally, executive condos are not considered due to prevailing restrictions against foreign ownership.
Furthermore, only condos with at least five resale transactions in the last 12 months are included. This helps to prevent any individual transaction from skewing the overall average price for the development.
Singapore American School
According to the website of the Singapore American School (SAS), there are currently over 4,000 enrolled students from preschool to Grade 12. The student body comprises 65 nationalities, with 54% of them holding an American passport.
SAS is located along Woodlands Street 41, which is easily accessible via the Seletar and Bukit Timah Expressways. Other nearby amenities include Marsiling MRT Station, Marsiling Mall and Food Centre, as well as the Woodlands Swimming Complex.
Within a 1km radius of SAS, there are three condos (618 units), and an additional four condos (1,804 units) are located between 1 to 2km away. Notably, there are no condos situated within a 500m radius of SAS.
The three condominiums located within a 1km radius have average prices ranging from $896 to $1,218 psf, based on resale transactions over the past 12 months. Woodhaven commands the highest average price, while Woodgrove Condominium brings up the rear. Notably, Woodhaven accounts for more than half of the total sales transactions within this proximity group.
The average price range for condos located between 1 to 2km away closely mirrors that of their counterparts nearer to SAS. Parc Rosewood commands the highest average price at $1,242 psf, while Rosewood has the lowest average price of $917 psf. However, the resale volume for the condos in this proximity group surpasses that of the condos located nearer to SAS.
Among the seven condos located within a 2km radius of SAS, Parc Rosewood boasts the highest number of resales (29 transactions), which could have contributed to its status as the condo with the highest average price. The appeal of Parc Rosewood might stem from its close proximity to the Seletar Expressway and the Singapore Sports School.
Woodhaven and Parc Rosewood have the highest average prices and resale volumes within their respective proximity groups. Both developments are located in District 25; however, Woodhaven is a smaller development with only 298 condo units, whereas Parc Rosewood has 689 units. Additionally, the presence of 39 landed units in Woodhaven is a unique feature not commonly found in condos.
Interestingly, the average price disparity for both condos was quite narrow last year. However, the average price for Parc Rosewood ($1,282 psf) has seen rapid growth this year, thus surpassing that of Woodhaven ($1,219 psf). Nevertheless, the average resale price for units in both developments consistently trends above those of their counterparts in the same district ($1,080 psf).
Overseas Family School
The Overseas Family School (OFS) is one of the largest international schools in Singapore, accommodating approximately 3,000 students from kindergarten to Grade 12. The student body represents over 70 nationalities.
The school is located opposite Elias Mall along Pasir Ris Heights. Other nearby amenities include Pasir Ris West Plaza, Pasir Ris Park, and Pasir Ris Beach. While the nearest operational MRT station is Pasir Ris MRT Station, it is not within walking distance.
There is a total of eight condos (4,413 units) within a 1km radius of OFS. However, Ris Grandeur (453 units) was excluded from our analysis because it had fewer than five resale transactions in the last 12 months.
Between 1km and 2km away from OFS, there are nine completed condos (2,102 units). Among these, only D’Nest and The Palette were included in our analysis. The other seven developments were excluded as they had fewer than five sale transactions in the past 12 months, which is unsurprising considering that each development comprise of less than 100 units.
Parents desiring to live within a 1km radius of OFS can expect to pay prices $875 to $1,436 psf for housing, as the average prices for the seven condos within this proximity fall within the price range. Among these seven developments, Coco Palms stands out with both the highest average price and the highest sales volume in the last 12 months (35 transactions). The popularity of Coco Palms can be attributed to its proximity to Pasir Ris MRT Station, Pasir Ris Bus Interchange, White Sands, and the upcoming Pasir Ris Mall.
Between the two condos in the 1km to 2km proximity group, D’Nest commands a higher average price ($1,318 psf) as well as a greater resale volume (39 transactions).
Coco Palms and D’Nest hold the distinction of having the highest average resale price and the most resale transactions within their respective proximity groups. Both are 99-year leasehold developments located along Pasir Ris Grove in District 18 and each development has approximately 900 units. However, it is noteworthy that Coco Palms obtained TOP a year after D’Nest.
The current average price for Coco Palms is $1,496 psf, surpassing the current average price for D’Nest by $155 psf ($1,341 psf), and exceeding the current average price for leasehold condos in District 18 by $266 psf ($1,270 psf). Furthermore, the average prices for both developments have consistently trended above those of their counterparts in the same district. However, the advantage of being in closer proximity to various amenities, such as Pasir Ris MRT Station and White Sands, has given Coco Palms an edge over D’Nest.
Canadian International School
The Canadian International School (CIS) has been exclusively operating from its Lakeside Campus since its Tanjong Katong Campus closed in June. Students from the Tanjong Katong Campus transferred to the Lakeside Campus. Currently, CIS has about 3,000 students representing over 70 nations and provides education from nursery to Grade 12 levels.
The school, along Jurong West Street 41, is conveniently located within a 1km radius of Yuhua Market and Hawker Centre, Lakeside MRT Station, and Jurong Lake. Within the same proximity radius, there are seven condos (4,429 units). It is important to note that Lakeside Tower is excluded from our analysis due to having fewer than five sale transactions in the past 12 months. Moreover, it was relaunched for en bloc sale in June. Additionally, there are another seven condos (3,931 units) located between 1 to 2km away from CIS.
Among the condos located within a 2km radius of CIS, the average resale price for J Gateway ($1,848 psf) comfortably exceeded the average prices of the other condos. J Gateway also achieved the highest resale volume with 33 transactions over the past 12 months. The appeal of J Gateway might be attributed to its proximity to amenities like Jurong East MRT Station, JEM, and Westgate.
Within the 1km radius, Lake Grande claims the highest average price ($1,672 psf), edging out Lakeville ($1,572 psf) by a mere $100 psf. Lake Grande obtained TOP two years before Lakeville, potentially giving it a slight advantage.
Lake Grande and Lakeville share the top position in terms of sales volume, each boasting 26 transactions. This could be because these two developments are the only condos located within a 500m radius of CIS.
Within their respective proximity groups, Lake Grande and J Gateway hold the distinction of having the highest average price. Both condos are both 99-year leasehold developments located in District 22 and have approximately 700 units each. However, Lake Grande is a newer development, having obtained TOP three years after J Gateway.
The current average price for J Gateway ($1,908 psf) is $221 psf higher than that of Lake Grande ($1,687 psf), and $585 psf higher than leasehold condos in the same district ($1,323 psf). Furthermore, J Gateway boasts the highest number of resale transactions in the past 12 months. The condo's popularity could be due to its proximity to numerous amenities.
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