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LOCATION SCAN: SIT’s new campus in Punggol

By Tan Chee Yuen

/ The Edge Property |

August 27, 2015 6:00 PM SGT

Punggol has come into the limelight recently, following the announcement by Prime Minister Lee Hsien Loong during the National Day Rally to locate the Singapore Institute of Technology's (SIT) new central campus there. The campus will be integrated with the new creative industry cluster to be built by the JTC Corporation. It will also be integrated into the Punggol Downtown and the Housing Development Board's upcoming Northshore District.

The development vision of Punggol is mapped under Punggol 21 Plus blueprint. Under Punggol 21 Plus, Punggol will be transformed into “A waterfront town of the 21st century”. Punggol Waterway would be the key feature of the estate, with resort-style housing, a town centre, recreational amenities, parks, and eateries offering al fresco dining along the banks.

What’s available near SIT’s new campus?

As an overview, there are only two private non-landed projects within 2km radius of the proposed SIT campus with recent transactions — A Treasure Trove and Watertown. The highest transacted price over the past six months was for a 1,356 sq ft unit at Watertown which sold for $2M ($1,290 psf). For the same period, the most affordable transaction was for a 775 sq ft unit at A Treasure Trove which changed hands at $840,000 ($1,084 psf).

In addition, there are three executive condominium projects within 2km radius with recent transactions. They are Ecopolitan, The Terrace and The Amore. Average prices range from $769 psf (Ecopolitan) to $810 psf (The Amore).

A Treasure Trove was completed in 2015. In July, rental transactions for 700 – 800 sq ft units averaged $2,367 or $3.2 psf per month. Gross rental yield for the project is estimated at 3.3%. As another comparison, rents for similar-sized units at The Luxurie condo near Sengkang MRT station averaged $2,500 or $3.3 psf per month. The Luxurie was also completed in 2015.

Separately, 4-room HDB flats within 2km radius of the proposed SIT campus fetched an average price of $419,198 while 5-room flats changed hands at an average of $446,278 over the past six months.

Chart 1: Prices of private condos and executive condos within 2km radius of SIT’s new campus

Notes:

All the above are EC projects except A Treasure Trove and Watertown

Source: URA, The Edge Property

Chart 2: Rental comparison of private non-landed homes in Punggol and Sengkang

Source: URA, The Edge Property

Chart 3: Price statistics of HDB flats within 2km radius of SIT’s new campus

Source: HDB, The Edge Property

Chart 4: Rental comparison of HDB flats within 2km radius of SIT’s new campus

Source: HDB, The Edge Property

What’s recently transacted?

In July, a 1,356 sq ft unit at Watertown was transacted for $1.7M ($1,253 psf) and a 775 sq ft unit at A Treasure Trove was sold for $850,000 ($1,097 psf).

In the EC segment, a 990 sq ft unit at The Amore found a buyer at $820,000 ($828 psf) and a 1,442 sq ft unit at The Terrace was sold for $1,254,900 ($870 psf).

Table below only shows the 10 latest transactions, which are generated through our professional analytic tool on theedgeproperty.com. The tool is available for registered users. To find out more or to register, please write in to propertyeditor.sg@bizedge.com

Latest transactions of private non-landed projects within 2km radius of SIT’s new campus