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21-03-14, 15:01
http://www.straitstimes.com/archive/saturday/premium/money/story/commercial-investors-can-benefit-yishun-buzz-20140315
HOT SPOT
Commercial investors can benefit from Yishun buzz
Published on Mar 15, 2014
By Cheryl Ong
FAR-FLUNG Yishun is headed for some downtown-style buzz with the completion of two mixed developments, along with more homes and amenities.
The mature town's mushrooming population also means commercial investors can expect good returns from a large catchment of residents living in the area, experts said.
Plans to reinvigorate the town include both amenities and leisure areas.
The Urban Redevelopment Authority's (URA) Draft Masterplan 2013 flagged the Government's intention to increase the number of green spaces in Yishun.
Amenities, such as a new hospital next to Khoo Teck Puat Hospital and a community club, are also slated for the area.
Under the Housing Board's Remaking Our Heartland initiative, the Government rolled out a plum mixed-use site at Yishun Central1 in September last year.
The 41,085 sq m site, next to Frasers Centrepoint's Northpoint mall, drew a stunning bid of $1.43 billion, or $1,077 per sq ft (psf) per plot ratio (ppr), from Frasers Centrepoint.
The site will feature a new integrated development with an air-conditioned bus interchange, residences, commercial retail spaces and a community club.
Ms Alice Tan, research head of property consultancy Knight Frank, said: "The next phase of development and improvements in Yishun will continue to enhance the quality of the living environment, with the introduction of a mixture of private and public retail (options) and other recreational amenities."
As with the rest of Singapore, executive condominiums have been a hit in Yishun. At One Canberra, a total of 665 units were sold at an average price of $716 psf in 2012.
And at the 406-unit The Canopy, homes were sold for an average of $650 psf when the project was first launched in 2011.
More homes are expected to be added to Yishun when the URA rolls out two more sites under its Government Land Sales programme for the first half of the year.
The two sites, at Yishun Street 51, can yield a total of 1,010 units.
Just this week, a 99-year residential site in Yishun drew a top bid of $278.8 million from EL Development, trumping the record of $406 psf ppr for a residential plot in the area.
Launch prices of a 600- to 660-unit development to be built there are expected to fall between $1,050 psf and $1,250 psf, Ms Tan estimated.
She added that retail businesses will be supported by a steady demand from the growing community in Yishun.
Commercial investors flocked to Yishun when developer CEL Developments launched its Junction Nine project in October last year.
More than 85 per cent of its 146 retail units were snapped up at an average of $3,600 psf on the first day of sale.
Ms Tan noted that shops in the Yishun planning area were 99 per cent occupied in the three months to Dec 31.
"Investment in commercial properties, particularly the retail segment, in this northern suburban area could bring steady returns in the medium term."
[email protected]
HOT SPOT
Commercial investors can benefit from Yishun buzz
Published on Mar 15, 2014
By Cheryl Ong
FAR-FLUNG Yishun is headed for some downtown-style buzz with the completion of two mixed developments, along with more homes and amenities.
The mature town's mushrooming population also means commercial investors can expect good returns from a large catchment of residents living in the area, experts said.
Plans to reinvigorate the town include both amenities and leisure areas.
The Urban Redevelopment Authority's (URA) Draft Masterplan 2013 flagged the Government's intention to increase the number of green spaces in Yishun.
Amenities, such as a new hospital next to Khoo Teck Puat Hospital and a community club, are also slated for the area.
Under the Housing Board's Remaking Our Heartland initiative, the Government rolled out a plum mixed-use site at Yishun Central1 in September last year.
The 41,085 sq m site, next to Frasers Centrepoint's Northpoint mall, drew a stunning bid of $1.43 billion, or $1,077 per sq ft (psf) per plot ratio (ppr), from Frasers Centrepoint.
The site will feature a new integrated development with an air-conditioned bus interchange, residences, commercial retail spaces and a community club.
Ms Alice Tan, research head of property consultancy Knight Frank, said: "The next phase of development and improvements in Yishun will continue to enhance the quality of the living environment, with the introduction of a mixture of private and public retail (options) and other recreational amenities."
As with the rest of Singapore, executive condominiums have been a hit in Yishun. At One Canberra, a total of 665 units were sold at an average price of $716 psf in 2012.
And at the 406-unit The Canopy, homes were sold for an average of $650 psf when the project was first launched in 2011.
More homes are expected to be added to Yishun when the URA rolls out two more sites under its Government Land Sales programme for the first half of the year.
The two sites, at Yishun Street 51, can yield a total of 1,010 units.
Just this week, a 99-year residential site in Yishun drew a top bid of $278.8 million from EL Development, trumping the record of $406 psf ppr for a residential plot in the area.
Launch prices of a 600- to 660-unit development to be built there are expected to fall between $1,050 psf and $1,250 psf, Ms Tan estimated.
She added that retail businesses will be supported by a steady demand from the growing community in Yishun.
Commercial investors flocked to Yishun when developer CEL Developments launched its Junction Nine project in October last year.
More than 85 per cent of its 146 retail units were snapped up at an average of $3,600 psf on the first day of sale.
Ms Tan noted that shops in the Yishun planning area were 99 per cent occupied in the three months to Dec 31.
"Investment in commercial properties, particularly the retail segment, in this northern suburban area could bring steady returns in the medium term."
[email protected]