28 districts and 29 HDB estates strong, Singapore’s real estate market still holds space for growth, especially in the suburbs. As buyers become more investment-savvy, and the country grows, their needs and demands shift with the tides of time.
Photo credit: URA
Buyers of today are looking for properties in a good location, not necessarily only in the central region, with the potential for value appreciation. There are now more regional centres than 2 decades ago, such as Woodlands, Tampines, Jurong and Seletar. These townships are considered second-tier commercial zones where residential, retail and industrial sectors connect and where residents can live, work and play all in the same location without having to step foot into the city centre. It helps spread the population out across the island and also create job opportunities and boosts property value and prices.
With the Urban Redevelopment Authority’s (URA) Masterplan moving into action, there may be even more property hotspots coming up by the end of the decade. There are plans to develop the once sleepy Lakeside district into Singaporea’s second CBD. The Singapore-Kuala Lumpur High Speed Rail terminus will be located at Lakeside Gateway, which will be a good way of driving rental traffic in the area. The North will also see the development of the North Coast Innovation Corridor, centred around Woodlands and connected to the North South and Thomson MRT lines. And over in the North-east, the Seletar Aerospace Park is poised to bring in 10,000 new job opportunities and the early adopters of properties in the area may do well in the long term.