The government recently in Jan 2018 announced the creation of the Punggol Digital District and the creation of 28,000 jobs between now and 2023.
This news is likely to get property investors up and about, much like the announcement of the High Speed Rail Terminus being at Jurong East a few years ago.
With the addition of that many jobs to the district, there will likely be demand for housing , especially if a portion of the 28,000 are expatriates and foreign workers.
Before plonking a couple of hundred thousand into a property in District 19 where Punggol is, let’s see how the area has fared in the past.
As at Jan 2018, 76 non-landed units were sold in the month at an average price of S$1,126 psf.
Based on transactions in the last 6 months, the highest yielding properties in the area are Vibes @ Kovan (4.4%), One Rosyth (4.0%), Park Residences Kovan (3.9%), Regentville (3.8%) and Evergreen Park (3.7%).
At the lower end are properties such as Harmony @ 1A (3.3%), Central View (3.3%) and The Florida (3.3%).
Some of the uncompleted properties in the are include Kingsford Waterbay, Stars of Kovan, Forest Woods, Trilive, Treasure Crest and Botanique at Bartley.
All the properties are on a 99 year lease except Trilive which is freehold.
Average prices for these projects based on transactions in the last 6 months are S$1,322 psf (Kingsford Waterbay), S$1,495 psf (Stars of Kovan), S$1,485 (Forest Woods), S$1,596 (Trilive), S$838 psf (Treasure Crest) and S$1,383 (Botanique at Bartley).
Zooming down into the 2km area around Punggol MRT, there are 13 non-landed condominiums. The nearest is Parc Centros which TOP’d in 2016. Based on transactions in the last 6 months, average prices were S$1,121 psf.
Watertown which TOP’d in 2017 is also very close by with an average price of S$1,343 psf.
Evidently, prices in Punggol are tightening as the government focuses on developing jobs in the area to be focused cyber-security, data analytics, artificial intelligence and the Internet of Things.
It was only a few years ago that prices were slightly above the S$1,000 psf mark but it has now been exceeded by newer projects.
In terms of nearby schools, the area has Punggol View Primary, Punggol Green Primary, Edgefield Secondary, Edgefield Primary, Punggol Secondary and Compassvale Secondary.
Punggol Waterway Park is a popular amenity which is shaping up to be a green space heavily utilized by residents in the area.