The Straits Times
Tuesday, Nov 13, 2012
T IS easily overlooked but the quiet private residential enclave of Seletar Hills, with its bungalows and semi-detached houses, is poised for take-off.
The estate, nestled between major transport arteries, is on the doorstep of the upcoming Seletar Aerospace Park, perfectly placed to reap the benefits when the project is completed around 2018.
It is dominated by low-rise landed homes, mostly bungalows and semi-detached houses on freehold or 999-year leases.
"The landed enclave is popular with buyers who buy over the land with the view of building their dream home on the plot," said Mr Lee Sze Teck, senior manager of training, research and consultancy at DWG.
Recent launches include the uncompleted Luxus Hills, which has semi-detached and terrace houses and is being launched in phases. The terrace homes were launched at $1,612 per sq ft (psf) on average this year. Other uncompleted projects include Este Villa, a 121-unit strata landed development that is fully sold.
Mr Png Poh Soon, head of research and consultancy at Knight Frank, said the prices of semi-detached houses in the area have grown 14 per cent this year, while those of terraces have shot up a stunning 49 per cent, mainly due to new sales at Luxus Hills.
There are only a few condominium projects in the estate. The two defining condo projects in the area are the 276-unit Seletar Park Residence and the 319-unit The Greenwich, said Savills research head Alan Cheong. Both have not been completed.
The Greenwich is right next to two-storey shopping mall Greenwich V, which has Cold Storage and Kopitiam.
Mr Cheong said 840 sq ft apartments in Seletar Park Residence were transacting at about $1,200 psf last month, while for The Greenwich, the last recorded transaction was in May for a 614 sq ft unit, which was sold for $1,320 psf.
Several other condos in the area are fairly old. Mimosa Park was completed in 1979, Nim Gardens in 1986 and Serenity Park in 1995.
Condo prices in the estate have increased by about 12 per cent this year to around $1,603 psf on average, Mr Png said. Most transactions were at Seletar Park Residence, The Greenwich, Mimosa Park and Serenity Park.
In general, developments in the Seletar area are well received by investors, Mr Lee said, noting that more than 1,000 units are due for completion within the next five years.
Luxus Hills' developer had sold 252 out of 288 available units as at Sept 30. At The Greenwich, 313 out of 319 units were moved and Seletar Park Residence had 200 out of 276 units sold.
Mr Lee said rental yields range from 3.5 to 3.8 per cent for condo units and 2.5 to 2.8 per cent for landed homes.
The aerospace park being built nearby is expected to boost demand for housing even further.
Mr Png expects to see more residential and commercial developments in the next few years due to the 320ha development, which includes Seletar Airport.
It will attract more local and foreign professionals, who in turn create leasing and buying potential for property within Seletar Hills, Mr Png said.
Transport and amenities are limited, but the Greenwich V mall has opened, and The Seletar Mall, which will be completed by 2014, will provide residents with more retail options, Mr Lee said.
There are also eateries on Jalan Kayu, just a stone's throw away, he added.
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