http://www.straitstimes.com/archive/...-life-20130928

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Sembawang property scene comes to life

Condo launches and upcoming EC projects add vibrancy

Published on Sep 28, 2013

By Cheryl Ong


BOUNDED by the Strait of Johor and the towns of Yishun and Woodlands, Sembawang has long been seen as a sleepy suburban town.

Reminders of Singapore's colonial past dot the area in the form of black and white bungalows and streets with names such as Admiralty and Wellington.

But in recent years, a new vibrancy has emerged with many new developments springing up, adding life to the area.

Since 2011, three new condominiums have been launched in the area.

Property portal STProperty data showed Canberra Residences notched up the most page views by home hunters.

When the 99-year leasehold condo was launched in January 2011, units were sold at an average price of $823 per sq ft (psf). The last unit was snapped up in April at $778 psf.

Other new projects in the area include the 435-unit condo The Nautical, developed by Hao Yuan Investment, with only five units left for sale. Launched a year after Canberra Residences, units were sold at $905 psf.

The popular executive condominium (EC) is also about to arrive in Sembawang, drawing more buyers to the tranquil area.

JBE Holdings' upcoming 506-unit SkyPark Residences in Sembawang Drive will be the first EC to be built in the area.

Knight Frank research head Alice Tan said that response to the EC is expected to be encouraging, thanks to increasing interest from middle-aged couples not eligible for Housing Board flats.

The project's proximity to the Sembawang MRT station and Sun Plaza mall will be another draw for buyers, she said.

Chesterton Singapore research head Elaine Chow said first-time buyers and HDB upgraders from surrounding mature housing estates such as Yishun are also likely to pick up units at the EC.

A second EC plot will also be put up for sale in November, under the Government Land Sales programme for the second half of 2013, noted Ms Tan. This site is in Canberra Drive, and will yield an estimated 600 units.

Prices of new non-landed private homes in Sembawang fell 1.4 per cent from $857 psf to $754 psf over the past eight months, but the rental market has been strengthening, experts said.

Average rents of non-landed properties rose 7.7 per cent in the same period, thanks to demand from tenants working in nearby industrial estates like Woodlands.

Demand for private homes in Sembawang is set to rise with development plans set for the North Coast Innovation Corridor and Woodlands Regional Centre in the next 10 years, said Ms Tan.

Owners can expect a rental yield of 4.5 per cent as the area develops, estimated ECG Holdings group chief executive Eric Cheng.

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