http://www.straitstimes.com/archive/...ments-20141122

HOT SPOT

An outpost humming now with developments

Projects like condos, Northpoint City integrated development in the offing

Published on Nov 22, 2014 1:11 AM

By Rennie Whang


YISHUN, once a little-noticed northern outpost, has been transforming fast - and just this week, another large commercial and residential site went up on sale.

In 2010, the Khoo Teck Puat Hospital was completed; in 2011, Yishun Pond was revamped with a three-storey lookout tower. The Yishun Community Hospital is being built, and Northpoint City - an integrated development including the largest mall in the north - will be completed in 2018.

And about 3,500 private residential units are due for completion in the coming years, said R'ST Research director Ong Kah Seng. Projects include North Park Residences - part of Northpoint City - Nine Residences, Skies Miltonia and Symphony Suites.

At least 5,000 Housing Board flats were released in Yishun as well, in Build-To-Order exercises over the past two years.

In the past year, average prices in the area have ranged from $706 per sq ft (psf) at Yishun Sapphire to $1,081 psf at The Miltonia Residences - now being built.

The outlook for private condos here is cautious, given substantial upcoming supply, said Mr Ong. Private rents are down about 4 per cent in the past year, with yield about 3.4 per cent a year, slightly lower than the islandwide average of about 3.7 per cent.

Still, said Mr Nicholas Mak, SLP International executive director, greenery in the area - Yishun Pond, Seletar Reservoir and the Orchid Country Club with its golf courses - are plus points.

So too is Yishun's proximity to the Seletar Aerospace hub. Its closeness to future regional centre Woodlands could be a double-edged sword, however. On the one hand, Yishun residents may more easily access job opportunities at Woodlands; on the other, Yishun could be "overshadowed" and become less of a destination, said Mr Mak.

For now, developments in Yishun are humming. Mr Cheang Kok Kheong, chief executive officer of development and property at Frasers Centrepoint, said Northpoint Shopping Centre has enjoyed almost full occupancy, with 3.3 million shoppers a month. He added the group will use its experience in integrated developments to deliver an iconic development, Northpoint City, that "Yishun residents can enjoy and be proud of".

The 27,327 sq m 99-year leasehold site released by the Government this week is at Yishun Avenue 4. It is for a combined residential and commercial project.

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