Monday, August 06, 2012

Serangoon Gardens still got the groove

Despite being relatively older compared to other housing estates in Singapore, Serangoon Gardens is still a sought-after residential enclave.

Originally built to house British soldiers, the upper middle-class neighbourhood now attracts a slew of buyers-turned-residents who are mostly Singaporeans with a few expatriate families.

In addition, several experts have suggested that home price increases within the area are generally higher than the national average.

Ong Teck Hui, Executive Director at Credo Real Estate, noted that terraced home prices in Serangoon Gardens rose 44 percent over the last two years while those of semi-detached properties jumped 50 percent.

In comparison, terraced home prices islandwide grew by 36 percent while values of semi-detached houses increased 30 percent over the same period, according to data from the Urban Redevelopment Authority (URA).

Additionally, Png Poh Soon, Head of Research at Knight Frank Singapore, underlined that rental yields for landed homes in Serangoon Gardens range from two to 3.5 percent.

However, rentals in the area are lower compared to neighbouring Braddell, which enjoys higher rates of five to 10 percent.

Ong Kah Seng, Director at R'ST Research, also believes that Serangoon Gardens is an attractive location, given its predominantly low-rise setting and self-sufficiency with amenities like myVillage mall and Chomp Chomp.

He added that the buyers are also owner-occupiers drawn towards capital appreciation rather than rental yields.

View the original article here

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