Tuesday, September 18, 2012

Sufficient amenities to serve new housing supply

A possible housing oversupply could take place as a large pipeline of residential units are expected in various neighbourhoods, but analysts believe there will be enough amenities to serve the new developments, according to The Business Times

In Pasir Ris, there will be around 7,124 new private homes set to be completed in 2014. Nonetheless, there are various employment hubs in the area, including Tampines Business Hub, Changi Business Park and the airport, said Ong Kah Seng, Director at R'ST Research.

In addition, the area’s homes are the most affordable among newer accommodation, he said.

Over at the Bukit Panjang/Upper Bukit Timah/Cashew/ Chestnut Avenue belt, around 3,920 new private homes are expected from 2014.

“Notwithstanding the current excitement about the new Thomson Line, the Downtown Line 2 will be completed earlier, fully bringing out the attractiveness of Upper Bukit Timah as a mid-tier and accessible area, lush with greenery,” Ong said.

The Bukit Panjang MRT station will make the area a “major housing estate, where an MRT station is a necessity”.

On the other hand, the Hougang/Lorong Ah Soo/Kovan area will be rejuvenated with a number of new projects, such as mixed-use developments with strata malls.

Ong said: “Typically, HDB dwellers upgrade in similar neighbourhoods, and older towns like Hougang and Lor Ah Soo should have a handful of residents whose aspirations have moved beyond public residential options, and choose to buy a new private property in same locality.”

There will also be around 1,415 new units in Jurong East, supported by commercial activity as well as employment hubs in the area.

Meanwhile, the Sengkang/Buangkok belt and Punggol area will likely have around 5,721 and 5,591 new private homes from 2014 respectively, according to R'ST Research.

“Since Punggol and Sengkang do not have major employment hubs, majority of the residents are probably working in the CBD or city-fringe locations, or another corner of Singapore. The lifestyle concept could be the most essential aspect that continually anchors homebuyers’ and owners’ interest (in the area),” added Ong.

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