Buying trend shows many prefer old neighbourhoods

According to developers, a large percentage of those buying new houses prefer to stay in their old neighbourhoods and be close to the shops and people they know,

For instance, the recently launched Bedok Residences, about 30 percent of the buyers were already living in Bedok and the nearby Kembangan area, said a spokesman at developer CapitaLand.

Also, around 45 percent of the buyers at The Tennery in Bukit Panjang came from the nearby Choa Chu Kang, Bukit Panjang and Hillview, all in District 23.

Likewise, 43 percent of the buyers at Woodhaven in Woodlands came from elsewhere in District 25, such as Kranji and Admiralty, while about one-third of the buyers at The Greenwich in Seletar came from other areas of District 28 like Yio Chu Kang.

People tend to develop a fondness for the area they live in, as well as a familiarity with its nearby amenities, said Donald Han, Special Adviser at HSR Property Group.

“You know where the conveniences and the potential developments are, compared with going to a new neighbourhood where you’ve got to scout for the value propositions,” he said.

Family and old friends are also considered a key reason for remaining in one’s old neighbourhood.

Source : PropertyGuru – 19 Mar 2012

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