District 19 properties becoming a hit

Evergreen estates in District 15 such as Marine Parade, Siglap and Katong remained on the top lists for home buyers in 2010, though some new areas gained popularity as well.

About 4,053 non-landed property transactions were recorded in District 15, nearly 12 percent of the total 34,767 caveats recorded, strengthening its position as the most preferred district for Singapore home buyers.

This was followed by District 19, which recorded a total of 2,911 property transactions last year, a jump from the seventh spot in 2009, according to an analysis by Dennis Wee Group.

District 9, which includes prime areas of Leonie Hill, Cairnhill and Orchard, landed the third spot, with 2,478 caveats recorded.

Mr. Colin Tan, Research and Consultancy Director at Chesterton Suntec International, said District 19’s rise in popularity could be attributed to the increasing number of new property launches in the area, as the government releases more land supply in the north-east area.

“People tend to buy where they are familiar with, and with the HDB’s movement into Punggol and Sengkang, the population there has increased. Some of these buyers might be HDB upgraders.”

Property projects in District 19 like Kovan Grandeur, The Minton and The Scala, which were launched in 2010, all received good response from home buyers.

Mohamed Ismail, Chief Executive of PropNex, said newer developments like the Australian International School, have also livened up the area.

He also expects an increased demand and higher prices in the district, as the area continues to develop, in line with the government’s rejuvenation programme.

However, many experts said that District 15 will remain a perennial favourite, as it covers the mid-tier to high-end market and is situated between the city fringe and suburban regions, as well as offers the largest supply of private homes in the country.

Mr. Ong Kah Seng, Senior Manager of Asia Pacific Research at Cushman & Wakefield, said the record number of en bloc sales in the prime districts in 2007 mean that new property projects have been coming onstream at attractive prices.

“Homes in the area could also have partially benefited from the successful remaking of Orchard Road, with the completion of new major malls,” he said.

Source : PropertyGuru – 7 Feb 2011

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