Study shows Jurong turning into suburban property hotspot

A study by real estate agency ERA has shown that the resale prices of Housing and Development Board (HDB) flats in Jurong appreciated faster than other suburban towns in Singapore.

It compared median resale prices in the fourth quarter of 2008 to those in the first quarter of the same year.

The study covered three- to five-room, and executive flats in Jurong West, Tampines and Woodlands.

The comparison showed that resale prices of three-room flats in Jurong West went up by 19.4 per cent between the first and fourth quarters of last year. This was higher than the 12.3 per cent increase in Tampines and 15.7 per cent for Woodlands.

Resale prices for larger four- and five-room units also appreciated faster by 14.1 per cent and 9.4 per cent respectively.

In contrast, resale prices of four-room flats in Tampines rose by just 8.6 per cent and 12 per cent in Woodlands. Resale prices of five-room units grew by 1.3 per cent in Tampines and 9.4 per cent in Woodlands.

Resale prices of executive flats in Jurong West went up by 16 per cent or about three times more than those in Tampines and Woodlands.

ERA said the faster rate of increase in HDB resale prices in Jurong was partly due to the government’s plan to transform Jurong Lake District into a commercial and leisure hub over the next 10 to 15 years.

Source : Channel NewsAsia – 4 Feb 2009

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