Artist’s impression of the Enterprise District in Punggol. Image source: JTC
The implementation of the Enterprise District concept could lead to a pick-up in rents and prices of residential properties in Punggol and Sengkang, as more retail offerings and job opportunities arise within the area, said Edmund Tie & Co.
Citing HDB data, the consultancy noted that the median resale price of a four-room flat in the area is $445,000, significantly lower than a similar flat in Queenstown at $700,000.
With JTC as the master developer, the Enterprise District in Punggol will comprise digital and cyber security industries.
“There is high capital appreciation potential in the long term if the Enterprise District successfully becomes the next one-north,” said Edmund Tie & Co.
It believes the development is “likely to take at least five to 10 years, using the growth of one-north as an example”.
Meanwhile, the government’s plan to develop the Kampong Bugis precinct using the master developer approach could spur sales and price appreciation of developments within the Kallang area. It could also help boost rents of residential properties there.
This comes as the development of Kampong Bugis, together with other developments, is expected to rejuvenate the area.
“If well-executed, Kampong Bugis will be like Kings Cross in (the) UK – a vibrant commercial centre that attracts multinational corporations and aspiring start-ups in the financial, telecommunication, media and technology sectors,” said Edmund Tie & Co.
“Additionally, the development, together with the catalytic projects in Beach Road / Ophir corridor and Paya Lebar, will be the natural extension of the CBD as Singapore’s economy expands.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
