Property portal 99.co presents the following weekly property news roundup for the week of 5 to 11 September:
#1: HDB block to make way for integrated community hub in Yishun
Yishun’s Chong Pang neighbourhood will be rejuvenated with a new integrated development to be called [email protected] Pang. The 9,000 square metre, multi-storey development will be located at the site of the current Chong Pang Community Club and Block 102, Yishun Avenue 5.
The government’s decision to acquire Block 102, which comprises 17 sold shops on the ground floor and 51 shops rented out by HDB, was announced on 9 September. Shopowners will receive “full market compensation”, said Nee Soon Member of Parliament (MP) K. Shanmugam.
To be completed in 2027, the multi-storey development will feature three swimming pools, a gymnasium, fitness studios, a commercial space geared towards parents with young children and more than 300 car park lots.
The development will also mean a major change for one of Nee Soon’s most talked about landmarks: the 40-year-old Chong Pang Market and Food Centre. A total of 56 hawker food stalls and 123 market stalls will be relocated to [email protected] Pang in 2027.
When the move is complete, the vacated site will be redeveloped into a community plaza, Mr Shanmugam added.
Want to be part of the change? Check out properties on sale around the area below (or scroll to continue reading).
Homes for Sale in Chong Pang
#2: Penrose condominium launches for preview this weekend
Penrose, a 99-year leasehold condominium located at Sims Drive near Aljunied MRT station, will begin previews by appointment from 12 September onwards.
Jointly developed by Hong Leong Holdings and City Developments Pte Ltd, the city fringe condo is within District 14 and will comprise five 18-storey towers with 566 residential units.
Facilities at Penrose include a childcare centre, a 50-metre lap pool and a rooftop sky garden. The development is also within a six-minute walk to Aljunied MRT station, and 15-minutes away from the Central Business District and Orchard Road by car.
Early-bird prices for Penrose start from S$788,000 for one-bedroom units, S$943,000 for units with two bedrooms, S$1.33 million for three bedrooms and S$2.11 million for four bedrooms. The average launch price is expected to be around $1,600 per square foot (psf).
Penrose is expected to obtain its Temporary Occupation Permit in July 2024. For more information, check out the official Penrose project page on 99.co.
#3: Condo sales volumes up in August, but rental demand falls
The transaction volume of both new and resale condominiums increased in August, while rental volumes for condo and HDB flats fell.
Sales of new launch condos hit 1,227 units in August despite the Hungry Ghost Festival that began in the month. This figure is up 9.3% from July 2020 and marks an 11-month high since September 2019.
In the resale market, 1,052 condominiums changed hands in August—the highest monthly figure in two years. Contributing to the increased resale activity is the uncertainty surrounding project construction timelines for newly launch condos, which has convinced some buyers to gravitate towards resale homes.
|Percentage of condo units sold in August 2020|
|Core Central Region (CCR)||Rest of Central Region (RCR)||Outside Central Region (OCR)|
In the rental market, rental transaction volume for non-landed private residential units fell month-on-month in August by 20.4% to 2,417 units. Meanwhile, rental volume for HDB apartments fell by 16.7% to 1,025 units.
The muted rental volume is expected to continute in the coming months as the job market for expatriates weakens in Singapore.
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