Singapore is spreading its wings with developers investing in land on the outskirts of the city in districts such as Senkang, Jurong and Woodlands as a new generation of buyers, especially NRIs (non-resident Indians), seek homes outside of the city centre.
In September, a 99-year leasehold 18,700 sqm residential site at Chestnut Avenue was sold by the Urban Redevelopment Authority (URA) to Malaysian developer SP Setia International for $180 million. And, two months later, three 99-year leasehold residential sites with the capacity to yield 1,830 new homes in Bartley, Kovan and Clementi were put on the market as part of this year's Government Land Sales programme.
There is plenty of interest in these new zones which local developer, the Far East Organization, calls "transurban districts". Far East has been building in suburbs like Jurong, Woodlands and Yio Chu Kang.
And it is in areas like these, ECG Property's senior district manager Jessie Nathan told OPP, that NRIs like to invest because they can only see property prices going up.