clavon time to look west for opportunities news acticle

Source : Business Times . THU, JUL 09, 2020

West Region prices outperform

“West Region non-landed private home prices have been on a general uptrend since Q3 2018, boosted by several new launches.

Over the past four quarters (Q2 2019 to Q1 2020), private property prices in this region rose by 14.9 per cent, compared with overall suburban prices which rose only 2.8 per cent over the same period.

West Region prices have also outperformed the overall suburban prices over the past 10 years, growing at a compound annual growth rate (CAGR) of 7.1 per cent, compared with 4.4 per cent for the suburban market.

Currently, the median prices for the West Region have reached S$1,368 per square foot (psf) as of Q1 2020, a 39.5 per cent premium to median suburban prices of S$980.50 psf.

The outperformance of West Region prices could be attributed to optimism about the Jurong Lake District, which was first announced in 2008.

Clementi saw bustling sales activity in recent quarters, with 1,160 transactions recorded from Q1 2019 to Q1 2020.

This was mainly driven by the launch of two projects, namely Parc Clematis and Whistler Grand, in Q3 2019 and Q4 2018 respectively.

Bukit Batok came in a distant second, with 567 units sold.

Given that there were no new launches in Jurong East, after J Gateway in 2013, demand gravitated to surrounding areas.

The top seller was Parc Clematis, which sold 605 units at a median price of S$1,614 psf.

As of the end of Q1 2020, the project was 41 per cent sold.

Rents Steadily Picking Up

“The rise of both rents and transactions points to a strong rental market in the region. Based on the Q1 2020 median resale price of S$1,062 psf in the West Region, the average gross rental yield is around 3.1 per cent.”

Long Term Drivers For The West
Prices and rents underpinned by employment growth in the west

– Boost in accessibility

“Over the longer term, employment growth will likely be driven by new and upcoming growth precincts in Singapore, such as Woodlands Regional Centre, Punggol Digital District, Jurong Lake District and Jurong Innovation District”

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