Set in the northern part of the island, Yishun is considered as a far-flung mature estate with an older demographic profile.
But interest in this sleepy town looks set to be reviving for two reasons.
In the land use plan, "A High Quality Living Environment for all Singaporeans", of the latest population white paper, Yishun is one of 3 estates slated for rejuvenation in the first stage of HDB’s Remaking Our Heartland (ROH) programme.
Under this programme, more shopping facilities and housing are expected to be built, along with enhanced transport connectivity through an integrated transport hub, which comprises an improved bus interchange.
However, plans are still sketchy at this point in time.
More concrete new amenities that Yishun is enjoying or will include a direct express bus, Service 850E, plying the route from Yishun Avenue 11 to the Central Business District during peak office hours. This service has began from 18 February.
Looking ahead, the Yishun Community Hospital is due to be opened in 2015.
Redevelopment and new amenities aside, another reason for renewed attention to the area is the rise of Iskandar Malaysia – a special economic zone, comprising Johor and adjoining towns, designated by the Malaysia Government for comprehensive developments.
Apart from Woodlands, Yishun is another town in close proximity to Iskandar. Businesses and home -owners keen to enjoy the buzz of Iskandar may choose to locate in Yishun.
Already, the industrial and residential properties in Yishun show signs of growing demand.
Together, three new industrial properties: A'Posh Bizhub, Northpoint Bizhub and North Spring Bizhub, there made up a quarter of all industrial transactions in District 27 (comprises Yishun, Sembawang, Admiralty and others), from 2012 to this January.
Next turning to the residential market, the total number of HDB resale flats transacted this February has fallen compared to a year ago. But this could be attributed to Chinese New Year falling in February this year as compared to end-January in 2012.
However the lowest, highest and mean transacted prices have spiked across all flat types except for executive. Ironically, the number of executive flats sold has increased by one year-over-year. Table 1 and 2 show the details.
Table 1: HDB Resale Flats Transacted in February 2012
|
Lowest Transacted Price ($) |
Highest Transacted Price ($) |
Mean Transacted Price ($) |
No. of Units Transacted |
|
|
3-Room |
286,000.0 |
380,000.0 |
319,464.7 |
29 |
|
4-Room |
310,000.0 |
463,000.0 |
391,886.4 |
64 |
|
5-Room |
413,000.0 |
528,000.0 |
472,670.6 |
14 |
|
Executive |
630,000.0 |
705,000.0 |
667,500.0 |
2 |
Source: HDB, “Resale Flat Prices”
Table 2: HDB Resale Flats Transacted in February 2013 (up to 25 Feb)
|
Lowest Transacted Price ($) |
Highest Transacted Price ($) |
Mean Transacted Price ($) |
No. of Units Transacted |
|
|
3-Room |
313,999.0 |
411,888.0 |
341,492.9 |
16 |
|
4-Room |
337,000.0 |
485,000.0 |
410,461.5 |
26 |
|
5-Room |
474,000.0 |
560,000.0 |
513,333.2 |
6 |
|
Executive |
548,000.0 |
682,000.0 |
600,000.0 |
3 |
Source: HDB, “Resale Flat Prices”
Despite the price growth, the median resale price for HDB flats in Yishun does not have a sterling showing when compared with the average median resale price for all districts. Figure 1 shows that, from 3rd Quarter 2002 to 4th Quarter 2012, the median resale price in Yishun for all flat types is always below the overall average median resale price. The outlier is in 2Q2012 when an executive flat in Yishun changed hands for $620,000, beating the overall average median resale price of $608,061.5.
Source: HDB, “Median Resale Price”
But all this can change once more detailed plans for the rejuvenation of the area is unveiled.
In the non-landed private homes segment, we compiled the price range at developer's sale for condominiums and executive condominiums launched in Yishun from 1995 to February 2013. See Table 3. Of note is that there are only a handful of condominiums and executive condominiums in Yishun.
Table 3: Condominium and Executive Condominium Price Range at Developer's Sales February 1995 – February 2013
|
Project Name |
Property Type |
Transacted Price Range for Developer's Sale ($) |
Transacted Unit Price Range for Developer's Sale ($ psf) |
Status |
Tenure |
|
SKIES MILTONIA |
Condominium |
479,180 - 2,966,000 |
729 - 1,292 |
Uncompleted |
99 Yrs From 20/02/2012 |
|
THE MILTONIA RESIDENCES |
Condominium |
490,900 - 1,713,600 |
739 - 1,095 |
Uncompleted |
99 Yrs From 30/11/2010 |
|
EIGHT COURTYARDS |
Condominium |
422,450 -1,673,506 |
638 - 1,049 |
Uncompleted |
99 Yrs From 20/09/2010 |
|
THE ESTUARY |
Condominium |
473,310 - 1,144,500 |
620 - 914 |
Uncompleted |
99 Yrs From 25/06/2008 |
|
FOREST HILLS CONDOMINIUM |
Condominium |
476,430 - 874,520 |
380 - 534 |
2003 |
99 Yrs From 10/02/2000 |
|
YISHUN EMERALD |
Condominium |
394,416 - 912,460 |
320 - 538 |
2002 |
99 Yrs From 16/02/1998 |
|
YISHUN SAPPHIRE |
Condominium |
440,000 - 953,740 |
370 - 587 |
2001 |
99 Yrs From 16/02/1998 |
|
1 CANBERRA |
Executive Condominium |
636,250 - 1,619,500 |
550 - 804 |
Uncompleted |
99 Yrs From 30/01/2012 |
|
THE CANOPY |
Executive Condominium |
532,000 - 1,188,000 |
530 - 738 |
Uncompleted |
99 Yrs From 14/06/2010 |
|
LILYDALE |
Executive Condominium |
403,029 - 713,331 |
239 - 420 |
2003 |
99 Yrs From 12/09/2000 |
Source: URA Realis
So with CEL Property Pte Ltd – a subsidiary of Chip Eng Seng Corporation Ltd – winning the bid for a mixed residential and commercial land site at Yishun Ring Road / Yishun Avenue 9 on 31st January 2013, more vibrancy is expected to be added to an area dominated by HDB flats.
Source: ST Property