Neighbourhood Of The Week: Bishan (District 20)

Bishan had a bit of a rough start, back in 1983. At the time, some Singaporeans swore off the area entirely, due to superstition; present day Bishan used to be Kwong Wai Siew Peck San Theng, one of the largest cemeteries in the country - the graves were exhumed to build Bishan New Town. On top of that, Bishan was the site of some of the most intense fighting in WWII. 

Today though, Bishan is one of the most desirable locations in Singapore. It once saw the most expensive private condo outside of the central region (Sky Habitat, during the initial launch), and is known for its high resale HDB prices:

Facts about Bishan

• District 20
• Approx. 7.62 km², and a very mature new town dating back to the 1980’s
• Est. population of 88,010 in 2019, with density of around 11,544 per km² (considered high, as average density in Singapore is 8,358 per km²) 
• Bishan East, Marymount, and Upper Thomson are sub-zones of this neighbourhood

Primary Schools 

• Kuo Chuan Presbyterian Primary School
• Guangyang Primary School
• Catholic High School 
• Ai Tong School

Secondary Schools:

• Whitley Secondary School
• Kuo Chuan Presbyterian Secondary School
• Guangyang Secondary School
• Catholic High School

Other Schools:

• Raffles Institution Junior College
• Eunoia Junior College

Malls

• Junction 8
• Sin Ming Plaza
• Thomson Plaza
• Thomson V 
• Thomson Imperial Court
• Midview City

There’s also a retail complex called the Bishan North Shopping Mall near the Community Centre (this is not a regular air-conditioned mall, but a collection of neighbourhood shops). 

MRT station(s):

• Bishan 
• Marymount 
• Upper Thomson (upcoming)
  

Average Flat Prices 

Across the board, the average flat price in Bishan for the last 6 months is $533 psf. This is a 17.6 per cent increase over the past 10 years. 

3-room flats

The average 3-room flat in Bishan in the last 6 months averages $464 psf. This is up 1.09 per cent from $459 psf, 10 years ago.

4-room flats

The average 4-room flat in Bishan in the last 6 months averages $508 psf. This is up 11.16 per cent from $457 psf, 10 years ago.

5-room flats

The average 5-room flat in Bishan averages $622 psf in the last 6 months. This is up 32.7 per cent from $444 psf, 10 years ago.

Overall Non-Landed Private Residential Prices in District 20

Average condo prices in District 20 (Thomson, Ang Mo Kio, Bishan, Braddell) average $1,607 psf in the last 6 months, up around 77.9 per cent from $903 psf 10 years ago.

Top 10 Projects Ranked By Capital Gain

Project Name	Tenure	Completion	Capital Gain (%)	Historical Price ($PSF)	Current Price ($PSF)
St Nicholas View	99 yrs	1999	90.3	579	1,102
Mayflower Gardens	Freehold	-	77.7	709	1,260
Thomson Hills Estate	Freehold	1980	72	710	1,221
Sembawang Hills Estate	Freehold	-	71.8	788	1,354
Bishan Park Condominium	99 yrs	1994	67.4	644	1,078
Sin Ming PLaza	Freehold	1992	61.7	710	1,148
Flame Tree Park	Freehold	1989	59.3	891	1,419
Adelphi Park Estate	Freehold	1997	57	868	1,363
Bishan Point	99 yrs	2005	55.1	752	1,166
Thomson Imperial Court	Freehold	1999	54.7	631	976

Bottom 10 Projects Ranked By Capital Gain

Project Name	Tenure	Completion	Capital Gain (%)	Historical Price ($PSF)	Current Price ($PSF)
Centro Residences	99 yrs	2014	7.3	1,320	1,416
The Inglewood	Freehold	1990	8.9	978	1,065
Thomson V Two	Freehold	2012	9.6	1,190	1,304
Rafflesia Condominium	99 yrs	2003	10.3	964	1,063
Faber Garden	Freehold	-	10.9	1,005	1,115
Yew Lian Park	Freehold	1967	12.2	1,019	1,143
Shangri-la Park	Freehold	1989	15.6	788	911
Grandeur 8	99 yrs	2005	19.6	833	996
Kingsgrove	Freehold	1992	22.2	770	941
Horizon Gardens	99 yrs	2002	22.6	483	592

Top 10 Projects Ranked By Rental Yield

Project Name	Tenure	Completion	Gross Yield (%)
Thomson V Two	Freehold	2012	3.9
Horizon Green	99 yrs	2003	3.4
Three 11	Freehold	2015	3.2
Rafflesia Condominium	99 yrs	2003	3.1
Centro Residences	99 yrs	2014	3
Horizon Gardens	99 yrs	2002	3
Sky Vue	99 yrs	2016	3
Grandeur 8	99 yrs	2005	3
Bishan 8	99 yrs	1999	3
Bishan Loft	99 yrs	2003	2.9

Notable recent launches:

JadeScape

JadeScape is currently under construction. This is a mega-project totalling 1,206 units. Current recorded sale prices average $1,733 psf and is scheduled to launch in 2022.

Key drivers to note:

1.  The development of Midview City has reinvigorated Sin Ming

Midview City (18 Sin Ming Lane) is not just a shopping mall. Midview City is an integrated business hub, spanning around 552,000 sq. ft. This development includes light industry, offices, banks, recreation clubs, etc. along with serving as a retail hub for the area. 

This marks a complete 180 degree turn for the Sin Ming area, which was previously just known for industrial properties and a few favourite eateries. 

Residential developments like Sin Ming Court (HDB), Bishan Point, and the more recent Thomson Three are most likely to benefit from the establishment of Midview City.

2. Bishan is the usual “next best alternative”, for those who want access to central Singapore

Bishan MRT station provides quick access to Orchard and City Hall via the North-South line; at the same time, Bishan is also an interchange station, providing access to stops like Holland Village and Bras Basah. 

By car, Bishan is roughly a 12-minute drive to Orchard via the CTE. 

At the same time, Bishan still has significantly lower home prices compared to the city centre, or areas like Newton. As such, Bishan is the first alternative considered by many home buyers or tenants, who want CBD / Orchard access without the exorbitant prices. 

3. Flat buyers come in expecting higher prices for Bishan 

Bishan has long been a hotspot for million-dollar flats, ever since a maisonette was sold for over $1 million here in 2013. Since then, there has been a sporadic series of million-dollar HDB flats, the last being a $1.18 million unit at Natura Loft. 

Note, however, that many of these million-dollar flats were maisonettes or DBSS flats. Nonetheless, the combination of being a mature estate, plus close proximity to the city centre, continues to make Bishan one of the prime HDB hotspots. 

4. Upcoming developments in the Bishan town centre, which excludes more condos 

The Bishan Town Centre was rezoned in the URA Master Plan 2019. In particular, two undeveloped plots have been rezoned for pure commercial use. The plot ratio (4.2) suggests the possibility of major malls, which will provide better amenities. 

The main appeal, however, will be to landlords and residential property investors. With land space for residential developments now scarce, it could improve demand for existing developments. 

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