In this week’s newsletter:
- Whether Jurong Lake District’s new White Site signals real progress toward Singapore’s second CBD.
- Why Grade A status alone may not be enough, and what the true milestone for office decentralisation looks like.
- Reader questions on The Landmark’s rental vs. sell dilemma post-TOP, and BTO eligibility for a retrenched second-timer.
A new White Site is being released in the Jurong Lake District (JLD), and developers will be reviewing the 3.7-hectare White Site at Town Hall Link. Under the Master Plan, the land zoning for a White Site designates it a mixed-use land parcel.
Instead of being zoned for just one type of building, such as a residential or commercial development, developers have some leeway to decide the mix of uses. This might comprise a mix of homes, offices, retail spaces, and/or hotels. In the land tender, URA will usually outline the broad urban development plan of the area and how this land parcel fits into that vision.
From what we know, the latest White Site in JLD site will accommodate a substantial mixed-use development featuring approximately 1,200 homes, an office component, and retail spaces.
This land parcel has sat in reserve for some time now, and was part of an earlier attempt by the government to help kickstart development of the JLD. The area around Jurong East MRT interchange has more established catchment of offices, private homes, and retail malls.
The Jurong Gateway Hub, an integrated transport hub, will further anchor the public transportation options in this area. Over time, the Jurong Region Line will intersect at Jurong East Interchange, and a new station – Jurong Lake District – will extend connectivity to the future Cross Island Line.
This is an ideal time for a developer (or more likely a consortium of developers) to capitalise on a first-mover advantage by building a landmark mixed-use project, supported by all these upcoming developments.
It’s all part of the government’s vision of transforming Jurong East into Singapore’s second CBD.
But despite the impressive push, and development successes so far, a recent conversation with a leading co-working operator highlights an important issue.
When we visited the co-working space of The Executive Centre at IOI Central Boulevard Towers, one interesting point of conversation came up. At the higher tiers of the office market, it’s no longer just the location – it’s also the quality of the building. And as anyone at the corporate level can probably tell you, there can be discrepancies between two Grade A buildings.
Yes, part of the difference is the type of supporting retail mix. But going beyond that, it’s about fully outfitted urban sky parks, end-of-trip facilities like showers and bike parking, and high-performance digital infrastructure, among others.
Even within the CBD, not all Grade A buildings offer the same level of these features, and once you’ve worked in a truly top-tier building for some time, the “premium” differences are very noticeable.
And this is where decentralisation, or a second CBD, still has some way to go.
It is true that now, Jurong, Tampines, and Punggol are no longer perceived as ulu or inconvenient locations, and they have office buildings that are categorised as Grade A. But there’s still a notable difference from, benchmark developments like IOI Central Boulevard Towers, Marina Bay Financial Centre, or Asia Square. These buildings aren’t just “good,” they’re statements; and that matters to the highest tier of tenants, like MNCs and where their C-suite executives work.
While the newer hubs have come far, we still haven’t seen the same level of quality outside the traditional CBD.
This might reflect on a useful milestone for decentralisation
When will the emerging regional commercial hubs have Grade A offices that match the CBD’s best? For some people a straightforward answer is “when there are tenants willing to pay enough to justify it.”
The question we ask ourselves is, would someone pay the same rent for a high-quality commercial space in Tampines or Punggol or Jurong, that they would in the CBD? Even if these locations are now as convenient, there’s still a real perception of prestige and psychological attachment to the CBD. Or as one reader once opined to me: if you want to be seen as a “serious” company, you ultimately must have a CBD office.
So perhaps a telling milestone in this office decentralisation plan will be this: the day we see Grade A offices and rents match the traditional CBD, that may be the tipping point where true decentralisation has arrived. For now, despite the advances we’ve seen, it’s still a work in progress.
Questions of the week
Here are some questions that readers wrote in with this week:
Question 1:
We are a young couple in our thirties who sold our BTO back in 2023 and bought a one bedder at The Landmark for investment purposes.
Now that it has just TOP, we are thinking if we should hold the property for rental or sell it off? Since the government has just announced the Pearl’s Hill BTO project, how will the property market be like for the area in the short / long term?
The Landmark is a 396-unit condo on Chin Swee Road in Outram, a neighbourhood on the fringe of the Core Central Region, and the unit mix at the project has a strong focus on smaller unit types.
These types of units tend to perform well in terms of rental demand and as investment properties, and The Landmark benefits from a steady pool of tenant demand due to its proximity to nearby offices in the CBD. However, resale gains – as well as the ease of sale on the secondary market – tends to be relatively worse off than most family-sized units such as three-bedders or larger units.
So the decision comes down to intent. If you’re looking for steady rental income or a better gross rental yield, The Landmark might function well as an income-generating asset. If, however, you’re aiming to reinvest elsewhere, selling may have to be the way to go.
The recently announced Pearl’s Hill BTO is unlikely to have much direct impact on the private market for now. HDB properties operate in a rather different segment, so they don’t compete directly with condo one-bedders. This also applies to tenants since, in my experience, the types of tenants who rent flats versus condos tend to be in very different income brackets.
Being close to a HDB enclave could bring long term benefits. Over the coming years, as the area around Pearl’s Hill develops, this can help to raise demand for housing, and future HDB upgraders might cast about for nearby condos. This could be beneficial for owners at The Landmark.
Do consider writing in with more details if you have the time, as we can then examine the performance of The Landmark and see if it better suits your financial goals.
Question 2:
I read an article on rare BTOs published by your company and would like to find out more on eligibility. Can current flat owners purchase these rare BTOs?
I currently own a home at Bidadari Park Drive and am looking to purchase a new BTO for the second time. I am living in a 2-room Flexi flat bought from a Sale of Balance exercise, and the flat is fully paid up with no outstanding loan.
However, I am currently not working as I was retrenched late last year, and I am still trying to find a job. I would like to sell my flat and buy a cheaper BTO, especially as I will be turning 53 this year. Is this possible?
By rare BTO flats, I will assume you are referring to the Plus and Prime BTO launches. I will also assume you are purchasing the flat as a single. The good news is that since the October 2024 sales exercise, singles have had access to 2-room BTO flats in all locations, including Plus, and Prime areas (but only the 2-room flats).
However, do keep in mind that Plus and Prime flats are pricier than standard flats, and this could be a constraint depending on the sale proceeds from your previous flat. You might also want to brace for the difficulties of balloting, as Plus and Prime flats tend to be in extremely high demand; as a second-time home owner, you’ll have a slimmer chance of securing these units.
As for your question about owning two HDB flats, note that you cannot own two HDB flats at the same time. A Singapore citizen can typically purchase two subsidised flats in their lifetime; but they can’t be holding both simultaneously.
There is also a logistical challenge here, if you were to sell your current flat to buy a BTO flat. One of these is interim housing: assuming you sell your flat, and manage to secure another BTO flat, you’ll still need a place to stay while your new home is being built. This could add quite a bit to your costs, if rental is involved.
Lastly, because you previously bought a subsidised flat from HDB, you will be treated as a second-timer for another subsidised flat purchase. This will involve resale levies, which should add to your calculations.
In short, it is possible; but it may be challenging due to the logistics, the risks in balloting, and the higher prices of Plus or Prime flats.
Meanwhile in other property news…
- Co-working spaces have gone way past the days of renting a desk, and trying to have a Zoom meeting while three start-up founders yap to VC firms within earshot. Check out why premium co-working is fast becoming a choice for MNCs in Singapore.
- Malaysia, My Second Home (MM2H) is a programme that’s becoming increasingly relevant, as more Singaporeans look across the causeway. Check out the latest insights on what this means, whether you’re an investor or planning to live there.
- A major hotel in Punggol?! Here’s how that idea went from “ridiculous” to “It was just a matter of time.”
- It sure is tough being a new launch condo right next door to an equally new, subsidised Executive Condominium (EC). But join our Stacked Pro readers in seeing how Pinery Residences’ prices can make sense anyway.
Follow us on Stacked for news and deep dives into Singapore’s property industry.
Weekly Sales Roundup (09 – 15 March)
Top 5 Most Expensive New Sales (By Project)
| PROJECT NAME | PRICE (S$) | AREA (SQFT) | $PSF | TENURE |
|---|---|---|---|---|
| RIVER MODERN | $5,407,000 | 1464 | $3,694 | 99 yrs |
| WATTEN HOUSE | $4,799,000 | 1539 | $3,118 | FH |
| ZYON GRAND | $4,543,000 | 1421 | $3,197 | 99 yrs (2024) |
| PINETREE HILL | $4,382,000 | 1733 | $2,529 | 99 yrs |
| THE CONTINUUM | $4,150,000 | 1464 | $2,835 | FH |
Top 5 Cheapest New Sales (By Project)
| PROJECT NAME | PRICE (S$) | AREA (SQFT) | $PSF | TENURE |
|---|---|---|---|---|
| NEWPORT RESIDENCE | $1,359,000 | 431 | $3,156 | FH |
| RIVER GREEN | $1,389,020 | 420 | $3,309 | 99 yrs (2024) |
| THE CONTINUUM | $1,428,000 | 560 | $2,551 | FH |
| ZYON GRAND | $1,450,000 | 474 | $3,062 | 99 yrs (2024) |
| PROMENADE PEAK | $1,455,000 | 527 | $2,759 | 99 yrs (2024) |
Top 5 Most Expensive Resale
| PROJECT NAME | PRICE (S$) | AREA (SQFT) | $PSF | TENURE |
|---|---|---|---|---|
| THE CLAYMORE | $11,200,000 | 3348 | $3,346 | FH |
| CITYVISTA RESIDENCES | $6,000,000 | 2788 | $2,152 | FH |
| TANGLIN PARK | $4,850,000 | 1981 | $2,449 | FH |
| SANCTUARY GREEN | $4,330,000 | 3940 | $1,099 | 99 yrs (1997) |
| AMBER POINT | $3,780,000 | 1668 | $2,266 | FH |
Top 5 Cheapest Resale
| PROJECT NAME | PRICE (S$) | AREA (SQFT) | $PSF | TENURE |
|---|---|---|---|---|
| PARC IMPERIAL | $760,000 | 452 | $1,681 | FH |
| ALEXIS | $795,000 | 409 | $1,944 | FH |
| ECO | $805,000 | 549 | $1,466 | 99 yrs (2012) |
| PARC BOTANIA | $830,000 | 506 | $1,641 | 99 yrs (2016) |
| 8 BASSEIN | $850,000 | 452 | $1,880 | FH |
Top 5 Biggest Winners
| PROJECT NAME | PURCHASE PRICE (S$) | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
|---|---|---|---|---|---|
| THE CLAYMORE | $11,200,000 | 3,348 | $3346.00 | $2,250,000 | 13.9y |
| ARDMORE PARK | $3,475,000 | 1,765 | $1969.00 | $2,085,000 | 18.4y |
| BEVERLY HILL | $3,220,000 | 1,604 | $2008.00 | $2,070,000 | 17.0y |
| YONG AN PARK | $2,980,000 | 1,421 | $2097.00 | $1,980,000 | 30.1y |
| Regency Park | $3,78,000 | 1,668 | $2266.00 | $1,880,000 | 16.2y |
Top 5 Biggest Losers
| PROJECT NAME | PURCHASE PRICE (S$) | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
|---|---|---|---|---|---|
| THE COAST AT SENTOSA COVE | $3,080,000 | 2,024 | $1626.00 | -$592,000 | 19.2y |
| ALTEZ | $1,500,000 | 861 | $1742.00 | -$516,000 | 13.9y |
| DRAYCOTT EIGHT | $3,000,000 | 1,798 | $1669.00 | -$350,000 | 14.6y |
| 8 BASSEIN | $850,000 | 462 | $1880.00 | -$56,000 | 13.8y |
| THE FLORENCE RESIDENCES | $1,208,000 | 624 | $1935.00 | -$45,000 | 3.8y |
Top 5 Biggest Winners (ROI%)
| PROJECT NAME | PURCHASE PRICE (S$) | AREA (SQFT) | $PSF | % RETURN | HOLDING PERIOD |
|---|---|---|---|---|---|
| THE SPRINGBLOOM | $2,250,000 | 1,442 | $1560.00 | 263.8% | 27.2y |
| LE HILL CONDOMINIUM | $2,205,000 | 1,464 | $1506.00 | 209.7% | 27.3y |
| THE TRUMPS | $1,830,000 | 980 | $1868.00 | 205.0% | 20.4y |
| KIM SIA COURT | $2,980,000 | 1,421 | $2097.00 | 198.0% | 30.1y |
| VARSITY PARK CONDOMINIUM | $2,130,000 | 1,313 | $1622.00 | 185.9% | 18.9y |
Top 5 Biggest Losers (ROI%)
| PROJECT NAME | PURCHASE PRICE (S$) | AREA (SQFT) | $PSF | % RETURN | HOLDING PERIOD |
|---|---|---|---|---|---|
| ALTEZ | $1,500,000 | 861 | $1742.00 | -25.6% | 13.9y |
| THE COAST AT SENTOSA COVE | $3,088,000 | 2,024 | $1506.00 | -16.1% | 19.2y |
| DRAYCOTT EIGHT | $3,000,000 | 1,798 | $1669.00 | -10.4% | 14.6y |
| 8 BASSEIN | $850,000 | 452 | $1880.00 | -6.2% | 13.8y |
| THE FLORENCE RESIDENCES | $1,208,000 | 624 | $1935.00 | -3.6% | 3.8y |
Transaction Breakdown
At Stacked, we like to look beyond the headlines and surface-level numbers, and focus on how things play out in the real world.
If you’d like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.
And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com — we read every message.
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