The Lure of Government Condos in the Vicinity of Punggol – Singapore’s Bustling Waterfront City

My to start with stop by towards the Lake District through my continue to be while in the United kingdom was a unforgettable a person. I bear in mind sipping a cup of coffee in my minor apartment that ignored the lake and remaining enthralled through the rustic charms of nature that unfold just before my pretty eyes. What followed subsequent was a tinge of despondence, for your lush greeneries and waters were being something which I couldn’t get in my beloved house nation, New launch condo Singapore.

Now, fast-forward 5 decades, and you could envision my exhilaration in the event the Singapore federal government introduced the rejuvenation of Punggol because the Waterfront City of the 21st Century.

Punggol given that the Waterfront City from the twenty first Century

Historically a fishing village as well as a sleepy estate in latest decades, Punggol is at this time having fun with a radical transformation into an remarkable waterfront town.

In the heart of its improvement is a 4.two km prolonged waterway that embodies 3 critical structure features: Inexperienced, Water and other people. This spectacular stretch of waterway comprises a large assortment of routines and services – from recreational to educational – all connected jointly via the natural landscape of waters and luxurious greeneries. It can be no wonder why Key Minister Lee Hsien Loong described the waterway as a “green lung from the center of our tight city”.

Make no blunder, Punggol is just not all almost undulating landscaped hills and blue waters. By 2015, there’ll be considered a new commercial hub and city plaza positioned suitable for the MRT station, as well as town is poised to be as major as Ang Mo Kio (an immensely popular experienced estate in Singapore).

I strongly think that they are valid explanations to generate an early expenditure in Punggol when the opportunity remains to be there.

The Lure of Government Condos

I hear you check with – will be the prospect to take a position even now there? Sure, and it lies while in the Govt Condominiums, fondly often called ‘ECs’.

ECs are part of general public housing in Singapore but thoroughly created and marketed by private developers. It is a governing administration initiative that caters to homebuyers who will be ineligible for the more cost-effective HDB flats but can’t afford prices of private house.

For a outcome, ECs are normally offered at a substantially lessen quantum (generally priced 20-25% decrease) compared to a non-public condo with similar facilities, for this reason generating the former far more affordable.

Moreover, fascinated EC 1st time consumers who’re suitable to the governing administration housing grants (CPF grant) can take pleasure in a subsidy of nearly SGD $30,000. This can be dependent on the put together month-to-month money in the customers. There may be also no resale levy for 2nd time potential buyers. To be familiar with more about the eligibility, please seek advice from the Housing Progress Board’s EC Eligibility.

Quite possibly the most critical thought for buying ECs would be its strong probable for cash appreciation. By doing a trend analysis, the values of ECs have risen noticeably over the years because its introduction in to the housing market place. Park Inexperienced, released in Apr 03 at $324 psf is currently fetching $746 psf, a handsome expenditure for most. Bishan Loft, released in 2001 at $421 psf, can now fetch earlier mentioned $1000 psf. This interprets to far more than a 100% cash appreciation.

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