Commentary: Suburban private housing is getting more attractive in the era of hybrid work
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Commentary: Suburban private housing is getting more bonny in the era of hybrid work
The swell work-from-home experiment has whet Singaporeans' ambition for larger condominiums, says OrangeTee & Tie'south Christine Sun.
File photograph of apartment buildings in Singapore. (Photograph: AFP/Roslan Rahman)
05 Sep 2022 06:00AM (Updated: 06 Oct 2022 08:21AM)
SINGAPORE: The closure of physical offices to protect workers from the coronavirus has led employees to rethink how they work. Information technology appears to accept gotten buyers to also reconsider how they want to live.
Buyers in Singapore accept been snapping up larger homes during the pandemic, both in the public and private housing market place.
Sales of new individual homes rose 82.2 per cent in July, the second-highest month of sales then far in 2021, with almost in the Outside Central Region (OCR).
Recently announced delays to HDB Build-to-Order flats may have the outcome of tipping buyers at the income cutting-off margins towards private housing.
Workplaces have gradually opened up since Aug 19, after the easing of measures immune up to 50 per cent of the workforce to render, with companies moving towards a flexible working model across corporate offices and homes.
But work from home arrangements look set to remain at the core of the future of work, and many Singapore workers are learning from their prolonged remote work experience.
People are now more acutely enlightened of their preference for bigger living spaces to gear up dedicated workspaces or makeshift home offices segregated from personal spaces and may seek out more convenient civilities inside their residences and neighbourhoods.
SURGE IN Demand, Ascension PRICES FOR Big CONDOMINIUMS
Current sales of large units are at virtually a x yr high.
According to URA Realis information, sales of big condominiums of at least 1,200 sq ft rose past 205.5 per cent from 1,419 units (including subsales) in the first half of 2022 to iv,335 units in the start half of 2021.
This , surpassed the ii,056 units transacted in the same period in 2022 just earlier the pandemic and the three,786 units sold in the aforementioned menstruum in 2022 before the Government slapped on cooling measures.
Comparatively, sales of smaller units below 1,200 sq ft increased by a smaller magnitude of 116.three per cent from 4,627 units in the first one-half of 2022 to ten,007 units in the showtime half of 2021.
Need for large units also rose across all market segments.
Sales of large condominiums of at least 1,200 sq ft in the OCR surged by more than four times from 211 units in the second quarter of 2022 to ane,007 units in the same period this twelvemonth. Like sales in the Residuum of Central Region (RCR) surged by v times to 650 units, and Core Key Region (CCR) climbed nearly six times to 616 units over the same period.
Compare this to the more modest increases in smaller units in the same period in the OCR (2.four times to 2,149 units, in the RCR (2.4 times to 1,658 units) and in the CCR (more than iii.v times to 1,039 units).
Prices of big condominiums rose the steepest, with some acute buyers seizing the opportunity to buy bigger homes in anticipation of prices rise further in the time to come.
Over the final seven years, the median price of big resale condominiums larger than 1,200 sqft rose between xiv.9 and 21.ii per cent from H1 2022 to H1 2021, a stark divergence from smaller units below 800 sqft which saw a 2 to 9.2 per cent decrease.
SHIFTING FROM THE City CENTRE
More buyers have their eye on suburban areas, where bigger homes may come with a more affordable toll tag in the resale market. About 50 per cent of non-landed resale transactions in the first half of 2022 were in the OCR, up from 45.ix per cent in 2022 and 41.7 per cent in 2017.
Amidst the summit 10 resale condominium hotspots in the start half of 2021, more than than one-half were in the suburban regions.
District 19 (Hougang, Punggol, Serangoon Gardens) claimed the top spot, with District 23 (Hillview, Dairy Subcontract, Bukit Panjang, Choa Chu Kang) in 4th place, followed past Commune 18 (Tampines, Pasir Ris) in fifth, District fourteen (Geylang, Eunos) in seventh and District xvi (Bedok, Upper East Declension, Eastwood, Kew Drive) in eighth.
These rankings were vastly different from seven years ago when prime locations like Districts 9, 10 and eleven were in the top x, with Commune 10 in the elevation spot and District nine in third place.
This meaning shift in need for resale homes from prime locations to the suburban and city fringe areas over the years will likely come into sharper focus equally employees navigate hybrid working arrangements.
INCREASING Bewitchery OF SUBURBAN LIVING
Perhaps people practise not listen staying further abroad from the city centre where their offices used to be.
Neighbourhood amenities and satellite offices in the suburban areas may suffice, later on the Government plans to transform specific not-matures estates and make them more liveable. This may explicate why more buyers are attracted and willing to fork out more than for homes in Punggol or Pasir Ris.
Three major economic gateways are beingness built in the north-eastern, eastern and western parts of Singapore. In the northward-eastern region, the extensive masterplan to turn Punggol into the next Digital District played a pivotal office in propping up flat prices in Punggol and Sengkang despite the growing supply of flats in these estates.
Under the URA masterplan, the Singapore Institute of Technology campus and JTC's Concern Park spaces volition create the country's start smart district to house key growth industries for the digital economy. A new university campus, market place village, heritage trail, offices, logistic hub and amenities will exist established over the side by side few years.
In the eastern region, employment hubs are expected to expand farther in Changi, Tampines North and Pasir Ris. New communities, housing, recreational spaces, civilities and stations along an expanded runway network volition exist added in the coming years.
More enhancement works are also expected in the west. Together with Jurong Lake District, touted to exist the adjacent Key Business organisation District, the west will be seeing extensive evolution plans in the next ten years.
Woodlands, Yishun and Hougang have also gained popularity due to new development plans launched in the northern and north-eastern regions.
LIVING AND WORKING WITH ENDEMIC COVID-nineteen
Singapore has started cartoon a road map towards living and working with COVID-19 in an endemic country since June 2021.
The trends of larger, suburban housing seem to reflect Singaporeans' expectations that some class of remote work volition continue for many.
It may even become a longer-term norm for those in sectors like banking, finance, accounting, or data and technology where technological advancement has eased the transition with minimum disruption.
This group of professional person workers with ameliorate job stability and purchasing power may keep to drive demand and prices, and keep Singapore'southward residential property market in good health.
Christine Dominicus is Senior Vice President of Inquiry & Analytics at OrangeTee & Necktie Pte Ltd.
Listen to PropNex Realty CEO Ismail Gafoor and NUS Professor of Real Estate Sing Tien Foo share their outlook for the housing market beyond 2020:
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Source: https://cnalifestyle.channelnewsasia.com/commentary/suburban-private-condominiums-housing-hybrid-work-office-282791
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