Punggol likely to have more private homes than other areas

Punggol likely to have more private homes than other areas

Source: The Straits Times

The fast-growing area of Punggol could end up with a greater proportion of private homes than in other parts of the country.

Private units average about 18 per cent of the housing mix across the country but one expert tips that it could go as high as 25 per cent in Punggol "as aspirations of people grow".

This would work out to about 24,000 private units given that Punggol is expected to host around 96,000 homes eventually. Currently there are also just over 100 landed completed homes in Punggol as of the second quarter, said the Urban Redevelopment Authority (URA).

But URA did not say how many more private homes will be added to the mix eventually.

But all the new homes could add stress to the infrastructure in the area, said Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy. "Higher than estimated number of residential homes means added stress on the transportation network," he noted, adding that the nearby expressways and the North-East MRT Line "are already pushing the max capacity during peak hours".

Still, consultants said the "waterfront living lifestyle" Punggol offers should prove a draw.

"This concept... coupled with newer and better designed flats in Punggol, might lead to higher cash over valuation (COV) being asked by sellers," Mr Lee said.

Another analyst added: "It's too early to say but the future generation might like living here... This estate will be much newer than say, Tampines."

Link to the story:

http://www.straitstimes.com/st/print/540841