The Executive Condominium (EC) in Sumang Walk has recently attracted 17 bidders, with the top bid being a joint venture between CDL Constellation and TID Residential. With that bid amount at $509.37 million, Sumang Walk’s perceived value is obviously sky high – but what exactly is contributing to it?
Why Sumang Walk will be a likely hit with home buyers
To understand why Sumang Walk will be highly sought after, we must first understand the EC market.
The Demand for ECs
ECs have often been eagerly snatched up by Singaporeans thanks to their subsidization by the government. ECs can also be paid for using CPF, and are considered to be ‘subsidised private housing’ since they become privatised after ten years.
In 2012, demand for ECs got so high that the price tag for the most expensive EC climbed all the way to a lucrative $2.05 million, which was bought by a ‘middle class’ family.
Even now, while the income ceiling for ECs is capped at $14,000, the demand has yet to die down. In 2016, ECs sold more units in 7 months than in the whole of 2015.
Now that you understand the demand for ECs, consider the factor that Sumang Walk EC is the only EC that is going to be released to the public in 2019. Despite Punggol being a place known for affordable housing, it is likely that Sumang Walk will be on the pricier side. In fact, there seems to be an estimation that EC prices will rise by more than 20 per cent upon the completion of the project.
Sumang Walk will create 820 housing units, which means the likely breakeven point would be for $1,000 per square feet.
Development of the Punggol Digital District
There’s another reason that Sumang Walk is attracting such buzz. Singapore has been improving ulu estates for some time now, as can be seen in places such as Jurong West and Canberra. Punggol is also no stranger to this.
The government has plans to redevelop Punggol into a mixed-use district. Many commercial stores, residential flats, and business parks will share this neighbourhood, alongside the new Singapore Institute of Technology (SIT). This area will thus be known as the new Digital District.
There will also be a new hawker centre, community club, and childcare centre coming up in Punggol.
What else is there in Punggol?
Although the Digital District will be a big feature for Punggol, the estate is already renowned for being a waterfront neighbourhood. Of all the picturesque parks in Singapore, few manage to match the splendour of Punggol Waterway Park.
The park is divided into four different themes: Nature Cove, Recreation Zone, Heritage Zone, and Green Gallery. Each has its own flavour and flair to it; Recreation Zone, for example, is filled with activities for families to do, and also has a fitness corner suitable for all ages.
Fitness enthusiasts will have a great time jogging or cycling along the well-maintained tracks along the promenade, surrounded by greenery on all sides. The park is also a haven for birdwatchers and nature enthusiasts, with many different species of birds and insects claiming it as their home.
Coney Island Park
Even though it was open in 2015, Coney Island Park has seen virtually no development since that time. The park is one of the few places in Singapore that can be considered ‘untouched by man’ and is home to various species of animals and plants, including some that can no longer be found in the mainlands.
Visitors may want to note that Coney Island does not have any refreshment stands. As such, it is advisable to bring plenty of water and insect repellent. The only toilet on the island is located at the eastern end and is run by solar power. In an effort to make everything environmentally friendly, rainwater is used for flushing and hand-washing.
There are only two ways to get to Coney Island, and the most popular way is through the West entrance. The East entrance can also be accessed through Pasir Ris. However, it’s through the farmlands, which is known to be so inaccessible that most taxi drivers won’t pick you up.
After you’ve had your fun, you can head to Punggol Settlement to try some of the famous Sembawang White Bee Hoon. Be warned, however, that queues there can get really long.
If you’ve decided that you want to revel in the union of a digital hub and a waterfront neighbourhood, there are indeed fewer places as attractive as Sumang Walk.
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