Yes we know what they say about Yishun, that it’s full of crazy people, cat abusers and strange sightings. However, as someone who’s lived in the vicinity for pretty much all of his life, this perception about Yishun is greatly exaggerated! It’s actually a very vibrant and busy estate in the North of Singapore, and definitely worth a consideration if you’re looking to buy your first home.
Image credit: North Gaia
We’ve taken a deeper dive into the soon-to-be-launched executive condominium (EC), ,and detailed what you can expect in terms of nearby attractions, amenities, and its anticipated appreciation value. To help us, we’ve also consulted ERA property agent Wahida Ayub, to give us some market insight and her evaluation of the place!
Making a Return to Yishun
Right off the bat, the main draw of North Gaia that will certainly pique prospective homebuyers’ interest is that it is the first EC to be launched in Yishun in six years. This is quite remarkable, considering that there have been other developments around Yishun but these have mostly consisted of BTOs and the odd private condo here and there.
As such, pent-up demand for EC options in Yishun can be expected, Wahida shares, and North Gaia will be that shiny new toy that everyone wants.
Image adapted from: Google Maps
In terms of location, North Gaia will be situated at the intersection between Yishun Avenue 8 and 9, on a 231,575 sq ft parcel of land next to the existing condo Symphony Suites. It’s developed by Sing Holdings, the folks behind other prominent condominium developments such as Waterwoods, Robin Residences and The Laurels. The development will house a total of 616 units, comprising 518 3-bedder units, 84 4-bedder units and 14 5-bedder units.
Interestingly, over 95% of the units are tilted 22.5 degrees in a North-South orientation. Now, that doesn’t seem all that interesting, but it can actually affect its value, says Wahida. This is because homes which are North-South facing avoid the brunt of direct sun throughout the day (sunrise at East and sunset at West), and so your home stays relatively cool throughout.
As for key dates, it’s expected to launch sometime in the second week of April, and the balloting date will be two weeks or so after the launch date. It’s also scheduled to TOP in the first quarter of 2025.
Cheapest of Three Upcoming ECs in 2022
Another highlight of North Gaia is that it’s slated to be the cheapest of three ECs scheduled to launch in 2022. In terms of the land bid price, North Gaia fetched $576 psf per plot ratio (ppr), which is far cheaper than the $603 psf ppr for Tengah EC and $659 psf ppr for Tampines EC. Thus, it’s safe to assume that North Gaia will be the cheapest of the three ECs, which is good news especially if you’re on a tight budget.
While the exact cost of units won’t be available until two days prior to booking day, Wahida anticipates that the indicative price will be somewhere between $1,200 – $1,250 psf.
Anticipated Demand and Appreciation Value
North Gaia will be a very hot launch, and will definitely be able to appreciate quite modestly in terms of value. This is because of several factors:
1. Property market demand at near all-time highs
Right now in the property market, demand is far exceeding supply. This is because people have been turning to properties to park their spare cash, as a means of hedging against a very volatile stock market and high inflation rates.
Due to Covid, there’s also been a shortage in manpower in the building and construction industry, as well as global supply chain issues which affected the supply of raw materials. This has led to many delays in the completion of properties here in Singapore.
Condos tend to be completed faster than BTOs. As such, homebuyers are increasingly favouring ECs over BTOs. Apart from the facilities and features that residents can enjoy, some couples would want to move in as soon as possible to their new home, rather than wait for close to four to five years for their flat to be completed.
2. Popularity of ECs
Location aside, ECs are fairly popular and highly sought after by homebuyers. Think of them as a hybrid between HDB flats and private condos – you get to enjoy full condominium features such as a pool and gym, but cheaper than private developments. There are also CPF grants for ECs, which can help to offset some of the price.
Image adapted from: HDB
Based on historical data and market analysis, ECs have been well positioned to be great investment vehicles, states Wahida. This is because of their lower cost as compared to private condos, due to the availability of subsidies and their overall lower selling price.
As such, homebuyers’ lower entry price gives them more room for capital appreciation over time, and so there would be more potential for a modest profit. Of course, this is only after five years, which is the MOP period for ECs.
3. Future development of the North
Another key factor that will affect the appreciation value of North Gaia would be the development of the areas surrounding Yishun, such as the neighbouring Woodlands, Sembawang and Punggol.
Upcoming redevelopment plans to establish the Punggol Digital District and Woodlands Regional Centre are all part of transformation plans for the North, and you can be sure that this only spells good news for properties in the area.
Image credit: EDB Singapore
Within Yishun, North Gaia will also be next to the future Khatib Bongsu Nature Park, which will incorporate a nature trail running through the mangroves. You can also kayak through the mangrove forest and explore the flora and fauna there!
Image credit: URA
Yishun is a treasure trove of amenities, which are all fairly accessible. There are three main malls in Yishun – Northpoint City, Junction 9 and Wisteria Mall – and all of them feature many dining and retail options. Else, you can just as easily hop on a bus or MRT to the nearby estates of Sembawang and Woodlands, which have their own shopping malls as well.
If you’re a foodie, there are many dining options peppered all around Yishun, as well as several famous and noteworthy spots worth trying at least once. For example, the Yishun Park Hawker Centre is a favourite haunt for Yishunites, featuring both traditional hawker fare as well as new and innovative stalls serving modern takes on traditional dishes.
Image credit: Eatbook
As for activities to do, there are plenty of choices for you to pick. Fancy a bit of prawning or jumping around a trampoline park? There’s Orto nearby. Looking for some adrenaline-filled fun with high elements or even airsoft? There’s the HomeTeamNS next to Khatib MRT.
Image credit: ORTO
Or, if you prefer a more scenic walk to decompress after a tiring day, there’s the nearby Lower Seletar Reservoir Park, Yishun Dam and Rowers’ Bay, or the future Khatib Bongsu Nature Park.
North Gaia showflat and other information
If you’re interested to find out more, you can check out the North Gaia official website, and register with the developer to receive the latest site and floor plans, as well as get updates on key dates such as the official launch and ballot dates.
In the meantime, you can also check out our guide on purchasing ECs in Singapore, and find out all you need to know before heading down to the showflat.