The Outside Central Region (OCR) is considered the suburbs of Singapore and comprises the East planning region, North East planning region, North planning region and West planning region. This includes the densely populated neighbourhoods of Punggol, Woodlands and Jurong, where a wide variety of mass market condominiums are located together with, in recent years, an increasing number of executive condominiums (ECs). As buyers are more price sensitive and look for suburban properties, The Terrace EC provide a good avenue for the residents.
Due to the cumulative effects of the cooling measures and TDSR where liquidity is restricted, buyers for The Terrace EC have become increasingly quantum sensitive, which in turn, has benefitted smaller-sized units and projects in outlying regions, where the overall quantum is more affordable compared to the central region.
Suburban Properties The Terrace EC
Sharing similar sentiments, Eugene Lim, Key Executive Officer and Head of Research, ERA Singapore said, “OCR homes such as The Terrace EC are becoming more attractive to buyers due to the lower price quantum. With loan curbs, buyers continue to be limited by the amount of debt they can take, as such, properties priced between $800,000 to $1.2 million are the best sellers, followed by homes up to the $1.6 million range.”
Apart from the lower price quantum, properties in the OCR are also increasingly becoming more attractive due to the government’s decentralisation strategy to sustain Singapore’s growth by developing regional centres at various parts of the island including the West and North regions for The Terrace EC.
The Terrace EC Near Punggol location more Attractive
In the West, new commercial hubs like Jurong Gateway are being developed outside the city centre to provide more choices of attractive business locations and bring jobs closer to homes. When complete, the 360ha Jurong Lake District (pictured) will feature two distinct but complementary precincts – Jurong Gateway and Lakeside. The former, which is set to be the commercial hub of the West, will comprise high-rise offices, condominium developments, as well as a slew of entertainment options, while the latter is being developed as a destination for young families, with tourist attractions and parks complemented by water activities. Here are some of the developments that are underway.
Location of The Terrace EC
Located around the Jurong East MRT station, the new 70ha Jurong Gateway, which is slated to develop between 2013 to 2025, is fast shaping up to be a vibrant commercial hub. Within just a few years, many new developments have sprouted up in the area including Westgate (an integrated retail and office development comprising a seven-storey lifestyle and family shopping mall, and a 20-storey office tower known as Westgate Tower), Jem (the first lifestyle hub in western Singapore with integration of shopping, entertainment and residence at the same location), Devan Nair Institute (a continuing educational & training institute) and JCube (a shopping mall housing Singapore’s first Olympic-sized ice rink and first IMAX theatre in the suburbs).
That said, Jurong Gateway is far from done. The district will be welcoming a couple more new developments within the next few years. Upcoming launches of a hospital (Ng Teng Fong General Hospital and Jurong Community Hospital by 2015), more shopping malls (Big Box Warehouse Retail Outlet – Singapore’s largest warehouse retail mall), a hotel by Genting Group, and new injection of offices look set to cement Jurong Gateway’s position as the biggest and most vibrant commercial hub outside of the city.