Serangoon: A Private Enclave That Expected to See Resilient Demand

Today, we're diving into Serangoon—one of Singapore's largest private residential enclaves. According to the Urban Redevelopment Authority (URA), Serangoon ranks fourth among Singapore’s planning areas with the highest number of private homes, both landed and non-landed. Currently, Serangoon is home to 10,655 units of non-landed homes and 10,711 landed properties, making up approximately 5% of Singapore's private housing stock. Additionally, as of Q3 2024, Serangoon has an estimated HDB resident population of 68,800 living in 21,634 flats (based on March 2018 figures).

A Transformation Through the Decades

From the post-World War II era through the 1960s, Serangoon was a patchwork of kampungs, villages, rubber plantations, and farmland. The area took on a new vibrancy with the opening of the NEX shopping mall, integrated with a bus interchange and the Serangoon MRT Circle Line station, in 2010. According to Mall Analytics by DataSense by PropertyGuru, NEX’s shopper base now extends to residents from as far as Sengkang and Punggol (Figure 1).

Figure 1: Nex mobility patterns

Rising Affluence and Property Demand

Property seekers in Serangoon are increasingly affluent, as we observed that the median listing prices that property seekers have clicked on are climbing steadily since 2021, from just under S$1.5 million to S$1.84 million in September 2024 according to DataSense by PropertyGuru (Figure 2). Popular property sizes for non-landed private homes in Serangoon range from 751 to 1,000 square feet, followed by 1,001 to 1,250 square feet—ideal for young families who appreciate the area’s rich amenities

Figure 2: Demand Index for Private Residential Homes in District 19

What’s Driving Demand in Serangoon?

Two key demographic groups are fueling the demand for private residential homes in Serangoon:

• ‍Older Residents with Established Wealth: Based on the Department of Statistics’ Population Trends 2024, Serangoon ranks third among planning areas with the most residents aged 60 and above living in private homes (estimated 28,730 seniors). Many of these group of residents are either right-sizing or financially supporting their children to live nearby for mutual support.
• Young Professionals and Families Looking to Upgrade: Mobility data from NEX suggests significant interest from HDB residents aged 25-39 in nearby areas like Sengkang (94,590 residents), Hougang (62,430 residents), and Punggol (72,750 residents). This younger demographic is exploring upgrades to private homes in Serangoon, seeking both quality living spaces and accessibility.

Upcoming Developments: Chuan Park and More

Chuan Park is set to be one of the most highly anticipated launches in the area, offering 916 units with 2- to 5-bedroom layouts to cater to various demographics. The developer recently reported a turnout of around 5,000 visitors on the first day of preview, underscoring the high demand. Chuan Park has also garnered impressive online interest, ranking among the most-viewed projects on PropertyGuru.

The next project in the vicinity- the Government Land Sales site at Chuan Grove- would not be available so soon, as the Government will only launch the site for bidding in December 2024.  Compared to the Government Land Sales site at Chuang Grove, Chuan Park offers more landscaping due to its larger size and boasts closer proximity to the Lorong Chuan MRT station.

In November 2024, Chuan Park will be one of the six launches. Using data, we try to understand upcoming launches' economics and market dynamics in the coming weeks. Stay tuned.

Discover Serangoon’s Potential With DataSense

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