Is The Florence Residences A Good Buy ?
Upside Potential, Capital Appreciaition
A Future Where You Can Work, Live And Play. Major Key Transformations around Hougang :-
1. Defu Industrial Park
2. Lor Halus Industrial Park
3. Paya Lebar Air base (PLAB)
4. Changi Region
5. Seletar Aerospace Park
6. Punggol Digital District (PDD) & SIT
7. Cross Island Line (CRL)
URA Master Plans Benefit Future Residents of The Florence Residences
New industrial hubs and business parks
Singapore Government is currently rejuvenating existing industrial estates as part of its long-term objective to increase land productivity while maintaining a pro-business environment. These industrial estates are strategically located close to residential estates, public transport nodes and amenities to support the industry’s higher employment base. At the same time, more industrial hubs will be added to cater to the needs of high-value industrial activities, as well as to create a wide variety of jobs and opportunities that meets the needs and aspirations of the residents living nearby. Each hub will have a different economic focus.
1.Defu Industrial Estate
The Government has earmarked Defu Industrial Estate for rejuvenation as part of HDB’s ongoing Industrial Redevelopment Programme (IRP). Under the Defu Master Plan, the area will be renamed Defu Industrial Park, and will be envisioned as “A Green and Sustainable Industrial Park of Tomorrow”. Over the next 15 to 20 years, the estate will be revitalised into a modern industrial park, complete with landscaped greenery and environmentally sustainable features. Current factories in this industrial estate will eventually be replaced with new and modern industrial complexes such as Defu Industrial City, a 7-storey complex developed to support a wide variety of trades from manufacturing to warehousing. Within the complex, green spaces will be incorporated to create a conducive environment for businesses to thrive and users to enjoy.
The new industrial park will eventually house 3 key zones. The northern and central zones will be safeguarded for strategic industries such as logistics, precision engineering, infocommunications and media, electronics, clean energy and biomedical. The southern zone will be set aside for new modern industrial complexes to house the existing factories in Defu Industrial Estate. The existing food-related companies will be re-located to Bedok Food City. When fully redeveloped, the total amount of factory floor space of the new Defu Industrial Park will be increased five-fold to 2.1 million sqm of industrial space, which will help meet Singapore’s future industrial needs.
Defu Industrial Park is just 1 MRT stop away from Hougang MRT Station where the future MRT Cross Island Line passes through, or a short 5 -minute drive from The Florence Residences. Seated right next to Defu Industrial Park is Paya Lebar Air Base.
2. Paya Lebar Air Base (PLAB)
Next Generation Neighbourhood – Exciting New Ways To Live, Work, Play and Move
With the relocation of Paya Lebar Air Base from 2030s onwards, the airbase and its surrounding industrial developments can progressively be transformed into a highly liveable and sustainable new town. URA had solicited ideas from the public on how the PLAB site and its neighbouring industrial estates could be developed into a new town primed to meet the needs of the future, while at the same time, builds on its unique aviation history. Its massive land area is equivalent to 5 Toa Payoh towns.
3.Lorong Halus Industrial Park
The Lorong Halus Industrial Park, which is over 100 ha in size, will be Singapore’s first industrial park built on a former landfill. It is envisioned to be a next-generation industrial park that will incorporate topographic features of the existing landfill. The land parcels fronting Sungei Serangoon will incorporate greenery along an activity-filled riverfront and will be integrated with supporting recreational amenities and spaces for the public. Catering to light and clean industries such as food, lifestyle and logistics, Lorong Halus Industrial Park will be developed to become a major employment centre and provide more jobs closer to homes in the North-East region.
4. Changi Region – Changi City and Changi Aviation Park
A Vibrant Live-Work-Play-Learn Ecosystem Around the Airport
Changi Region is set to be a vibrant and thriving economic hub, hosting industries that maximise synergies with Changi Airport. With the Tanah Merah Ferry Terminal at the doorstep of the future Terminal 5, there is potential for seamless “fly-ferry” linkages as well as a Changi City waterfront district in the longer term offering exciting new recreational and tourism possibilities. Sharing similar location with Tanah Merah Ferry Terminal, Changi East Urban District could house new offices, smart work centres, flexible conference rooms and halls, hotels and serviced apartments, set amidst lushly landscaped public spaces. Capitalizing on Singapore University of Technology and Design (SUTD) and Changi Business Park (CBP), an innovative ecosystem with a live-in community would attract institutions and businesses dealt with freight transportation/aviation-related research and development, including robotics technology and artificial intelligence. Over at Changi Aviation Park, the current air cargo cluster can be enlargeed with the development of Changi East Industrial Zone, to cater to new aviation-related industries and businesses that depend on air connectivity to the world.
Changi Region is much more than just an employment node. It can have an assorted array of tourism and recreation attractions. From the rich, rustic heritage of Changi Point to the world-famous entertainment and lifestyle options within Jewel Changi Airport, a diverse range of unique leisure attractions will be connected by the Round Island Route and cycling network. Looking forward, a waterfront district could be developed to offer exciting new recreational and tourism possibilities.
5. Seletar Aerospace Park
The 320 ha Seletar Aerospace Park is a major integrated hub developed by JTC Corporation (JTC). About half the land in the Park is used by the Seletar Airport while the remainder is used for the aerospace industry. Phases 1 and 2 of the Park’s development have been completed, and Phase 3 of its development is underway. When fully completed, Seletar Aerospace Park will create up to 10,000 jobs and generate highly skilled employment opportunities.
6. Punggol Digital District (PDD)
The Next Generation Smart & Integrated District
Punggol Digital District (PDD) brings together the Singapore Institute of Technology (SIT)’s campus and JTC’s Business Park spaces within Punggol North to create Singapore’s first truly smart district. PDD will not just house the key growth industries of the digital economy like cybersecurity and digital technology, but will also be an inclusive and green lifestyle destination for the surrounding community.
A Smart District
As Singapore takes steps towards being a Smart Nation, PDD will be the showcase of how integrated master planning and technology can help create a more liveable and sustainable environment for the community at a local district level, and foster a thriving business and lifestyle ecosystem that attracts talent and enables innovation.
Singapore’s first university in the north-east
The new campus of the Singapore Institute of Technology (SIT), to be ready by 2023 in the heart of the Punggol Digital District, will be integrated with industry and the community in the north-east region of Singapore. SIT an industry-focused university of applied learning with close ties to the community. When completed, the future 91,000 sq m campus, on two plots of land about the size of 17 football fields will consolidate SIT’s operations, and will be able to accommodate 12,000 students. This is nearly twice the combined capacity of SIT’s current distributed campuses in the five polytechnics and Dover Road currently.
The full-fledged university will be co-located with JTC Corporation’s business park buildings in the Punggol Digital District, enabling students, faculty and industry professionals to collaborate on projects. At steady state, SIT will have an annual intake of over 3,000 undergraduates. Today, as an autonomous university, SIT runs 42 degree-programmes and awards degrees in its own name. Its enrolment has grown from 500 students in 2010 to 8,000 now.
7.Cross Island Line
The Cross Island Line (CRL) will be our longest fully underground line at more than 50 kilometres long. It will serve existing and future developments in the eastern, western, and north-eastern corridors, connecting major hubs such as Jurong Lake District, Punggol Digital District and Changi region. This will serve residential and industrial areas such as Loyang, Tampines, Pasir Ris, Defu, Hougang, Serangoon North and Ang Mo Kio. More than 100,000 households will benefit from CRL, and common recreational spaces such as Changi Beach Park and Bishan-Ang Mo Kio Park will also become accessible by public transport. With the enhanced connectivity, commuters may save up to seventy percent on travelling time especially when travelling from Serangoon to Loyang industrial areas.
Benefits and Impact on The Florence Residences’ Prices and Rentals
Location is one of the main criteria households consider when buying a property or deciding where to live, since it determines accessibility to better amenities, infrastructure, public transport hubs and employment nodes. Access to employment is one of the most valuable amenities offered by towns that could determine housing prices and rental. Potential property drivers may also comprise development of public transport facilities such as the CRL; new industrial complexes; construction of retail malls or green spaces; and proximity to schools, universities, clinics, and restaurants, etc. Owning a property in an area with such future development plans almost guarantees property owners massive capital appreciation in the future.
Bringing Jobs to Every Town
With the development of all these districts and industrial estates, residents from all the towns like Hougang in the North-East will now have more choices to jobs near homes. Besides having more choices for quality jobs and amenities, working nearer home will help these residents cut down on their commuting times.
Enhancing Public Transport & Cycling Networks
Residents of the North-East will enjoy shorter and more convenient commutes. With the completion of the Thomson-East Coast Line (TEL) and Cross Island Line (CRL), the region will be served by 5 MRT lines by 2035. New Integrated Transport Hubs such Hougang Station will also provide seamless inter-modal transfers and enhance accessibility to amenities.
Creating New Recreational Opportunities
Hougang is a developed town characterised by a variety of parks, schools and sporting facilities. The URA Master Plan programme will make this residential area better with the upcoming projects making it the ideal place to live. Future residents will be able to access the wealth of active green and blue spaces that blend with new park connectors such as ABC Waterworks. There will also be opportunities for community interaction and bonding through a wide range of recreational options and community facilities within reach from their homes.
Employment and Tenant Pool
The expansion of office, retail, education and entertainment amenities at these areas will provide businesses with additional choices for new set-ups or re-location and increase the range and variety of live-workplay options for residents staying nearby. This will become an attractive major employment node and potential tenant pool for residents and investors residing in north-eastern Singapore.
The Bottom Line…
Overall, there exist more complex components that come in to play that affect property values and rental. Understanding the key factors that drive the real estate market is essential to performing a comprehensive evaluation of a potential investment.