7 Dec 2016
Many Singaporeans cite location as a crucial factor for consideration during their property purchase. But should you be really concerned about location nowadays?
Some areas located nearer to the city centre may command a higher price due to prestige, possibility in better resale value or simply lesser travelling time.
Photo: THE ALPS RESIDENCES
However, being near to the city centre in Singapore might not be so important in future after all. Here are some reasons why:
- Decentralisation is here to stay
The government has been adopting a decentralisation strategy since the 1990s, where jobs are being shifted to secondary commercial hubs outside the city centre. Located in the east, west, north and north-east regions, workplaces are now nearer to homes.
- Every housing estate is designed to be self-sufficient
Each housing estate is planned such that residents can fulfil all their everyday needs without having to travel long distances. Amenities such as supermarkets, food & beverage outlets, schools and parks have been integrated into all towns, thereby allowing work, live and play in the same place.
- A more comprehensive public transport network
According to the Land Transport Master Plan 2013, the rail network will be doubled by 2020 and by 2030, eight in 10 homes will be within a 10 minute walk to a train station. As Singapore becomes more connected, the location of a property will be of lesser significance.
Hence, by purchasing a home in a less prime location, savings could be achieved without compromising too much on convenience. Money could be spent on the interior of the house instead, and potentially transacting at a higher price/rent than properties which are not renovated. After all, there is no bad location in Singapore.
