NORTH GAIA EC
New Yishun EC @ Yishun Avenue 9
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Here we review the upcoming North Gaia EC. This is a new executive condominium in the north of Singapore launching for sale in the first half of 2022. It will be the first new EC development in Yishun in six years, so some pent up demand is expected.
The North Gaia executive condo is being built by local developer Sing Holdings Limited at the corner of Yishun Avenue 9 and Avenue 8. Sing Holdings has been responsible for a number of residential developments that span both upmarket ones such as 38 Draycott Drive, to its latest mass market project Parc Botannia.
North Gaia EC . Location
This new executive condo is located in Yishun township, which was previously considered quite remote from the city. However with rising interest in even more far-flung places like Woodlands and Sembawang, and the successful launches of Provence and Parc Canberra ECs there, that perception has changed somewhat.
Part of the change can be attributed to expansion of the expressway network, and proliferation of MRT lines criss-crossing the island. All that has helped cut down travelling times substantially.
North Gaia EC itself is not within walking distance of an MRT station. Its site is just next to the Symphony Suites condo that completed three years ago, and across Yishun Avenue 8 from the forested land to its north-east.
The nearest MRT station is at Yishun town centre, about 1.6KM down Yishun Avenue 9. It is linked to the main shopping hub of Yishun, clustered around Northpoint City, Golden Village Yishun, and the Town Square. A network of feeder bus services ply this mature estate, which helps considerably.
Station to station, from Yishun to Orchard Road, is 9 stations on the North-South line, and takes about 26 minutes. To Raffles Place is another 4 stations, for a total of 35 minutes (according to Transitlink).
Even adding another 15 minutes to take the feeder bus, a journey to town is comfortably within an hour.
Driving is of course faster. Off-peak it should take less than 25 minutes via the CTE (Central Expressway). This is especially so once the new North-South Expressway is completed in 2026, around the same time as the North Gaia exec condo. It will handle traffic from Sembawang and the rest of the northern region, which should enable smoother and faster drives on the CTE.
Yishun is a well-established HDB estate, offering a pretty complete range of amenities for all age groups. Whether it be food, or shops, schools, banks, libraries, or medical facilities. Even nature parks.
As such it is seen as a “family-oriented” township, with a thriving community. The whole area has been recently rejuvenated with new malls, cycling paths, hawker centres, healthcare amenities, and an enhanced transport infrastructure.
The nearest neighbourhood shopping centre within 6 minutes walk, Junction Nine, completed in 2017. So did Northpoint City, the integrated development at the town centre featuring the first Community Club in a shopping mall.
In fact Northpoint City is the largest mall in the north of Singapore, bustling with over 500 dining & retail outlets. It also links directly via an underpass to the Yishun MRT station, and integrates with the air-conditioned bus interchange, and a town plaza.
Another interesting aspect of Yishun is the proliferation of parks and foliage.
There is Yishun Park with Yishun Pond, and the small neighbourhood parks and green spaces that are connected by the park connector network. The North Gaia EC even has its own bit of park connector beside it, and patch of forest opposite.
There is the Lower Seletar Reservoir Park, that fringes the tranquil waters of the Lower Seletar Reservoir. Not many estates in Singapore get to enjoy such a large body of water.
Yishun has its own medical facilities too, comprising Khoo Teck Puat Hospital and the Yishun Community Hospital near the town centre. It is always comforting to know that medical help is close at hand should the need ever arise.
The North Gaia Executive Condo . Project Features
The blocks and apartments will face either north or south. This is the ideal facing that maximises cross-ventilation, and minimises heat from the afternoon sun. The project will feature a mix of two to five-bedroom units, to cater to young couples, families with kids, and extended or multi-generational families who wish to live together.
- One attraction is how close this Yishun EC site is to the upcoming Khatib Bongsu Nature Park. The National Parks Board announced the proposed 40 hectare mangrove and mudflat habitat opposite the site, in March 2020. Slated for completion in 2024.
- A number of the higher floor units will get unblocked views of the nature park and water. And families can walk over to enjoy the lifestyle amenities there, like kayaking.
- In addition, a short section of the Khatib Bongsu Park Connector runs right next to the site on its south-east. The park connector stretches from Yishun Pond, following the canal that leads to the park and the sea off Seletar Island or Pulau Seletar.
- Incidentally, this is the only EC in Yishun where every block is within one KM of the popular Chongfu Primary School.
- Yishun Avenue 8, the new road beside the North Gaia EC, connects to Seletar West Link to offer an alternative route to the Tampines, Central, and Seletar expressways. It also leads directly to the Seletar Aerospace Hub, an employment centre and potential tenant or buyer pool.
Sales Expectations for this Yishun EC
Judging by the recent launches of Provence Residence in Sembawang, and Parc Greenwich at Yio Chu Kang, demand for executive condominiums is still healthy. This was despite Parc Greenwich being nowhere near an MRT station.
So interest in the case of North Gaia EC could still be high, as this will be the first EC launch in Yishun in six years.
Especially as island-wide, there are not a lot of EC launches coming up either. And those that are, such as in Tengah and Tampines, are set to launch end 2022 at the earliest. By then, a whole lot more demand would have built up.
Furthermore, land cost for the last two was higher than for the current batch, though they are not within walking distance of MRT stations as well. However all these are still likely to attract interest from the “sandwiched class” as new EC stocks are limited, while remaining cheaper than any new private condo.
The Investment Viewpoint
If you are exploring North Gaia EC from an investment angle, here are some points worth considering.
New executive condominiums are built by private developers, but generally sold at 15% to 20% lower than for new private condos nearby.
Besides that, first time applicants may be able to get up to $30K of CPF housing grant as well.
And potential buyers may get up to the maximum 75% housing loan, income permitting, even for those with outstanding home loans. No ABSD payable either.
On the other hand, computations for loan quantum uses the 30% MSR (Mortgage Servicing Ratio), which is only half the TDSR (Total Debt Servicing Ratio) allowed for private home loans. Though great for financial prudence, it makes it harder to get enough loan, especially for the bigger units. Ironically, on the same income, you could probably get almost twice as much loan for a private property.
The good news is that this loan restriction does not apply to resale ECs. Resale ECs are treated like any other private condo, where the higher TDSR limit of 60% applies. Which means that should you decide to sell your EC after the MOP (Minimum Occupation Period), your buyers are able to get a higher loan if needed, and therefore able to pay a higher quantum.
Interestingly, the MSR does not appear to have stunted sales much at previous EC launches. The biggest units, those with quantums that one wouldn’t have thought could get enough loan under the MSR, have been among the first to sell. Probably to cash-rich buyers, or those partly funded by the bank of mum-and-dad.
Despite their lower pricing, ECs are usually almost on par with suburban private condos in terms of finishes and fittings.
And more often than not, they also come with as complete a range of facilities as their private counterparts.
However executive condos usually don’t include one bedroom units in their mix. And very few, if any, two bedders.
This is because they are targeted at families, since they must be owner-occupied during the first five years of MOP. Hence rooms tend to be more spacious, and there are more family-friendly features such as bigger kitchens and yards. Which is good for those seeking family-oriented layouts.
With their lower entry pricing, ECs tend to enjoy a higher Return on Investment (ROI). Because over time, resale EC prices do move to close the gap with those of comparable private condominiums.
There is generally one jump upon reaching the MOP, when units can be sold to Singapore citizens or PRs. Then another jump after the 10th year, when you can sell without restriction, to foreigners too.
Unsurprisingly perhaps, ECs bought new from developers have historically achieved good capital gains out of all the property asset classes.
But if you choose not to sell, you can rent out your unit after the MOP is reached. And unlike for HDB flat owners, you can do de-coupling to buy a 2nd property without needing to pay ABSD, if you wish to.
The 15 to 20% lower pricing for ECs vs similar private launches also acts as a built-in buffer against price drops, if any. This makes them among the safest bets, investment-wise.
Impact of the URA Master Plan
Value growth in Singapore is closely linked to the URA master plan, and the regional centres envisioned therein.
Yishun is beside the North Coast Innovation Corridor, one such regional growth area. Other hubs include the Jurong Lake District, Paya Lebar Regional Centre, and the Greater Southern Waterfront. No ECs in the others, but the North Gaia executive condo is near this one.
What is this North Coast Innovation Corridor about?
- New economic growth zone in northern Singapore, stretching between, and including Woodlands and Punggol.
- Encompasses the Woodlands Regional Centre, the Seletar Regional Centre (including the Aerospace Park), and the Punggol Creative Cluster.
- Intended to be an extensive employment hub for the northern and north-eastern parts of the island, and likely to drive demand for housing too.
- It will incorporate residential, retail, educational, commercial, and lifestyle components, and business parks.
- Yishun residents should be able to tap on the employment opportunities that this new growth zone will offer.
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|Developer||Sing Holdings Pte Ltd|
(Main applicant must be Singapore citizen)
|Address||Yishun Ave 9, Singapore 768008|
|Site Area||21,514 m² (231,576 sq ft)|
|Total GFA||60,239.2 m² (648,414 sq ft)|
|Tenure||99 Year Leasehold|
North Gaia EC Showflat · Viewing
The launch timeline has not been finalised yet. In the meantime, please drop your contact details in the Form below if you wish to be kept updated, or to clarify requirements for an e-application, or to know the booking process.
Viewing of the North Gaia showflat will be by advance appointment only.
E-Application & Booking of Units
Buyers need to submit an e-application in advance, if they wish to take part in the balloting and booking of units. This e-Application is only valid when done at the systems at the North Gaia EC showflat, not online.
Only those who qualify will be allowed to book a unit. To check eligibility, and what the possible payment structures and grants are, please refer to the following guides. (Opens in new window.)
- Executive Condominium Buying Guide
- Executive Condominium Eligibility Rules
- Payment Structure for Executive Condominiums
North Gaia Floor Plans
Please let us know via the Contact Form if you would like us to email you the North Gaia EC floor plans when ready.
North Gaia Site Plan
The site is an irregular, almost rhomboid shape covering slightly over 230,000 square feet of land. It sits at the corner of Yishun Avenue 9 and Yishun Avenue 8.
On its immediate south-west is a private condominium, Symphony Suites. But the other three sides, two of which are bounded by the roads, are relatively more open.
In fact, it faces a big patch of greenery across Yishun Avenue 8 to its north-east. This greenery stretches all the way to the sea and Seletar Island, facing Johor Straits. The land is currently a reserve site, with 40 hectares set aside for the Khatib Bongsu mangrove reserve.
There are no announced plans for development of the rest at the moment. Which means that for the time being, higher floor units on this side will get unblocked views for quite a distance.
The south-east of the site borders the canal that flows from Yishun Pond to the sea. It also faces the park connector running beside the canal.
North Gaia Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of Units||Strata Area
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
NORTH GAIA EC PRICE RANGES
Please let us know via the Contact Form if you wish us to update you on the pricing once available.
NORTH GAIA PRICE BACKGROUND
The bids for this Yishun EC site came in at above analysts expectations, with seven bidders tendering for it. Sing Holdings won it with a top bid of SGD$373.5 million.
Their winning bid was among the highest for an executive condominium site to date at that point. It works out to a land cost of $576 per square foot per plot ratio (PSF PPR).
However that bid has since been eclipsed by the subsequent ones at Tengah and Tampines, that came in at $603 and $659 PSF PPR respectively. Possibly due to a dwindling land bank among developers, amidst an overall rising market.
As for this Yishun site, after adding up the regulatory, development, financing and marketing fees, the estimated breakeven is about $1,000 to $1,050 PSF. We could then be looking at a likely launch price of above $1,100 PSF.
About the Developer
The North Gaia executive condo is being developed by Sing Holdings Limited, a local property development and investment group.
ABOUT SING HOLDINGS LIMITED
Sing Holdings Limited was founded in Singapore in 1964. It is listed with its subsidiaries (the “Group”) on the Mainboard of the Singapore Exchange.
It has a long established track record in the real estate development arena across a wide range of property types, from commercial & industrial buildings, to condominiums and landed housing.
Some of its past projects include the EastGate building at East Coast Road, and the BizTech Centre along Aljunied Road. The Group also developed Ocean Towers in Shanghai, an award-winning Grade-A office building in China.
It also currently owns a 291-room service hotel in Melbourne, the Travelodge Docklands.
On the residential front, some of Sing Holding’s work includes The Laurels at Cairnhill Road, Parc Botannia in Sengkang, Waterwoods in Punggol, and Robin Residences at Robin Drive.
The Group prides itself on delivering high calibre projects to its clients. Every detail is looked into meticulously, with an eye to quality. From design and conceptualisation, to site and floor layouts, the selection of finishes and fittings, the construction itself, and final touches upon completion.
As testament to its stance, Sing Holdings has been conferred the coveted FIABCI Singapore Property Award for one of its projects, The Laurels. It also received the BCA Green Mark Award (Gold Plus) for two other projects, Parc Botannia and Waterwoods.
Going forward, it intends to continue the focus on its core property investment and development business. It also aims to continue leveraging its real estate expertise & experience, channelling that into quality homes for its customers.
North Gaia EC Location · Features Summary
Location. The North Gaia location at the intersection of Yishun Avenue 8 and Avenue 9 sits at the north-east corner of Yishun estate.
Yishun is a mature HDB estate that boasts a number of other executive and private condos as well. All these have sold out, and been completed for some time.
MRT Station. The North Gaia EC location is 1.6 KM, or roughly 20 minutes walk from the nearest MRT station, at Yishun town centre. This is not really a comfortable walking distance, but there are a couple of feeder buses nearby going to the town centre.
From Yishun station, a 26 minute train ride or so brings residents to Orchard Road. To Raffles Place and Marina Bay, add another 10 minutes for a total 35 minute ride.
Shopping, F&B, Supermarkets, Banks, Childcare. The North Gaia location, being in a very established estate, is well provided for in this regard. There is a good sprinkling of healthcare centres, retail shops, eating houses, neighbourhood malls, and childcare facilities around.
One of these neighbourhood centres is 5 to 6 minutes walk down Yishun Avenue 9. Junction Nine offers a food court and supermarket in addition to several shops.
Not forgetting Northpoint City, the mega mall for one-stop shopping at the town centre. This not only houses a full range of shops, 500 of them spanning F&B and retail outlets, services, supermarkets, and child enrichment centres, but incorporates a regional library, community club, and town plaza as well.
Schools & Educational Institutions. This Yishun EC has its fair share of primary schools within One KM radius. Four of them to be exact, including Huamin, Xishan, North View, and Chongfu.
Of these, Chongfu is the most notable. In fact it is one of the most sought after, ranked 30th in popularity last year, even higher than Raffles Girls and Kong Hwa. As a co-ed school, it is more versatile for families.
There is also an international school close by. Gems World Academy, around 2 KM away, caters to students between the ages of two and 18. It offers the IB diploma program and has achieved pretty good results.
Leisure & Sports Amenities. Like other well-developed HDB estates, Yishun has its recreational options, exercise & fitness corners, and cycling paths. In addition, it has a few parks, some linked to scenic waterways.
The North Gaia location itself is right beside Khatib Bongsu Park Connector, and just across Yishun Avenue 8 from the nature park. A 15 minute walk down that park connector will take residents to Yishun Park and Yishun Pond too.
View of Site & Khatib Bongsu Park Connector . Symphony Suites in Background
One nice spot for leisure activities is the Lower Seletar Reservoir, and the park surrounding it. This was redeveloped a few years ago at a cost of $10 million. It now has a multi-purpose stage, a bioswale rain garden, a water play area, and even a fishing jetty for avid anglers.
There is something for everyone, both on land and in water. Joggers and strollers frequent the park to enjoy the tranquility of the reservoir. And the Lower Seletar Water Sports Centre is a popular venue for dragon-boating and kayaking.
Accessibility. For drivers, the North Gaia EC location has the advantage of an alternate, and faster route to town.
Instead of following the bulk of the Yishun traffic via Yishun Avenue 2 and Lentor Avenue to Seletar Expressway, residents can take the new Yishun Avenue 8 to join Seletar West Link, and thence exit to the Seletar Expressway and CTE, or the Tampines Expressway.
Via this route it takes about 21 minutes driving time off-peak to get to Raffles Place, and 20 minutes to Changi Airport.
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