I would personally think that Punggol is one of the proudest thing our government did. The Punggol 21 project has been talking about 15 years back? Today Punggol is amazing, and it’s not yet done, the upcoming massive transformation will be Punggol Digital District – the first digital district in Singapore! You can read up more HERE.
Lets look at some of the key pointers for Punggol Digital District (PDD) and it’s possible future impact with regards to Property:
PDD is a pilot Enterprise District, with shared spaces between industry and academia comprises of Singapore Institute of Technology (SIT)’s campus, accommodate to estimated 12,000 students, JTC’s Business Park spaces and it will be Singapore First truly smart district. A size of 50 hectares, with more than 500 faculty & professional officers and about 28,000 new job opportunities.
Now, let’s step back a little to gain more perspective. 28,000 new jobs creation and 12,000 students is actually a small percentage of what’s going to happen in the west, estimated about 370,000 jobs creations. So isn’t it that it wasn’t very impressive on the numbers side for the PDD?
I would have to agree on this, but let’s look at the Significant factors and the Uniqueness of this PDD could possibly bring. The impact could be more than meets the eye.
PDD is set to spur key growth industries of the digital economy like cybersecurity and digital technology, integrated with green lifestyle destination for the surrounding community with car-lite precinct.
TWO key things comes to my mind, first, the jobs created here will be very relevant in future, and will continue to stay relevant as this physical integration of facilitates the cross-fertilisation of ideas and nurtures collaboration in key emerging technologies. Jobs creation will target people with specific skills and this will would translate to better rental stability and increasing demand in the North East Region.
Secondly, it seems that our government plans to maximise the use of land and space, by integrating business, education, research, lifestyle and nature. This would means that more people will be attracted to this area to work, learn, live and play, and cater needs for their children by nurturing the next generations. The appealing factor is indeed present with the installation of the PDD.
Just imagine a Campus Boulevard with a 800m pedestrianised street that is lined with shops and F&B outlets for all to enjoy and a Market Village with new retail and dining options by the water! Punggol already have many attractive lifestyle spots close to water and we will have even more. Think East Coast area, arguably one of the most popular places for livability, simply because of being close to water, what does the pricing of property in East Coast today tell us?
Now, with what’s ahead for Punggol, Wouldn’t you be excited to see how it turns out? Punggol was built from scratch, when the first house was build there, no one can imagine the life staying there, today, it has become one of the most popular towns.
Nobody would think that a property in the suburban area would have a high value. However, remember Tampines, I would think that Tampines, being the most successful regional town, showed Singaporeans that it is possible to have good value when an area is able to cater to work, live and play.
PDD would set the North East Region an Unique kind of it’s own, to capitalise on future trends to develop highly integrated and inclusive spaces to live, work, play and learn. It have an unique role in contributing to Singapore’s growth in the future economy, and be defined with a distinctive identity and environment, it can and should be the key in driving our competitiveness in this age of the digital economy.
While the effects, in terms of property value, would directly serve the resident in Punggol, the impact to the whole of North East Region should not be underestimated.
Moving forward, I would boldly comment that Punggol is not done yet and is slowly moving towards a maturing estate. And with trusted data and on the ground insights, is timing on our side?
Supposed one were to agree to everything above has displayed, should one simply invest in a property here? My simple answer will be no. No matter how good a “product” is, we should not buy just because it is good. We have to consider our needs, do we need it and why? Is the price right? What’s my strategy having done this investment?
Check out my other article on the importance of having a Unique Property Investing Strategy of Your Own.