The property market has seen some pretty monumental announcements recently, with announcements such as four HDB blocks in Ang Mo Kio being selected for SERS and the first ever BTOs at Keppel. No doubt they have stirred up much excitement amongst prospective homebuyers, current homeowners or those looking to invest in property.
Yet another piece of hot news that has hit the market: it was just announced that the estate of Farrer Park will be redeveloped over the next 3 years as part of the Urban Redevelopment Authority’s (URA) Master Plan. This will see about 1,600 HDB units being launched, as well as being integrated with sports and recreational facilities.
1,600 new BTOs at Farrer Road
According to the joint announcement by HDB, URA and Sport Singapore on 25th April, the new Farrer Park site is a 10ha site that is bound by Dorset Road, Keng Lee Road, Hampshire Road and Race Course Road.
It’s been earmarked for residential use since 1998 under the URA’s Master Plan, though nothing has really been done to the site until now. This project is part of the Government’s plans to redevelop brownfield sites – which are basically pieces of land that were previously redeveloped but are now not in use – around Singapore.
Image credit: Urban Redevelopment Authority
According to reports, property analysts expect the new BTOs to cost upwards of $500,000, given how current 4-room and 5-room resale flats in the area are priced around $700,000.
New Features and Amenities
Tribute to Rich Sporting Heritage
If you’re familiar with the history of the sporting scene here in Singapore, you might know about the close association between the estate of Farrer Park and the growth of sports, especially in the 50s.
For instance, did you know that Singapore’s first racecourse was built there in 1843? In the late 1800s to early 1900s, the racecourse was used as a public racing ground and rifle range, and also facilitated the first-ever flight demonstration in Singapore.
Image credit: Roots.gov.sg
Fast forward to the 1950s, the Farrer Park site hosted many sporting grounds, such as a track and field stadium, a swimming complex, boxing gyms, tennis centres and a field.
According to swimming legend Ang Peng Siong, Farrer Park was “the birthplace of sports in Singapore” – where many sporting legends like Fandi Ahmad, Quah Kim Song and C Kunalan first trained.
To pay tribute to the site’s rich sporting heritage, the new redeveloped estate will be “seamlessly integrated with new and redeveloped sports and recreational facilities”, according to the Government. Apart from retaining the identity and history of Farrer Park, it’ll also bring together the local community to bond over sports and recreational activities.
Image credit: Urban Redevelopment Authority
As seen from the tentative plans for the area, the new housing estate will feature several sports and recreational facilities in the vicinity, such as:
- A seamless jogging track weaving through the estate
- Refurbishment of the current boxing gym into a multi-purpose community sporting space
- Rehaul of the existing Farrer Park Swimming Complex into a brand new sports centre with swimming pools and other facilities
- 3-Generation playgrounds and fitness corners
Image credit: Urban Redevelopment Authority
Amenities and Connectivity
Kandang Kerbau Market in Little India.
Image credit: TheSmartLocal
One of the key highlights of this new housing estate is its connectivity. According to Google Maps, the new HDBs are relatively close to Little India and Farrer Park MRT stations, about an 8-minute and 12-minute walk away, respectively.
Image credit: TheSmartLocal
It’s also not too far away from the city centre, so those working in the CBD would find it really convenient to travel to and from the office.
Foodies will also be drawn to the various F&B joints peppered all around the vicinity. There are many food gems around around Farrer Park, such as hipster cafes, traditional hawker fare as well as some very famous supper joints for a late night bite.
Image credit: Eatbook
Other draws of the area would be the abundant amenities catering to all your family’s needs. In terms of shopping, you have City Square Mall as the main shopping mall in the area, with the neighbouring 24-hour Mustafa Centre and Tekka Market. If you need a hospital, KK Womens’ and Children’s Hospital is also a short 5-minute walk away.
What to expect for this BTO launch
Right off the bat, we’re going to confidently say that this Farrer Park BTO launch, when it happens, will be extremely hot. Given the many factors like good location, sporting facilities and abundance of amenities nearby, one can expect very strong demand for the HDB offerings.
To give an idea of how popular the location is, the BTO launch in neighbouring Kallang/Whampoa in November last year saw about a 6.6 application rate, meaning that you had about a one in seven chance of securing a unit.
Since Farrer Park is closer to the city centre, many expect the subscription rate to be even higher, depending of course on the market when the balloting is opened.
One other aspect that people will be looking out for is if these BTOs at Farrer Park will be classed under the Prime Location Public Housing (PLH) Scheme. While this would help in controlling prices from skyrocketing and thus making the flats more affordable, it would also mean that buyers will have a 10-year Minimum Occupation Period (MOP), and they won’t be able to rent out the entire flat.
The New Face of Farrer Park
And that’s it – our breakdown of the latest announcement regarding the launch of new BTOs at Farrer Park. Given how HDB resale prices and transaction volumes have somewhat slowed in the last quarter, it might be possible that the market is seeing a gradual shift away from resale units back to the BTO market.
This might be a result of how Singapore is moving back to pre-Covid normalcy and renewed confidence that there will be no more construction delays caused by border closures and supply chain issues caused by the pandemic.
Nevertheless, we can expect the Farrer Park launch, which is slated to take place in the next 3 years, to be significantly oversubscribed due to its prime location. We also can probably expect more brownfield sites around Singapore to undergo the same redevelopment plans as Farrer Park, as the Government moves to ensure more housing options for everyone.
Cover image adapted from: Urban Redevelopment Authority
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