On top of its rich history as the former site for the British naval and air bases, the Seletar district is also an up-and-coming neighbourhood.
The shopping prospects are about to get a much-needed jolt in the form of the upcoming Seletar Mall, while a range of housing options is also emerging in the wake of the new aerospace park.
The four-storey mall at the junction of Sengkang West Avenue and Fernvale Road opens soon. It has already secured tenants for more than 90 per cent of its space. These include FairPrice Finest supermarket, Shaw Theatres and Foodfare, as well as big brands Uniqlo, BHG and Amore Fitness.
Seletar Mall, which also has two basement levels of retail, comes with a gross floor area of 284,000 sq ft and net lettable area of 188,000 sq ft.
The project is a joint venture between Singapore Press Holdings (SPH) and United Engineers Developments.
Market expert noted that the mall would be welcomed by residents as it is in a “still-sleepy” area with few retail offerings.
“The good tenant mix will also liven things up in the district, appealing especially to young families living there.”
Other malls in the vicinity include Fernvale Point in Sengkang West, Greenwich V in Seletar Close and Ang Mo Kio Hub in Ang Mo Kio Avenue 3.
Property consultants expect buying interest in the area to be good as well, thanks to the Seletar Aerospace Park, which will serve the aviation industries when completed by 2018.
Expert noted that the aerospace park is expected to “drive job creation and boost demand for nearby properties”.
Market expert says “there is also high potential for future capital appreciation… as the industrial park will serve as a key attraction to professionals and services to the area.”
Resale prices in the area rose 53 per cent from 2010 to the third quarter of this year, although new home launches dipped 4 per cent over the same period.
At the same time, a spate of new projects has enlivened the area, including The Greenwich, the 99-year leasehold residential component of a mixed development in Seletar Road.
The 319-apartment condominium has sold units at an average price of $1,210psf over the past six months, according to Squarefoot Research.
Units at the 99-leasehold Seletar Park Residence, which is just behind The Greenwich, have sold at an average price of $1,239 psf in the past six months. It is expected to be completed by the end of this year.
Floravista and Floraview in Cactus Road was launched by developer Oxley YCK in January. The freehold units have been going for an average of $1,267 psf.
Market expert singled out Floraview as a “good deal” for investors, pointing to its lower selling price in comparison with the neighbouring Floraville condominium, which has average prices of $1,288 psf.
It is noted that these projects are in a residential precinct “rich with Singaporean history”.
“The fact that these are near a wide array of amenities but still nestled in a serene and tranquil environment would be appealing for buyers who want a bit of quiet.”