North Gaia, the new executive condominium (EC) at Yishun Ave 9, is worth considering because of its affordable price tag and location. Being situated in a developed town like Yishun, it already has the most basic amenities nearby, such as medical facilities, shopping centres and schools.
In addition to its amenities, transport links such as bus interchanges and MRT stations have also been in operation for many years, ensuring that residents would have easy access to public transport.
Given these factors, we have decided to rate North Gaia 8.1/10 for its overall attractiveness.
About North Gaia
|Address:||Yishun Avenue 9||Tenure:||99-years|
|Site Area:||65,059.2 sqm||No. of units:||616|
|Developer:||Sing Holdings Ltd||TOP:||TBA|
The development site of North Gaia is located along Yishun Avenue 9, next to Yishun Avenue 6 and 8. It is to be developed by Sing Holdings Ltd, consisting of 11 blocks of 14 stories with 616 units. It will feature amenities such as underground parking, a tennis court, a swimming pool, a landscaped deck, and a clubhouse, providing residents with a modern resort lifestyle.
North Gaia location review
Yishun has come a long way since the 1980s when the Housing Development Board (HDB) began developing the area. It has shopping centres, schools, medical centres and recreational facilities today. Furthermore, it has added over 200,000 residents in recent years, indicating a demand for homes in the area.
The biggest shopping mall in Yishun is Northpoint City which has 500,000 sq ft of shopping area and houses everything from food and beverage outlets to fashion retail outlets that satisfies residents’ needs.
Connectivity is good, with a bus interchange and MRT station at Yishun. It was recently renovated for more walking and commercial space, as well as air-conditioning. In addition, Khatib station is also a short commute away from the area.
An MRT ride to the Orchard station takes about 26 minutes while getting to Raffles Place station takes about 32 minutes. It is accessible to vehicle owners via the Seletar Expressway (SLE) in less than half an hour.
A developer with more than 60 years of experience
Sing Holdings Ltd is a mainboard listed company established in 1964. It has a well-established track record of development portfolios from condominiums to landed homes, such as Robin Residences at Robin Drive, Waterwoods in Punggol and The Laurels at Cairnhill Road.
Potential future developments
The Land Transport Authority (LTA) has announced in its Land Transport Masterplan 2040 that a new MRT line was identified for feasibility studies. According to LTA, “This new line will supplement the transport network in the north and northeast regions to serve new and growing developments as well as existing towns which currently do not enjoy direct access to the rail network. The corridor served by the new line could include areas such as Woodlands, Sembawang, Sengkang, Serangoon North, Whampoa, Kallang and the Greater Southern Waterfront region. In addition, this new line means that there is a possibility of future MRT stations built near North Gaia.”
Trends of surrounding condos and ECs
Several condos and executive condominiums are located near North Gaia, with Symphony Suites and Nine Residences being the closest to the new development. One Canberra is also nearby, located along Canberra Drive.
We’ll be taking a closer look at the past transactions of these three condos to examine how they’re faring in the market.
Symphony Suites is along Yishun Close, beside Yishun Avenue 6 and 9, and sits on a 99-year leasehold plot of 20,553.8 m². It comprises 11 blocks of 15-storey residential buildings, totalling 660 units and comes with facilities including a basement car park, swimming pool, tennis court, clubhouse and a childcare centre. You can find units ranging from two, three and four bedrooms in the development.
Between 2016 to 2021, there were 523 transactions recorded for Symphony Suites. The positive numbers recorded in 2016 and 2017 could be due to the high demand generated from the developer sales. However, the numbers started to decline in 2018 and only started to pick up again in 2021, showing signs of market recovery according to URA data in Q4 2021.
Similar to Symphony Suites, this condominium is located along Yishun Avenue 9, next to Yishun Ring Road. The condo sits on a 99-year leasehold plot of 8,858.3 m² and is a 14-storey mixed development, comprising three stories of retail space and two residential towers with 186 units that ranges from one, two, three, four and five bedrooms.
Between 2016 to 2021, 27 residential unit transactions were recorded for Nine Residences. The paltry numbers could be because most of the units have been sold by the developer since 2013, when the property was still under construction. It was completed in 2017, which saw more transactions until the number dipped in 2020. However, it rebounded strongly with 13 units transacted in 2021, which is the highest recorded resale transaction in the development to date.
Unlike the two condos, One Canberra is located along Canberra Drive next to Yishun Avenue 7. It sits on a 99-year leasehold plot of 27,153.5 m2 and comprises 13 residential buildings with 665 units. Its facilities include a basement car park, swimming pool and clubhouse. You can find units ranging from three, four, and five bedrooms.
Between 2016 to 2021, there were 162 residential unit transactions recorded for 1 Canberra. The paltry numbers recorded between 2016 to 2019 could be due to the five-year minimum occupancy period (MOP) that also applies to executive condominiums. However, the transacted numbers rose sharply to 62 units in 2020 and again by 50% to 93 units in 2021, showing signs of market recovery according to URA data in Q4 2021.
Outlook: Pent-up demand to fuel interest in Yishun
Looking at past new launches in District 27, projects in the area seem to garner heavy interest from buyers and investors. The six new launches in the area — North Park Residences, Signature at Yishun, Symphony Suites, The Brooks I & II, The Criterion and The Wisteria — may have contributed to this.
The Criterion was the most sold executive condo in Yishun, between 2016 to 2017, with 401 units sold. It is a 99-year leasehold development by Island Glades Developments Pte Ltd, launched at an average of $1,038 to S$ 1,162 psf.
It is followed by Symphony Suites, with 398 units sold. It is a 99-year leasehold EC by EL Development (Yishun) Pte Ltd. The project was launched at an average price of $1,117 to $1,374 psf.
When the project at North Gaia eventually launches, we can expect pent up demand to play a factor in fuelling interest for the project in the area.
This is partly due to the condo being built in a developed township which allows plenty of convenience with many infrastructures already in place. Also, having the Yishun bus interchange and MRT station just a short commute away makes commuting more convenient for residents.
If you like quieter neighbourhoods that still provide excellent amenities, it’s worth looking into North Gaia as a future home. The new launch condo in Q1 2022 might be the only one in a while for the area, and a freshly built development would have fewer problems than the older condominiums.
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Cover photo: HDB
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Frequently Asked Questions
1. Why buy an Executive Condominium in the North?
The area is well connected to Khatib and Yishun MRT station, Yishun bus interchange, schools, supermarkets and business hubs.
2. What is the site lease for North Gaia?
It is a 99-year leasehold development.
3. Is the developer for North Gaia reputable?
Sing Holdings Limited is a mainboard listed company in Singapore with more than 60 years of experience in property development and investment. Some of the Group’s past residential projects include Robin Residences at Robin Drive, Waterwoods in Punggol and The Laurels at Cairnhill Road.
4. Which district or zoning is Yishun Avenue 9?
It falls in zoning district 27.