What is the Estate Upgrading Programme?
Announced on 25th October 2019, the Ministry of National Development (MND) will spend S$29 million to conduct a Private Estate Upgrade in 10 private estates. This is the tenth batch of the Estate Upgrading Programme (EUP). Since 20 years ago, MND has spent about S$187 million under the EUP to upgrade older private estates in Singapore. The objective of the EUP is to improve the physical living environment in mature private estates to better serve the residents’ needs.
Namly Estate – one of the 10 private estates that will be upgraded under the Estate Upgrading Programme (EUP) | Source: Google
Upgrading works vary accordingly to the existing conditions and needs of each estate. For example, some upgrades include installing footpath lighting to enhance safety and security. To provide barrier free access to wheelchair users, ramps will also be built.
Mei Hwan Estate is getting a facelift. Source: Google
New green spaces are also created to improve the estates’ landscaping such as children’s playground and parks. All these upgrades further community and family bonding, installing estate markers also improve the estate’s identity.
The 10 Private Estates That Will Be Upgraded This Time
|Ang Mo Kio-Bishan||Thomson, Adelphi & Soo Chow, Pemimpin, Cheng San Cactus Sunrise, Fulton|
|South-West||Pasir Panjang Private Estate (East)|
Staying in one of these private estates?
The owners staying in these estates will be direct beneficiaries. According to the Singapore Department of Statistics, 91.5% of the landed property is occupied. These estates’ rejuvenation will be greatly welcomed by the owners.
The upgrade will also improve accessibility to and from the estates, and even improve the safety and security of the residents living there. These enhancements are likely to draw in more buyers. This includes buyers who have previously given up deals because of facility concerns. The drawback is that owners have to put up with the construction noise during the upgrading.
The increase in demand will definitely play a part to push the price upwards. However, the price movement also depends on many factors as well. Considering that the average upgrading cost is about S$2.9 million per estate, the magnitude of the upgrade is relatively small compared to the property prices. For example, in the Frankel estate, the transactions on the houses there range between S$3.2 million and S$6.65 million in 2019.
Are you a home owner living in these estates?
With all the upgrading that is occurring, if you are a home owner that is looking to sell, this is where Home Quarters can help. We can go through a set of customized marketing strategies that will enable you to get your home sold even during the upgrading process!
If you have questions or if you are thinking about properly showcasing your house for sale, whatsapp message or call KC from Home Quarters and begin finding your new home today: +65 8809 2889! Or drop us an email, commenting on our YouTube or contacting us through our Facebook and Instagram pages! If you would like to schedule a virtual viewing, that is also possible – you can read all about what you need to look out for during a property virtual viewing here before COVID-19 end.
That’s it for this article! Stay safe everybody, and remember, call Home Quarters and start packing!
|1||Cheng San Cactus Sunrise|
|7||Pasir Panjang Private Estate (East)|
|8||Thomson Adelphi & Soo Chow, and Pemimpin|