From the biggest Chinese cemetery to one of Singapore’s prime residential estate | Singapore Property News

From the biggest Chinese cemetery to one of Singapore’s prime residential estate

07 Dec 2017
How To

Bishan
Built on Singapore’s largest Chinese cemetery, Bishan has a long share of history that dated all the way back to the 1870s. The cemetery, then called Peck San Theng, is established by Cantonese and Hakka immigrants. Its name was derived from 10 pavilions providing shelter for the burial sites.

By the 1970s, there were 75,000 graves across 121 hectares.

In order to develop Bishan New Town, the site was acquired in 1973 for $5 million dollars. Exhumation work was conducted between 1982 and 1984. Construction follow suit and finished in 1989.

Bishan is now a vibrant town consisting of 4 neighbourhoods: Shunfu, Bishan East, North and West with 23,000 HDB flats. It is a prime residential estate with great accessibility and close proximity to prestigious schools such as Raffles Institution. Bishan-Ang mo Kio Park is also one of the largest and most well-known urban parks.

Therefore, it is no surprise that Bishan has generally high HDB price with 42 HDBs hit the 1-million dollar mark in 2017. Some of them are located in Natura Loft and Bishan Street 13.

Median transacted price is $586,500 in November 2017. The Median Transaction-Over-Xvalue (TOX) was POSITIVE $500. The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market value or so called X value. This means buyers overpay their homes in Bishan.

Meanwhile, HDB Resale Price saw a 0.1% decrease compared to last month.

Resale price of HDB 5 rooms increased by 0.4% while HDB 3 rooms, 4 rooms and Executives decreased at 0.3%, 0.1% and 0.1% respectively. Prices of mature estates such as Ang Mo Kio, Bishan and Bukit Merah increased by 0.3% while non-mature estates such as Hougang, Sengkang and Punggol decreased by 0.4%. Year-on-year comparison of price observed a decrease of 2.3%.

According to HDB resale data compiled by SRX Property, 1980 HDB resale flats were sold in November 2017, signifying a 11.2% monthly increase.

In terms of Median TOX, Toa Payoh posted the highest of POSITIVE $7000 while Jurong East posted the lowest of NEGATIVE $10,000.

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