Revitalising Potong Pasir’s private property market

Potong Pasir is a mature estate known for the sloping roofs of its HDB blocks and its proximity to central Singapore. With well-established amenities within walking distance for its residents, this city-fringe locale is home to more than a mouthful of budget-friendly bites.
Potong Pasir used to consist of mostly HDB flats and landed homes, but housing took a skyward turn five to 10 years ago, when the URA began releasing land parcels under its government land sales (GLS) scheme. Much of this land flanked the Upper Serangoon Road artery demarcating Potong Pasir’s landed and HDB residential areas.
Designated land parcels for non-landed residential and residential-and-commercial uses (shown in purple). Photo credit: URA website
These land parcels have since been transformed into residential developments: these include the 219-unit Nin Residence (with an average sold price of $1,405 psf), 332-unit Sennett Residence (with an average sold price of $1,486 psf), 214-unit Sant Ritz (with an average sold price of $1,533 psf), and 731-unit The Poiz Residences (with an average sold price of $1,321 psf). All these developments were allotted 99-year leaseholds. All prices are as of June 8, 2019.
In 2017, Potong Pasir’s 30-year old privatized HUDC development Raintree Gardens successfully concluded its en bloc deal with a joint venture between UOL Group and United Industrial Corp (UIC). The final sale price of $334.2 million meant each of Raintree Gardens’ 175 apartment owners received an average of $1.9 million. The Raintree Gardens site is now home to the upcoming The Tre Ver, a 99-year leasehold development with 729 one-to-four bedroom units.

Potong Pasir’s first shopping mall

MCC Land won the tender to develop this GLS site in August 2014, which later became The Poiz Residences and The Poiz Centre. Photo credit: Loh Xiu Ruth
In November 2015, more than 1,000 people visited the preview of The Poiz Residences, a mixed-use development that includes the first shopping mall, The Poiz Centre, to be built in Potong Pasir. The 50,000 sq ft retail space is connected to...