Will Canberra MRT Kickstart A Property Fairytale?

Admit it, Singaporeans love a property fairytale. There’s the ubiquitous (and highly profitable) Pinnacle @ Duxton BTO project and also the rise of Bukit Panjang from sleepy suburb to regional hub in the past decade. Now, Canberra could be the next in the list. With the new Canberra MRT station, as well as upcoming amenities and housing projects in development, Canberra looks to be a town that will see rapidly rising property values.

And this article reveals how Canberra’s fairytale will pan out:

About Canberra Singapore 

Located between Yishun and Sembawang, Canberra was once dotted with kampongs (villages) as well as rubber, gambier and pineapple plantations, the area’s name is inspired by a former British naval base in Sembawang that used to protect Singapore’s northern coastline. 

Fast forward to today, and Canberra is now a popular residential area in the North of Singapore for upwardly mobile young families—a more laid-back version of Punggol with a greater sense of space.

Canberra BTO Projects and HDB Flats 

If you want to live in an HDB flat in Canberra, now’s a good time. The Government been releasing a steady supply of Canberra BTO projects; in 2020, there were two HDB BTO launches, Canberra Vista (Feb 2020) and Sun Sails (Nov 2020). Here’s a quick overview of the two: 

Canberra Vista (Feb 2020 BTO Launch) 

• Address: Canberra Drive
• Units: 1,420 units
• Flat types: 2-room Flexi, 3-room, 4-room, 5-room and 3Gen flats
• Price: From $165,000 (3-room flat)

Sun Sails (Nov 2020 BTO Launch) 

• Address: Sembawang Avenue and Sembawang Link
• Units: 726 units
• Flat types: 3-room, 4-room, and 5-room flats
• Price: From $163,000 (3-room flat)

Of the two, Canberra Vista is much nearer to Canberra MRT. Sun Sails is between Sembawang and Canberra MRT. 

Resale HDB Flats in Canberra

For those looking for a move-in ready home, there’s good news too: many of the previous BTO projects there have just attained their five-year Minimum Occupation Period (MOP). Take a look at these spanking new HDB resale flats in Canberra.

New Condos and ECs near Canberra MRT 

Alongside HDB BTO flats, Canberra is also a fast-growing condo town. Among the private residential projects to have been built here in the past decade are a handful of Executive Condominium (EC) developments:

If you’re interested, you can browse condos for sale near Canberra MRT or find out more about the individual projects here: 

• Provence Residence
• Parc Canberra
• The Brownstone 
• The Visionaire 
• One Canberra 
• Canberra Residences
• The Nautical
• Yishun Sapphire
• Yishun Emerald
• Eight Courtyards

Will Canberra MRT Station Lead to A Jump in Property Value?

The new Canberra MRT station on the North-South Line was opened on 2 November 2019. The new station will serve over 17,000 households in the vicinity, reducing travelling time to the Central Business District (CBD) from 50 to 40 minutes, and offering easy access to Northpoint City shopping mall just one MRT stop away in Yishun.

The long-awaited Canberra MRT station opens 2 November 2019.

In what’s sure to be music to many residents’ ears, Canberra MRT station is also expected to raise property values in the area. According to a study published in 2017 by the NUS Department of Real Estate, residential properties within a 400m radius of the closest MRT stations could be priced at an average of 13.2% higher than those further away.

Dr Tan Tee Khoon, Country Manager at PropertyGuru, believes that Canberra’s status as a new estate means that property prices are still understated compared to more developed towns such as Yishun and Buangkok.

He reckons that property prices in Canberra are currently about 10% lower than in Yishun. As such, there is potential upside for property buyers.

“I see Canberra on track to gaining popularity in the near future. The upcoming developments in the area offer plenty of promise for home buyers regardless of the economic headwinds,” said Tan.

When we look at the data, this checks out: 

Since Canberra MRT opened in November 2019, we’ve used Q4 2019 as the starting point. Then, the median asking prices on PropertyGuru was $981 psf. Since then, prices have gone up. The most dramatic jump was the quarter after after, Q1 2020, which saw a 6.014% increase. 

After that, prices continued to inch upwards. As of Q4 2020, the median asking price for District 27 on PropertyGuru was $1,104 psf.

Eight Courtyards condo: affordable

Browse all well-priced condos near Canberra MRT station on PropertyGuru.

What Else Is At Canberra? 

Seriously considering a home in Canberra? Here’s what you may have to look forward to. 

Canberra Plaza: Singapore’s Newest Heartland Mall (Opening Date 18 Dec 2020) 

Right opposite the Canberra MRT station is Canberra Plaza, a three-storey neighbourhood mall.

With a gross floor area of about 118,404 sq ft, the mall will offer all the necessary amenities for the convenience of residents living in the nearby HDB flats, condominiums and landed properties, such as a supermarket, food courts, restaurants, clinics and enrichment centres. There will also be gardens, walking trails and a water play park for relaxation and community bonding.

Canberra Plaza will be a one-stop destination for residents for daily necessities.

Canberra Plaza is one of several neighbourhood centres that have been built in HDB towns over the years. Other examples include Pioneer Mall in Jurong West, Punggol Plaza, and Seletar Mall in Sengkang.

The only downside would be that Canberra Plaza is smaller compared to Seletar Mall, for instance. At 188,000 sq ft, the six-storey Seletar Mall boasts a Shaw Theatres cinema. That said, those yearning for more dining and entertainment options can always make the 10-minute trip to nearby Yishun’s Northpoint City.

Oh, and let’s not forget the venerable Sembawang Shopping Centre, famous for being the first air-conditioned mall in Singapore.

North-South Corridor: Not just for motorists

Although there seems to be a lack of public transport routes in Canberra at the moment, connectivity will be boosted when the North-South Corridor (NSC) opens by 2026. The new expressway will link residents in Woodlands, Sembawang, Canberra, Yishun and Ang Mo Kio to the CBD and reduce travelling time by up to 30 minutes.

The North-South Corridor will shorten the perceived distance from Canberra to the CBD.

The 21.5km-long NSC is touted as Singapore’s first integrated transport corridor, featuring dedicated bus lanes and cycling trunk routes, which will link the various park connectors and dedicated cycling paths within the HDB towns along the corridor to the city centre.

Aside from improving the liveability of residents in Canberra, the new infrastructure will also make private and public housing in the area more attractive, said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie. 

She noted that non-landed private homes in Canberra, excluding ECs, have been transacting at an average price of $854 psf in the first three quarters of 2019. While this is still more affordable compared to other estates in Singapore, it is 71.8 per cent higher than the average price of $497 psf recorded in Canberra a decade ago.

Sun added that property market sentiment is still resilient, and going forward, she expects to see further price growth and demand for residential properties in Singapore, including in Canberra.

Bukit Canberra: Sports Hub of the North?

Bukit Canberra will also feature abundant greenery.

As if Canberra MRT isn’t big enough an amenity, the government has announced the construction of Bukit Canberra, an integrated sports and community hub the size of 20 football fields.

Some of the amenities that residents can look forward to at Bukit Canberra include a 16,146 sq ft ActiveSG gym, the biggest one yet with indoor and outdoor swimming pools to boot, a 500-seater indoor sports hall, 3km of outdoor running trails, a “fruit orchard” and a “food forest” featuring a variety of locally grown fruit and crops, a community garden, hawker centre, polyclinic and senior care centre.

And there’s also Sembawang Park not too far away, if you crave a little seaside relaxation.

Preserving Canberra’s Rich Heritage

While the addition of Bukit Canberra and Canberra Plaza will create more buzz and hype in the neighbourhood, many residents are also happy that some of Canberra’s rustic charm will be retained.

In fact, Canberra’s history will be celebrated with the opening of the former Admiralty House on the grounds of Bukit Canberra, where visitors can learn more about the area’s naval heritage.

Sembawang Hot Springs Park 

Another unique landmark in Canberra is the recently reopened Sembawang Hot Springs Park along Gambas Avenue. Discovered in 1908, the natural hot spring was previously used for bathing, soaking and cooking eggs. The new park will include lush greenery, a café, and a cascading pool where visitors can enjoy a foot bath in the hot spring water.

An artists impression of Sembawang Hot Springs Park

Looking Ahead

Canberra looks to be a sought-after destination for young families. While property prices in Canberra are still very affordable, home buyers need to be aware that prices have been rising quickly in recent years due to ongoing development and improved connectivity.

In particular, the uplift from the opening of Canberra MRT station means that average prices of private homes in the area have breached the $1,000 psf mark and will continue going up. As such, buyers looking to purchase property in Canberra may want to act soon or risk paying a higher price.  

For more property news, resources and useful content like this article, check out PropertyGuru’s guides section. 

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