Daily Briefing: Locals snap up properties during recession; Punggol Coast MRT opening delayed to 2024

And over 280 new gardening plots at 4 parks to open for application.

From DealStreetAsia:

Singaporean Jason Chen recently bought a $1.7m (US$1.26m) three-bedroom apartment in a swanky condominium, upgrading his home in the middle of the COVID-19 pandemic which has triggered the country’s worst ever recession.

“I know the price will rise,” said the 32-year-old, who has spent nearly a decade working in real estate.

Undeterred by the economic slump and rising unemployment, Chen is amongst thousands of locals snapping up property in Singapore and taking a share of the market not seen in a decade as travel curbs thwart foreign investors.

This broad-based buying spree, which has pushed prices and sales to multi-year highs, has some parallels with a housing market boom seen in late 2009 as Singapore emerged from the global financial crisis that forced the government to initiate several rounds of cooling measures to cap surging prices.

Analysts largely don’t expect a repeat this time around as those curbs mostly remain in place. 

Read more here.

From ChannelNewsAsia:

The opening of a new MRT station serving the upcoming Punggol Digital District has been pushed back by a year.

Punggol Coast station on the North East Line was previously scheduled to open by 2023, but will now open a year later in 2024.

Minister for Transport Ong Ye Kung on 13 November announced the new opening date during an event marking the completion of tunnelling works for Punggol Coast station.

"The next step is to complete the concrete structure of the station, before we fit out the station, and then we'll be ready for commuters by 2024," he said.

Ong said the ongoing COVID-19 pandemic had caused "some temporary delays" in plans for the extension of Singapore's rail network, but noted that the country was still on track to have 360 km of rail by the early 2030s.

Read more here.

From ChannelNewsAsia:

To cater to the growing interest in gardening, the National Parks Board (NParks) said on 13 November that more than 280 new allotment gardening plots at four parks will be open for application on 29 November.

The new plots are located at Bedok Reservoir Park, East Coast Park, Lower Seletar Reservoir Park, and one-north Park.

"The plots are part of the 1,000 allotment garden plots that will be ready across 18 parks and gardens in Singapore by 2021," it said.

Members of the public will be able to apply for the plots from 10:00 AM on 29 November to 10:00 PM on 6 December.

Applications will be done online and the plots will be allocated through computerised balloting.

Read more here.