Do international schools give a boost to prices of nearby condos

The residential properties examined in this article comprise of only condos with a temporary occupation permit (TOP) as buyers may require immediate occupancy. Executive condos are excluded due to prevailing restrictions against foreign ownership. The likely impact of resale transactions of condos within a 2km radius of international schools are being studied including average prices and sales volumes.

Methodology
The international schools have been chosen based on their large student populations and well-established status in Singapore. Care has been taken to select geographically dispersed schools so each school would have condos of different proximity. Also condos with at least of five resale transactions in the last 12 months are considered to prevent any individual transaction from affecting the overall sample.

Singapore American School
Singapore American School (SAS) is situated along Woodlands Street 41 with 4,000 enrolled students from preschool to Grade 12. The student body from 65 nationalities is made up of 54% with American passports. It is easily accessible via Seletar and Bukit Timah Expressways and nearby amenities include Marsiling MRT Station, Marsiling Mall and Food Centre, as well as the Woodlands Swimming Complex.

Within a 1km radius of SAS, there are three condos (618 units), and an additional four condos (1,804 units) from 1 to 2km away. Notably, there are no condos within a 500m radius of SAS. The average prices for the seven condos range from $896 to $1,218 psf based on resale transactions over the past 12 months.

Woodhaven and Parc Rosewood have the highest average prices and resale volumes within their respective proximity groups. Both developments are located in District 25; however, Woodhaven is a smaller development with 298 units, whereas Parc Rosewood has 689 units. Notably, the average price disparity between the two condos was narrow last year. However, the average price for Parc Rosewood ($1,282 psf) has seen rapid growth this year, surpassing that of Woodhaven ($1,219 psf).

Overseas Family School
Overseas Family School (OFS) is one of the largest international schools in Singapore accommodating approximately 3,000 students. The student body comprises of over 70 nationalities and is located opposite Elias Mall along Pasir Ris Heights. Other nearby amenities include Pasir Ris West Plaza, Pasir Ris Park, and Pasir Ris Beach.

Within a 1km radius of OFS, there are eight condos (4,413 units) and an additional nine condos (2,102 units) from 1 to 2km away. Parents wanting to live within this proximity can expect prices $875 to $1,436 psf for housing. Among these, Coco Palms stands out with the highest average price and the highest sales volume in the last 12 months (35 transactions).

Among the two condos within 1km to 2km radius, D’Nest commands a higher average price ($1,318 psf) and greater resale volume (39 transactions). Coco Palms and D’Nest are both 99-year leasehold developments located along Pasir Ris Grove in District 18 with approximately 900 units each, but Coco Palms obtained TOP a year after D’Nest. While the current average price for Coco Palms is $1,496 psf, the average resale price for units in both condos consistently trends above those of their counterparts in the same district.

Lumina Grand Bukit Batok is expected to be launched for sale soon, and potential buyers can expect a starting selling price of around $1,300 psf. This project houses 652 residential units in four 24-storey blocks that range from one- to four-bedroom types that offer ample of space for families of different sizes. With its strategic location, residents can easily access the nearby amenities like Bukit Batok Nature Park and West Mall.

Canadian International School
Canadian International School (CIS) has been exclusively operating from its Lakeside Campus since June and currently has 3,000 students representing over 70 nations. It is located along Jurong West Street 41, within a 1km radius of Yuhua Market and Hawker Centre, Lakeside MRT Station, and Jurong Lake.

Within a 2km radius of CIS, there are seven condos (4,429 units) located within a 1km radius and seven condos (3,931 units) up to 2km away. J Gateway commands the highest average resale price of $1,848 psf with 33 transactions in the past 12 months. Lake Grande claims the highest average price of $1,672 psf (26 transactions) within the 1km radius.

Lake Grande and J Gateway hold the distinction of having the highest average price and the current average price for J Gateway ($1,908 psf) is $221 psf higher than Lake Grande ($1,687 psf). These 99-year leasehold developments located in District 22 with approximately 700 units each, J Gateway boasts the highest number of resale transactions in the past 12 months. The condo’s popularity could be attributed to being close to numerous amenities.

In conclusion, the proximity of condos to international schools have a significant impact on their average prices and resale volumes.