Proximity to schools is one of the many considerations home buyers and investors may have when it comes to selecting their residential property. For families looking to enrol their children into local primary schools, it is a norm to seek properties within a 1- to 2-km radius from their preferred schools to increase their chances of securing a spot (for more details on how this works, refer to: https://www.moe.gov.sg/primary/p1-registration/distance ) . Property investors looking to lease units to expatriate familes with children may consider buying homes near international schools.

In the first half of a two-part series, PropNex Research will examine how condominium projects near some international schools have performed in terms of their resale value. The rental performance of these projects will be discussed in a separate article. Our curated study - tapping on the analysis via the PropNex Investment Suite - looked at average resale unit prices of condo projects that are within the same district and within a 1-km radius from a selection of well-known international schools. The projects' average unit prices are then compared with the average unit price of the respective districts to derive the percentage gain in prices.

It was found that in 2023, resale condo projects located near to Dulwich College (Singapore) in Bukit Batok, EtonHouse International School Orchard, and United World College of South East Asia (East Campus) posted the highest gains - ranging from 13.9% to 17.8% over the district average price (see Table 1).

It is worth noting, however, that there was only one project (Le Quest) that is in the same district and within 1-km of Dulwich College. In 2023, the 23 units transacted at Le Quest had an average resale price of $1,619 psf, which was 17.8% higher than District 23's average resale price at $1,331psf. Hence, the lower transaction volume could have influenced the project's average price.

Meanwhile, EtonHouse International School Orchard came in a close second, with the 131 resale transactions from 50 projects recording a 16.6% gain in average price over that of District 10.

Table 1: Top 5 Gainers - Average Resale PSF of Condo Projects Near International Schools in 2023

Source: PropNex Reseach, PropNex Investment Suite, URA Realis

Source: Dulwich College (Singapore)

Location: Bukit Batok West Avenue 8
Established: 2014
Enrolment: 2,890
Curriculum: DUCKS Kindergarten (ages 2-7); Junior School (ages 7-11); Senior School (ages 12-18); IGCSE/GCSE and IB Diploma or IB Career Related Pathway)
Nearest MRT: Bukit Batok (1.7km), Bukit Gombak (1.8km); at the doorstep of upcoming Tengah Park MRT station

There was only one condo project - Le Quest - that fit the study parameters of being in the same district and being 1-km from the school. Le Quest is a 99-year leasehold mixed-use development by Qingjian Realty that was completed in 2020. It comprises 516 units across five residential towers and a unit mix ranging from studio apartments to 4-bedroom units. With a wide range of facilities and the Le Quest Mall at their doorstep, residents need not venture far for their daily activities and necessities. Bukit Batok and Bukit Gombak MRT stations are not far from the project, providing easy access to the city via the North-South line.

Another factor that could have supported prices is the proximity to the future Tengah Park MRT station on the Jurong Region Line, and being near to the up-and-coming Tengah new town. Furthermore, Le Quest is also a short drive to the Jurong Lake District, which is set to the largest business hub outside of the CBD.

Source: PropNex Reseach, PropNex Investment Suite, URA Realis

Source: EtonHouse Orchard (Singapore)

Location: Tanglin Road
Established: 2018
Enrolment: 250
Curriculum: IB Primary Years Programme (ages 5-11), EtonHouse curriculum with IGCSE (11-16) and International A-Levels (ages 16-18)
Nearest MRT: Orchard Boulevard (510m), Napier (800m)

There are 50 condo projects that were assessed in this study, and the 131 resale transactions done in 2023 reflected a 16.6% gain over the average unit price in the district. Among the projects with the highest number of transactions were Spring Grove, St. Regis Residences Singapore, and Cuscaden Residences which are older developments (at least 15 years since TOP) in the Tanglin and Orchard planning areas. The proximity to MRT stations (Orchard Boulevard station, and the Orchard interchange station) as well as easy access to a wide range of commercial offerings along Orchard Road have likely propped up demand for homes in the area. The Thomson-East Coast Line which began operations in November 2022 has given the already-bustling neighbourhood an additional boost in connectivity and convenience.

Source: PropNex Reseach, PropNex Investment Suite, URA Realis

Source: Google StreetView

Location: Tampines Street 73
Established: 2008
Enrolment: 2,843 (as at 2023)
Curriculum: UWCSEA's own curriculum (K1 to G10 ages 5-16), IB DP (G11 to 12 ages 16-17)
Nearest MRT: Tampines (1.50km), Tampines West (1.72km)

Four condo projects were placed in the same district and within 1-km from UWCSEA. They comprise The Tapestry, The Alps Residences, The Santorini, and Q Bay Residences. The 137 resale transactions from the four projects recorded an average price of $1,479 psf, nearly 14% higher than the district average.

In terms of transaction volume, the Tapestry emerged top with 48 units resold at an average PSF price of $1,646 psf, possibly owning to its larger development size which offered buyers more choices, and a longer balance lease (TOP: 2021). This was followed by The Alps Residences, and The Santorini which saw 38 units and 30 units transacted respectively in 2023. Meanwhile, Q Bay Residences sold 21 units in 2023. All four projects are located along Tampines Street 86, near the Tampines West MRT station on the Downtown Line (DTL), and the Tampines MRT interchange station (DTL and East-West Line).

The four projects obtained their TOP less than 10 years ago, with the oldest of the lot being The Santorini and Q Bay Residences which were completed in 2017. All four projects feature a similar unit mix of 1- to 5-bedroom units and penthouses and are all larger developments with total number of units ranging from 597 (The Santorini) to 861 (The Tapestry).

Source: PropNex Reseach, PropNex Investment Suite, URA Realis

Source: Google StreetView

Location: Claymore Hill
Established: 2000
Enrolment: estimated at 300
Curriculum: Cambridge IGCSE (O- and A-Level)
Nearest MRT: Orchard (620m), Newton (788m)

The study also looked at Furen International School, a popular school amongst others in the Orchard planning area. Of the 42 projects covered, OUE Twin Peaks, Cairnhill Crest, and The Laurels booked the highest number of resale transactions, ranging from 8 to 12 units each. The three projects are all within walking distance to an MRT station (either Orchard MRT interchange station or the Somerset MRT station), and are relatively well-located in an amenity-rich areas - close to a wide range of retail malls in the prime Orchard Road shopping belt. On the whole, the 134 transactions across the 42 projects achieved an average price of $2,396 psf - marking a 7.3% gain over the district average at $2,221 psf.

Source: PropNex Reseach, PropNex Investment Suite, URA Realis

Source: EtonHouse International School Broadrick

Location: Broadrick Road
Established: 1995
Enrolment: 380
Curriculum: N2 to K1 (ages 3-5), IB PYP (K1 to G5 ages 5-11)
Nearest MRT: Dakota (196m), Mountbatten (815m)

Ranked fifth in PropNex Picks' analysis is EtonHouse International School in Broadrick Road where the 129 resale transactions from 38 nearby projects garnered a 5% gain in average unit price compared with that of the district.

Pebble Bay, The Seafront on Meyer, and Dunman View are the top three in terms of resale volume. They are located in the Tanjong Katong-Marine Parade area known for its eclectic mix of retail and dining options. Higher floor units at these projects also enjoy scenic views of the nearby East Coast Park and the sea. The projects are also well-served by the Thomson-East Coast Line and Circle Line.

Source: PropNex Reseach, PropNex Investment Suite, URA Realis

Truth be told, there are a myriad of factors that will influence home prices and prospects for capital gains, and proximity to schools (international, or otherwise) is but one variable. Other key drivers include demand and supply dynamics, prevailing market conditions, global economic outlook, and housing policies.

With Singapore pushing to transform its economy, by growing emerging sectors such as agritech, sustainable energy, digital and technology, and advanced manufacturing, there may be an increase in the pool of global talent working in the country who will require housing. These professionals may consider purchasing a private home, or lease a residential unit during their stay here.

Nonetheless, investors would do well to assess their objectives and financial ability before purchasing a property. Speak to a PropNex agent to gain more clarity on the potential buying opportunities.