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 ). Expatriate families with children may consider leasing homes near international schools to avoid incurring additional buyer's stamp duty (ABSD) that comes with the purchase of a residential property (see Table 1).

Table 1: Prevailing ABSD rates for SCs, PRs and Foreigners (NPR)

Source: PropNex Research, IRAS
*Citizens and permanent residents of Iceland, Liechtenstein, Norway, Switzerland and citizens of the USA will receive the same ABSD treatment as Singapore Citizens under the respective Free Trade Agreements.

Previously, PropNex Research had evaluated the resale performance of condominium projects near international schools. For the second part of this two-part series, we will be assessing the rental performance of such projects in 2023.

Our curated study - tapping on an analysis of transactions via the PropNex Investment Suite - looked at the average rental PSF prices of condo projects that are within the same district and within a 1-km radius from a selection of popular international schools. The projects' average monthly PSF rents are then compared with the average monthly rent of the respective districts to derive the percentage gain in rental prices.

It was found that in 2023, condo projects located near Dulwich College (Singapore) in Bukit Batok, United World College of South East Asia (East Campus) in Tampines, and Nexus International School (Singapore) in Aljunied posted the highest gains in monthly PSF rental rates - ranging from 5.5% to 29.2% over their respective district average rents (see Table 2).

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 119 rental transactions at Le Quest had an average rental unit price of $6.00 psf per month, which was 29.2% higher than District 23's average monthly rent at $4.25 psf.

Meanwhile, private homes near UWCSEA (East Campus) saw the second highest gain as per our study. The four condo projects recorded 468 rental transactions in 2023 which reflected a 16.2% gain in average monthly PSF rent over that of District 18.

Table 2: Top 5 Gainers - Average Monthly Rental $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 fits 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. Le Quest saw 119 rental transactions in 2023, with an average monthly rental of $6.00 psf.

Of the 119 transactions, it was found that 1-bedroom units between 400 and 500 sq ft are the most popular among tenants, with 42 rental transactions done in 2023. The rentals of these 42 transactions range from $4.56 psf to $8.44 psf per month. 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.

Other factors that could have supported rentals, include Le Quest's proximity to the Pan Island Expressway (PIE) and other major roads, as well as employment hubs in Jurong East and industrial areas in Bukit Batok and Boon Lay Way . It is also near to the future Tengah Park MRT station on the Jurong Region Line, and the up-and-coming Tengah new town.

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, all of which are located along Tampines Avenue 10, and a short distance from the Tampines West MRT station on the Downtown Line (DTL), and the Tampines MRT interchange station (DTL and East-West Line). The 468 rental contracts from the four projects recorded an average PSF rental of $5.42 per month, about 16% higher than the district average.

The Tapestry had the highest number of rental transactions, with 163 tenancy contracts inked in 2023 at an average monthly rent of $6.10 psf. The Tapestry is also the largest (861 units) and newest (TOP: 2021) of the four condo developments, which may have attracted more potential tenants. Meanwhile, The Alps Residences, Q Bay Residences, and The Santorini saw 130, 102 and 73 rental transactions respectively in 2023.

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). Across the four projects, the most popular unit types among tenants are 1- and 2-bedroom units that are sized between 400 and 700 sq ft.

International School	School District	Projects within 1km and School District	Rental Transactions in 2023	Average Monthly Rental $PSF	Average District Rental $PSF	% Gain
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