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Tampines North: The next home design, furnishing and electronics hub
Esteemed guests from the interior design industry gathered to attend a series of talks to enhance their knowledge of the next home design, furnishing and electronics hub. The master plan for Singapore’s East region seem to contain all the ingredients for Tampines North to emerge as the next home design, furnishing and electronics hub. by Gordon Tay Searching for a property goes beyond just residential spaces. Business owners and investors are on the lookout for business spaces, creating a demand for knowledge regarding commercial property purchases.
To meet this demand, PropertyGuru and CommercialGuru recently co-hosted a private seminar and networking event for interior design firm owners with Hafary, T-Space, Lian Beng Group and Oxley Holdings. A packed T-Space show gallery saw guests draw insights from Bernard Lee, Director (Business & Research) of Huttons Real Estate Group, learning about where the next home design, furnishing and electronics hub could be.
Guests discussed the home design and furnishing industry over food and wine, and listened to what Lee had to say during his presentation. Focusing on the master plan for the East region specifically, Bernard explained its significant relevance to interior design firms, especially in relation to the introduction of residential units.
“21,000 residential units will be introduced in Tampines North in time to come. What this basically means is a great pipeline for businesses right where the influx of these new homeowners are. Why would owners of these units, when they find the need for home design and furnishing services, go across the island to do so when there is a supply of it right at their doorstep?” he said.
Furthermore, setting up shop in such a hub would likely be highly profitable for interior design firms.
“Assuming each unit requires design and furnishing services that cost about $40,000, and knowing that there will be a total of 125,000 residential units made available in future in the East, we are looking at a potential $5 billion worth of contracts to be signed.
“Approximating there will be a spread of about 500 interior design firms within the vicinity, there lies a potential of about $3.2 million worth of business per firm in the short term and $6.8 million in the longer term,” he pointed out.
On this note, he delved deeper into the topic as he went on to take a look at other existing home design and furnishing clusters to provide guests a view of the difference in competition.
“There are currently a few other furnishing clusters in Singapore, including in Sungei Kadut, Jurong East and Tampines, where we are right now. However, if we understand the future population density of each of these areas, we will notice that the East region will see a much denser population than in the West and North, where the Jurong East and Sungei Kadut clusters are, respectively.
“What this simply means is that the home design and furnishing cluster or hub in the East will face less competition, purely due to the supply that is present in terms of population density.”
To further enlighten guests, Master Jet Lee, Principal and Founder of Yi-Culture, presented a very intriguing segment of how fengshui can be relevant to interior design and the ways in which it can be incorporated.
Guests had generally positive feedback on the knowledge and information they had gathered from the keynote speakers, with some saying it made their decision-making process easier when purchasing commercial properties.
To get a highlight of what happened at the event, please proceed to watch the video at http://bit.ly/PG-ID-Talk
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 | This article was first published in the print version The PropertyGuru News & Views. Download PDF of full print issues or read more stories now! | ||
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