CSC Land Group, the development arm of China State Construction Engineering Corporation (CSCEC), is the new kid on the block. But that has not deterred it from setting its sights high with its first residential development in Singapore, Twin VEW on West Coast Vale.
“We want to set a benchmark for ourselves in creating quality homes for Singaporeans,” says a CSC Land spokesperson. “Twin VEW is our flagship project and our intention is to exceed homebuyers’ expectations.”
The 520-unit, 36-storey twin towers of Twin VEW at West Coast Vale (Credit: CSC Land)
With Twin VEW, CSC Land is focused on providing homeowners with a higher standard of living. “Unlike other condominiums in the vicinity, Twin VEW offers a unique positioning of space, design and quality that are collectively compelling for homebuyers who desire space and good views,” says Alice Tan, head of consultancy and research at Knight Frank Singapore.
Designed by P&T Consultants, Twin VEW is a 99-year leasehold project with 520 residential units that sits on a land area of 176,293 sq ft. It has a wide mix of units that range from one- to four-bedroom units to penthouses. One-bedroom units start from 484 sq ft and are priced from $650,000. Two-bedroom units start from 710 sq ft and are priced from $898,000. Three-bedroom units start from 904 sq ft and are priced from $1.18 million, while four-bedroom units start from 1,238 sq ft and are priced from $1.55 million.
The master bedroom of a four-bedroom unit at Twin VEW (Credit: Albert Chua/ The Edge Singapore)
Apart from creating quality homes, Twin VEW is likely to set a new high for property prices in the Jurong area. Property agents are indicating that Twin VEW’s prices could average $1,300 to $1,400 psf.
“Coupled with the recovering demand for private homes islandwide and the rising price trend, the potential for Twin VEW to set new benchmark prices in the area is positive,” says Knight Frank’s Tan. Knight Frank is forecasting a 7%-to10% y-o-y increase in private residential prices by end-2018.
The grand lobby with floor-to-ceiling height of 7m (Credit: CSC Land)
The entry prices offered by CSC Land provide “an attractive proposition to capture price upside in the future”, says Tan. This is helped by the fact that Twin VEW is the only new residential project in the area so far since EL Development’s Parc Riviera was fully sold last September.
CSC Land clinched the Twin VEW site in February 2017 at $292 million, or $592 psf per plot ratio (ppr). CSC Land is one of the Chinese developers that have made inroads into Singapore’s residential property with aggressive bids for government land. It beat eight other bidders, including fellow Chinese developers MCC Land (which bid $587 psf ppr for the land parcel) and Nanshan Group.
Twin VEW’s mix of units and vast array of amenities target singles, young couples, new families as well as multi-generational families. The larger units ride on the current trend of a multi-generational household, allowing each family member to have his or her own personal space while sharing a roof with loved ones.
The showflat of a four-bedroom unit at Twin VEW (Credit: Albert Chua/ The Edge Singapore)
“With its superior layout and right sizing for different household sizes, Twin VEW should stand out,” says Knight Frank’s Tan. According to the EdgeProp-Knight Frank Homebuyers’ Sentiment Survey 2018, 57% of 611 respondents intend to purchase a new property for their own use this year.
Twin VEW’s landscape design was inspired by rice terraces, cascading waters and river valleys. The twin 36-storey towers offer residents views of Pandan Reservoir as well as Pandan River. On the 36th storey, the sky decks allow residents to engage in a range of activities such as gatherings and fitness with the availability of a star-gazing corner and a sky grill. The facilities include a gymnasium, dining villas and a swimming pool. There are also two shops and a childcare centre within the development.
Facilities include a reading lounge at the executive zone (Credit: CSC Land)
Enhancing Twin VEW’s appeal is the fact that it is located in a convenient and accessible area. It is near the International Business Park and a five-minute drive to Jurong Lake District. Amenities there include malls such as JCube, Westgate and JEM as well as Jurong Lake Gardens. It is also just a 20-minute drive to the CBD via the West Coast Highway.
Looking ahead, Jurong Lake District is poised to be Singapore’s second CBD. The future SingaporeMalaysia High-Speed Rail terminus will also be located there.
The viewing lounge at the rooftop of one of the towers (Credit: CSC Land)
The upcoming Jurong Region Line will reportedly have a station in the vicinity of Twin VEW, further increasing its accessibility. The Cross Island Line, which will be 50km in length, will link Jurong Lake District to Changi Airport by 2030.
Twin VEW offers panoramic views of Pandan Reservoir and Pandan River (Credit: CSC Land)
Moreover, Twin VEW is surrounded by well-known educational institutions such as Nan Hua High School, the National University of Singapore, NUS High School of Mathematics and Science as well as United World College of SEA.
Indeed, the once-overlooked western region of Singapore is expected to increase in its appeal and value as developments on West Coast Vale, notably Twin VEW, gain attention and lift the region to new heights.
This article appeared in the EdgeProp Pullout, Issue 827 (April 23, 2018)