35 Gilstead: Exclusive boutique homes in an upmarket neighbourhood

/ EdgeProp Singapore |

August 8, 2019 11:30 AM SGT

SINGAPORE (EDGEPROP) - Between Newton Road and Dunearn Road in prime District 11 lies the quiet upmarket area around Gilstead Road, as well as the landed housing estates in the vicinity of Chancery Lane. The area has been largely bereft of new residential projects since 2016, when 26 Newton on Newton Road was completed.

This is set to change with the 70-unit boutique development 35 Gilstead. The freehold project is a redevelopment of the former 11- unit Casa Contendere which was sold to Tee Land for $72 million in November 2017. The redevelopment is a joint venture between Tee Land and privately-held developer TG Development at 60:30, while the rest is held by individual investors.

Comprising three five-storey blocks, 35 Gilstead has a mix of unit types including one-bedroom units of 474 to 710 sq ft, two-bedroom units of 549 to 743 sq ft, and three-bedroom units of 840 to 1,249 sq ft. There are also duplex penthouse units comprising a mix of three-bedroom units of 1,539 to 1,647 sq ft. Prices start from $1.29 million ($2,721 psf) for a one-bedroom unit, to $3.6 million ($2,339 psf) for a penthouse unit.

Exclusive, yet convenient

With 35 Gilstead, the developer hopes to woo families with young children, as well as homeowners who want the exclusivity and privacy that comes with living in a smaller residential development, says Jonathan Phua, CEO and executive director of Tee Land.

To cater to this group of buyers, about 40% of the units at 35 Gilstead are three-bedroom units of up to 1,249 sq ft. All units also feature a private lift to enhance residents’ privacy, says Phua.

Selected three-bedroom units feature a 5.7m ceiling height and can accommodate a loft

The development is close to the Newton MRT Interchange Station on the North-South and Circle Lines, and is served by bus services that ply Dunman Road and Bukit Timah Road. “In terms of its location, I believe 35 Gilstead has the best of both worlds, being close to the Novena medical precinct as well as the Newton area,” says Phua.

“This location will be convenient for residents, with direct bus routes to City Hall and several good schools in the Bukit Timah area,” he adds. Primary schools within 1km of the development include Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), and St Joseph’s Institution Junior. Other schools in proximity include CHIJ Primary (Toa Payoh), Singapore Chinese Girls’ School (Primary), and St Margaret’s Primary School.

Scenic views

Residents of 35 Gilstead can look forward to enjoying scenic views of the surrounding areas. “The property actually rests on top of a hill that overlooks the landed houses of the Chancery estate, and from the top floor of the development you will be able to look towards the Anglo-Chinese School campus at Barker Road,” says Phua.

The master bedroom of the three-bedroom unit at the 35 Gilstead showflat

One half of 35 Gilstead faces the two-storey mixed landed housing estate and the Bukit Tunggal Good Class Bungalow Area off Chancery Lane. Most of the condo amenities such as its infinity pool and gym will be designed to maximise the views over these landed housing estates, says Phua.

Latent demand

35 Gilstead was open for preview in April this year and the showflat is on Prince Charles Crescent, close to the Jervois area. So far, 11 units have been sold at 35 Gilstead, according to URA Realis. The latest transaction was for a 721 sq ft, two-bedroom unit which was sold for $1.78 million ($2,471 psf) on July 23.

Tee Land has opened a new sales office on Gilstead Road, in addition to its existing showflat on Prince Charles Crescent. Located closer to the actual site, it will help agents negotiate and conclude sales, the company says.

“I definitely believe there is buying interest and demand from residents living in the nearby landed estate, especially among parents who want to purchase a property for their children, or homeowners who desire to live in the Gilstead area because they know it is an upmarket neighbourhood,” says Phua.

For price trends, recent transactions, other project info, check out the 35 Gilstead project details page

The master bedroom of the three-bedder comes with an ensuite bathroom

“Our average starting psf price is about $2,400 psf, which I feel isn’t too high for a new, freehold, residential development in the Core Central Region, especially considering there are new leasehold projects in the market that are coming close to the $2,000 psf mark,” he adds.

So far this year, most buyers have also turned their attention towards new projects in the east as well as those closer to the city centre, which is another reason why demand has yet to pick up, he adds. Over the last quarter, the east has seen new launches such as MeyerHouse and Amber Park, while the city centre has seen the launch of projects like Riviére and One Pearl Bank.

Looking ahead, Tee Land says that it intends to stick to its strategy of building freehold boutique developments. “So far, we haven’t gone for Government Land Sales sites, and we prefer boutique developments where we directly negotiate with the landowners,” he says.

“We will continue what we have been doing all this while, which are freehold boutique developments. We won’t deviate from this unless we invite joint-venture partners [to join us],” he adds.