Hoi Hup-Sunway’s Ki Residences: First new launch at Sunset Way in 20 years
By Charlene Chin and Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Ki Residences at Sunset Way in District 21 is set to preview on Nov 20, with its launch scheduled for two weeks later. The 660-unit, 999-year leasehold development is on the site of the former Brookvale Park, which long-standing joint venture partners Hoi Hup Realty and Sunway Developments had acquired on Feb 15, 2018, which fell on the eve of Lunar New Year.
The decision to acquire the site for $530 million was made within three days, recounts Tan Wee Bee, deputy managing director of property development (International) at Malaysian-listed property group, Sunway. “When we visited the site, we believed we could create something unique,” he says.
Sunway and Hoi Hup had no hesitation closing the sale. “This site is like an unpolished gem and we were able to see something of value when others didn’t,” says Koon Wai Leong, general manager of Hoi Hup Realty.
Koon Wai Leong of Hoi Hup Realty (left) and Tan Wee Bee of Sunway Development at the sales gallery of Ki Residences (Photo: Samuel Isaac Chua/EdgeProp Singapore)
As the 340,107 sq ft site is longish in shape, architecture firm ADDP Architects designed the 10 blocks of 12-storeys each in a staggered arrangement. This way, all the units will have a view of landscaped gardens, the forested area or the houses in the private landed housing estate of Sunset Way.
Unlike most projects where the blocks are built around the facilities, at Ki Residences, the residential blocks are at the centre, with the amenities and landscaped garden on both sides. “We reversed the relationship between the landscaping and the blocks,” says Koon.
Wellness and amenities
Inspired by Japanese aesthetics, the developers weaved the theme of an ensō circle, symbolising enlightenment and strength, into the grounds of the development. For instance, the arrival area at Ki Residences is circular in shape, made of materials such as timber and stone. The condo’s clubhouse is also round, enveloping a conserved ficus tree at its centre, which used to stand behind the main entrance of the former Brookvale Park.
Greenery is also a key focus. The landscaping and communal facilities take up 80% of its grounds while the residential blocks occupy a footprint of just 20% of the site, Sunway’s Tan points out.
Artist's impression of the glamping corner, furnished with tents and a barbeque area on a heightened deck (Photo: Hoi Hup & Sunway Development)
The developers intend for Ki Residences to be family-oriented, with facilities and lawns large enough for kids to run about. Another conserved tree from the old site, called the Yellow Flame, is protected by a play net so that children can prance on it. “Sometimes, you just need to let children expend their energy,” says Koon, who is also a father of young kids.
To that end, the landscaped terrain at the condo was designed by STX Landscape Architects, to be undulating, with play amenities for children built seamlessly into the waves on the ground. The children’s slide, for instance, is built on a grass mound. There is also a trail that runs underneath to reach the sunken tennis court. On a heightened deck, there is a glamping corner, furnished with tents and a barbeque area.
Utilising the long shape of the site, there are also multiple pools at the development, with the longest one spanning 50m. To bank on the sights of the water amenities, the gym is built on higher ground, offering views of the waters. A jogging track stretching from one end of the development to the other, spans 950m, almost 1km. There is also an open area where children can kick a ball around, fly a frisbee or walk the dog. “More and more people recognise the importance of health and well-being and being outdoors,” says Koon.
Artist's impression of the multiple pools within the development, the longest one spanning 50m (Photo: Hoi Hup & Sunway Development)
For a more intimate and quiet space, Ki Residences also has an underground function room, tucked away from its main facilities. The function room has a skylight and also boasts of a wine cellar that can accommodate up to 1,600 bottles. The wine cellar is arranged like lockers so residents can store their wine there and access them easily when entertaining, says Koon.
Connectivity
Ki Residences is in a convenient location, well-connected to major arterial roads and expressways. It is an 11-minute drive to the business and research hub at one-north, and within a 10-minute drive to educational institutions such as Singapore University of Social Sciences, School of Science and Technology, Ngee Ann Polytechnic, and National University of Singapore. Access to parks such as the Bukit Timah Nature Reserve is also a nine-minute drive away.
Construction is underway for the 11km Bukit Timah-Rochor Green Corridor which will run parallel to the Bukit Timah Canal, allowing cyclists and pedestrians to travel between Jurong Lake Gardens, the Singapore Botanic Gardens and Gardens by the Bay. Part of the Bukit Timah-Rochor Green Corridor will include a new Sky Park above the Bukit Timah Canal.
Artist's impression of the hydrot
Upon completion of the project, scheduled for April 2026, the developer will provide a free shuttle bus service to Clementi MRT station until the residents form a management corporation strata title (MCST) committee. Even after the MCST is formed, the developer will provide funding support for the shuttle service for three additional years.
To ease traffic congestion, the developer is building a new road called Brookvale Drive, that will link Sunset Way and Clementi Road. Access to Ki Residences will be from Brookvale Drive. The developer will also build a new covered walkway from Ki Residences to the Clementi Road thoroughfare.
Unit offerings, prices
Positioned with a north-south orientation, the units at Ki Residences are designed to maximise cross-ventilation. They boast of full-height glass facades and Juliet balconies, expanding on views of the low-rise landed estate in Sunset Way. Other unique features include a super-sized balcony that spans the living to kitchen area in selected unit layouts. Access to the balcony is separated by a full-height sliding glass door, allowing extensive views from the development.
Three-bedroom show suite where the kitchen opens out to a balcony (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Ki Residences offers a wide spectrum of two- to five-bedroom premium units. The kitchen of two-and-three bedroom units will include Bosch and Samsung fittings, with Laufen and Hansgrohe sanitaryware and fittings in the bathrooms. Larger units of four-and-five bedders will have wet and dry kitchens fitted with De Dietrich and Samsung appliances.
Sizes of two-bedroom and two-bedroom-plus-study units range from 700 to 883 sq ft. They make up 180 units within the development. Prices start from $1.238 million ($1,769 psf).
Three-bedroom units, including deluxe and premium types, make up 418 units (63% of the units within the development). Sizes are from 861 to 1,410 sq ft. Prices start from $1.428 million ($1,658 psf) for a typical three-bedder, while premium units sized from 1,109 sq ft, are priced upward of $1.905 million ($1,717 psf).
Living and dining area of a four-bedroom show suite, where sizes range from 1,249 to 1,711 sq ft (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Four-bedroom units make up 58 units. Sized from 1,249 to 1,711 sq ft, they are priced north of $2.15 million ($1,707 psf). Meanwhile, five-bedroom premium units account for just four units in the entire development. These are sized from 1,819 to 2,239 sq ft.
Based on the starting prices of the various unit types, Ismail Gafoor, CEO of PropNex estimates the average price for the development to be around $1,750 psf. “Given that it’s a 999-year leasehold property, the prices are more comparable to those of freehold properties,” he adds.
Comparable projects
If one were to look at recent launches in the wider District 21 district, Nicholas Mak, head of research & consultancy at ERA Realty says, they include Forett at Bukit Timah, Verdale, View at Kismis and Daintree Residence. Apart from Forett at Bukit Timah, which is a redevelopment of the former Goodluck Garden en bloc site and is freehold, the other three projects are 99-year leasehold developments. “There are already a few other competitors in the market where buyers can pick and choose and look at the transacted prices,” he notes.
The 10 blocks designed by ADDP Architects in a staggered fashion occupy just 20% of the site area, freeing up 80% for landscaping and communal facilities (Photo: Samuel Isaac Chua/EdgeProp Singapore)
However, if one were to narrow it down to just the Sunset Way neighbourhood and its vicinity, there are two older private condominiums, namely the freehold Clementi Park, with 489 units and completed in 1983; and Freesia Woods, also freehold, with 129 units. Launched in 2000, Freesia Wood was completed in 2003. “There hasn’t been a new launch at Sunset Way in 20 years,” notes Lee Sze Teck, Huttons Asia director of research.
In terms of recent launches in the same district, PropNex’s Gafoor points to Forett at Bukit Timah, the 633-unit, freehold project on Toh Tuck Road, off Jalan Jurong Kechil. Forett was launched in early August, and 190 units (30%) were snapped up on the first weekend of sales. The average price was about $1,880 psf.
The fact that Ki Residences is nestled within the low-rise, landed housing estate of Sunset Way in District 21, “makes it a bit more exclusive”, says Gafoor.
Showflat of a two-bedroo
“In today’s market, if a project can sell 200 units or 30% of its total units on its launch weekend, that is considered a good take-up rate,” he reckons. “I won’t be surprised if Ki Residences does equally well.”
Huttons’ Lee agrees. “The Enso and Ki Concept, attractive pricing and 999-year leasehold tenure will set the project apart from other launches,” he says.
In fact, Hoi Hup and Sunway were the first to launch a new project this year, in February, after Lunar New Year, in the early days of the coronavirus outbreak. Despite that, the developers sold 316 out of a total of 496 units or 64% of their Parc Canberra executive condo (EC) project in one weekend. The project is 85.5% sold as at end October.
Artist's impression of the function room of the clubhouse at Ki Residences (Photo: Hoi Hup & Sunway Development)
Who are the buyers?
Hoi Hup’s Koon believes the units at Ki Residences will appeal to upgraders in the surrounding areas of Sixth Avenue, Ghim Moh, Dover, and within the vicinity of Bukit Timah and the Toh Tuck neighbourhoods.
Another pool of potential buyers are likely to be empty nesters who are living in private property in the area, including the houses in the Sunset Way enclave. “Some could be buying for investment, with the aim of downsizing and moving in themselves in the future,” reckons Mak.
Investors looking to rent out their units to foreign students and those teaching at the tertiary institutions nearby are likely to make up the third group of potential buyers, says Mak.
The development is near lifestyle amenities such as Holland Village and Chip Bee Gardens and Dempsey Hill. Nearby is also the Old Holland Road area, where URA has earmarked for development into a new sustainable, green, private residential precinct, anchored by the Rail Corridor and the Bukit Timah First Divisional Canal.
Amenities in the area include Clementi Mall, which is integrated with the Clementi MRT station and bus interchange. In the future, the Beauty World Integrated Transport Hub will also be linked to amenities in a mixed-use development with more than 1 million sq ft of gross floor area. There could be another MRT station within easy reach as the second phase of the Cross Island Line is expected to pass through the area. Sunway’s Tan, therefore, pronounces the area as one with “a great growth story”.
Hoi Hup’s Koon concurs. “Covid-19 has highlighted our city’s resilience and its status as a safe haven for the global market. Once we get back on our feet, and the economy bounces back, people should be placing their bet on the next growth story.”
Don't miss out to check out the hottest new launch condo and new landed property in Singapore
Check out the latest listings near Ki Residences, Forett at Bukit Timah, Verdale, View at Kismis, Daintree Residence, Parc Canberra, Brookvale Drive, Sunset Way, Clementi Road, Singapore University of Social Sciences, School of Science and Technology, Ngee Ann Polytechnic, National University of Singapore, Clementi MRT station
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