Kassia marks the finale at Hong Leong’s ‘master developer’ site in Upper Changi
By Cecilia Chow
/ EdgeProp Singapore |
: Visitors at the preview of Kassia, the final of 11 private condo projects in the Flora Drive-Flora Road enclave off Upper Changi Road North (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The upcoming launch of the 276-unit Kassia on July 20 marks the final private condo project by the Tripartite Developers in the Flora Drive-Flora Road enclave.
The entire private residential enclave in the eastern region of District 17 was built up gradually over the past three decades. The site was originally a sprawling three million sq ft of undeveloped land at Upper Changi Road North, which Hong Leong Group acquired half a century ago in the early 1970s.
Shortly after, Hong Leong Holdings and Japan’s largest real estate developer, Mitsui Fudosan, teamed up to become shareholders of a joint venture, TID. That led to the creation of Tripartite Developers — a joint venture of three sister developers comprising Hong Leong Holdings, Singapore-listed City Developments Ltd (CDL) and TID.
Initially, Tripartite Developers had intended to build an ambitious project with 1,820 residential units. “At that time, the sheer size of the project was too much for the market to absorb if it was developed in five years,” says Betsy Chng, head of sales and marketing at Hong Leong Holdings, in an email response to queries from EdgeProp Singapore.
Scale model of the 276-unit Kassia, with four 8-storey blocks spanning a 150,389 sq ft, freehold site (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Shaped and moulded’
After studying the area, Hong Leong divided the plot into multiple parcels to be developed as and when it was deemed “an opportune time”. “That is how we have shaped and moulded the area into the private residential enclave it is today with 11 exclusive condos, including Kassia,” says Chng.
She adds that Tripartite Developers has played the role of “master developer”, setting the tone for the neighbourhood from the start and culminating in its final project, Kassia. When the authorities chose the names Flora Drive and Flora Road for the roads, Tripartite Developers decided to name its properties after flower names in alphabetical order.
It started with the 316-unit Azalea Park, which was launched in the mid-1990s, followed by the 365-unit Ballota Park, the 528-unit Carissa Park, the 299-unit Dahlia Park, the 517-unit Edelweiss Park, the 475-unit Ferraria Park, the 329-unit The Gale, the 501-unit Hedges Park, the 396-unit The Inflora, and the 428-unit The Jovell.
The 475-unit, freehold Ferraria Park was launched in 2006 and completed in 2009 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Varying tenures
While Azalea Park has a 999-year lease from 1885, the following five condos launched — from Ballota Park to Ferraria Park — were freehold. Hedges Park has a 99-year lease from 2010, while The Gale is freehold. The Inflora has a 99-year lease from 2012, and The Jovell has a 99-year lease from 2018.
The difference in tenure for the various private condos came about as Tripartite Developers’ land bank had various zoning under the URA Master Plan. According to Chng, some were zoned for rural or agricultural use, and the tenure was reset to a 99-year lease in exchange for removing the land restrictions.
Kassia, which has four 8-storey blocks spanning a 150,389 sq ft freehold site, is expected to obtain its temporary occupation permit (TOP) in 2027. Three years from now, its TOP will bring the number of completed private dwelling units in the area to 4,430.
Following Kassia’s completion, Hong Leong estimates the number of residents in the enclave to be over 13,000, based on an average household size of 3.11. It aligns with Statista’s estimate for Singapore’s average household size over the past decade, from 2014–2023. “The profile has remained largely Singapore citizens, from Azalea Park, our first launch, to the most recently completed project, The Jovell,” says Chng.
The freehold 528-unit Carissa Park was completed in 2001 (Photo: Albert Chua/EdgeProp Singapore)
Largely Singaporean
One of the Singaporean residents in the neighbourhood is Mohamed Amin, who purchased a 1,600 sq ft, three-bedroom unit at Carissa Park in 2003, two years after the project was completed.
Having lived in the East for much of his life, Amin wanted a spacious three-bedroom unit for his family of five. “The neighbourhood’s appeal used to be its quietness and serenity,” says the semi-retired businessman. “At that time, there were not many developments, and the surroundings were still largely forested.”
He purchased Carissa Park because of its freehold tenure and its proximity to Changi Airport and his office at Bedok South. “It was just a 20-minute drive to the office,” he relates. “It’s also near the airport, so it was convenient as I needed to travel frequently for business then.”
Resale prices at Carissa Park are hovering in the $1,098 to $1,220 psf range based on caveats lodged this year to date. That would mean Amin is sitting on capital gains of more than 100%. However, he has no intention of selling. He feels that the new condo units today are much smaller. He is content with his home, with its spacious patio that he has turned into a garden over the years.
“Many owners of freehold condos are looking to live there long-term,” says Marcus Chu, CEO of ERA Singapore. “Even if it is not their primary residence, they often hold on to the units due to their freehold status and high rental yield.”
Chng: We price our projects sensitively according to market sentiment (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Sensitively priced’
New infrastructure projects have sprung up as the neighbourhood matured, such as Changi Business Park, Singapore University of Technology and Design, Jewel at Changi Airport, and the upcoming Cross-Island MRT Line. The value-add in terms of lifestyle and convenience has also drawn residents — owner-occupiers and tenants — who work in the nearby industrial and business hubs, says Hong Leong’s Chng.
Those holding onto their freehold investment units over the years have benefited from these new infrastructure projects, says ERA’s Chu. “Most of the rental demand comes from the nearby Changi Airport, Changi Business Park, and the Loyang industrial area.”
Prices at Kassia start from $883,000 ($1,867 psf) for a 473 sq ft, one-bedroom unit; $1.196 million ($1,823 psf) for a two-bedder of 656 sq ft; $1.659 million ($1,835 psf) for a 904 sq ft three-bedder; and $2.462 million ($1,830 psf) for a four-bedder.
Showflat of a one-bedroom-plus study at Kassia, where prices start from $883,000 for a one-bedroom unit (Photo: Samuel Isaac Chua/EdgeProp Singapore)
“We price our projects sensitively according to market sentiment,” says Chng. “The success of our developments in the enclave reflects the keen interest among first-time buyers and upgraders for a quiet locale and thoughtfully designed properties.”
Ismail Gafoor, CEO of PropNex, says the main attraction for potential buyers is the absolute pricing, especially for the one- and two-bedroom units. “New home sales at project launches have been relatively subdued in the first six months of the year due to the global market uncertainty and the continued high interest rates,” he adds.
Gafoor expects about 350 cheques to be collected by way of expression of interest, surpassing the 276 units in Kassia. Assuming a sales conversion rate of about 35%, he expects the take-up rate to be around 40%. “In the current market, 40% sales is considered a strong take-up rate,” he notes.
Showflat of a two-bedder at Kassia, where prices start from $1.196 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Golden opportunity’
In recent years, new 99-year leasehold condos in the Outside Central Region have been launched at prices averaging in the $2,100 to $2,200 psf range, observes Mark Yip, CEO of Huttons Asia. “Kassia is freehold, with prices from $1,800 psf, which is a price level not seen since pre-Covid,” he points out. “This is a golden opportunity for buyers to own freehold property.”
The last freehold project launched in the District 17 neighbourhood was Parc Komo five years ago. A redevelopment of the former Changi Garden located further up Changi Road North, the 276-unit Parc Komo, was launched in May 2019, entirely sold, and completed last year. Parc Komo is part of a mixed-use development that includes the Komo Shoppes with 28 retail units. Tenants include FairPrice Finest supermarket, The Coffee Bean & Tea Leaf cafe, Raintree Montessori Schoolhouse, and Anytime Fitness gym.
Artist's impression of vertical garden at Kassia (Picture: Hong Leong Holdings)
Based on caveats lodged with URA Realis from January to July, units at Parc Komo have changed hands in the secondary market at prices ranging from $1,647 psf to $1,885 psf.
According to Huttons Data Analytics, District 17 has an estimated 7,161 completed private, non-landed homes, based on URA data at end-1Q2024. Lee Sze Teck, senior director of Huttons Asia Data Analytics, says it is “one of the lowest stocks of private non-landed housing in Singapore”. Excluding Kassia, which is uncompleted, Tripartite Developers’ projects in the Flora Drive-Flora Road enclave make up 4,154 (58%) of the total completed private non-landed homes.
Of the 7,161 completed private residential, non-landed units in District 17, about 4,397 units (61.4%) are either of 999-year or freehold tenure. Excluding the 276 uncompleted units in Kassia, Tripartite Developers’ Flora Drive-Flora Road area accounts for 2,829 (64.3%) of the 999-year leasehold and freehold stock in the district, notes Huttons Asia.
Showflat of a four-bedroom unit, where prices start from $2.462 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Dominant player in the east
Besides the private condos in the Flora Drive neighbourhood, Hong Leong has also been involved in developments elsewhere in the east, making it one of the dominant players in the area. They include the 566-unit, 99-year leasehold Penrose at Sims Drive, a joint development with CDL (launched in September 2020); and the 537-unit, 99-year leasehold The Tropica at Tampines Avenue 1 (launched in 1997, completed in 2020).
Hong Leong has also developed several freehold condo projects in the prime Meyer Road enclave of District 15, such as the 196-unit Aalto (launched in 2007, completed in 2010), the 293-unit freehold The Meyerise (launched in 2011, completed in 2014), and the 157-unit The Atria at Meyer (launched in the early 1990s, completed in 1996).
Elsewhere in prime District 15, Hong Leong’s other freehold projects include the 215-unit Fernwood Towers off Marine Parade Road (launched in the early 1990s and completed in 1994) and the 72-unit King’s Mansion on Amber Garden, completed in 1982.
With Kassia, the final private condo in Flora Drive at the launch gates, “there is a huge sense of achievement”, notes Hong Leong’s Chng. “We are fulfilling the government’s vision to build the Changi District into a vibrant ‘live-work-play-learn’ ecosystem.”
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