Special Feature

Penthouse at Lincoln Suites sees interest from landed home owners and discerning foreign buyers

By EdgeProp Singapore

/ Brought to you by Willy Ng |

March 30, 2021 10:00 AM SGT

A five-bedroom penthouse at Lincoln Suites, off Newton Road in prime District 11 is up for sale. The duplex apartment has a gross floor area of 5,597 sq ft and the price translates to about $1,640 psf.

The apartment is marketed by Willy Ng, senior marketing director of ERA Realty Network.

Sky high home

Lincoln Suites is a freehold development on Khiang Guan Avenue and the condominium was completed in 2014. The 174-unit development comprises a pair of 29-storey residential towers and the unit mix includes one- to four-bedroom units of 463 sq ft to 3,143 sq ft, as well as three penthouse units.

When the development was completed, the penthouse units were left vacant.

The living and dining room of the penthouse has a double volume ceiling of about 6 metres, and floor to ceiling windows bring in natural light during the day and highlight the sweeping view of the Novena area.

The penthouse also features an outdoor deck with a swimming pool, and a second deck with views towards the city centre and the Marina Bay area with the iconic Marina Bay Sands in the background.

The view from one of the outdoor decks of the penthouse, with a sweeping view towards the Marina Bay area. (Picture: Samuel Isaac Chua/The Edge Singapore)

“This penthouse has been on the market for a few months and the level of enquiries I have received so far has been very encouraging. Some clients from Hong Kong commented that such penthouses are sought-after units in Hong Kong, and can fetch sky-high prices,” says Ng.

He has worked with a luxury interior design firm called naui studio to prepare an artist impression of the living space if it were fully furnished and tastefully designed. “When buyers are able to better visualise the space and how it may fit into their needs and desired lifestyle, it eases the buying process and helps in the decision-making process if they can feel that the unit is a good fit for them,” says Ng.

Prospective buyers include locals and foreign buyers from Hong Kong, China, India, and Australia. Ng hopes that the visuals of the decorated interior will encourage foreign buyers to consider the unit after they are able to better visualise the space.

Due to international travel restrictions due to the Covid-19 pandemic, these foreign buyers are unable to physically view the unit. Ng anticipates the needs of these clients and has positioned himself to serve the influx of ready foreign buyers when the travel restrictions are lifted.

The master bedroom of the penthouse is on the upper floor and can comfortably fit a king-sized bed. The ensuite bathroom comes with a jacuzzi with views towards the Marina Bay area. (Picture: Samuel Isaac Chua/The Edge Singapore)

Ng says that the level of enquiries he has received so far has been very encouraging. “In terms of the profile of interested buyers, interestingly, several are Good Class Bungalow owners who are looking to right-size their home in their golden years,” he says.

Ng adds that this group of landed homeowners are used to living on relatively spacious land areas, and they find that most large-sized condo units tend to be too small for their lifestyle needs. As a result, large-sized penthouses like the one at Lincoln Suites are a more appealing option since it offers almost the same floor space that they are accustomed to, he says.

Attractive price below nearby land cost

Besides the generous space, the asking price of the duplex penthouse is attractive compared to transacted land prices in the Newton area. For example, the upcoming Pullman Residences along nearby Dunearn Road is a redevelopment of the former Dunearn Gardens, which was purchased enbloc for $468 million in April 2018. The purchase price works out to about $1,914 psf per plot ratio (ppr).

In comparison, the penthouse at Lincoln Suites is priced from about $1,640 psf. “This means that compared to the land price of a recently transacted redevelopment plot in the Newton area, the penthouse at Lincoln Suites is relatively undervalued,” says Ng.

He adds that it is one of the lowest priced, freehold penthouse in the vicinity that is close to an MRT station, shopping malls, and renowned schools. On top of being within a completed development, the new owner of the penthouse would be acquiring this property at a cheaper price than the land cost of another luxury project such as Pullman Residences, he says.

Compared to recent land prices in the vicinity, the penthouse at Lincoln Suites is relatively undervalued. (Picture: Samuel Isaac Chua/The Edge Singapore)

“I believe this unit presents a strong proposition for any discerning homebuyer due to its undervalued price compared to the land costs of certain new launches in the area, as well as the profile of buyer it has been attracting. Once the unit has been renovated it will attract even more foreign buyers who will be drawn to the space this penthouse offers,” says Ng.

Lincoln suites also boasts impressive locational attributes. Top ranked schools in the area include St. Joseph’s Institution Junior, Anglo-Chinese School (Primary), and Anglo-Chinese School (Barker Road). The development is also close to four major shopping malls – United Square, Novena Square, Velocity @ Novena Square, and Square 2.

Excellent transport connectivity comes from the nearby Novena MRT station on the North-South line, as well as major roads and highways such as Newton Road and the Central Expressway.

Capital values in the Novena and Newton neighbourhoods are also expected to enjoy significant uplift in the future when the planned Novena Health City is progressively completed over the next few years. According to Ng, some prospective buyers are already eyeing this rejuvenation plan, and are banking on the potential uplift in property prices as part of their asset exit strategy.

“This is a highly desirable property because it is currently priced attractively below the market value and recent adjacent land costs. Thus, the new owner should feel assured of a margin of safety in terms of the value of the property,” says Ng.

Choice agent for high-end clients

Ng is in his fourth year as a realtor with ERA Realty Network and was an experienced trader before his career switch. In addition to his numerous awards and credentials, Ng is also a member of the elite Plush by ERA, a select group of agents that cater to the high-end residential segment.

“I wanted to step away from the corporate cycle and reskilled myself to being a property agent because I enjoy the service and the real estate market, and this line of work has opened the doors for me to meet different people from all social groups,” says Ng.

He has quickly moved to serve a wide range of home buyers and sellers, including carving out a reputation in the high-end residential market. Close to 70% of his listings comprise high-end condos and the remaining 30% involves mass market condos. This allows him to stay in line with the different segments and gives him exposure and knowledge in both high-end and mass market.

One of his most recent done deals in the high-end market involved the sale of a three-bedroom plus-study unit at Nouvel 18 which he managed to close for about $5.3 million. According to Ng, the buyer enjoyed a smooth buying process and decision making thanks to the suite of research that Ng readily provided.

Willy Ng: It is important to establish a good professional relationship, and a level of trust that will stay with all my clients. (Picture: Samuel Isaac Chua/The Edge Singapore)

“During their house hunting, some buyers select from a wide range of projects and developments on the market. As a realtor I want to ease the homebuying process for them. I can provide a value-added service, giving them all the information that I feel could help them come to the right decision,” says Ng.

Track record shows a focus on properties in prime Districts 9, 10, 11, as well as highly desirable residential areas in District 1, 2, and 3. He also specialises properties in the North-east region and the East Coast area.

“The first residential new launch I was involved in was Affinity and that exposed me to the wider Northeast region. I’ve become quite a seasoned agent when dealing with homes in this region of Singapore,” he says.

Keeping up with luxury trends

In recent years, Ng has grown his connections with upmarket interior designers, brands of luxury furniture, and kept his eye on the latest fashion trends. His ties to the market for luxury fittings and furnishings include boutique lighting studio Serip Organic Lighting.

Ng has developed working relationships with interior designers like Naui Studio and boutique lighting designer Serip Organic Lighting. (Picture: Samuel Isaac Chua/The Edge Singapore)

“The most important reason for this is because knowing these trends well helps me to value add to buyers in finding a home with a timeless design. For sellers, it is to help them market their property better and enhances the attractiveness of the unit,” says Ng.

He says that it is important to continuously value add as a realtor. By working closely with interior designers, he can market what appears to be a small space into a desirable studio home for the right buyer. “For example, enhancing the space with better visuals or lighting that emphasis the ceiling height,” he says.

For more information about the listing, visit here.