What can you get for $1 million in the prime districts?

By Michael Lim

/ The Edge Property |

January 22, 2017 8:00 AM SGT

Value hunters are spoilt for choice when it comes to house-hunting in the prime residential districts. A total of 42 transactions in the $900,000-to-$1.1 million range were recorded in prime Districts 1, 2, 9, 10 and 11 from October to January to date. These transactions were mainly for units of 420 to 861 sq ft.

Demand for these small and affordably priced units is expected to continue, especially from singles and newly married young couples looking to buy their first home, says Adeline Koh, a sales director at Propnex Realty. As they are mainly first-time buyers, they are not affected by the additional buyer’s stamp duty (ABSD).

Some of the buyers are young families who want their children to go to good schools such as Methodist Girls’ School, Nanyang Primary School, Raffles Girls’ Primary School and River Valley Primary School.

Condominium developments in the Newton Road area in District 11

Valley Park is a 728-unit, 999-year leasehold development by Frasers Centrepoint that was completed 20 years ago

Most buyers do not mind older freehold or 999-year leasehold condominiums such as Valley Park, Novena Court or Casa Jervois owing to their larger unit sizes and livable space, notes Koh.

For instance, Valley Park is a 728- unit, 999-year leasehold development by Frasers Centrepoint. Completed 20 years ago, the project has a wide range of units such as studio units of 732 sq ft and four-bedroom units of 1,808 sq ft. There are also penthouses that start from 2,562 sq ft. The latest unit to change hands at Valley Park was a 764 sq ft studio unit that was sold for $1.08 million ($1,413 psf), according to a caveat lodged in October.

Casa Jervois, on the other hand, is a 31-unit freehold, low-rise condo by Nakano Singapore. Completed in 1990, the project contains a mix of studio units of 743 sq ft and three-bedroom units of 1,227 to 1,722 sq ft. A studio unit was sold for $1.03 million ($1,387 psf) in November.

Meanwhile, in prime District 11 is Novena Court, a four-storey walk-up apartment block built in 1970. The freehold project has a mix of two- and three-bedrooms units ranging from 775 to 861 sq ft. The most recent transaction was for an 861 sq ft, three-bedroom unit that fetched $1.1 million ($1,254 psf) in December.

For those who want something new in prime District 9, there is The Boutiq, a freehold condo on Killiney Road. Jointly developed by Heeton Holdings, KSH Holdings and TEE Land, the project was completed in 2014. The 130-unit condo has a mix of one-bedders of 506 sq ft and two-bedders of 732 to 1,086 sq ft. The latest resale was that of a one-bedder that fetched $1 million ($1,977 psf).

In District 10, there is a wide range of freehold condos completed in the last five years, particularly in the River Valley neighbourhood. On River Valley Road is RV Residences, a 248- unit, 999-year leasehold development by Allgreen Properties. Completed in 2015, the low-rise condo consists of mainly compact units. One-bedroom units are between 419 and 452 sq ft, two-bedroom units are 678 to 699 sq ft and three-bedroom units are 850 to 1,001 sq ft. The latest transaction at the project was for a 420 sq ft, one-bedroom unit that fetched $917,000 ($2,185 psf).

Located off River Valley Road, at the end of Shanghai Road, is the 67-unit The Mercury. The project was developed by privately held Fortune Land, which also developed RV Suites nearby. Completed in 2012, the freehold The Mercury is fully sold. Units are a mix of one-bedroom- plus-study units of 635 sq ft and two-bedroom- plus-study units of 1,044 to 1,259 sq ft.

The latest resale transaction was for a 635 sq ft, one-bedroom-plus-study unit that was sold for $980,000 ($1,543 psf), according to a caveat lodged in December.

In the Newton area in prime District 10, several new private condo projects obtained Temporary Occupation Permits (TOPs) recently. On Surrey Road, off Newton Road, is Suites @ Newton. The freehold development by TeamBuild Land contains 67 units and was completed in 2016. Typi cal apartments in the project are one- and two-bedders of 484 to 764 sq ft. The most recent transaction was for a one-bedroom unit that fetched $919,600 ($1,899 psf) in October. As at end-December, 58 out of a total of 67 units were sold.

Near Suites @ Newton is 26 Newton, a freehold condo by Novelty Group that also obtained TOP last year. The 180-unit project contains a mix of one- and two-bedroom apartments of 474 to 1,033 sq ft. The project was launched in April 2012, with units priced at an average of $2,400 psf. The latest transaction in the project was for a 474 sq ft, one-bedroom unit that fetched $987,000 ($2,083 psf) in December. As at end-December, 43 out of the 180 units were sold, according to URA data.

In the Novena area is Soleil @ Sinaran, a 417-unit project located within Health City Novena. The 99-year leasehold development by Frasers Centrepoint is in prime District 11 and within walking distance of the Novena MRT station.

Completed in 2011, the project has a mix of studio units and one- to four-bedroom units ranging from 495 to 1,722 sq ft. The latest transactions were for a 506 sq ft studio unit that changed hands for $950,000 ($1,878 psf) and a 581 sq ft, one-bedroom unit that fetched $965,000 ($1,660 psf).

Located on Robin Road in the neighbourhood of Stevens Road in prime District 10 is Robin Suites. Completed in 2016, the project by Meng Leong Development comprises a 20-storey apartment block with 88 units, and four townhouses. The apartments are a mix of one- and two-bedders ranging from 441 to 990 sq ft. The townhouses are two-bedroom units of 1,722 sq ft.

There were several transactions of one-bedroom units of 463 sq ft at Robin Suites in October and November, at prices ranging from $975,000 ($2,107 psf) to $1.065 million ($2,301 psf).

In the CBD and Marina Bay area of prime District 1, there is a wide range of choices of one-bedroom units. At the 1,111-unit The Sail @ Marina Bay, a high-floor, one-bedroom unit changed hands late last year for $1.08 million ($1,824 psf). The 99-year leasehold condo was jointly developed by City Developments and AIG Real Estate.

Meanwhile, at the corner of McCallum Street and Telok Ayer Street is The Clift, a 312-unit condo tower by Far East Organization that was completed in 2011. The most recent transaction at the development was for a 506 sq ft, one-bedroom unit that was sold for $1.08 million ($2,127 psf) in November.

In prime District 2, on the fringe of the CBD is Spottiswoode Park Road, where a number of private condos have sprung up. The biggest of the new private condos there is the 351- unit Spottiswoode Residences. Developed by UOL Group, the freehold project was completed in 2013. It contains a mix of units ranging from one-bedroom apartments of 590 sq ft to three-bedroom apartments of 1,400 sq ft. The development is fully sold. The latest resale of a one-bedroom unit was for a 603 sq ft apartment that fetched $1.1 million ($1,825 psf) last October.

This article appeared in The Edge Property Pullout, Issue 763 (Jan 23, 2017) of The Edge Singapore.

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