Leasehold apartments on Freehold sites!

So the next time you step into a showflat, not only must you be aware of the tenure of the project but check the tenure of the site as well!

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Property developers are launching leasehold developments on freehold sites to secure future land banking opportunities.

While this enables developers to launch units at more competitive prices, analysts warn that this may impact future en bloc proceedings on these sites.

Property developer Far East Organization has launched four leasehold projects on freehold land, including The Shore Residences and Cabana.

Analysts said developers are able to launch these developments at more competitive prices, which are 10 to 15% lower than freehold properties in the surrounding area.

Developers will also be able to lay claim to these sites after the lease expires.

Donald Han, special advisor at HSR International Realtors, said: "A lot of developers who have been well-entrenched in the market would like to keep that as a safeguard, so they have continuous land banking opportunity to develop."

According to the Singapore Land Authority, owners of freehold sites have the right to sell part of their tenure in leasehold portions and retain the reversionary interest.

Analysts warn that investors who are considering future en bloc opportunities may want to think twice about investing in such developments.

Mr Han said: "When you are looking into the leasehold tenure, when it is run closer to your 30 to 40 years, it is harder to get an opportunity to extend the lease unless you negotiate directly with your superior land owner."

Analysts said that leasehold developments on freehold sites are already common in commercial projects such as Ocean Financial Centre in the Central Business District.

On the residential front, market watchers said developers may well consider launching 30-year leasehold projects on their freehold sites to cater to the demands of an ageing population.

Source: Channel News Asia

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Not freehold? No problem!

About three in four private residential projects launched in the past year are 99-year leasehold developments, according to some property analysts.

Demand for these units has been strong, and market watchers said home buyers should be aware of what they are buying into, as the capital value of leasehold properties depreciates progressively as the development ages.

Experts said the price premium for a freehold property could be as high as 40%.

Demand for many new 99-year leasehold private homes has been red hot, partly driven by the large number of such projects in the market.

They account for about 77% of new private homes placed for sale between June 2011 and June 2012, according to SLP International Property Consultants.

Analysts said there's also a mindset change among some home buyers now and they are highly mobile when it comes to housing.

For instance, some buyers may take a short-term view on their home purchase, opting to move to another property after five to 10 years, so it doesn't matter if the project is freehold or not.

For investors, market watchers said new leasehold units offer a better rental yield at 3.5 to 4.2%, compared to about 2.5 to 3.% for freehold homes.

But those looking at wealth preservation or handing down their homes to their children will be better off with a freehold property.

Ku Swee Yong, CEO, International Property Advisor, said: "99-year leasehold is always considered with a little bit of discount. The theoretical treatment of a 99-year leasehold land should be a depreciation of about 1% per year.

"So if you were to buy a property at $1,000 psf, each year its value should depreciate by $10 psf."

Nicholas Mak, executive director, SLP International Property Consultants, said: "For freehold properties, when the property is more than 20 years old and is ageing, and it is time for re-development perhaps through collective sale, the value of the land in a way is a bit more preserved because the developer would not need to pay the government a land premium to top-up the lease."

Analysts said a freehold property also commands a price premium over a comparable leasehold project.

This price premium could vary between 10 and 40%.

Mr Mak said: "Let's say we have two identical projects... and the only difference is their land tenure - one freehold, the other a 99-year leasehold. The freehold will be priced higher than leasehold projects, anywhere from 10 to 30% or even as much as 40%."

Leasehold or freehold, comments gathered on Channel NewsAsia's Facebook page are mixed.

But most agree that location is still the most important factor.

Source: Channel News Asia

The wife and I have friends who will only go for freehold (or 999-year at the least) properties, as they believe that the value of such property are better preserved. We, on the other hand, have never owned a freehold property, mainly because we are unwilling to pay the price premium. And if you are buying for own-stay and is prepared to hold out, chances are that you will not lose money even with an older leasehold property... at least in our experience anyway. (* fingers crossed *)

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New project info: Three Balmoral

With the end of the Hungry Ghost Festival, some developers are rolling out new projects for private previews. Making its debut at the prime district 10 neighbourhood of Balmoral Road is Three Balmoral, a joint venture between the Teo family-owned Tong Eng Brothers and Henry Ng’s Clarus Corp. Ng’s family controls Pan-United, one of Singapore’s largest cement and concrete suppliers.

VIP previews at the freehold Three Balmoral is expected to start over the weekend of Sept 10 to 11. The existing 11-unit apartment block at 3 Balmoral Road will be redeveloped into a 40-unit, 12-storey block. Typical units in the new development will be a mix of one-bedroom-plus-study units of 614sqft as well as three-bedroom units of 1,528 and 1,539sqft. The project is scheduled to be completed in 2014.

“Our units may be compact in size, but we’re not developing shoebox apartments,” emphasises Teo Tong Lim, managing director of Tong Eng. “we also do not compromise on the layout of the units, which are squarish and practical.”

Prices will be in the range of $2,350 to $2,600psf, which translates to $1.5 million to $1.6 million for a one-bedroom unit and $3.5 million to $3.7 million for a three-bedroom unit, says the developer.

All the units, including the one-bedroom apartments, will come with private lift access. On the second level of the 12-storey development are two three-bedroom apartments, each with a private pool and priced at $4 million apiece. There are also four penthouses, of which two are triplex three-bedroom apartments with private pool and roof terrace. Measuring 3,746 and 3,757sqft respectively, they cost just under $7 million each. The other two penthouses are two-bedroom duplex apartments of 1,249sqft each, and priced around $3 million.

The new condo at Three balmoral will be raised 10m above street level and, therefore, most apartments will get unobstructed views of Goodwood Hill, as directly across the development is a colonial bungalow and not another 12-storey condo block, says Teo. “Such views are quite rare along Balmoral Road,” he adds.

As Three Balmoral is located close to Stevens Road, it is less than a five-minutes drive to Orchard Road. It’s also close to good schools such as Anglo-Chinese School (Barker Road), Raffles Girls’ Secondary School and Singapore Chinese Girls’ School. The project is therefore expected to attract a mix of owner-occupiers and investors.

According to Joseph Tan, executive director of residential at CB Richard Ellis (CBRE), the last condominium launch in the Balmoral area was two years ago – for the 85-unit Volari in July 2009. CBRE is the sole marketing agent for Three Balmoral.

Source: THEEDGE SINGAPORE

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Project Spotlight: Latitude

Latitude, a high-end condominium located on Jalan Mutiara in the prime River Valley area, has seen a spike in transactions since late July. The 127-unit freehold condo by giant listed developer CapitaLand was completed late last year. Caveat data downloaded from URA for the period from July 26 to Aug 2 saw four caveats lodged for the sale of four 4-bedroom units sized at 2,766 to 2,928sqft. The quantum prices achieved ranged from $5.84 million to $6.15 million, or an average of $1,944 to $2,224psf.

Latitude comprises three towers, with a 22-storey tower and two 23-storey towers. Units comprise a mix of two- to four-bedroom apartments and four-bedroom penthouses. Two-bedroom units measure 1,324sqft, and penthouses measure 5,317sqft. The property is in the prestigious District 10, just five minutes' drive from the Orchard Road shopping belt.

In 4Q2007, CapitaLand sold 10 units at Latitude in the first phase of release. Prices achieved then, which in hindsight was the peak of the property boom, ranged from $2,500 to $2,800psf. With the spectre of the US subprime crisis and credit crunch affecting stock markets, market sentiment changed in early 2008, and many developers held back the launches of their high-end projects. According to caveats lodged with URA Realis, only one unit at Latitude was sold in 2008 - to a buyer with an HDB address. It was the sale of an eighth-floor, two-bedroom unit for $3.29 million ($2,487psf).

In 2009, in the aftermath of the global financial crisis and as home buying demand picked up, 48 units at the Latitude were sold, marking the largest number of units sold in a year since its launch. Prices of units sold ranged from $1,640psf for a two-bedroom unit to $2,305psf for a four-bedroom apartment. In 2010, there was a mix of new sales and sub-sales, with prices ranging from $1,738psf for a three-bedroom unit to $2,318psf for a penthouse unit.

Transactions achieved so far this year ranged from $2,504 to $2,239psf, according to caveats lodged with URA Realis. Marketing agents focusing on high-end condos in the prime districts of 9, 10 and 11 consider Latitude an attractive choice among investors and owner-occupiers. Four-bedroom units at Latitude command rental rates of about $15,000 a month, says Vivienne Koo, associate director of Tristar Properties. Thus, investors can achieve rental yields of 3%, which is higher than the average 2% to 2.3% for luxury properties in the prime districts, she adds.

"The Grange, for example, commands similar rents of about $15,000 a month for a four-bedroom unit, but its quantum price is also much higher," says Koo. According to listings on PropertyGuru.com.sg, a four-bedroom unit at The Grange, located off Grange Road, is priced at $6 million, or $2,800psf.

Another attraction for most potential home-owners and investors is the size of the four-bedroom apartments at Latitude. While most new luxury properties have four-bedroom apartments of about 2,300sqft, those at Latitude are close to 2,700sqft. " You can't really find such large sizes in the prime districts anymore, as many of the condominiums built in the old days that feature such large sizes have been sold en bloc, torn down and rebuilt into smaller units," says Koo.

The units have quality furnishing, spacious kitchens and good layouts, observes Koo. As such, more than half the buyers at Latitude are own-occupiers, and investors make up the rest. Most of the buyers are foreigners, with the project being especially among Indonesians and mainland Chinese. Some of these buyers, especially Indonesians, have purchased two or three apartments to be amalgamated into one large unit to accommodate their extended families. " This is something that you don't usually find in condominiums here in Singapore," she says.

Source: THEEDGE SINGAPORE

The wife and I understand that about 80% of units in Latitude have been sold thus far. So CapitaLand have already made their millions on this project and should be in no hurry to sell off the remaining units. And given the uncertain economic climate and bloodshed seen at the stock markets recently, we will be very surprised if unit at Latitude crosses the $2,200psf mark again in the next couple of months (at least)...
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Skyline Residences (Review)

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Project Name:   Skyline Residences
Tenure:   Freehold
Location:   608 – 612 Telok Blangah Road
District:   04
Site Area:   154,810sqft
TOP (estimated):   1st October 2015
Total Units:   283
No. of Blocks/Storey:   3 blocks of 24-storey
Car Park Lots:   300
Developer:   Bukit Sembawang

The wife and I were at the sales gallery of Skyline Residences over the weekend. This is a freehold project by Bukit Sembawang located along Telok Blangah Road.

Skyline Residences sits on the plot of land that is currently occupied by Fairways. Bukit Sembawang bought the site in a collective sale back in 2007 for $244.3 million, which worked out to around $785psf ppr. It sure took them quite a while before they decided to launch the new project that is Skyline Residences. The sales gallery is located on the actual site itself.

The first thing that delighted us when we stepped into the sales gallery was the scale model of the project – in addition to highlighting the condo and its facilities, the model also has mock-up of some of the landmarks that surrounds Skyline Residences. These include the cable car towers at Harbourfront/Sentosa with tiny cable cars that actually move!

Skyline Residences consists of 3 blocks of 24-storey each. However, the apartments are located from the 3rd storey onwards and are elevated by pillars of some 21 metres from the ground level. So units on the 3rd storey of Skyline Residences is actually about 8-storey high. The three blocks form the corners of a triangle:

• Block 608 (which consists of only 3+Study and 4-bedders) is closest to the main road.

• Blocks 610 and 612 are tucked behind Block 608 - we were told the distance between Block 610/612 and Block 608 is about 60 metres.

• The condo facilities are located in between the 3 Blocks.

The main entrance to Skyline Residences is along Telok Blangah Road, while a pedestrian gate located at the back of the development will provide access to Telok Blangah Drive (where the wet market and other amenities are found).

The project offers a mix of 1- to 4-bedroom units as well as penthouses (4+Study or 5-bedroom):
• 1-Bedroom (44 units):   484sqft
• 2-Bedroom (88 units):   829sqft
• 3-Bedroom (88 units):   1292 or 1346sqft
• 3+Study (20 units):        1475sqft
• 4-Bedroom (40 units):   1615 or 1722sqft
• Penthouses (3 units):    3165sqft (4+S), 3251 & 3681sqft (5-bedder)

Facilities wise, one is unlikely to be disappointed with the offering at Skyline Residences. It comes with all the “bells and whistles” that you come to expect in a full-facility condo these days (tennis court included). And for added convenience, an elevated walkway on the 3rd storey actually links Block 608 to the other two Blocks.

For parking, there are a total of 300 lots (inclusive of 4 handicapped lots) to be shared amongst the 283 units.

There are two showflat on display at the sales gallery:
– 1346sqft, 3-bedroom (Type C1)
– 1722sqft, 4-bedroom (Type D1)

All the 3- and 4-bedder units as well as penthouses come with their own private lift/lift lobby.

For the purpose of this review, we shall look at the 1346sqft, 3-bedder unit.

As you enter the unit, you see the living/dining room. This is rectangular-shaped area and quite decent in size for a 1300+sqft unit. It comes with ducted air-con and for flooring, you have a choice of either 60cm x 30cm marble-slab or “engineered timber” (see photo below).

The balcony/planter area extends along the whole length of the living/dining room. It probably takes up about 100sqft of space, which seems excessive given the size of the unit. The developer has provided the option to “enclose” the balcony with aluminium sliding panels (see photo) – this will cost you another $12 – 16K depending on the size of the balcony. However, the panels are more like partitions with holes (since developer is not allowed to erect permanent enclosure in the balcony as this will flout the GFA rules), so not especially effective if your intention is to keep the rain out.

The kitchen is long but somewhat narrow, with a sliding door that separates it from the dining area. You get homogenous floor-tile, sold-surfaced worktop and kitchen cabinets that are equipped with “Blum” mechanism. The developer has also thrown in “Bosch” hood/hob/oven/fridge – the oven looked quite stylish but the hood/hob/fridge looked distinctively ordinary.

The far end of the kitchen leads you to the backdoor and yard area. The yard is a long and narrow area, which is not very functional in our opinion. But you do get ample natural ventilation and lighting through a large window at the back. The utility room is tiny and probably more suited as a store rather than housing the domestic helper. 

The common bathroom is decent sized and comes with homogenous-tile floors and ceramic walls. You also get “Grohe” bathroom fittings and walled-mounted “Geberit” toilet.  The storage cabinet below the bathroom sink is flushed with the wall (see photo), which is quite nice. But the standard wall-mounted shower in the shower stall is not so nice. A window next to the shower stall provides natural lighting and also prevents any build-up of “strange smell” in the bathroom.

All the bedrooms are lined up against each other on one side of the apartment. The two common bedrooms are way too small. And to add salt to injury, you have bay windows to contend with. So you either have to make do with a Single bed or fit a Queen bed along the bay windows (ala Bedroom 2) – we don’t know about you but the wife and I do feel abit iffy sleeping against the bedroom window.

The master bedroom is quite good-sized for a change. It comes with engineered timber floors, which is standard for all the bedrooms. By now you are probably wondering… what is “engineered timber”? We have done some checking and discovered that engineered timber is a structural timber product composed of several layers of dimensioned lumber glued together.  It has the advantage of being free from excessive shrinking and setting and is generally stronger and longer lasting than whole timber.

The master bedroom not only has bay windows, but also an additional planter area (accessible via a set of glass doors). The later is especially a waste of good space (do you really need a planter box in your bedroom?) that you have to pay for.

The master bathroom is quite spacious and comes with marble floors/walls. You get “Grohe/Duravit” fittings and both bath tub and standing shower (located across from each other). Although the shower stall is not fitted with rain-shower, we do find the “industrial-like” design quite appealing.

Price wise, below are what you can expect to pay for selected 3- and 3+Study units that are still available as of last weekend:

• 1475sqft, 3+Study (Block 608, #06-02):   $2,731,520 or $1,852psf
• 1475sqft, 3+Study (Block 608, #21-02):   $2,896,420 or $1,963psf
• 1346sqft, 3-Bedder (Block 610, #06-08): $2,471,560 or $1,836psf

The wife and I actually prefer the layout for the 3+Study over the 3-Bedder. Only issue we have with the former is that it is directly West-facing. So the living and master bedroom in this one and only stack of 3+Study can get quite warm in the afternoon.

Skyline Residences started previewing about 2 weeks ago and as of last weekend, about 90 of the 283 units have been sold.

What we like:
• The view, especially from units in Block 608, should be quite spectacular. Check out the photos we took (if you have not seen them yet):
http://sgproptalk.blogspot.com/2011/07/skyline-residences-wanna-know-views-you.html
Also, the design of the 3 blocks is such that most of the units will have at least some unblocked view.

• For those seeking larger units (3+Study or 4-bedder), you be pleased to know that Block 608 (only block where such units are found) offers you the best view – the balcony of these units will likely get some sea/golf course view while the bedrooms will face the condo facilities.

• The main orientation of the project is North-South, which means the units should be quite windy. This may help you save on electrical bill as less air-conditioning may be required.

• Telok Blangah MRT station (on Stage 5 of the Circle Line that is expected to be operational in the later part of this year) is just across from Skyline Residences and about 4-mins' walk away.

• Residents have the choice of wet market/supermarket/neighbourhood shops and other amenities at the HDB estate located across from Telok Blangah Drive. Alternatively, Vivocity and Harbourfront is just a 5-mins' drive away. Skyline Residences is also about 10 – 15 mins’ drive to CDB and Orchard Road. So one can hardly argue against the convenience of its location.

What we dislike:
• The space within the units can be better optimized. In the case of the 1346sqft 3-bedder, the yard space (long and narrow) is hardly functional. We can also make do with smaller balcony and fewer planter boxes.

• While the wife and I liked some of the interior furnishing, we were not exactly “wowed” over by what we saw. This is especially when the units come with asking prices in excess of $1800psf.

• The common bedrooms of the 3- and even 4-bedders are too small for our liking.

• Although units in Block 608 are likely to get the best view, they are also “nosier” given that the block is nearest to the main road. When we were at the viewing gallery on the 11th floor of an existing block, the traffic noise was quite deafening even with the glass enclosure.

• We can only identify one primary school that is within 1-km from Skyline Residences – Blangah Rise Primary. Consolation is that this is a co-ed school.


Our Verdict: Skyline Residences is probably a decent buy on account of its location, freehold status and great view. However, we are not exactly sold on the quality as seen in the showflat. This is especially in relation to its asking price. If we compare Skyline Residences with Foresta @Mount Faber just further down the road, we will definitely prefer the former, although some may argue that they are not exactly “apple to apple” (high-rise condo versus low-rise boutique).

But being the realists that the wife and I are, we will probably go with the cheaper alternative – Harbour View Towers. This is a 99-year leasehold condo located right next to Skyline Residences. It is already 17-years old and with far fewer facilities. However, the 3- and 4-bedders in Harbour View Towers are equivalent in sizes (some even bigger) than those of Skyline Residences and they do not have balcony/planter boxes. You also enjoy the same kind of view (and traffic noise) and distances from MRT station/amenities, but at a much lower $1,000 - $1,300psf!


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Buckley Classique (Review)

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Project Name:   Buckley Classique
Tenure:   Freehold
Location:   9 & 11 Buckley Road
District:   11
Site Area:   71,800sqft
TOP (estimated):   31 Dec 2015
Total Units:   64
No. of Blocks/Storey:   2 blocks of 5 and 6-storey plus attic.
Car Park Lots:   76 (basement)
Developer:   City Developments Limited (CDL)

The wife and I visited the sales gallery of Buckley Classique over the weekend. This is a freehold project by City Development Limited.

Buckley Classique is located along Buckley Road, which is off Newton Road. The sales gallery is located on the actual site itself, which actually consists of 2 separate plots of land combined together. The apartments will be located on 11 Buckley Road, where the former Buckley Mansion is located. CDL bought the site via a collective sale in 2007 for around $633psf ppr. A colonial-style bungalow stands on 9 Buckley Road, which is owned by the Kwek family (Hong Leong Group, CDL etc). The bungalow will be preserved and converted into a clubhouse for Buckley Classique.

Buckley Classique consists of 2 blocks separated by the lap-pool in between. We were told that the two blocks are about 18.5 metres apart, which sounds like a good distance away. The outer block is 5-storey high, while the inner block is 6-storey. However, all the penthouses on the highest floor come with an attic.

The project offers a mix of 2- to 4-bedroom units as well as penthouses (4 or 5-bedroom). And unlike many new projects these days that have primarily smaller apartments, most of the units in Buckley Classique are 3-bedders. It also has a split-level (i.e. basement + ground) 4-bedder unit that comes with 2 private parking lots, and is the only one of its kind in the whole project:

• 2-Bedroom (9 units):   1098 - 1238sqft
• 3-Bedroom (45 units):   1399 – 1475sqft
• 4-Bedroom (4 units):   1959 – 2896sqft
• Penthouses (6 units):   3563 – 4359sqft

In terms of facility offerings, the highlight must certainly be the clubhouse. However, the number/types of facility available in the project are rather basic.

Parking is available in the basement, with a total of 76 lots (actually 74 if you exclude the 2 private lots for the split-level unit). So there is the odd chance that visitors may actually get to park within the development itself.

There is only one showflat on display – this is the 1475sqft, 3-bedroom unit with PES (Type B1). For those who are not really into ground-floor units, you be glad to know that the typical Type B1 unit (1410sqft) has the same interior layout as the showflat.

 
All apartments come with their own private lift/lift lobby. The other unique feature about the apartments is that you do not have a “main door” per se – you get a set of sliding glass partitions instead that is supposedly “lockable”. Once inside the apartment, another door directly opposite to the common bathroom opens into the stairwell. This will allow you access to your apartment (especially if you are on the higher floors) in case your private lift malfunctions.

The living/dining area is rectangular in shape and seems a tad small. It comes with nice 60cm x 60cm marble-slab floors and 3.25m ceiling height.

The kitchen is a narrow rectangular strip of an area and again seems somewhat small. However, the wife and I were rather impressed with the furnishing – you get good quality homogenous floor tiles/solid-surfaced worktop, very appealing set of kitchen cabinets that come with “anti-slam” mechanism and “Gagganeu” hood/hob/oven/fridge.

There is a proper yard area for you to do your laundry chores. For ground-floor units, you can access the yard from outside the PES (via a door next to the space for washing machine) as well as from within the kitchen. The home shelter (spacious enough for a single bed but not much else) and a bathroom are found in the yard as well.

The common bathroom is good sized and comes with homogenous-tile floors and ceramic walls. You also get “Hansgrohe” bathroom fittings and the “Kohler” toilet bowl is wall-mounted, which adds style. However, the developer can certainly do better than the ordinary looking wall-mounted shower set.

The two common bedrooms are very spacious – you can easily fit a Queen bed inside and still have lots of room. The floors are made of American white oak and there are no bay windows to contend with. The wardrobe provided are quite appealing and the doors even come with “anti-slam” hinges!

(* Apologies but we were unable to get photos of the common toilet and bedrooms, as the security guard was standing too close for comfort *)

And if you think the common bedrooms are large, the master bedroom is huge! This is the only bedroom with bay windows but despite so, you have more than sufficient space to put a King bed, a TV console and even a small study table inside. We especially like the wardrobe provided, which comes with sliding doors with superb mechanism – unlike normal sliding doors that run on tracks, the doors are fitted with rolling hinges that grip the top and bottom of the wardrobe.

The master bathroom is spacious and comes with tile floors but marble walls. You get similar “Hansgrohe/Kohler” fittings, a bath tub and an adjacent standing shower. A set of windows above the toilet bowl ensures ample natural lighting and ventilation.

Price wise, a 1410sqft, Type B1 unit on the 2nd floor (#02-02) will cost you $2,886,000. This translates to almost $2,047psf.

As of last weekend, 26 of the 64 units have been sold. For those of you who are interested in the 2-bedders, only 1 unit remains.

And now for the other bombshell: The monthly maintenance fees for a 3-bedder will set you back $672, which is rather steep!


What we like:
• We are very impressed with the quality of furnishing and fittings as seen in the showflat. At least you are getting (in terms of quality) what you are paying for, which is more than we can say compared to some other projects that we have seen.

• We are pleasantly surprised by the spacious bedrooms despite the fact that the 3-bedder unit is only about 1400sqft. This is a departure from the tiny bedrooms found in many other new projects these days.

• Novena MRT Station and amenities within United & Novena Squares are about 5 – 10 minutes’ walk away.

What we dislike:

• Buckley Road is a fairly narrow one-way street, with several condo projects lining both sides of the road. So finding roadside parking (e.g. your visitors who are unable to find parking within the condo, or maybe for your 4th car etc) may be quite a challenge. The road may also be quite congested during certain times of the day.

• The living/dining area for the 3-bedder is a tad too small for our liking. But given the size of the unit and the spacious bedroom, something has to give.

• $675 monthly in maintenance for a 1400sqft apartment? The wife and I were already complaining like crazy when we had to pay 500 bucks a month at our last condo unit. And that was for a bigger apartment with private lift!

• The good news is that you have a choice of 3 primary schools within 1-km of Buckley Classique. The bad news is that all of them are boys’ school (i.e. ACS Primary, ACS Junior and SJI Junior). So parents needing to enrol their daughters into primary school may have a slight problem.


Our Verdict: Buckley Classique is definitely one of the better projects that we have seen in terms of location, quality and unit layout. But as with all good thing comes a price and at over $2,000psf, it is much too steep for our comfort. This is especially when the project is one of those low-rise, “boutique” developments, unlike Residences @Evelyn or Trilight for example, which are high-rise (with a view of sorts) and with better facilities.

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New project info: Park Residences @Kovan

The wife and I have received details of a new project in the Serangoon area - Park Residences @Kovan.

This is a small (or boutique, as developers would like to call it) freehold project with 41 units in total.

Units in Park Residences @Kovan are "small format" - all but 5 of the 41 units are 1-bedders below 400sqft, with one exclusive ground floor unit of 675sqft that comes with high ceiling (can build loft?).

Enjoy the literature!

http://www.scribd.com/doc/58273856/ParkResidences-Kovan

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The Viridian (Review)

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Project Name:   The Viridian
Tenure:   Freehold
Location:   6 Jalan Ampas
District:   12
Site Area:   27,839sqft
TOP (estimated):   2Q 2014
Total Units:   108
No. of Blocks/Storey:   1 Block of 23-Storey
Car Park Lots:   Multi-storey parking with 108 lots + some visitors & handicapped lots
Developer:   Orion-One Residential Pte Ltd

The wife and I were at the sales gallery of The Viridian over the weekend. This is located at the actual project site along Jalan Ampas, off Balestier Road.


The Viridian is the first foray by Global Orion Properties into the Singapore residential arena. The project consists of 108 apartments located within a 23-storey block, and is designed by renowned local architectural firm Ong & Ong.

The Viridian takes its name from the Latin viridis, which means “green”. Thus one can expect a fair amount of greenery within the project.


The Viridian offers mostly 1 and 2-bedders, which come in standard and loft variants:
• 1-Bedroom (Type A1):   506sqft (22 units)
• 1+Study (Type A2):   527sqft (44 units)
• 1+Study Loft (Type B1/B2):   883/1249sqft (16 units)
• 2+Study (Type C):   893sqft (22 units)
• 3-Bedroom (Type D):   1033sqft (2 units)
• 3-Bedroom Penthouses (PH):   3326sqft (2 units)


Apartment units start from 7th storey onwards, as the 1st – 5th floors are multi-storey parking. The standard “1 lot per apartment” applies, so buyers with more than one vehicle will have to keep their fingers crossed on some of their neighbours not owning cars or take their chances with roadside parking along Jalan Ampas.

The facilities are all located at the “sky terrace” on the 6th floor. For a small development, the offering is actually quite generous - you get a putting green and reading area in addition to the standard features. However, the 25m lap-pool is only about 5m wide, so beware of “oncoming traffic” while doing laps.


There are two showflats in the sales gallery:
• 527sqft, 1+study apartment (Type A2)
• 883sqft, 1+study loft unit (Type B1)

Both unit types exhibit quite a few similarities, so we shall concentrate on the Loft as it is the more interesting of the two.

As you enter the apartment, the kitchen (kitchenette rather) lines the walkway into the living area. This seems to be a common feature for most "small" apartment these days, as it optimizes space usage. The kitchenette comes with "Bosch" hob/hood/oven/fridge and nice looking set of top/bottom kitchen cabinet.

There is not much of a dining area to speak of, so one needs to be creative on how to fit a dining table into the apartment. One option is shown in the showflat, but this will only sit two. Another option is available, which we will elaborate in due course. 
 

The living area is square-shaped and feels quite spacious despite the smallish space. This is probably because of the "double volume" ceiling (about 6m versus the typical 2.9m for a typical unit). You also get 60cm x 60cm marble flooring for the whole walkway/living/dining area.

The balcony is rectangular-shaped and huge in relation to the living/dining area, which allows for the option of using this space as an external (larger) dining area if so desired. You can easily fit a long table that sits 4 - 6 people here.


The "Study" is located behind the living area, next to the staircase that leads up to the loft. The tiny area seems like an afterthought - it is fully enclosed with no window so forget about natural lighting or ventilation.


Across from the Study is a recess area for housing your washing machine/dryer (all the necessary piping and water inert/outlet are provided). If you can make do without a Study, that area is actually more suited for doing your ironing. And if you are one of those that prefers to "air dry" your laundry, the only place you can do that is probably at the balcony.

A "powder room" is located next to the Study. This is only available in the Loft unit, as the typical 1+study apartment has only one toilet (i.e. the master bathroom). The wife and I always like the idea of a separate toilet for guests rather than have them use the master bathroom, which is private and should remain so.

The master bedroom is located on the loft level and is huge. You can easily fit a King bed in here and still have enough space for a writing desk (against the glass partition overlooking the living area below, maybe?). The area is probably more condusive to study in compared to the "Study" below, given that it is bright and airy.


The loft area is decked with nice timber-strip floors and the wardrobe provided is of pretty good quality.

The master bathroom is quite good size and comes with ample storage cabinet (behind the vanity mirror and below the vanity top). The standing shower stall is fitted with both wall-mounted and "rain" showers, which is a nice touch. However, you only get homogenous-tile floors/walls (instead of marble), which is a tad disappointing.
 

Price wise, here is what you can expect to pay:

• 506sqft, 1-bedder on the 7th floor:   $785,000  or $1551psf
• 527sqft, 1+study on the 7th floor:   $817,000  or $1550psf
• 883sqft, 1+study loft on the 18th floor:   $1,250,000  or $1416psf

We were told that all unit types are still available, since the project has only started its preview on June 1st.

What we like:
• The external design and look of The Viridian is quite appealing. It vaguely resembles The MarQ – a luxury project located along Paterson Road.

• The quality of furnishing and fittings are quite exceptional, even down to the type of light switches that are provided. The standard is definitely higher than Okio – the other new project in Balestier that we have recently seen.

• Amenities are conveniently located within short walking distances, whether be it for food or shopping. Also easy access to PIE, CTE and ECP.

• Two primary schools within 1-km of The Viridian – Balestier Hills & Hong Wen Primary (both co-ed). However, this may be scarce consolation as the project is not exactly targeting families.

What we dislike:
• Location – This is the biggest issue we have with The Viridian. The project is located in a semi-industrial part of Balestier - the rear and one side of the project face some old warehouses and industrial buildings, while the front faces another high-rise condo (Ampas Apartment). Thus the view from lower-floor units may not be all too appealing, especially if the surrounding remains status quo in the next few years.

Our Verdict: The developer is definitely out to impress with The Viridian - their maiden residential project in Singapore. And the wife and I definitely prefer The Viridian over Okio in terms of quality and facility offering. The project should appeal to the single and DINK buyers, although the actual site may put some people off. However, buyers can probably be assured that The Viridian will stand out as the rose among the “thorns” that surround the project.

We also feel that the $1500psf average price tag is rather high for a project in Balestier. This is despite The Viridian’s freehold status and especially given its “less than ideal” location. However, this seems to be the curent asking price for new projects in this area and as long as there are takers, who are we to complain…!?

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