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Two luxurious condos located in the District 9 area were recently bought by foreign buyers despite recent increases in stamp duty for additional buyers (ABSD) that went in effect on the 27th of April. Based on Lee Sze Teck, senior director of research at Huttons Asia, a crosscheck with URA’s analysis on property purchase by nationalities and residence status shows these units have been purchased by Chinese citizens who aren’t permanent residents (PRs).

TMW Maxwell enbloc will also benefit from the planned rejuvenation of Tanjong Pagar and the planned developments of the Greater Southern Waterfront precinct.

A single properties includes a five-bedroom 2,691 square feet unit in The New Futura which is an undeveloped condo with freehold rights located along Leonie Hill Road in District 9. Based on URA information an agreement was signed to sell the building, which is located at the 24th floor the 3rd of May, to $12.5 million. At $4,645 per sq ft the unit set the highest price for psf in the freehold development of 124 units from developer City Developments Ltd that was completed in the year 2017.

In accordance with the latest cooling measures In light of the new cooling measures ABSD percentage of 60% applies on foreign buyers. However, for transactions in which buyers were granted the right to buy before April 26 and was exercised in 21 days (i.e. by May 17) the rates that are being revised will not be applicable. So on or before May 17th, the Chinese buyer of on or before May 17th, the New Futura unit paid an ABSD rate of 30% or $3.75 million to purchase the unit.

The buyer of the unit in New Futura purchased the unit in January of 2018 at $9.13 million ($3,395 per square foot). Thus, the net gain of the transaction is $3.37 millions (37%) after a five-year period of holding. This is the highest-profit deal for resales for New Futura to date. This is more than the previous gain of $2.96 million, which was announced for December of 2022. It was due to an auction of 2,691 sq. ft unit that was sold for $11 million ($4,459 per square foot).

New Futura, located along Leonie Hill Road, is an imposing twin-36-story residential development developed by American architectural company Skidmore, Owings and Merrill (SOM) SOM, the designer for the luxury development Wallich Residence, and Skywaters Residences situated in Tanjong Pagar.

The units at New Futura include a range of two-bedroom homes that measure 1,098 square feet up to four-bedroom units of 2,691 square feet with ceilings that double in volume. There are two penthouses of 7,836 square feet located at the highest point on each building.

Another luxury condominium property that was bought by an Chinese buyers is a townhouse with six bedrooms located in Yong An Park that is an open-air development located situated on River Valley Road. A caveat was registered on May 5 to facilitate selling the 718 square foot property at $14.08 million ($1,824 per square foot). Like the property at New Futura, the buyer of the Yong An Park unit paid an ABSD of 30% ($4.2 million) on the deal since an option had been exercised prior May 17.

The owner of the unit located at Yong An Park raked in the sum of $4.5 million from the sale. The property had been sold before in the past for $9.58 million ($1,241 per square foot) during February of 2008. The seller earned an estimated 47% capital gain after having held this property over 15 years.

In 1986, the park was completed. Yong An Park has a total of 288 dwellings. The typical units are one-to four-bedders that range between 1,023 sq feet and 3,778 square feet. There are threeto five bedroom penthouses ranging between 3,466 sq ft to 6,878 sq ft and a selection of townhouses with six bedrooms, strata-titled starting at 7,718 square feet. The development is just a five-minute walk from the Great World MRT Station on the Thomson East Coast Line.

Within the Gallop Road-Wollerton, in the Gallop Road-Wollerton Park Good Class Bungalow (GCB) region there is a GCB located at the intersection of Gallop Park Road and Farrer Road is being offered for sale as the expression of interest (EOI) exercise for the cost of $32 million. The GCB is located on an elevated plot of land that covers 14,844 square feet, which means the estimated price is $2,156 per sq ft.

TMW Maxwell land price deal will see a transfer of $276.8 million to the owners of TMW Maxwell.

The current owners constructed the two-story house on the site around twenty years ago. It is a constructed area of around 6,600 sq ft. The first floor is an enormous living space with a pool in the front. A dining room and an enormous kitchen are linked to a space for a helper’s room as well as a laundry. On the second floor, there are three bedrooms with ensuite bathrooms and two additional bedrooms sharing a Jack-and-Jill bathroom.

In the past the owners let the property to various tenants, many of which were expatriates, says Kimberly Lai of JNA Capital Markets (a team of JNA Real Estate), who are marketing the property. The GCB is currently not leased however, the owner is trying at selling the property that is vacant.

Lai says that the large land area, along and the age of the current house, make the site an ideal location to redevelop. “It’s an ideal location for people seeking to build a brand new home that makes the most of the available land,” she says. If the approval of appropriate authorities, the new house could be two stories and an attic.

Costs of construction and pricing
To aid prospective buyers in understanding the full potential of the property, JNA Real Estate consulted with a builder to create plans for a home. “We were looking to show potential buyers the possibilities and how the house would most effectively utilize the property’s features,” Lai says. The plan also seeks to reduce noise levels due to the location of the property, which is close to Farrer Road, which is an important thoroughfare.

The proposed development is an area of built-up (inclusive of pool as well as a the car parking) of 20500 square feet including a brand-new 2-storey home with an attic which is an overall floor space of approximately 10,000 square feet. The house is located in the middle of the plot that is farthest away from the road with the swimming car porch and pool moved towards the eastern end of the plot. This is also closest to the street. “This means that the house has an increased setback that will reduce the noise from the road and provide peace,” Lai adds.

The floor plan was the layout was a C-shape which allows most rooms to face a central courtyard which acts as the central area. The common areas of the house, such as the formal dining and living space, will be located on the first floor. While those on the second floor will contain the living areas of the family. The new house can be able to accommodate up to 13 bedrooms.

Based on the blueprints drawn, Lai says the new house could cost anywhere from $7 million-$8 million based on the type of materials employed. “The potential buyer can use these plans and then implement them, thereby reducing time when it comes to site designing and working together with architects to create designs,” she adds.

If buyers want to avoid taking care of the construction of their dream home, Lai says they have the option of securing the amount they pay to the seller in order to cover the cost of developing the site and construction of the new home. The price of buying the property with a new construction is $40 million, that’s equivalent to $2,695 psf for the land. “It’s an appealing price for a brand-new home situated in a GCB region within District 10,” Lai adds.

The most recent sale in the Gallop Road-Woollerton park GCB area took place in March, when an apartment on Woollerton Drive that had a land size of 8,646 square feet was sold at $24.4 million ($2,822 per square foot). Prior to this there was an GCB located on Gallop Park Road that belonged to the late daughter-in-law of Khoo Kay Hian, the founder of the stockbroking firm Kay Hian and Co, was sold for $35.5 million ($2,723 per sq ft) in March 2022.

The Trophy asset
Lai believes that the GCB located at Gallop Park Road draw significant interest prospective buyers to be families looking for a luxury property in a prestigious neighborhood. Lai adds she believes the property is located near well-known schools like Nanyang primary school, St Margaret’s School (Secondary) and Hwa Chong Institution.

Other amenities in the vicinity, such as other nearby facilities, including Singapore Botanic Gardens which is only a short walk away, add to the appeal of the area. Shopping centers within the close vicinity comprise Serene Centre and Coronation Shopping Plaza The Farrer Road MRT Station (on the Circle Line) as well as the Botanic Gardens MRT Station (Circle and Downtown Lines) offer convenient transportation alternatives.

Lai is also anticipating interest from new Singapore citizens, pointing out that the GCBs located within Gallop Park and Woollerton Park are popular with buyers from China as well as Indonesia. “Given the location of it next to Botanic Gardens and the surrounding GCB areas such as Cluny Hill, Nassim Road and Cluny Park, they see the houses here as a part of a distinguished neighborhood,” she says.

Lai believes that this set of purchasers to be willing to purchasing a home for $40 million, which includes redevelopment. “They may prefer this route which is less hassle-free particularly if they’re unfamiliar with the building and planning procedures in the area,” she says.

The EOI exercise for the property is due to close in June 15, 11.59pm.

Joint venture with partners along with sister businesses Far East Organization and Sino Group will unveil the Reserve Residences at Jalan Anak Bukit off Bukit Timah on the 12th of May Then, the property will be launched one week following on May 27.

“As it will be the first integrated mixed-use development that includes a transport hub at the heart of Bukit Timah, there will be an advantage over District 21 developments that surround it,” says Shaw Lay See who is the COO of the leasing and sales division of the Far East Organization. “However we are aware that we must provide value to our clients. We will therefore price our products very competitively and that is in line with the market.”

TMW Maxwell at Maxwell Road site is a 13-storey commercial development with a gross plot ratio of 4.3. It measures 41,799 sq ft or 3,883.3 sqm with a potential gross floor area (GFA) of 21,746 sqm

Shaw claims prices will start at $2,300 per sq ft. One-bedroom apartments with 441 square feet will cost $1.11 million ($2,517 per square foot) Two-bedroom units start at $1.45 million. Three-bedroom units will begin at $2.2 million, while four-bedroom units will go higher than $3 million.

The mixed-use development will be incorporated with a transport hub that will have direct access the Beauty World MRT Station via an underground connection and a brand new bus interchange that is air-conditioned at the second floor of the planned three-storey mall Bukit V.

The design was created by Singapore’s acclaimed architect business WOHA Architects, the mixed-use development is situated on an expansive 32,185 square meters (346,439 sq feet) site. It is comprised of eight residential blocks that have 732 units as well as residential blocks that have serviced apartments comprising 160 units.

WOHA created the Reserve Residences as a collection of low-, mid and high-rise blocks ranging from up to 32 storeys. There are four distinct collection options across the eight blocks of housing The Reserve Residences, with 502 units ranging from one to three bedrooms; Horizon Collection, with 167 units with three- and four-bedrooms that offer breathtaking perspectives; Creekside Collection, with 48 exclusive units that range from three- and four-bedrooms (levels 6 to 11) as well as Treetops Collection, with 15 superior units that include five and four-bedrooms, penthouses and duplexes with panoramic views over Bukit Timah Nature Reserve. Bukit Timah Nature Park, or expansive perspectives from the Bukit Timah region.

There are only five penthouses located on the highest level within the Treetops Collection (Level 32) and range in size of 231 sqm (2,486 sq feet) up to 261 square meters (2,809 sq feet).

The development offers more than 70 facilities spread across seven levels of The Reserve Residences. The facilities vary from the 50m lap pool to an aqua gym that has a spa and a 600m jogging track as well as a dog park as well as dining areas on levels 33 that have view of Bukit Timah Nature Reserve. Bukit Timah Nature Reserve as well as its surrounding.

Workpods in the Level 17 Sky Garden provide uninterrupted views of the neighborhood. Apart from the communal facilities available on level 4 and 5, there’s additional amenities in rooftop gardens located on 12th level, the 17th and the 33rd levels.

Far East Organization and Sino Group China Group and Far East Organization won The Reserve Residences’ site which is leasehold for 99 years site located at Jalan Anak Bukit, with an offer in the amount of $1.03 billion at the time of August 2021. The auction was a two-envelope method with a price and concept. Five bids were submitted by the 50:50 partners. they received with different designs by various architects.

“This development is a follow-up to our success in launching One Holland Village, another large-scale mixed-use project that attests the capabilities of Far East Organization to rejuvenate and transform space to create vibrant communities that are loved by the residents as well as the general citizens,” says Shaw.

The 296-unit One Holland Village Residences is currently 93% sold and set to be completed by the end of in the coming year. The development reached a psf highest of $3,426 after a 27th-floor 4,088 sq ft unit sold for $7.155 million in August. The second-highest psf value of $3,391 was achievable in February when the 1,238 square feet three-bed unit on the 26th floor. which was bought at $4.198 million.

Reserve Residences Reserve Residences is not the first mixed-use development that is integrated with transportation hub which Far East Organization has developed. The second one is Watertown located in Punggol Central, which opened at the end of 2012, and finished in. The 992-unit Watertown condominium is located on the four-storey mall Waterway Point. It is directly connected via it’s MRT, LRT station, and bus interchange.

The benefits of a mixed-use integrated development
The ease and convenience of mixed-use developments that are connected to the transport hub can’t be overstated, according to Propnex President Ismail Gafoor. In the event that the price of $2300 psf for The Reserve Residences will be 15% over an individual condominium, that’s the price of $2,070 per square foot Gafoor says. “That’s comparable to the price of a brand new suburban apartment located in The Outside Central Region (OCR) currently,” he adds. “But Residences at the Reserve Residences is located in the city’s fringe, as well as the Rest of Central Region (RCR).”

Gafoor anticipates The Reserve Residences to achieve sales of “40% to 50%” considering that less than 50% apartments are two- and one-bedders that will draw the attention of investors. “Being an integrated development situated within the Bukit Timah region of District 21 is a major draw.”

Based on the prices at launch of certain mixed-use developed developments that are integrated, PropNex’s analysis indicates that these developments could be able to charge prices that range from 14.7% to 29.3% in comparison to residential properties.

In terms of rent prices, the distinction is more stark when it comes to mixed-use integrated developments with rents ranging between 21.1% to 61.5% as per Gafoor.

“The Reserve Residences will be the first release of a mixed use project that is integrated with a transportation hub in 2023.” declares Huttons Chief Executive Officer Mark Yip. All across Singapore there are just nine hubs that are integrated with transport (ITHs). According to the Land Transport Authority (LTA) describes them as air-conditioned bus interchanges that are seamlessly connected to MRT stations, as well as adjoining commercial developments such as shopping malls. Six are completed, and three are in the process which includes The Reserve Residences. “Buyers prefer developments that are connected to transport hubs that are integrated due to their ease of use as well as their rareness, capital appreciation and rentability” Yip adds Yip.

While the prices for The Reserve Residences may start at $2,300 The price range is likely to be quite wide because units begin at the fourth level and go up to the 32nd floor and the range of units with various views, according to SRI director of operations Ken Low.

“Melting Pot made of Bukit Timah’
Right across Jalan Jurong Kechil are two other developments: the freehold 120-unit the Linq @ Beauty World by BBR Holdings and the upcoming 99-year leasehold condominium in Bukit Timah Link owned by Bukit Sembawang Estates.

In November of last year, Bukit Sembawang paid $200 million ($1,343 psf/plot percentage) in exchange for 99 years leasehold, 49633 sq feet site as part of a land tender. The site could yield up to 160 housing units. The plan is to completion at the end of the year.

Since the site located at Bukit Timah Link lies in close proximity to the Beauty World MRT Station exit SRI’s Low anticipates the developer to set the price for the project as “no less than $2,600 per sq ft”.

Linq @ Beauty Linq @ Beauty will be a revamp of the old Goh & Goh Building by BBR Holdings. It is a mix of residential units, as well as retail and commercial space. It will also be connected by underground access to Beauty World MRT Station. The first day of the launch in November 2020 the first day of launch, the 115 homes (96%) of the 120 units sold for an average of $2,165 per square foot, based on caveats filed. The final unit was sold for $2,378 per sq ft in December 2021.

In March of this year the 431 sq ft one-bedroom unit in The Linq was sold through a sub-sale of $1.18 million ($2,741 per square foot). The buyer bought the property for $1.007 million ($2,339 per square foot) which was the capital gain that was 17.2% in just over two years and four months.

The Reserve Residences and these new developments will revitalize the area once they are completed according to Low. A further renewal is possible when the owners of strata-titled properties older mixed-use developments like Bukit Timah Plaza (completed in the year 1976) as well as Beauty World Plaza (completed by the year 1982) succeed in their collective sales.

The project is scheduled to be completed by 1Q2028 It is expected to be completed by 1Q2028. Reserve Residences are expected to become “the melting pot of The Bukit Timah” says Low. “There aren’t any major shopping centers in the area at present,” he says. “In the near future you’ll get the most desirable of both worldswhich is a mixture of the traditional and the brand new.” The new Bukit V will feature more than 220,000 square metres (215,280 square feet) in retail area including an Cold Storage supermarket, F&B products, educational centres, along with medical and health services. Bukit Timah Market and Food Centre, Beauty World Centre (a mall constructed around 1984) and Bukit Timah Plaza will be accessible within walking distance.

Locals to fuel demand
Based on the demographics of buyers in new projects launched at OCR and RCR, based on the profile of buyers at new project launches in OCR and RCR in the last three years, more than 90% of buyers were Singapore citizens, according to Eugene Lim, key executive officer and director of market research and intelligence at ERA Realty Network. Lim adds the fact that Singapore permanent residents (PRs) represented the majority of buyers, ranging from 5% up to 7.5% of buyers, foreigners made up a tinier percentage of less than five%.

“We expect locals to be the primary driver of demand of the Reserve Residences,” says Lim. “Given that the latest cooling measures are primarily affecting foreign investors, it’s unlikely to affect the sale at The Reserve Residences.”

The reserve Residences is located within a mile of popular schools like Methodist Girls’ School and Pei Hwa Presbyterian Primary School. Highly regarded schools like Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution, Anglo-Chinese School (Independent), National Junior College and the National University of Singapore are only a few minutes away.

“Given this project lies close to many high-quality schools within the Bukit Timah belt, a lot of families will find this project appealing,” says Christine Sun who is the senior vice president of research and analytics at OrangeTee & Tie.

In addition to family members, Sun expects units at The Reserve Residences to attract investors who are looking to secure renting out their properties for a longer period of time. “Such integrated developments are a great option for tenants due to the fact that they can travel conveniently to other parts of Singapore because the project is connected to an important transport hub such as an MRT station as well as an inter-bus interchange.”