Sengkang Grand Residences Mixed Integrated Development at Buangkok MRT

Sengkang Grand Residences is one of the most anticipated new launch of the year. This development  is directly linked up with Buangkok MRT station and it has a hawker centre and retail mall inbuilt into it. Residents living in Sengkang Grand will enjoy convenient access to all these amenities right under their home. 

As this is a CDL and Capitaland joint development, one can be assured of the quality of luxury finishing of their purchased home. 

Prices are expected to start from S$1,600psf plus and estimated pricing as follow:
(i) 1 bedder + study: S$798K;
(ii) 2 bedder: S$998K;
(iii) 3 bedder: s$1,498K and
(iv) 4 bedder + flexi: S$2.1Mil

There are a few points here that prospective buyers need to be aware of:

1. Car parking might be an issue- Only 80% of parking lots provided for residents

Total residential units in this development is 680. However, parking lots available are only 544 on level 3, Mezzanine A and B. In other words, only 80% parking lots are provided. The property agents will tell you that many units to be purchased are for investors who will rent out to tenants. Hence these tenants of smaller units will not be driving and only taking MRT. 

I just think that this is very strange for a luxury development as if one can afford paying almost S$1Mil plus for a 2 bedder and above, the residents here will most likely also own a car. As a matter of fact, some may even own multiple cars.  Also, how about visitors of residents to the development?

This may lead to future animosity among residents in the 2nd year AGM after the MCST is formed. Have seen a few cases of such disagreements being surfaced even for 1 to 1 parking with regard to how parking lots are allocated.

Do bear in mind that property agents will not be living in this development after your TOP. So best to get some clarity on how the developer and their first year management plan to resolve this issue.

2. Lack of privacy- Some blocks have up to 10 units per floor.

As the number of floors is only around  8 to 10 levels, the developers have squeezed many units into the 9 blocks in order to get to the 682 units.  Some blocks will have up to 10 units on the same floor while most of the others will have 8 units. The ideal case for private exclusivity is 4 per floor. 

Potential buyers will have to assess whether they are fine living with so many neighbours living together on the same floor. It maybe best to avoid the block with 10 units per floor during selection. 

Potential buyers of Sengkang Grand residences will also need to see whether they are comfortable with the number of lifts serving all units in one block. This is especially so during the morning rush hours when parents are sending kids to school or going to work.

3. Unit Layout- 2 bedders and 4 bedders here are better than 3 bedders in terms of functional usage.

This point can be personal and depends on whether you are a balcony lover. For me, I do not like balcony in the Master bedroom as it is a waste of space. I would rather have this balcony space moved to the living room area to be combined into 1 bigger balcony space than having a space that is neither big nor small for usage. To me, balcony in a master bedroom is just a white space.

Hence I think that the 3 bedder layout is a no no to me. 

4. Facing of some blocks is East and West

In Singapore, I would suggest folks go by the general convention to go for North-South facing units and skip the blocks that have either morning or afternoon sun. If no choice and have to choose a East-West facing block, then go for the stack that only have morning sun (East facing) so that when you come back from work in the evening, your home does not feel too hot and warm which may agitate one especially after a hard and stressful day at work already.

Summary

Overall, Sengkang Grand Residences is a very good development. Since CDL and Capitaland have bid over S$1 billion for the site, their breakeven price is around S$1,500psf. Hence, selling at S$1,600psf plus as a starting base is considered a good price for a new integrated development. For me, at this price, my personal preference would be to buy a cheaper resales unit at Punggol Watertown which has the mega mall Punggol Waterway Point right at the doorstep with Shaw Cinema in it.

Developer SPH and Kajima Slashed Woodleigh Residences Price by 10%-13% from $2000psf to starting from $1733psf For Relaunch in May 2019.

Interestingly, my property agent messaged me last week that Singapore Press Holdings ("SPH") and its partner Kajima had slashed the price of Woodleigh Residences by 10% to 13% from S$2,000psf to as low as S$1,733psf. This was despite their initial assertion that the VVIP launch in October 2018 was a resounding success with over 60% of the launched units sold at an average price of 2,000psf. However, for the re-launch of Woodleigh Residences in May 2019, the developer SPH and Kajima must have decided that the risk of the market downturn may not be worth it and started slashing prices drastically in order to move more units. After all, the developer was only able to sell 30 units on the first weekend of its initial launch albeit declaring that 60% were sold by proclaiming that they only launched 50 units.  

For a 958sqft 3 bedder unit, prices would have dropped from S$1.92Mil to S$1.66Mil which translates to substantial savings of +S$256K for potential buyers relative to the first batch of VVIP. This does not seem fair to those first batch of buyers who had supported this integrated mixed commercial and residential project of SPH and Kajima during launch. I hope that SPH and Kajima would have given some goodwill renovation packages to compensate these initial buyers. 

On the property market front, I am not sure whether other developers will also take the lead in slashing prices but I hope so for the benefit of consumers. Once the music stops, property developers holding on to the most unsold inventories would need a very strong balance sheet to wait out the economic downturn. 

From the stock investing perspective, I have previously highlighted the lingering impairment risk of the Bidadari project, that is, Woodleigh Residences, due to the potential property market downturn and uncleared inventories.  I am glad that SPH has decided to slash the price in order to move their inventory of unsold units. Coupled with the bad news from the US/China trade war today, SPH price has dropped to S$2.40 per share and it may be worthwhile to re-look into their newly transformed property business from the previous media giant model. The new UK student accommodation segment acquisition should prove invaluable in the event of an economic downturn due to earnings resiliency.  

Note: Please refer to my previous SPH post "Singapore Press Holdings Transformation Into Property Giant Almost Completed".

Florence Residences at Hougang Ave 2- Mega Launch at S$1,450psf average?

Went down to The Florence Residences showflat last week to see the latest upcoming development developed by Logan Property in Hougang. This was originally a HUDC site that was being en bloc. I can still remember visiting one of the units during my search for a resales HDB during 2007/2008. The cost price of a unit then was around S$800K. If only I have bought it then, would have become an instant en bloc millionaire last year....whaha.

This is a huge site that is approximately 386,000sqft in size. The developer will be building 1,410 units. The Florence Residences and is near north east line Hougang MRT station and Kovan MRT station. The side gate at Florence Road will lead to Kovan area with a 10min -12mins walk. Many good eateries such as the famous Punggol Nasi Lemak, Yong's Teochew Kueh and Lola's Cafe are found along Upper Serangoon Road and Simon Road. Since this is within 700m to Kovan MRT station, this is actually a walkable distance to MRT and bodes well for rental or future capital appreciation.

There are over 12 amazing club concepts and 128 facilities in this development. The centerpiece is the gigantic 80m main pool at the center of the estate. The only issue I have is the presence of only 1 swimming pool which is being shared by 1,410 units. For similar en bloc HUDC such as Riverfront Residences and Jadescape, there are 2 swimming pools to spread out residents.  For the internal layout of units, I love the efficient squarish layout of units on display.

However, I nearly fainted when the property agent told me that the developer target to launch this at an average of S$1,450psf. So, a 2 bedder (635sqft) starts from around S$863K, 3 bedder (893sqft) at around SS1.222Mil, 4 bedders (1,281sqft) at approximately $1.675Mil and 5 Bedder (1,668sqft) at S$2.41Mil. I am still shocked at the launch price of units in suburbia areas these days. With S$1,450 psf, one may consider getting a unit at Kovan Residence (right on top of Kovan MRT station) if one does not mind a resales unit. If compare to the upcoming CDL and Capitaland Sengkang Centre Residences at Buangkok which is projected to launch at S$1,650psf to S$1,700psf, Florence Residences thus appeared to be cheaper. Will you buy a unit at The Florence Residences? 

Parc Botannia Review- The Condo Next To Jalan Kayu Food Heaven

Everyone in Singapore would have heard of the food heaven at Jalan Kayu which is home to the famous Thasevi roti prata. A branch of Blanco Prawn Noodle House is also located there and full of queuing customers. Have you guys heard of the famous Beach Road Prawn Noodle? Blanco and Beach Road Prawn Noodles are actually restaurants that are set up by the same Lee family (please read the history here by Dr Leslie Tay-Ï Eat I Shoot I Post"). The prawn noodle at Jalan Kayu is really superb and is a must try for all foodie! Ok, back to Parc Botannia review. The reason why I mentioned Jalan Kayu is that Parc Botannia is a stone's throw away from Jalan Kayu and one can feast on roti prata and prawn noodles daily if one choose to live in this lovely development.

(1) Location of Parc Botannia

Parc Botannia's address at Fernvale Road makes it a 10 mins brisk walk away to the Seletar Mall. This development is also just right next to Thanggam LRT station which is 1 LRT stop away from Seletar Mall and 4 LRT stops to Sengkang MRT station. There is also a plot of land designated for Park development by Npark just next to Parc Botannia (the new park sits between High Park Residences and Parc Botannia).

In addition, the Sengkang Riverside park is also near Parc Botannia or 1 LRT station away- Perfect for nature enthusiasts or folks who enjoy jogging. 

(2) More details about Parc Botannia

Tenure of Land: 99 years leasehold commencing Dec 28, 2016

Site Area: Approximately 185,095sqft
No of Units: 735 Units (spread over 4 blocks) and a childcare centre.
No of Parking Lots: 741 for residents and another 15 for childcare centre
TOP: Dec 30, 2021 (but expected TOP earlier in 2020 if construction progress is good).

Parc Botannia is being developed by joint venture partners, Sing Development and Wee Hur Development. The developers paid the winning bid of S$517.03 psf per plot ratio in September 2016 during the Singapore Government Land Sales.

(3) Internal Layout and Premium Units with Private Lift

This is one of the most efficient unit layout that I have seen despite the smaller size of the apartments relative to those launched in the area 7-8 years ago (H20 Residences, Rivertrees and Riverbank). 3 bedders are around 969 sqft but do not feel crampy as seen in the showflat. 

The high ceiling height of 2.9m certainly adds volume and exude class to the units. The developers are generous to have built in such high ceiling which is a sharp contrast to High Park Residences next door as well as many other condo ceiling heights of only 2.7m these days. 

The best units in this development are the 4 bedder Premium units as well as the 5 bedder Premium Units which comes with its own private lift. There are only a total of 3 stacks of such premium units. In addition, the premium units come with walk-in wardrobe in the master bedroom. The Master bathroom for the premium units also has 2 basins for "his" and "her" which are definitely very luxurious and posh.

Private Lift Lobby with Built in Shoe Racks/Storage

However, due to the high psf (please see "Pricing" below), getting a premium unit will set one back by an extra few hundred thousand dollars. In my opinion, getting the 958sqft 3 bedder or the 1,130sqft 4 bedder units are already value for money due to the efficient layout, high ceiling and premium fittings committed by the renowned developers, Sing Holdings and Wee Hur Holdings. 

3 Bedder Premium

4 Bedder-Typical

4 Bedder Premium with Private Lift

5 Bedder Premium with Private Lift

(4) Pricing of Parc Botannia

The average launch psf was 1,270psf. Since then, 75% of the 735 units have sold out as per the marketing agent. The remaining units are on the higher floor and may cost up to 1,350psf for high floor units. For a premium 1,249sqft unit, the price tag is thus approximately S$1.68 Mil before stamp duties.  

The strange thing about the pricing is that the developers seem to have priced the park facing units at a higher psf than the pool facing units. 

There is a current up to S$70k "Starbuy unit discount" on offer during this festive period for a limited time period. 

(5) Parting Thoughts

This is a well-conceived development by Sing Holdings and Wee Hur Holdings. There are many facilities on offer within Parc Botannia. The layout for units are very efficient and the finishing and fittings given are branded and classy. Being so close to Jalan Kayu and minutes walk away to Seletar Mall is very convenient for the residents of the development. One will certainly be enthralled when arriving home to one's personal sanctuary at Parc Botannia.

(P.S: Check out the official video here of Parc Botannia and the waterfall feature wall at the grand entrance).

Jui Residences Review- Inspired by Heritage, Designed for Quality Living

Jui Residences is a freehold development that sits on the former National Aerated Water Company site. I used to study in a school at Geylang Bahru and as I walked to the bus stop home along Serangoon Road, it became a daily ritual to always do a stopover at National Aerated Plant and buy Kickapoo from a vending machine near its main gate. It dispensed Kickapoo cheaply at a mere 10 cents per cup and was very popular with a lot of school kids then. As a result, this development held very fond memories for me.  

Strangely, the show flat of Jui Residences is right next to Woodleigh Residences. I had applied for annual leave to visit Woodleigh Residences as I was rather fascinated by staying in an apartment that is right above a shopping mall just like Punggol Watertown Residences and Sengkang Compass Heights. I harbored hope that maybe there will be special star buys around in Woodleigh Residences given the current feeble state of our global economy. When my property agent who was showing me around told me that prices are around S$2,000++ psf,  I nearly fainted as I gasp for breath. Then the agent whispered into my ear: "Yes, I also think the prices here are crazy.....why don't I recommend you a freehold development near the area that is way cheaper than this?" So, my agent then brought me next door to the Jui Residences show flat.   

In December 2016, National Aerated Water Company sold the freehold industrial site for S$47Mil to Selangor Dredging Berhad ("SDB"). SDB paid an additional S$22.66Mil to the local authorities for intensification of usage to a residential site. The total land cost thus translates to an acquisition cost of S$785psf per plot ratio for the land area of 31,705sqft with permissible built up of 88,775sqft of gross floor area based on plot ratio of 2.8. Also, the National Aerated Water building will be partially conserved as stipulated by Urban Redevelopment Authority and integrated into the new development and kept fenceless along Serangoon Road and the river.

Location:

This is a city fringe located freehold property. Coupled with it being just next to Kallang River, residents gets to enjoy river view. Not many properties can boast being near to reservoir or waterbody and I considered it an unique gem that is away from the hustle and bustle of City life. Coming back home to this development thus allows one to enter into a mini resort ambience and at the same time enjoy the convenient location.  

Good size Infinity Lap Pool albeit small landsize.

Amenities and Facilities

There will be 117 units for one tower in this development. Carpark lot is 1 for 1 as well as an additional 5 parking lots for visitors. There will be adequate parking space from B1 to level 4 multistorey carpark. There will not be big fights over parking relative to other developments which has cut down to less than 1 for 1 ratio.

The infinity pool is the main highlight for this development. It looks very impressive and is decent sized considering the small landsize.

However, I was quite disappointed that there was no gymnasium at all. This is good in the sense that this will reduce the yearly maintenance cost. In addition, the developer will link up Jui Residences to the Kallang Park Connector hence probably they make do away with the need for treadmills since residents can just go jogging along the track. 

Units and Finishing

Overall, the layout of the apartments here is quite small. The master bedroom based on my standard are tiny. This seems to be the trending these days. If one wants to buy a 3 bedder unit, please avoid type C1, C2 and C3 which have long entrances that wasted the use of space efficiently. The best will be type C4 as illustrated in the picture above which represented the best 3 bedder layout. Type C4 is also the biggest unit in the entire development.

I do have a serious problem with the finishing given, that is, the tiles for the kitchen wall and bathrooms which I find too "Retro" and does not exude a modern contemporary feel. This maybe due to the integration with the conservation of the older industrial facade for National Aerated Water Company. But one can always choose to change the finishing during the renovation to fit one's desired theme. Rather, it is the location that cannot be altered at will.

Pricing

Pricing is around S$1,700psf and there is still some discount available from the developer. This is a freehold status development. For home buyers who wanted more value for money and do not mind buying 2nd handed projects, one can look for other older developments located closer to Boon Keng MRT direction and also Potong Pasir direction. 

Parting Thoughts

The "Jui" in the name of this project actually means "Water". This is a good city fringe located property that is beside the beautiful Kallang River. The integration with a part of Singapore history that is being earmarked for conservation further enhances the uniqueness of this freehold development.

High Park Residences Review and Updates- 11th August 2018

Wow...4 months since my last update on High Park Residences. Very good progress since April 18. Spoken to one of the onsite construction staff. Still a lot of work for the renovation of internal units with the fittings and finishing. Also, building of the swimming pool and the super long water landscaping features are currently still in progress. Other landscaping works have been added on and off around the development. The construction staff mentioned probably another 1 year to TOP. But from my own personal site assessment, I reckon it can achieve TOP by Q2 2019.

The beautiful High Park Residences is gradually taking shape and looks like it will become better than what the marketing brochure has illustrated. High Park Residences will no doubt be the new gem in Sengkang West. The entire site is also humongous! Took me quite sometime to walk around the boundary and have to stop halfway after climbing up the stairs at Thanggam LRT Station to catch my breath.

Parc Botannia Review and Updates- 11 August 2018

Foundation work had already been completed for Parc Botannia . Erection of different blocks by Tower Cranes in progress. Sing Holding and Wee Hur building at lightning pace. Blk 12 and Blk 10 construction progress seems a lot faster than Blk 18 and Blk 16.