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Amenities Near New Condo at Changi Road, former site of Eunosville

FACILITIES SITE and FLOOR PLANS E-BROCHURE

The Facilities and Site plan of new condo launch at the former site of Eunosville, along Changi Road, at former site of Eunosville, are currently seeking approval from relevant authorities.

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CENTRAL GEYLANG MASTER PLAN OVERVIEW

New Condo along Changi Road at Former site of Eunosville

New Condo along Changi Road at Former site of Eunosville

New Condo along Changi Road at Former site of Eunosville

New Condo along Changi Road at Former site of Eunosville

Located at the City Fringe, Geylang and Marine Parade are both well developed and highly accessible residential areas with a rich heritage. Residents can expect new and enhanced facilities, better transport connectivity and more opportunities to work near home. 

New Condo along Changi Road at Former site of Eunosville- Housing- Better living through a better environment
With a good range of amenities and proximity to the City and East Coast Park, Geylang and Marine Pararde are highly popular housing locations. Future residents will have more choices as these are two mature towns get rejuvenated in the coming years. More facilities will also be added to serve the needs of the growing community.

• A new civic centre, Wisma Geylang Serai precint by 2017 to house a mix of community, cultural and art-related facilities.
• A new future nursing home at Geylang East Central will be built to meet the needs of the elderly.
• More retail options will be available at Paya Lebar Central.

New Condo along Changi Road at Former site of Eunosville- Leisure- New reasons to be outdoors
Those living in Geylang and Marine Parade do not have to travel far for their daily doze of the outdoors. Not only do they have access to a number of East Coast Park within reach, they also have access to a number of smaller parks and an extensive networks of park connectors. By 2030, most residents will be living just 400 metres of a park or park connector as greening efforts continue.

• More neighbourhood parks will be provided at various locations
• A new park connector will be built between the Paya Lebar and Eunos MRT Stations with a future extensions towards Geylang River.

Other developments that will further promote outdoor activities include:

• An expansion of the cycling network
• Improvements at Geylang River under PUB's active, beautiful Clean (ABC) Waters programme. For instance, the existing concrete canal from Dunman Road to Gillemard Road will be enhanced with more greenery and new communal spaces.
• The upgrading of Haig Walk under the Estate Upgrading Programme (EUP).

New Condo along Changi Road at Former site of Eunosville- Transport- Quicker ways to travel
Residents in Geylang and Marine Parade can expect smoother and faster journeys with the following enhacements to the roads and public transport networks.

• The Downtown Line (DTL) will have 3 new MRT Stations serving the Geylang areas by 2017, namely Mattar, Macpherson and Ubi. Macpherson will also be an interchange station connecting with the Circle Line
• The Eastern Region Line (under study), expected to be completed by 2020 will give tremendous boost to the public transport connectivity of Marine Parade and slash travel time to the city and Change.
• Ongoing road widening works along Sims Way, Mountbatten Road and Fort Road will support the upcoming development in the area
• A new vehicular underpass at the junction of Sims Way and Mounbatten Road will facilitate the flow of traffic exiting Kallang- Paya Lebar Expressway (KPE) towards the city and the Sports Hub.  

New Condo along Changi Road at Former site of Eunosville- Economy- Nuturing a growth centre and creating jobs
New commercial developemnts will continue to come onstream over the next few years , offering exciting opportunities for new businesses and bringing jobs closer to homes.

Many new developments will be sprouting up and around Paya Lebar Central, a new sub regonal centre. A number of projects are already underway including the Workforce Development Agency (WDA) Continuing Education and Training (CET) Campus East. Paya Lebar Square and One KM. A future commecial development has also been made available at Tanjong Katong Road/Sims Avenue. 

NEW CONDO IN CHANGI ROAD IS ONE MRT STOP TO FUTURE PAYA LEBAR COMMERCIAL HUB

URA Decentralisation Strategy- Paya Lebar Central- A Vibrant Commercial Hub

Paya Lebar Central and Jurong Lake District are the two new decentralised hubs that are part of the government’s plan to bring jobs closer to home and ease congestion in the CBD. To realise its vision for Paya Lebar Central, the URA had said it intends to put up for sale about 12ha (1.29 million sq ft) of land around the Paya Lebar MRT station for development. This will translate to about 5.38 million sq ft of commercial space, with the largest developments to be concentrated around the junction of Tanjong Katong Road and Sims Avenue, to anchor the area with retail, hotel and office developments, according to URA.

Paya Lebar Central looks set to welcome a new hive of activity with offices, hotels, retail and attractive public spaces planned for it. URA’s larger decentralisation strategy in the Concept Plan to provide alternatives for businesses and jobs closer to homes. The other commercial hubs under URA's larger decentralisation strategy in the Concept Plans to provide alternatives for businesses and jobs closer to homes include Tampines Regional Centre and Woodlands Regional Centre.

Part of the attraction of Paya Lebar is the eclectic mix of old and new and the different types of occupiers. This mix gives the area character and ensures that it is vibrant. The addition of Paya Lebar Square, the new One KM and the rejuvenation of Singapore Post Centre are just what is needed for a comprehensive transformation of the Paya Lebar commercial hub.

Paya Lebar Central- Transforming Paya Lebar

The area around the Paya Lebar MRT interchange station is undergoing a massive transformation. Hoardings have been put up around two plots totalling 422,275 sq ft that will be developed into Paya Lebar Central (PLC), a massive mixed-use scheme by a 70:30 joint venture (JV) between Abu Dhabi Investment Authority (ADIA) and Australian property group Lendlease.

When completed in 2018, PLC will have three Grade-A office towers totalling 874,717 sq ft, a shopping mall with close to half a million sq ft of retail space and more than 400 units in three residential towerse (Park Place Residences). The project will be connected to the Paya Lebar MRT station, which is also an interchange for the East-West and Circle Lines.

The purchase price paid by the JV for the 99-year leasehold site at Paya Lebar Central was $1.67 billion, which translates to $943 psf per plot ratio (psf ppr). PLC will be the first mixe-use scheme with residences that is linked directly to the Paya Lebar MRT Inter change station. That will attract both homebuyers and investors.

One KM Mall- Katong Regency

The nearest residential project is Katong Regency, which sits on top of One KM shopping mall and was completed earlier this year. The project is a five-minute walk to the Paya Lebar MRT station and units in the freehold development were fully sold within the first week of its launch in 2012. The average price then was $1,600 psf, although some of the one-bedroom units of 581 sq ft achieved highs of $2,009 psf.

One KM has a wide mix of retail and F&B offerings, as well as a cluster of enrichment centres. The 210,000 sq ft mall has a total of 150 shops and was considered the first full-fledged shopping mall in Paya Lebar when it opened in December 2014.

Paya Lebar Square

The first 99-year leasehold commercial site in the new Paya Lebar Central precinct to be launched for sale by URA was in January 2011; it drew 10 bids at the close of its tender in April that year. The winning bid went to a consortium comprising Low Keng Huat, Guthrie GTS and Sun Venture Group, which paid $586 million ($872 psf ppr) for the site, which has since been developed into Paya Lebar Square.

Paya Lebar Square, completed in November 2014, has a three-storey retail podium with 95,000 sq ft of retail space and is linked to the MRT station. It has a 10-storey office block with 556 strata office units that were offered for sale in 2012 at an average price of $1,750 psf. Recent strata office units have changed hands at $2,003 to $2,150 psf, according to caveats lodged for units sold from October to December. Meanwhile, the strata office units are being listed for rent with rates ranging from $2,000 a month ($3.64 psf) for a 549 sq ft unit to $8,000 a month ($5.43 psf) for a 1,475 sq ft unit.

Strata offices, especially those that have been divided into very small units, are a completely different niche from the single-owner office buildings aimed at large occupiers, says JLL’s Archibold. While occupiers with space needs of 1,000 to 5,000 sq ft will be attracted to strata-titled buildings, large occupiers looking for 20,000 to 100,000 sq ft of space will want buildings with Grade-A specifications, he adds.

The three Grade-A office towers at PLC will be the first premium office space launched at Paya Lebar Central. Archibold, therefore, expects to see a similar profile of occupiers as those at The Metropolis at one-north, which has two office towers with 1.1 million sq ft. The Metropolis is located next to the Buona Vista MRT station, also an interchange station for the East-West and Circle lines, but in the western region. The Metropolis has just 28 tenants, five of which have taken up space of more than 100,000 sq ft, says Archibold. The project was developed by Ho Bee Land and completed in 2013.

Singapore Post Centre

The transformation at Paya Lebar Central has put the heat on Singapore Post Centre to reinvent itself, especially with the changing retail dynamics and the need to cater to more discerning consumers. At end-October, SingPost announced that it was spending $150 million to add a 269,100 sq ft shopping mall, with four levels and a basement. It will be the first shopping mall in Singapore to house both bricksand- mortar shops and e-commerce retailers.

Spillover

Once PLC is completed in 2018, it will form the cornerstone of the commercial hub. Further sites are likely to be made available for sale — either greenfield land adjacent to Paya Lebar Central or brownfield sites next to Singapore Post Centre — for instance, the car workshops which could be redeveloped. These will form a very significant quantum of development and redevelopment land for the future and will ensure its success as a hub.

The remaking of Paya Lebar has also sparked a rejuvenation of the neighbouring Aljunied and Geylang Road. Located at the corner of Sims Drive and Aljunied Road is GuocoLand’s Sims Urban Oasis, a 1,024-unit project launched in March this year. It has seen a strong pickup in sales over the past two months: 46 units and 39 units were sold in October and November, respectively, at median prices of $1,285 and $1,338 psf.

The transformation of Paya Lebar Central, which is now visible, could have prompted homebuyers to take a second look at the project after seeing the buzz created at the other decentralised hub in Jurong and the other projects in the city fringe, say property agents. The neighbourhood could also benefit from URA’s proposed rezoning of the area bounded by Geylang Road, Lorong 22 Geylang, Guillemard Road and Lorong 4 Geylang for commercial and institutional use from the current residential and institution zoning.

What makes Paya Lebar Central stand out as a commercial hub? Convenience and connectivity

Government’s push for a new decentralised hub in Paya Lebar will be a success. Paya Lebar Central is only a 10 minutes drive from the Central Business District (CBD) and is well connected with three highway connections — the Pan Island Expressway (PIE), East Coast Parkway (ECP) and Nicoll Highway as well as major roads like Sims Avenue, Paya Lebar Road and Changi Road. It is further enhanced with the new Paya Lebar MRT Interchange Station for the Circle Line and East-West Line. It also has the critical mass needed to make the Paya Lebar Commercial Hub works.

Office occupiers are very location- sensitive as they are very conscious of the needs of their staff, Paya Lebar Central is just a 10-minute MRT ride to the Raffles Place MRT interchange station, as well as a 10-minute drive to the CBD. It is, therefore, much closer to the CBD, compared with other decentralised office precincts such as Jurong Gateway in the west, Tampines Regional Centre and Changi Business Park in the east and the future Woodlands Innovation Corridor in the north.

Take-up rate in the office market has slowed in 2015 and is expected to continue in 2016. Global economic headwinds have made companies more cost-sensitive and cautious in their approach to expansion and capital expenditure. However, Lendlease and ADIA’s PLC is slated for completion in 2018, and it will be the only such decentralised office development in the pipeline. PLC will therefore be well-positioned to take advantage of demand from occupiers looking for more cost-effective non-CBD space.

MCL LAND WON TOP BID FOR FORMER EUNOSVILLE, CONDO SITE AT CHANGI ROAD WITH S$766 MILLION, BOOSTING EN-BLOC SALES TO S$1.5B

HONGKONG Land unit, MCL Land, has clinched the Eunosville site through a collective sale, at a price of S$765.78 million.

This works out a unit land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio of 2.8 and to top up the site's lease to 99 years.

Those who bid are said to have included MCL Land, Qingjian Realty, Sim Lian, Keppel Land, City Developments, Chip Eng Seng and OUE. MCL Land, a unit of Hongkong Land, was tipped by several sources as the frontrunner with a price of S$920 psf ppr.

A seasoned property consultant estimated that a price of S$920 psf ppr, inclusive of the estimated lease upgrading premium that the site's developer will have to pay to top up the site's lease to 99 years as well as differential premium for intensification of the site to a gross plot ratio (ratio of maximum gross floor area to land area) of 2.8, would translate to a bid price of about S$770 million for the Eunosville site.

The site has a balance lease term of about 70 years.

Eunosville currently has 330 units - comprising 255 maisonettes and 75 apartments.

Each owner stands to receive a gross sale price of about S$2.25 million to S$2.41 million upon the successful completion of the sale, which is subject to several sale conditions.

More than 80 per cent of the owners have consented to the collective sale, said OrangeTee, the marketing agent for the collective sale of Eunosville.

Located opposite Eunos MRT Station, the site is almost rectangular in shape with wide frontage onto Changi Road and Sims Avenue. It has a land area of about 376,713 sq ft and is zoned for residential use. A redevelopment could potentially yield about 1,399 units with an average size of 70 sq metres, OrangeTee said.

MCL Land currently has two Singapore residential projects on the market - Lake Grande near Jurong Lake (with 98 units unsold in the 710-unit project) and Sol Acres executive condo in Choa Chu Kang, where 112 of the 1,327 units are still available. On the drawing board is a private condo on a Margaret Drive site that MCL bagged last December.

Eunosville is the third biggest collective sale deal here after Farrer Court, which was sold for S$1.3388 billion and Leedon Heights, which fetched S$835 million - both in 2007.

It also marks the fourth collective sale so far this year after One Tree Hill Gardens near Orchard Road, which was awarded to Lum Chang Holdings for S$65 million; Rio Casa in Hougang, sold for S$575 million to a consortium comprising Oxley Holdings, KSH Holdings, Lian Beng Group and the private investment firm of Super Group's Teo family; and the S$101.5 million sale of Goh & Goh Building (comprising apartments and retail units) along Upper Bukit Timah Road to BBR Holdings. All three deals were announced in May.

The four collective sales year to date total slightly over S$1.5 billion.

For the whole of last year, there were three collectives sales - Raintree Gardens in Potong Pasir, Shunfu Ville in Marymount area and Harbour View Gardens in the West Coast area - adding up to slightly over S$1 billion.

In 2015, the solo collective sale transaction was the S$380 million sale of the commercial/residential Thong Sia Building in Bideford Road.

The peak year for en bloc sales was 2007, with 88 deals amounting to S$11.5 billion, JLL data shows.

The collective sale fever cooled when the property market tanked during the 2008 global financial crisis though things started to revive again in 2010, when there were 38 collective sales, followed by 51 transactions the following year before activity began to wane again amid a price gap between owners of en bloc properties and developers.

"Between 2014 and 2016, there were 25 collective sale sites launched but only five sold during this period; that suggests that the other 20 sites were priced above what the market could bear," said Tan Hong Boon, regional director of capital markets at JLL.

Moreover, the introduction of the total debt servicing ratio or TDSR framework in late-June 2013 led to a dive in market sentiment and developers' private home sales.

In 2015, however, housing sales began to pick up slightly followed by a further improvement in 2016 - and developers' appetite to restock their landbank improved; that's when they started to feel a shortage of residential sites.

That period also coincided with a scaleback of the Government Land Sales (GLS) Programme in 2016 amid oversupply concerns given last year's record volume of private home completions.

"This shortage of residential sites, whether GLS or private-sector en bloc sales, has heightened competition among the developers for land and encouraged owners in older private housing estates to band with their neighbours and join the en bloc trail," said JLL's Mr Tan.

More collective sales are expected to come on the market this year and next - including Kemaman Point and Boon Teck Tower (both in Balestier), Amber Park, Cavenagh Gardens in District 9 and Brookvale Park near Clementi. Mr Tan said: "We estimate that there are some 25 to 30 existing projects where owners have elected their collective sales committees and are progressing at various stages."

OrangeTee's director of business solutions Alex Oh said: " We are receiving a lot of enquiries from owners, but as the discussion proceeds, their price expectations keep going up.

"It will be relatively easy to get the minimum 80 per cent consent from owners but may be tougher to sell some of these sites to developers. We'll also have to keep track of the H2 2017 GLS Programme. If the government increases its land supply, developers' attention will be diverted from en bloc sales - as buying GLS sites is more straightfoward and faster.

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