PROJECT DETAILS
2 sites along Farrer Road, nearby to the upcoming Holland Village extension, were sold for New and Upcoming Condo developments in last quarters of 2017 and 2018, through collective sales.
The 2 are the former sites of
- The Wilshire Wilshire Residences and
- Tulip Gardens Leedon Green
Consortium Tong Eng and Roxy Group submitted the top bid of S$98.8 million for The Wilshire, this translates to a land rate of S$1643 psf ppr.
YanLord and MCL Land submitted the top bid of S$907 million for Tulip Gardens, this translates to a land rate of S$1789 psf ppr. Leedon Green
Other Upcoming developments launching in Holland Road, include (Please click HERE)
Koh Brothers submitted the top bid of S$120.4 million for Toho Mansions, this translates to a land rate of S$1806 psf ppr. Van Holland
Peak Opal, a unit of Kheng Leong, submitted the top bid of S$230.9 million for Olina Lodge, this translates to a land rate of S$1712 psf ppr
Far-East submitted the top bid of S$223.9 million for The Estoril, this translates to a land rate of S$1654 psf ppr
Far-East Consortium submitted the top bid of S$183.38 million for Hollandia, this translates to a land rate of S$1713 psf ppr
Other condo developments along Farrer Road include Leedon Residences, D'Leedon, Parvis, Poiien and Bleu, Spanish Village, Sommerville Grandeur, Gallop Green and Sommerville Park.
Condo at Farrer Road site is only 400 m away from Farrer Rd Circle Line Station and just 2 stops away from Buona Vista Interchange Station which is very convenient for commuters as the East West Line is easily accessible via the Interchange. For drivers, it is takes only 5 minutes to get to Orchard Road area and 7 minutes to the Central Business District. New Condo at Farrer Road is also well connected to the Pan Island Expressway (PIE) which leads to parts of Singapore.
It is just next door to Empress Market & Food Centre which makes finding food easy. There are more choices as New Condo at Farrer Road is also close to 5 other food centres that are within 2 km distance such as Holland Market & Food Centre, Commonwealth Crescent Market & Food Centre, Adam Road Food Centre, Holland Drive Market & Food Centre, Commonwealth Avenue Food Centre. There are also 3 shopping malls that are less than 1.5 km away from New Condo at Farrer Road to choose from to get the daily needs.
For parents, your child’s education needs will be the last to worry. New Condo at Farrer Road has quite a number of esteemed schools within 2 km, that range from preschool to Tertiary level. School nearby New Condo at Farrer Road include Nanyang Primary School, Raffles Girls’ Primary School, New Town Primary School, St Margaret’s Secondary School, Hwa Chong Institution, Queensway Secondary School, Nanyang Girls’ High School, Assumption English School, Hwa Chong Junior College, National Junior College and also tertiary institution i.e. NUS Faculty of Law (Bukit Timah Campus).
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Heart of New Central
Financial District
Marina One Residences
Financial District
Marina One Residences
Heart of Tanjong Pagar
Financial District
Wallich Residence with
181 Limited Collection
Super Penthouse at 21,108sqft
Financial District
Wallich Residence with
181 Limited Collection
Super Penthouse at 21,108sqft
Other Developments in
Core Central Region
Core Central Region
| Project | New Condo at Farrer Road- Wilshire Residences |
| Developer | Roxy Pacific Holdings and TE2 Developments |
| Location | Farrer Road |
| District | 10 |
| Tenure | Freehold |
| Site Area | 3,635 square metres/ 39,130 square feet |
| GFA: | 5,974 square metres/ 64,310 square feet |
| Plot Ratio | 1.6 |
| Expected TOP: | |
| Total Units | residential apartments |
| Total Carpark | |
| Development | Private Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
| Farrer Road New Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Farrer Road New Condo Facilities | |||
TBA
|
|||
| Farrer Road New Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Project | New Condo at Farrer Road- Leedon Green |
| Developer | YanLord Land Group and MCL |
| Location | Farrer Road |
| District | 10 |
| Tenure | Freehold |
| Site Area | 29,422 square metres/ 316,708 square feet |
| GFA: | square metres/ square feet |
| Plot Ratio | 1.6 |
| Expected TOP: | |
| Total Units | 638 residential apartments |
| Total Carpark | |
| Development | Private Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and Foreigner can buy |
| Farrer Road New Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Farrer Road New Condo Facilities | |||
TBA
|
|||
| Farrer Road New Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
LOCATION MAP and AMENITIES
Amenities Near New Condo at Farrer Road
| Category | Important Amenities Near New Condo at Farrer Road | Approximate Distance |
| Train Stations | Farrer Road (CC20) Tan Kah Kee (DT8) |
0.4km 1.1km |
| Bus Stop | Farrer Road Market (B11101)(Bus: 48, 93, 153, 165, 174, 186, 564, 855, 961) Spanish Village (B11109)(Bus: 48, 93, 153, 165, 174, 186, 564, 855, 961, 5N) |
0.2km 0.2km |
| Supermarkets | Cold Storage Ntuc Fairprice Shop N Save Sheng Siong |
1.2km 1.2km 1.8km 1.8km |
| Shopping Malls | King’s Arcade Coronation Shopping Centre Holland Village |
1.0km 1.1km 1.2km |
| Education Institutions | Preschool | |
| Nanyang Kindergarten (King’s Rd) Nanyang Kindergarten (Coronation Rd) Global Tots Maris Stella Kindergarten Little Wings Bibinogs Cherie Hearts Eton House Cherrybrook Kindergarten |
0.2km 0.5km 0.9km 1.0km 1.3km 1.3km 1.4km 1.7km 1.8km |
|
| Primary | ||
| Nanyang Primary School Raffles Girls’ Primary School New Town Primary School |
0.7km 1.6km 1.9km |
|
| Secondary | ||
| St Margaret’s Secondary School Hwa Chong Institution Queensway Secondary School Nanyang Girls’ High School Assumption English School |
0.7km 1.0km 1.5km 1.6km 1.7km |
|
| Junior College | ||
| Hwa Chong Junior College National Junior College |
1.0km 1.5km |
|
| Tertiary | ||
| NUS Faculty of Law (Bukit Timah Campus) Singapore Polytechnic |
1.6km 3.0km |
|
| International | ||
| Norwegian Supplementary School United World College Of South East Asia (UWCSEA) – Dover Campus |
3.2km 3.8km |
|
| Food Centre | Empress Market Holland Market & Food Centre Commonwealth Crescent Market & Food Centre Adam Rd Food Centre Holland Drive Market & Food Centre Commonwealth Ave Food Centre |
0.2km 1.2km 1.2km 1.4km 1.7km 2.0km |
| Lifestyle | Singapore Botanic Gardens Tanglin Golf Course Hollandse Club Archery Club Queens Town Club Queenstown Stadium |
0.9km 1.7km 1.7km 1.9km 2.0km 2.5km |
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WILL THE PROPERTY PRICES IN SINGAPORE BE COMING DOWN?
The Singapore Income growth index has increased over the years and reached an equilibrium with the property price index. Unlike during the mid 2000s, property prices increased to a level which was out of reach to many Singaporeans. This makes prices of condo affordable and per month debt repayment manageable. With an average household income of S$13,000, a couple can choose to purchase a condo price at $2.3m. A good size 3 bedrooms cost around S$1.6m in today's market. Debt ratio versus income has dropped. The drop in interest rate has further reduced the per month repayment.
Not only has income in Singapore grown over the years, the household liabilities has dropped significantly for the past decade as well while the property price index held stagnant since the tightening of measures in 2013, TDSR was implemented. Property price index had been stagnant. We had lost 7 years of property prices growth.
During this time, Singapore has structured itself also with a younger working population. This is important as the younger generation are able to drive better our GDP and as well as our consumption growth. Our GDP growth has well exceeded our property price growth during this period.
Forbearance programmes are offered by banks for clients who need short term relief in their installment payment but I see that there will not be many people who need to be utilising this. If you are a buyer looking for investment, do whatever you can to build up some cash reserves, for up to a year would be good, to protect yourself from mortgages.
Singapore shall continue with our productivity growth and further restructure our economy with new jobs.
The Economic Development Board (EDB) has managed to secure $13 billion in investment commitments in the first four months of 2020, which has surpassed the targets for the whole year. These investments come partly from electronics and infocomm media sectors. Thousands of jobs will be generated. Due to the change in the market, more jobs will be added to Singapore's capitalisation of the IT industry, namely, semiconductor as Singapore rolls out the 5G technology. We have changed our way of working and our daily lives with the recent pandemic, it has fastern the route on our reliance on the IT, so more jobs will be created in the e-commerce and the digital economic space. Singapore is moving forward with a greater productivity to remain competitive, because in the long run, this is what matters.
Anti-speculation measures have also been implemented over the course of 8 measures. Average holding period for a property has been increased to 8 years.
Additional stamp duty (ABSD) are imposed on buyers for 2nd and 3rd property onwards and slightly higher for PRs. Foreigners who want to have a stake in Singapore's properties will need to pay an additional of 20% in taxes.
Qualifying certificate and additional stamp duties (ABSD) are imposed on developers as well to ensure that there is no hoarding of land by them.
There is alot of buyers in the market looking to buy a real estate for investment. Please do keep an eye on the number of people buying a home, the available supply of homes for purchase in the market and foreclosure if any. The way that I see, it is unlikely to see a state of foreclosure in Singapore. I am certain to see more buyers than sellers. We have worked for this for the past decade and shall see ourselves coming out of the de-leveraging process. We shall see a gradual growth and sustainable price increase in Singapore homes.
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THE WILSHIRE SOLD TO ROXY PACIFIC HOLDINGS and TE2 DEVELOPMENT THROUGH COLLECTIVE SALES
1) The Wilshire on Farrer Road was sold to a joint-venture between Singapore-listed property group, Roxy-Pacific Holdings and the privately held TE2 Development for $98.8 million. The purchase price translates to a land rate of $1,536 psf per plot ratio (ppr). Given its high development baseline, there is no development charge payable. The land rate would be reduced to $1,455 psf ppr after allowing a development charge of $4.1 million for the 10% bonus GFA balcony space, according to Suzie Mok, Savills Singapore senior director of investment sales who brokered the deal.
TE2 Development is a private family office of Tong Eng Group’s managing director Teo Tong Lim. A week ago, TE2 Development and Roxy-Pacific acquired the 43-unit Kismis View en bloc for $102.75 million. The price translates to a land rate of $941 psf ppr including $17 million payable for topping up the lease to a fresh 99-years.
The Wilshire sits on a freehold site of 39,130 sq ft. Based on the Master Plan 2014, it is zoned for residential use with a plot ratio of 1.6. The site can be redeveloped up to a height limit of 12 storeys with a maximum gross floor area of 64,310 sq ft.
The existing eight-storey building at The Wilshire contains 20 units sized from 2,196 to 5,662 sq ft. Each owner is expected to receive proceeds ranging from $3.76 to $7.46 million from the collective sale. The sale price is just slightly higher than the asking price of $98.07 million ($1,525 psf ppr) announced when the property was launched for sale in December.
Source: The Edge
TULIP GARDEN SOLD THROUGH COLLECTIVE SALES TO YANLORD LAND GROUP and MCL
2) A JOINT entity by Chinese developer Yanlord Land Group and MCL Land has successfully tendered for the en bloc sale of the freehold Tulip Garden for S$906.9 million, the nation's second largest collective sales deal so far in 2018.
The sale price is 20.4 per cent higher than the reserve price of S$753 million submitted by owners of the 316,708 sq ft estate.
Tulip Garden comprises 162 apartments and maisonettes and two shop units, and is located in District 10 close to Holland Village and a Good Class Bungalow area.
Depending on the size of the property, which range from 1,701 sq ft to 3,412 sq ft, each residential unit owner could receive between S$4.3 million and S$7.6 million.
The sale price works out to a land rate of S$1,790 per square foot per plot ratio (psf ppr). This is higher than recent collective sales transactions in the area such as the S$1,703 psf ppr for Hollandia; S$1,654 psf ppr for The Estoril and S$1,536 psf ppr for The Wilshire.
It could potentially yield up to 670 residential units with its plot ratio of 1.6, said Yanlord in a Singapore Exchange announcement after trading hours on April 12.
It is zoned for an allowable height of up to 12 storeys. No development charge is payable for redevelopment up to a gross plot ratio of 1.6, said marketing agent Colliers International in a statement
The acquisition is being made by Asia Radiant, an entity under a jointly-held entity between the mainboard-listed Yanlord and MCL, a unit of Hongkong Land Holdings.
The acquisition marks Yanlord's maiden entry into Singapore's prime freehold residential property market.
So far, the highest collective sale deal this year belongs to Pacific Mansion in River Valley, which was acquired by GuocoLand, Intrepid Investments and Hong Realty for S$980 million.
It is a case of fourth-time lucky for Tulip Garden owners. The development actually was sold in July 2007 during its first try, but the buyer - a consortium led by Bravo Building Construction - backed out after trouble raising funds.
Tang Wei Leng, managing director at Colliers International, said: "Despite a spate of collective sale deals done in the Holland Road area in recent months and a large slate of redevelopment sites on the market, the tender for Tulip Garden still attracted very keen interest - a testament to its excellent locational attributes."
Yanlord said the acquisition and development of the project will be financed by internal resources and bank borrowings.
Source: Business Times
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