HORIZON RESIDENCES (Review)

District: 5
Location: Pasir Panjang Hill/ Pasir Panjang Road
Address: 41, 43 & 45 Pasir Panjang Hill
Tenure: Freehold
Developer: Far East Organization
Number of units: 72 units
Number of Blocks: 4 towers of 5-storey each
Parking Lots: 86 (basement parking)
TOP: December 2013

The wife and I were at the sales gallery of HORIZON RESIDENCES last Sunday morning. This is located off-site – at Tanjong Pagar next to International Building. And if the sales gallery looks familiar to some of you, it is where the showflats of Altez is located too.

The HORIZON RESIDENCES is one of the smaller project that Far East has launched in the past year or so. It resides on an elevated plot (8 meters above ground level) of about 64,000sqft along Pasir Panjang Road. The access in/out of the development is via Pasir Panjang Hill (which is also the address). For those that are similar with The Peak @Balmeg, this is right next door to HORIZON RESIDENCES.

HORIZON RESIDENCES consist of typically 2-, 3- and 4-bedroom units. The sizes for each unit types are:
• 2-Bedrrom: 936 – 1044sqft
• 3-Bedroom: 1324 – 1421sqft
• 4-Bedroom: 1475sqft
In addition, there are 4 units that come with an attic (4-bedders) that are over 2500sqft each.

The higher-floor (probably 4th and 5th), outward-facing units will get some sea view.

HORIZON RESIDENCES is being marketed as a full facilities condominium. In reality, the facility offering in this project is very limited. This is understandable, given the small plot of land it sits on and the height restriction imposed. So you can forget about themed gardens and … tennis court.

There are 2 showflat types at the sales gallery:
 1356sqft, 3-Bedroom (Type C1-b)
 1001sqft, 2-Bedroom (Type B-2b)

We will concentrate on the 3-bedder layout here.

A short walkway leads you from the main door into the living/dining area. Actually, it is more like just a living room as the area is so small you probably HAVE to push your dining table out to the balcony. Alternatively, you can utilize the worktop of the dry kitchen as a dining table. The living area is rectangular shaped, and you get a selection of either 90cm x 30cm beige-colored or 90cm x 90cm white marble floors (we preferred the former). You also get a ceiling height of 3.05m.

The dry kitchen comes with its own sink and is long enough to sit 4 along the length of its worktop (requires high chairs though).

The wet kitchen is L-shaped and fully equipped appliances-wise – you get “Kuppersbusch” hood/hob/oven/steamer/microwave, “Bosch” 2-door fridge and even a “Vintec” wine-fridge. You also get a set of decent-looking dish drying rack on top of the wet kitchen sink.

Then it sudden dawn on the wife and I – the layout and furnishings you get here is almost an exact replica of what we saw in the 3-bedder showflat at… The Shore (another Far East project)!

There is really not much of a yard to speak of – this is just a small extension out from the wet kitchen. It houses a small (ok, VERY small) utility/maid’s room and bathroom. There is a dedicated enclosed area for your washer/dryer but you will have to make do with those “2 in 1” type.

The common bathroom looks rather elegant with its marble floors and walls and comes with “Hangrohe” bathroom fittings.

The two common bedroom are decent sized and come with wood-strip floors and one of those modular type wardrobe that has “UV lights” installed on each shelves, which seems to come standard with Far East projects these days – we first saw this at Silversea, if our memories serve us right. You have to make do with bay windows here, unfortunately.

The master bedroom is very good size and comes with a huge L-shaped modular wardrobe. The partition walls between the bedroom and the master bathroom are made of glass (again quite standard these days with Far East projects). The bathroom comes with a long tub and an adjacent standing shower stall. We are pleasantly surprised to find a “rain shower” with large round shower-head installed above the shower stall – something that is missing in most of the showflats we have visited over the past month. We also like the good quality furnishing and the overall look of the bathroom, which gives it a “hotel-like” feel.

What we like:
 The good quality furnishing and fittings, as seen in the showflats.

 All the rooms are regular shaped with no odd-corners, although you have to contend with the bay windows.

 The 4-bedroom + attic unit looks rather interesting, if one can afford it.

 86 parking lots versus 72 units – this provides glimmer of hope for some second car owners.

 The upcoming Haw Par Villa MRT station is just 300m away, and can be accessible from Tower C – a lift will bring you to the ground level that give you access to Pasir Panjang Road via a side-gate.

What we dislike:
 The small living/dining area – this is a feature for both the 2- and 3-bedder showflats and we reckon it be the same for the 4-bedder (1475sqft versus 1356sqft).

 If you look at the layout of the standard 4-bedder unit, one of the common bedroom (Bedroom 4) looked very much like an after-thought. Maybe “3+Study” is a more suitable term for this unit type.

 Given the small plot area (64,000sqft) that HORIZON RESIDENCES reside on, the wife and I reckon that it will be a rather tight squeeze fitting the 4 towers and facilities inside.

 The access road to HORIZON RESIDENCES (Pasir Panjang Hill) is a rather narrow road lined with town houses on one side and a couple of other small condominium projects along the opposite side. In addition, there is a sizeable church located at the intersection just before Pasir Panjang Hill joins onto Pasir Panjang Road. So owners should probably expect quite a bit of traffic congestion during rush hours and a bit of frustration getting in and out of their condos on weekends during church service hours.

 Primary school within 1-km from HORIZON RESIDENCES? WHAT primary school..?!

Price-wise, we have enclosed a price list (from Far East) for all the units that are launched – this may require updating – but it will give you an idea of the going price for the different unit types.
Unit Prices http://d1.scribdassets.com/ScribdViewer.swf?document_id=33744319&access_key=key-kxfqr3mkpwk89xyouz1&page=1&viewMode=list

Only units from 1st to 4th floors in the 4 towers are currently for sale. The official launch of HORIZON RESIDENCES started over a weeks ago and about 30 of the 72 units have already been sold.

In summary, the wife and I are rather impressed with the quality of furnishing for HORIZON RESIDENCES. However, we find the units a tad small, especially the 1475sqft 4-bedders (which probably accounts for the “smaller than usual” bedroom). And at an average price of $1680psf for a 4-bedroom unit and $1500psf for the 2-bedders, we feel that HORIZON RESIDENCES is being priced at the very high end of the market for a condo in the Pasir Panjang area. This is despite its freehold status. Then again, it is a Far East project afterall…

No project review for last weekend?

Both the wife and I have been pretty preoccupied with our day jobs over the past few days (No, we do not do THIS for a living).

But we will try to post our review on Horizon Residences tomorrow. So stay tuned and fingers crossed…
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Singapore Property Market Update – June 2010

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Our thanks to Citibank and Mr. Nicholas Mak.

Citi Sgp Mkt Updt (Jun 2010) http://d1.scribdassets.com/ScribdViewer.swf?document_id=33702043&access_key=key-1j344qmqfcxily40nowi&page=1&viewMode=list
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WATERFRONT GOLD: 68 units sold

The BT today reported that 68 of the 150 units for sale at WATERFRONT GOLD were sold as of yesterday.

These were units released by the developers (Frasers Centrepoint and Far East) last Friday.

The 99-year leasehold condo, which has a total 361 units, is priced at $950psf on average.

Over 70% of units sold were smallish apartments – one bedders, one bedroom + study units and two bedders.

Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $550,000 for a 581sqft one-bedder on the second level. Both penthouses released (about 2000sqft each) were sold at an average price of about $1025psf or $2.1 million each.

Frasers Centrepoint Homes claimed that they are testing the upper end of prices in the upgraders’ market and positioning WATERFRONT GOLD as an upper-mid market condo rather than a mass-market product. This is due to its location and facilities, which includes a sky park with a dedicated express bubble lift. The toilets in the development will also have marble floors.

The developers are offering two of the project’s five blocks, or 150 units, as part of a “deliberate attempt not to sell out the project”. They want to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.

WATERFRONT Gold is the third in a series of four condos that Frsers Centrepoint and Far East are developing on the former Waterfront view site.

Waterfront Waves was first released in January 2008 at an average price of about $750psf, followed by the launch of Waterfront Key in July last year at $735psf on average.

The developers have been raising prices in these two projects.

Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850psf for poolview units and $950psf for reservoir-facing units.

The wife and I wonder if the developers will really stick to their “deliberate attempt not to sell out the project” strategy if buying sentiments return to the previous March/April level and prices start climbing again…
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THE CASCADIA: Building Progress

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The wife and I happened to drive past the actual site of THE CASCADIA today, and thought we’ll show you a photo (or two).

Looks like the project is coming up nicely for year-end TOP.

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TERRENE @BUKIT TIMAH: Executive Summary

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This might come in handy for those who are interested in TERRENE @BUKIT TIMAH.

Our thanks to Knight Frank.

Executive Summary (Terrene) http://d1.scribdassets.com/ScribdViewer.swf?document_id=33585643&access_key=key-14ikg3ytp5ku32qt9ln7&page=1&viewMode=slideshow

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WATERFRONT GOLD: Preview starts today!

Frasers Centrepoint and Far East Organization begin to preview today their 99-year leasehold WATERFRONT GOLD condo along Bedok Reservoir at an average price of about $950psf. This is according to a report in BT today.

About 150 units or two blocks will be released for the preview. The entire development comprises 361 units in five blocks.

WATERFRONT GOLD will be the first condo in Singapore to feature a skypark, according to the developers. The 8,000sqft park, on the roof of the 15-storey project, will serve as an observation and exercise deck offering view of the reservoir.

WATERFRONT GOLD comprises one-bedders to four-bedroom apartments and penthouses. The cheapest one-bedder (581sqft) will cost $560,000. Two-bedders (893sqft) will be priced from $800,000, while the minimum price for a three-bedroom apartment (1,012sqft) is $900,000. Four-bedders will cost from $1.17 million upwards for a 1378sqft apartment. All starting prices refer to second-floor units.

WATERFRONT GOLD is the third in a series of four projects that Far East and Frasers Centrepoint are developing on the former Waterfront View site.

Prior to the latest condo, they released Waterfront Waves, which is fully sold, and Waterfront Key, a 437-unit condo of which 309 units were sold as at end-May.

The final project, which may be released next year, is expected to have about 500 units.

The entire series, dubbed the Bedok Waterfront collection, has been master-planned to maximize views and access to the reservoir.

As some of you may recall, the Waterfront View site was bought by Frasers Centrepoint/Far East in a much publicized en-bloc deal back in mid-2006 for $385 million. Each of the 583 owners was paid about $660,000. Property consultant then estimated that about 1,400 condominium units can be built at a breakeven cost of about $450psf.
 
Looking at the current Bedok Waterfront collection that is built on this 800,000sqft ex-HUDC site, i.e.Waterfront Waves – 405 units, Waterfront Key – 437 units, Waterfront Gold – 361 units, Another upcoming project – 500 units, this will all add up to more than 1,700 units at an average price of over $900psf.

Not a bad day’s work at the office for the two developers, if you ask us…

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DTZ estimates for 2Q 2010 – weaker overall sentiment?

Accordingly to DTZ estimates published in the ST today, price rises of non-landed private resale homes have generally slowed this quarter, to under 3% in most areas, amid weaker buying sentiments.

However, prime homes hit a new price high, and price rises for suburban homes grew at a much faster rate.

Suburban resale condominium and apartment prices leapt by 4% for the quarter ending June 30 compared to the first quarter, to yet another new high.

DTZ said resale prices of leasehold suburban homes climbed 4% quarter-on-quarter to $648psf, compared with the 2.1% rise in the first quarter. The 2007 peak for these homes was at $615psf.

Otherwise, the rise in housing prices has generally slowed in the second quarter as resistance to high asking prices and stock market uncertainty caused many buyers to take a “wait-and-see” approach.

Price rise for resale freehold condo units in prime districts 9, 10 and 11 came in at a slower 2.6%, down from 3.7% in the first quarter. But that still brought prices to a new high of $1,493psf, which is 0.7% higher than the previous 2007 record of $1,483psf.

Prices of resale freehold condo units outside the prime districts rose 2.9% to hit a previous 2007 peak of $747psf, down from a 4.2% rise in the first quarter.

Only prices for luxury condo apartments have yet to reach the previous peak. They are still 7.6% off the 2007 record of $2,800psf, despite rising 3.5% to $2,588psf.

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TERRENE @Bukit Timah – Exclusive Preview this Saturday!

The wife received a text message today informing her about an exclsuive preview by Knight Frank for TERRENE @Bukit Timah (former Rainbow Garden) this Saturday (June 26th).

The venue for the preview is Bukit Timah CC (Toh Tuck Road) Level 3 @2pm.

Bring cheque… the message said.

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THE CASCADIA (Review)

District: 21
Location: Bukit Timah Road
Address: 947 Bukit Timah Road (Management Office addess)
Tenure: Freehold
Developer: Allgreen Properties Limited
Number of units: 536 units
Number of Blocks: 13 of 10-storey each
Parking Lots: 567 (basement parking)
TOP: October 2010 (according to marketing agent)

THE CASCADIA is technically not “new” – this development was launched back in 2007 and about 187 units were sold then at about $1,500psf. Then came the property downturn and the developer decided to hold back on sales till about May of this year.

THE CASCADIA resides on a 300,000sqft irregular-shaped plot along Bukit Timah Road (next door to The Floridian), but the showflat is located off-site on an empty field at Old Holland Road.

The sales gallery was rather empty when the wife and I visited last Sunday morning. Units in 7 of the 13 blocks (total of 296 units) are still available for sale, but we were told that almost 60% of the project has been taken up.

There are quite a number of unit types and sizes being offered at THE CASCADIA:
• 1-Bedroom (38 units): 570 – 710sqft
• 2-Bedrrom/2+Study (109 units): 871 – 1162sqft
• 3-Bedroom/3+Study (81 units): 1173 – 1323sqft
• 4-Bedroom/4+Study (45 units): 1410 – 1593sqft
• 2BR/2+S Penthouses (12 units): 1679 – 2260sqft
• 3BR/3+Study Penthouses (7 units): 2346 – 2884sqft
• 4BR/5BR Super Penthouses (4 units): 3961 – 5231sqft

The 2 and 3-bedroom penthouses come in 2 levels, but the upper level consists totally of roof terraces (unless space to us). The Super Penthouses have interior living spaces on both the upper and lower levels and come with their own private lap-pools.

THE CASCADIA is a full facilities condominium, but the facility offering does come across as dull compared to some of the newer launches – you still get the basic facilities you would expect from a condo project, but there is no “wow” factor here. It does offers two tennis court, which is generous for a 500+ units project.

There are 3 showflat types on display at the sales gallery:
 1582sqft, 4-Bedroom+Study (Type D2s-a)

 1237sqft, 3-Bedroom+PES (Type C1-a)

 1162sqft, 2-Bedroom+Study+PES (Type B1s-a)

The layout of the 3 unit types is rather similar (supposedly unique for Allgreen’s development), so we will just concentrate on the 4-Bedroom+ Study unit.

As we stepped into the showflat, the wife and I was amazed by how huge the living/ dining area is – until we realized that it is “enlarged” by sacrificing the common bedroom adjacent to the living area. So this is effectively a 3-bedroom+ study unit. If one decides to keep four bedrooms, the living/dining area is actually a tad small. We were told by the marketing agent that even if we decide to do the former, we can only knock the wall down after the condominium obtains its legal completion status, and at our own cost (of course). The living/dining is at least regular in shape, and comes with 3.2m ceiling height. The floor is furnished with unique 60cm x 60cm “porcelain” tiles – this is supposedly tougher than granite (go goggle it, says our marketing agent) and looked rather nice.

There is no balcony in this unit – the “balcony doors” open out to a sunken planter box, which seems rather strange. However, this just means more interior living space so we aren’t complaining.

There is also no dry kitchen – the only kitchen you get is a rectangular strip that comes furnished with “Miele” hob/hob/oven and solid surface worktop.

The small yard area extends from the kitchen – not a lot of space to work with after fitting the washer/dryer (separate units will need to be stacked). The bomb shelter/maid’s room is short but wide – so you will need custom-made bed if this is the domestic helper’s quarter. A small bathroom is available in the yard area.

The common bathroom is decent size, with ceramic tiles floor and walls. It also comes with good quality “Damixa” bathroom fittings – we may be partial here, since we have the same brand of fittings installed in our master bathroom…

The 2 common rooms are regular and good size, so fitting a queen bed inside will not pose too much of a problem. It comes with nice wood strip floors, but we are not particular impressed with the modular “open” wardrobe system (read: no doors). Just thinking about the dust and having to keep the wardrobe tidy (or out of sight) made the two of us cringe.

The study area is about the size of a small store room. Maybe that’s why it is not enclosed (again: no doors). The developer has deliberately hacked the wall between the study and the junior suites to increase the perception of space.

The junior suite looked rather small and comes with the same modular wardrobe system. The attached bathroom is also small but comes with good quality “Damixa/Duravit” fittings. The standing shower stall may pose a challenge for “bigger individuals” to maneuver inside (kudos to the wife for spotting this).

The master bedroom is very good size and has a set of “rounded” windows on one side. It also comes standard with transparent glass wardrobes but again with no doors. The master bathroom is also good size, fitted with granite floors/walls and comes with a bath tub and adjacent standing shower stall. The usual “Damixa/Duravit” fittings apply.

What we like:
 All units in THE CASCADIA are primarily North-South facing, which means you do not get the direct morning/afternoon sun.

 All the rooms are regular shaped with no odd-corners.

 All the showflat types come with the same good quality furnishings and fittings.

 Even the 2-bedroom units come with long bath and adjacent shower stall in the master bathroom.

 Within close proximity of the upcoming King Albert Park MRT station (part of the Downtown Line Stage 2) that will be completed by 2015.

What we dislike:
 The living/dining for all 3 showflat types are quite small. This is especially disappointing with the 4-bedder unit, unless you sacrifice a common bedroom to enlarge the living area as per the showflat.

 Only 1 primary school is within 1-km of THE CASCADIA – Methodist Girls’ Primary.

 For investment purpose, the rental yield may not be fantastic – although many do prefer rental units in a new development, THE CASCADIA will probably face severe competition from Maplewood and Nexus as well as The Floridian when this is completed.

Price-wise, a 4+Study unit in Block No. 943 (#06-49) will cost $2,161,320 or $1445psf. This unit will get the main pool view. Maintenance for this unit (7 shares) is around $266/month, which is quite reasonable.

As we have mentioned earlier, 60% of the unit in THE CASCADIA are already sold as of last Sunday. The developer has allegedly increased their selling price by 1% since last Saturday. Deferred payment Scheme is still being offered for this project.

In summary, both the wife and I are rather impartial about THE CASCADIA. We are quite happy with the unit layout (other than the small living/dining area) and the quality of furnishings/fittings provided, but we still think that the facilities within this project are somewhat “old school”. This may be a consideration for buyers who are big on facilities. And who can blame them, when they have to shell out almost $1500psf for their apartments?