Lakeville (Review)

The wife and I decided to visit Lakeville last weekend. This is one of the project that has recently sprang back to attention after our Prime Minister’s had announced plans for the big Jurong Lake District revamp during his National Day Rally speech last month.

 

 

The sales gallery of Lakeville is located at an open field opposite to JCube. However, one may easily miss the slip road (Jurong East St. 12) leading into the gallery with all the constructions that is currently taking place around the area.

 

 

Given that it is a weekend, the sales gallery was pretty crowded with prospective buyers. The wife and I were told that Lakeville was launched about 6 months ago but interests have been somewhat lacklustre until after the National Day Rally speech.    

 

First off, the actual site of Lakevilleis not anywhere near where the sales gallery is located… at least not within comfortable walking distance anyway. The actual plot is along Boon Lay Way, between Lakeside and Chinese Garden MRT stations. To get to JCube or Westgate, you will either have to drive (about 5 minutes) or take the train from Lakeside to Jurong East MRT station, which is 2 stops away. To walk it we reckon will probably take a good 20 – 25 minutes.

 

Lakeville is a 99-year leasehold developed by MCL Land. This is the same developer that launched J Gateway back in June of 2013 – a residential project next-door to Jurong East bus interchange and opposite to Westgate, which sold 736 of its 738 units on the first day of launch, at an average price of $1,480psf.

Lakeville consists of 696 units spread over 6 towers of 16-storey high. The project sits on a plot of almost 241,000sqft and offers unit configurations of 1- to 5-bedrooms as well as penthouses. “Dual-key” units are also available within the development.

 

One unique feature of Lakevilleis that some apartment types actually come without balconies – this will please those (much like yours truly) who do not utilize the external area of their apartment much. 

In terms of access, the wife and I were told that a new access road will be constructed specially for Lakeville. This bi-directional road (Jurong Lake Link) will act as a conduit  into Boon Lay Way or Jurong West St. 41, which should make it easier for residents to get in/out of the estate.

 

Facility-wise, Lakevilleis comparatively more generous than the other new projects that we had seen recently. While the main features revolve around the swimming pool that stretches almost from one end of the estate to the other, another unique offering is the 6 “signature gardens” (with names like “Verdant Plateau” and “Golden Estuary”) that are located within the confines of each tower itself. Lakeville’s residents can also boast of having a tennis court within their estate – something of a rarity in new projects these days.

 

Parking wise, Lakevillehas 696 lots plus 7 handicapped spaces. So prospective buyers with more than one car may have to pray very hard that not every household in the estate owns a vehicle.

The showflats on display are the 2- and 3-bedroom units. The 5-bedroom showflat was closed as it is being converted to a 4-bedroom one, since most of the 5-bedders (only 1 stack of such in the development) have been sold.

We will focus our attention on the 3-bedroom showflat. This is a 1,281sqft ground floor unit (Type C6-P). The typical C6 type on the higher floors is 1,141sqft but has the same interior area and configuration.

 

As one enters from the main door, you will see the kitchen on your right before arriving at the living/dining area.

 

The kitchen is divided into a “dry” and “wet” area. However, the so-called “dry kitchen” is nothing more than an elevated platform which you can either use as a serving area or a small dining table. All cooking/washing are confined to the “wet” kitchen, which is good-sized enough for two to be working side-by-side. The “dry” and “wet” kitchen is separated by a glass door (not installed in the showflat), which is a good idea for keeping the grease and smell within the confines of the “wet” kitchen. The kitchen comes equipped with equipment (hood/hob, fridge and oven) from Fisher and Paykel and fittings from Grohe.

  

At the end of the “wet” kitchen is the utility/yard area. You do not get much space in the yard but a large set of windows ensure good ventilation and possibly the option of an extendable laundry system. The utility room is a narrow longish space but with a bit of ingenuity, one can fit both the washing machine (provided) and a custom-made bed inside.

 

 

The living/dining room is rectangular-shaped and looked rather spacious especially for an apartment of such size. Should you decide that you need even more “entertaining” space, we were told that you can dismantle the wall between the dining area and bedroom 2 – but you will have to do this at your own expense and after the project has received its certification of completion. Our only complaint is that the living/dining area for the 3-bedder only comes with homogenous-tile flooring – we were told that the 4- and 5-bedroom units have marble floors. But you do get pretty high ceiling at 2.9m, which helps to increase the perception of space within the apartment.

 

The two common bedrooms are rather small – maybe the reason why one does not feature a bed while the other has a built-in elevated single-bed. But we reckon something has to give somewhere given the size of the apartment. 

In contrast, the common bathroom is surprisingly huge. The wife and I were told that the bathrooms are built according to wheelchair-friendly requirements – what this means is that anyone on a wheelchair must be able to enter the bathroom and be able to make a 180-degree turn inside. The bathroom comes fitted with bathroom fittings from Roca and toilet from Johnson Suisse – not exactly “premium” quality compared to what we have seen elsewhere.

 

The master bedroom is again pleasantly spacious even with a King-bed. The secret supposedly lies with the wardrobe, which is flushed against the wall – so that it does not protrude outside thereby taking up additional space within the bedroom. However, the 2-panel wardrobe space is hardly sufficient but is quite the norm these days.

  

The master bathroom is almost a replica of the one outside, except for the wall-mounted toilet. We are pleased that it does not come with a long bath, but a tad disappointed with the absence of “rain shower” in the shower stall.

 

Pricing wise, the 3-bedders go for about $1.4 million, depending on which floor you are looking at. This translates to around $1,230psf.  

For those who are interested in the 5-bedroom units, there are not many of these left as there is only one such stack within the development. But the asking price for a second-floor unit of 1,528sqft is $1.79 million, which translates to around $1,170psf.

 

What we like:

• The functional layout with the 3-bedder (and this will probably apply to the 5-bedder as well, given that they have similar layouts), which makes the apartment felt more spacious than it really is. 

 

• Lakeside MRT station is supposedly a 500m walk away. However, you are likely to be subjected to the elements as we cannot foresee any sheltered path leading to the station. 

• For those with kids going into primary schools in 2018/2019, there are at least 2 primary schools that is within 1-km of Lakeville – one of which being the popular Ru Lang Primary. 

• The Canadian School is located right next to Lakeville. This may offer good prospects for those who are buying for rental yields.

 

• With the upcoming plans to revamp the Jurong Lake District, this should boost the value of residential properties around the area especially when the revamp starts to take shape. So buyers of Lakeville may expect some “first mover” advantage as subsequent new projects (e.g. on the plot of land next door) are likely to be priced higher … technically anyway.

What we do not quite like: 

• The quality of furnishing and fitting seen in the showflat is average at best and definitely pales in comparison to the other projects that we have visited recently. 

• As all the towers are angled towards the NW-SE facing, many of the units (especially the outward facing ones in Tower 1, 3 & 11) will probably get the afternoon sun shining into the living & bedrooms – not very ideal if you aren’t a fan of the heat. 

• The marketing agent will expound on the “convenience appeal” of Lakeville given its location within the Jurong Lake District and proximity to Jurong Gateway. But this is really a case of “near but not quite” in our opinion. You will still have to drive or take the train to JCube/Jem/Westgate/Jurong East MRT or Jurong Point – the developer ought to provide a shuttle-bus service to ferry residents to Jurong East MRT and bus interchange at regular intervals, at least during the first year or two. And depending on the facing of your unit and how high up you are, you may end up looking at the MRT track rather than the lake.

 

Our parting shot

Lakeville will probably be the second new development (after the fully sold J Gateway) to come up in the Jurong lake District area. As such, there is always the potential upside when comes to capital gains, especially since its price is lower than what the folks paid for J Gateway. And in terms of facilities offering, Lakeville is actually one up over J Gateway judging from the respective site plans. So if you are looking to partake in the revitalisation of the Jurong Lake District and not too picky about the interior quality offered by the apartments (we can only speak based on what we saw of the 3-bedders), then Lakevilleis probably a project that you may want to take a look at.

 

 

Terrasse (Review)

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Project Name:   Terrasse
Tenure:   99-year Leasehold
Location:   Terrasse Lane
District:   19
Site Area:   325,024sqft
TOP (estimated):   1Q 2015
Total Units:   414
No. of Blocks/Storey:   8 Blocks of 5-Storey each
Car Park Lots:   450 (inclusive of handicapped lots)
Developer:   MCL Land

The wife and I finally managed to find time to visit the sales gallery of Terrasse on Thursday. This is a leasehold project by MCL Land, who had acquired the site via a GLS tender in May 2010 for $456psf ppr.

The site of Terrasse is located right smack at the junction of Hougang Ave 2 and Yio Chu Kang Road.

It is a rather massive plot of land, 300m long & almost rectangular in shape. We were told that the land slops downwards from East to West with an almost 2-storey drop in height.

The sales gallery is a distinctive 2-storey building located on the actual site that you can hardly miss.

Terrasse offers a mix of 1- to 4-bedroom apartments and 3- to 5-bedroom penthouses. Also available are 4-bedroom ‘Garden Duplex’ units. The various types and their approximate sizes are:

• 1-Bedroom Apartment (45 units):   550sqft
• 2-Bedroom Apartment (136 units):   730 – 900sqft
• 3-Bedroom Apartment (108 units):   1000 – 1250sqft
• 4-Bedroom Apartment (36 units):   1350 – 1450sqft
• 3-Bedroom Penthouses (34 units):   1450 – 1550sqft
• 4-Bedroom Penthouses (31 units):   1750 – 1900sqft
• 5-Bedroom Penthouses (9 units):   2100 -2250sqft
• 4-Bedroom Garden Duplex (15 units):   2500sqft

The Garden Duplexes occupy the ground and basement levels. The basement level is a self-contained ‘studio’ with its own kitchenette and bathroom, while the ground level has 3 other bedrooms (including the master). Each unit also comes with 2 dedicated parking lots.

In terms of facilities, Terrasse offers the full package (tennis and multi-purpose court inclusive) and probably a little more. Most of the facilities are located along the full length of the site at the centre of the development, with the apartment blocks lining on both sides. And given the slopping ground, one should get a rather spectacular view of the condo facilities while standing at either ends of the estate. The ones that are worth a mention include:

• 3 Clubhouses
• Firefly Creek – a pond with fibre-optic lights that recreate a firefly effect at night
• Castle Playscape – a playground designed in the shape of a castle

Parking lots are available in the basement and we were told that there will be approximately 450 lots in total (including handicapped lots). So balloting is probably the order of the day for home owners with more than 1 vehicle. The folks in the Garden Duplexes are exempted from such agony of course, since they get 2 dedicated lots each.

There are 4 showflat types on display at the sales gallery. These are:

• 1227sqft, 3-Bedroom Apartment (Type C2)
• 1819sqft, 4-Bedroom Apartment with PES (Type D1-P)
• 2,217sqft, 5-Bedroom Penthouse (Type D1-PH)
• 2,497sqft, 4-Bedroom Garden Duplex (Type C-GD)

For the purpose of this review, we will focus on the 3-bedder (Type C2)

As you enter the main door, you are in the rectangular-shaped living/dining area. We were pleasantly surprised by how spacious this area felt, especially given the actual interior size of the apartment (more on this later). However, our excitement was soon dampened by the type of flooring that is provided – the living/dining, kitchen and even the yard area come with what the marketing agent termed as “porcelain tile” floor. For the uninitiated, these are basically homogenous tiles with glossy finish. The wife and I had used the same sort of tiles in one of our previous apartment (because they are relatively cheap compared to other types of homogenous tiles) and it ended up as one of the biggest regrets that we had to put up with for almost 2 years!

The balcony is in a unique “Z” shape and almost 200sqft in size. It encompasses both the living and master bedroom, although this also means that the nett interior size of the apartment is only about 1,000sqft.

The kitchen is separated from the dining area by a glass partition. However, we were told that the actual unit comes with solid wall instead of glass. It is good-sized and comes with an L-shaped solid surfaced worktop and top/bottom kitchen cabinets. However, we weren’t overly impressed with the “Brandt” hood/hob/oven that is provided.

The “yard”, if you can call it that, is a small square-shaped space located behind the kitchen. It will be a tight squeeze if you intend to do your laundry chores here, but at least you get natural lighting and ventilation from the window provided.

The utility room and a small bathroom is opposite of each other, separated by the yard. If you intend to use the utility room to house your domestic helper, you will need to customize the bed for her – the utility room is tiny even by current standards. Only consolation is that it comes with a set of window inside, which makes it looked less like a holding cell.

The two common bedrooms are tucked at the opposite end of the apartment and across from the living/dining area. There is a stark contrast in size (although the floor plan seems to suggest that the two bedrooms are roughly of equal size). Bedroom 2 is decent-sized, which means you can actually fit a Queen bed in here quite comfortably. However, bedroom 3 is actually quite tiny – a single bed will take up most of the space in the room. All bedrooms come with laminated flooring (usually the cheaper option to solid timber strip), which is rather disappointing.

The common bathroom is quite spacious. It has homogenous-tile floors/walls and “Hansgrohe/Bravat” bathroom fittings and toilet. However, you only get the standard wall-mounted shower in the shower stall.

The master bedroom looks huge for an apartment of such size. You still get quite a lot of space after fitting in a King bed, but we suspect the glass partition-wall to the bathroom does help to make the room feels larger. Again the actual unit will have solid wall for the bathroom partition.

The master bathroom is also good-sized and comes with similar bathroom fittings as the common bathroom. But for some strange reason, the developer has decided to use a different type (read: uglier) of toilet bowl in here compared to the one outside. The master bathroom for the 3-bedder does not come with a bath tub (only 4-bedder and above gets such luxury) and those who expect at least “rain shower” system in the standing shower stall will be solely disappointed.

Price wise, a 1,227sqft unit on the 2nd floor of Block 33 will cost you $1,207,300 ($984psf). During the first phase of preview (where 4 blocks at both ends of the development were released), a similar unit were priced at $1,181,900 ($963psf).

As of Thursday, 208 of the 414-unit are sold and if you are looking at the 4-bedders in Terrasse, only one stack (#25 in Block 25) is left.

Monthly maintenance charges will set you back around $240 – $280 for the 3 and 4-bedders.

The project was officially launched yesterday (Saturday), so we should have a better idea on the latest sales status come early of next week.

What we like:
• All units in Terrase are of North-South orientation and largely unblocked on all sides (except the back, which faces some low-rise terrace houses). So it should be quite breezy in your apartment.

• We were quite impressed with the facilities provided in Terrasse, which should look quite stunning if the designs are materialized fully.

• Two primary schools are within 1-km of Terrase – The highly popular Rosyth School and Xinmin Primary (both co-ed).

What we dislike:
• Given that Terrasse is at the junction of two rather busy roads (Hougang Ave 2 and Yio Chu Kang Road), units near the main road can expect quite a bit of traffic noise. And it looks like the developer has also acknowledged the fact, as double-glazed windows will be provided for the apartments.

• Despite the supposed good access to expressways such as CTE/KPE and its proximity to amenities, nothing is really within walking distance. The nearest MRT (Serangoon) and mega mall (NEX mall) are 6 bus-stops away, while you will need to drive to Hougang Mall, Hougang Point and Chomp Chomp.

• We are rather disappointed with the quality seen at the showflat, which is akin to finding yourself in a budget flight after paying for a full-service airline ticket.

• The master bedroom for Type C2 is a tad too close to the living/dining area for our comfort, as this translates to some loss of privacy. Having said that, the 3-bedroom units come in different layouts, most of which have the master bedroom tucked further inside. 

• We feel that the showflats may not provide you with an accurate representation of  the actual apartments, especially in relation to how spacious the units actually are. Many of the walls in the showflats are blatantly replaced by glass partitions, even structural walls. When asked, we were told that the marketing approval for Terrasse was given before the new guidelines for showflats came into effect. So the developer was allowed to be “creative” with their showflat designs.

Our Verdict: One word summarizes it all – disappointing. The location of Terrasse is far from ideal, the quality of furnishing rather poor and the size of the 3-bedder is too small for our liking (unless you are a fan of big balcony and PES) . Even the delicious offering of facilities within the project is insufficient to compensate for the inadequacies.

Given the $456psf ppr price that MCL Land had paid for the site compared to the almost $1,000psf selling price for each unit, one would assume that the developer can afford to put more emphasis on quality. Then again, it is a “less than $1,000psf” project afterall, so we probably should not expect too much…

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Terrasse: Latest sales status

MCL Land has sold 150 of the 200 units it has released at its 414-unit Terrasse condo in Hougang.

The average price for the 99-year leasehold, five-storey development in Hougang Avenue 2, whose preview started on Saturday (May 21), is $950psf. The cheapest unit in the project costs $580,000 for a 506sqft one-bedroom unit on the second floor, which works out to $1,146psf.

The development also has two to four-bedders as well as nine five-bedroom penthouses of about 2,217sqft each costing up to $1.85 million ($834psf). MCL has released four of the five-bedroom penthouses, of which two have been sold. The developer has yet to release 15 garden duplex units of about 2,490sqft each spread over the ground and basement levels.

All unit types received even interest, with 90% of the buyers locals and permanent residents. The rest were foreigners from countries including Malaysia and China. 60% of buyers have HDB addresses, many of them within 3 to 5-km of the project.

The project’s design affords views of either a water feature or swimming pool for nearly 80% of the units.

The project will include a tennis court, a multipurpose court as well as three clubhouses.

Source: Straits & Business Times
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New project info: Terrasse

MCL is getting ready to preview Terrasse, a 99-year leasehold condo at Hougang Avenue 2/Yio Chu Kang Road next weekend.

The five-storey project will comprise 414 units – including one to four-bedroom apartments, five-bedroom penthouses and 15 garden duplex units (spread over the ground and basement levels).

The average price is likely to be $950 – $1000psf.

You can get more information about Terrasse by clicking on below:
http://terrasse-condo.com/

Source: The Business Times

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THE ESTUARY (Review)

District: 27
Location: Yishun
Address: 87 – 99 Yishun Ave 1
Developer: MCL Land
Tenure: 99 years wef 25th June 2008

After hearing about the supposed strong sales of THE ESTUARY over the private preview last week, the wife and I decided to drop by the sales gallery last evening to check the project out.

As construction of THE ESTUARY is already in progress, the sales gallery/showflats is located at a vacant plot adjacent to the actual site. We were met by a sea of people on arrival – a mix bag of potential buyers, curious onlookers (like yours truly) and marketing agents – despite the fact that it was already way after 5pm. We were later told that yesteray was the first day of the official launch of this project.

THE ESTUARY is a 608-unit mass market project developed by MCL Land, who is also the developer responsible for projects like The Esta, Hillcrest Villas, Waterfall Gardens and not forgetting our favorite (still) – Parvis. This 99-years Leasehold condo is made up of 7 blocks of between 15 to 17-storeys, and is sited on about 209,000sqft of land – supposedly the largest private residential plot in the Yishun area – at the junction of Yishun Ave 1 and 2. The expected TOP of THE ESTUARY is by mid-2013.

THE ESTUARY is marketed as a “waterfront living” project, as it is fronted by the Lower Seletar Reservoir. And since the condo is built on elevated ground, it provides residents with unobstructed reservoir view. THE ESTUARY is supposedly about 8-mins walk away from Khatib MRT Station, and also within a few minutes drive from North Point (amenities, shopping & dining) and the Orchid Golf and Country Club.
The units in THE ESTUARY come in several different layouts and sizes:
• 1-Bedroom: 592 – 603sqft
• 2-Bedrooms: 904 – 926sqft
• 2+Study: 1119sqft
• 3-Bedrooms: 1184 – 1302sqft
• 4-Bedrooms: 1453 – 1528sqft

There are “bigger unit” of the various apartment types available, but the additional area is only a reflection of the size of the PES/open terraces.

The facilities at THE ESTUARY are very extensive, as you can see from the site-plan below. But what is most noteworthy is that the roof top of the multi-storey carpark (3-levels, located at the back of the development) actually houses the gym, club house, BBQ area and the 50m lap-pool/spa pool/aqua-gym. And bucking the trend of “no tennis court” in many new projects these days, THE ESTUARY actually has TWO tennis courts. But the wife and I reckon that it is far easier to be generous on facilities when you are sitting on such a big piece of real estate.
For parking, a total of 632 carpark lots will be provided for the 608 units – again rather generous compared with many other new projects.

There are 3 types of showflat on display at the sales gallery. The first is a 1528sqft, 4-Bedroom unit (Type D). As you walk through the main door, a short walkway leads you into the rectangular-shaped living/dining area. The area comes with 60cm x 60cm homogenous tiles flooring and 2.75m height ceiling, and looked rather cramp even with just a small sofa & 6-seater dining table. The balcony/planter area is huge, lining all the way from the living room to the adjacent common room and then the master bedroom beyond that. We were told that the large balcony is a feature of all the bigger (i.e. 3 and 4-bedders) units in THE ESTUARY, as this allows residents to maximize their view of the reservoir from their balconies.

The kitchen is quite good size and comes with “Ariston” hob/hood/oven, “Hansgrohe” faucets and top & bottom set of kitchen cabinets with anti-slam drawers. We were not particularly impressed with the look of the appliances/furnishing provided. A small yard is found at the end of the kitchen, with probably enough space for the washing machine and no much else – so you can probably forget about hanging and ironing of laundry here. The home shelter may not allow you to fit a standard single-bed if you intend to use it as the maid’s room, but she will at least have her own bathroom to wash up.

The common bath has homogenous tiles for floor and walls, and comes with a standing shower stall with wall mounted “hand-shower”. You also get “Hansgrohe” and “Duravit” bathroom/toilet fittings.

All three common bedrooms are regular shaped but rather small. This is especially with the one that is adjacent to the living room, which is probably more suited to be used as a study rather than a bedroom. And occupants of the three common bedrooms will have to share the same common bathroom.

The “small” theme extends to the master bedroom – you have hardly any space left for additional furniture after fitting in your “Queen” bed. But you can walk out to the balcony area to enjoy the view directly from here. The master bathroom is quite decent size, and comes with “His” and “Her” bathroom sinks (so no fighting over who gets to brush teeth first in the morning). It comes with homogenous tiles for walls/floor, “Hangrohe/Duravit” fittings and bay windows that line the walls behind the sink and long bath area. A separate standing shower stall is next to the long bath, and come fitted with wall mounted “rain-shower” – i.e. the shower head sticks out from the wall rather than from the ceiling.

And just like the kitchen, the wife and I are hardly impressed by the quality of furnishings and fittings provided in all the bedrooms and bathrooms. The bathroom sinks in particular are rather “Budget” looking (no offence).

For the sake of simplicity, we like to highlight that the furnishings and fittings for the other 2 showflats are identical to the 4-Bedroom showflat. So we are just going to commend on the layouts.

The next showflat is a 1216sqft, 3-Bedroom unit (Type C). The layout is quite similar to the 4-bedder – you get an even smaller rectangular shaped living/dining area and a square-shaped balcony. The master bedroom is adjacent to the living room, while the living room balcony actually extends to the rectangular balcony/planter area outside the master bedroom (see floor plan). The whole balcony/planter area is far too big if you ask us, especially in relation to the small living/dining area.

The rectangular-shaped kitchen is quite decent size, but there is little to no yard space to work with. It will be a challenge just to fit a washing machine in this yard. The home shelter/bathroom is about the same size as the 4-bedder showflat.

The common bath is fairly good size, while the two common rooms and master bedroom are again rather small. So while it will be relatively easy for you to outfit the bedrooms due to their regular shape, there will however not be much “room” to outfit. The master bathroom is rather compact, and comes with a single bathroom sink and standing shower stall only (no long bath).

The last showflat is a 926sqft, 2-Bedroom unit (Type B). The layout in this unit is quite different from the other two (understandably with the size) – a small rectangular living/dining area, a balcony/planter area that is probably too extravagant for a unit of this size, a small rectangular strip of a kitchen with just enough “yard” space to house a washing machine, a home shelter located in the living area opposite to the common bathroom and a small but regular-shaped common room. However, the wife and I were pleasantly surprised by the size of the master bedroom, which actually felt bigger than the one in the 3-bedder showflat. The master bathroom is also rather generous in size for a 926sqft unit.

What we like:
• The reservoir view is really quite pleasant – the developer has deliberately built the showflats on the second level of the sales gallery with full height glass windows looking out towards the reservoir. So you can imagine what the view is like if you have a reservoir facing unit on, say, the 10th floor.

• Kathib MRT Station is about 8-mins walk away, and it is about a 20-mins ride from here to Orchard and about half an hour to the CBD (we think, since we hardly use the MRT). This should be a good enough reason to ditch the car and save you from the hassle of traveling up/down the CTE especially during rush hours. The wife and I were told that traffic situation at the CTE is no longer that bad, but our experiences in using this expressway have been more bad than good thus far.

What we dislike:
• The internal living area of the 3 and 4-Bedroom units are too small for our comfort. Given the large balcony/planter area for these layouts, something has to give. But not many of us can sit in the balcony and stare at the reservoir throughout the day, especially when it rains.

• The quality of furnishings and fittings has left relatively little to be desired. Maybe this is the current standard for mass market projects (see our review for WATERFRONT KEY), but it is still quite difficult for the wife and I to come to terms with the fact that THIS is what you can only expect to get for an apartment costing slightly more than a million dollars these days.

• Having a large balcony for residents to enjoy the reservoir view is a good idea, BUT having a large balcony with little or no yard space is not. You will probably end up with owners hanging their laundries out to dry at the balcony, which calls for an ugly sight as you drive past the condo. For an idea of what we are talking about, just drive along Ulu Pandan Road and slow down as you hit Pandan Valley.

• We can only find just one primary school that is within 1-km of THE ESTUARY – Pei Yang Primary. The consolation is that it is co-ed, so equal opportunity for parents with son or daughter.

As of last evening, more than 480 units at THE ESTUARY have already been sold. The take-up rate is quite astonishing, as the project only started previewing last week and yesterday was the first day of official launch. And for those eyeing the 4-Bedroom units, you be disappointed to know that they are all sold out.

Price wise, a 1302sqft, 3-bedder (#13-16) will cost you $1,039,500. This equates to about $798psf. In comparison, recent transactions for similar size units at the 99-years leasehold Orchid Park Condo (just down the road from THE ESTUARY) were done at price range of $502 – $564psf. One can argue that Orchid Park is about 16 years old, while THE ESTUARY is brand new and much nearer to the MRT. But we will let you decide on which is a better deal.

In summary, the wife and I feel that THE ESTUARY will probably be popular with HDB upgraders living around the Yishun area. This looked to be the case judging from the crowd we saw at the sales gallery yesterday. There seems to be a genuine fear among HDB upgraders/first time buyers that they will miss the boat if they do not put money on a private property now, given the phenomenal increase in property prices during the past year. But to pay $800 – $900psf for an apartment in Yishun? The judgment is probably still out on whether this is a good call, but the wife and I will not wager on it.

View Slideshow of THE ESTUARY here:
http://www.flickr.com/apps/slideshow/show.swf?v=71649

THE ESTUARY: Sales Update

The wife just received the following text message from one of our many property agent contacts (we have no clue who he/she is – sorry to the person and thanks!).

15 stacks of THE ESTUARY were released last Monday (Feb 22nd) – a total of 233 units of various sizes. About 75% was sold by today, where buyers need not see the showflat. The balance units are all on the lower floors. New stacks will be released tomorrow. If keen, please go to the showflat early!

It looks like the showflat of THE ESTUARY is now opened to all, contrary to our earlier information.

So who’s afraid of the big bad Property Market Interventionary Measures anyway? 🙂

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Confirmed: THE ESTUARY previews this week

As confirmed by The Business Times today, MCL Land will preview THE ESTUARY this week. And all eyes in the property market are focused to see if demand has been dented by last Friday’s anti-speculation measures.

One and two-bedroom units – which have typically been popular among some speculators at property launches over the past year – make up nearly 40% of the total 608 units in THE ESTUARY.

MCL will preview about 200 units in this 99-year leasehold condo located in Yishun at an average price of about $750psf.

Property industry watchers will be focusing on the demand for smaller units – especially the 85 one-bedders which range from 590 – 603sqft. Smallish apartments have often been targets for speculators over the past year as the lump sum outlay is relatively more affordable. And for developers, smallish units can achieve the highest psf price.

MCL is reportedly pricing its one-bedders at $835psf on average, translating to a lump sum investment of about $500,000. The two-bedroom units range from 904 – 926sqft and have an average price of $780psf. The three-bedders (1184 – 1302sqft) cost $722psf on average, while the four-bedders (1453 – 1528sqft) have an average price of $689psf.

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When will the showflat at THE ESTUARY be available for viewing?

XS has asked the question in our message box.

According to what little we know from our source, there will be an exclusive preview for The Developer’s invited guests and business associates on 25th and 26th February 2010. So these people will get first pick of the cherries…or rather…apartments.

On 27th Februray 2010, the sales gallery/showflat may be opened to other potential buyers via special preview invitations by the marketing agents . And agents holding blank cheques from their potential clients will get the first opportunity to pick the apartment units on their buyers’ behalf on 27th February.

Unfortunately, there is still no news on when the sales gallery/showflats will be open to the rest of us “normal, walk-in” folks. But the wife and I will try to do a status update as soon as we know.

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PARVIS (Transaction Update)

Below are details of transactions with contract dates between 9th – 15th December 2009, courtesy of today’s The Business Times Weekend.

Contract Date  Built-in (sqft)    Price (S$’000)   PSF (S$) 
 10/12/2009            990                      1659               1676
 10/12/2009          1991                      2982               1498
 11/12/2009          1701                      2587               1521
 11/12/2009          1991                      3026               1520
 11/12/2009          1701                      2579               1516
 11/12/2009          1012                      1310               1294

PARVIS (Update)

We have received an email update from the marketing agent informing  us that only 18 of the 76 units of 4-bedrooms are left as of yesterday. The developers have also decided to increase prices for the Phase Two launch, which will happen in the coming weeks.

So for those eyeing 4-bedders in this project, it may be the time to act…