Property Spotlight: Toh Tuck/Upper Bukit Timah area

The Upper Bukit Timah area saw some transactions towards the year-end and beginning of 2012. At the fully-sold 172-unit Terrene located in Toh Tuck Drive, a 2,034sqft, three-bedroom apartment changed hands in a sub-sale for $2.2 million ($1,081psf) early this year, according to a caveat lodged on Jan 5 with URA Realis. The seller bought the unit from the developer in August 2010 at $1.96 million ($962psf). Both the buyer and seller in the transaction are said to be Singaporeans.

According to Sebastian Chia, a property agent with ERA, the price of $1,081psf is attractive, given that new launches featuring similar sized units in the 1,800 to 2,000sqft region have seen prices hit a high of $2,086psf in recent months. The price of $2,086psf was achieved at Jardin, a 140-unit condominium project located in Dunearn Road just next to Upper Bukit Timah Road. It involved a 1,776sqft unit on the seventh floor that was sold for $3.7 million in November, according to a caveat lodged with URA Realis. Shortly after, a 1,776sqft unit on the first level went for $3.25 million ($1,830psf).

Based on the current transaction price, the rental yield at Terrene works out to about 2.6%, which is relatively attractive to investors, notes ERA’s Chia. He’s currently marketing a 1,637sqft, four-bedroom apartment at Terrene with an asking price of more than $2.4 million ($1,488psf).

Construction of Terrene is already well underway, and the project is scheduled for completion by 1Q2014. It is a joint development by UOL Group and LaSalle Investment Management’s LaSalle Asia Opportunity Fund II. Previewed in early July 2010, Terrene was fully sold by end-August of the same year. Then, prices ranged from $719,000 for a one-bedroom unit to $2.79 million for a five-bedroom penthouse. The project is a redevelopment of Rainbow Gardens, which was purchased en bloc several years before.

According to Eric Lim, associate director of Dennis wee Realty, prices have taken a slight dip since the introduction of the latest round of property coolong measures on Dec 8, which basically imposes an additional buyer’s stamp duty (ABSD) of 10% on foreign buyers, a 3% ABSD on permanent residents who are buying their second or subsequent residential property, and 3% ABSD on Singaporeans on their third or subsequent purchase.

“No doubt, resale prices have softened,” says Lim. “But they are unlikely to fall much lower as properties in the Upper Bukit Timah area are extremely sought after. Many are buying for their own stay owing to its proximity to schools and amenities, as well as the upcoming Beauty World MRT station. Hence, prices at the Terrene should remain relatively steady.”

Located near Terrene and in the vicinity of landed homes is a boutique five-storey apartment block with just 10 units called Toh Tuck Lodge that was completed in 2003. According to a caveat lodged with URA Realis on Jan 5, a 2,454sqft penthouse in the freehold project was sold for $680,000 ($277psf). The highest price achieved in the project was in April last year when a 1,346sqft, three bedroom unit on the fourth level was sold for $1.1 million ($795psf). The previous owner paid $610,000 ($453psf) for the unit in March 2004.

Near Toh Tuck Lodge is The Beverly, a 118-unit freehold condo project jointly developed by listed boutique developer, Hiap Hoe Ltd and sister company, Superbowl Holdings in a 60:40 joint venture. The partners had purchased the site, the former Goodluck View located in Toh Tuck Road, in an en bloc purchase in the middle of 2007 for $73.3 million ($460psf ppr). The condo is scheduled for completion sometime next year. Launched in March 2009, 98 units have been sold as at end-December last year. The two caveats lodged in December were for a 3,186sqft, ground floor maisonette apartment that was sold for over $2.8 million ($884psf) and a 1,884sqft unit on the third level that went for $1.98 million ($1,051psf).

While Terrene features a mix of apartments from one- to four-bedroom types as well as penthouses, the most common are two- and three-bedroom units of 915sqft and 1,572sqft. Likewise, The Beverly features a mix of two-, three- and four-bedroom apartments and maisonettes.

However, two recent launches last year contain mainly compact apartments. One of them is the 124-unit Nottinghill Suites on Toh Tuck Road, developed jointly by listed developer Roxy-Pacific Holdings and boutique developer, Macly Group. The other is the Suites at Bukit Timah by listed Fragrance Group, which features 71 apartments and 43 shop units.

Nottinghill Suites previewed last July, and out of 60 units released, 55 have been sold to date. According to the URA, 22 units were sold in December at a median price of $1,476psf. “This is mainly due to its location, which is just a walking distance away from the upcoming Beauty World MRT station. Nottinghill Suites also appeal to investors as the quantum price to the size of a unit is still considerably low,” says Ken Yeo, director of projects at Macly Group.

One-bedroom units at Nottinghill Suites start from 398sqft while two-bedroom apartments are from 506sqft. Roxy-Pacific and Macly had purchased the site, a redevelopment of the former Toh Tuck Garden, en bloc for $34 million in 2010.

Meanwhile, at Fragrance Group’s Suites at Bukit Timah, more than half the apartments (47 units) are one-bedroom units sized from 344 to 441sqft, while another 14 units are two-bedroom apartments with sizes of 517 to 753sqft. There is only one three-bedroom unit there, which is a 1,195sqft penthouse. Based on URA’s December new home sales, three units were sold that month at a median price of $1,587psf.

“The property market is expected to continue to be weighed down by a combination of slowing economic growth , increased uncertainty over job prospects and tightening property policies introduced over the past year,” according to OrangeTee Research & Consultancy in a Jan 30 report. Prices are expected to see a correction, although a sharp fall is unlikely, adds the property consultant. “We expect well-located and well-specified projects to continue to find buyers as could be seen from market responses to early launches in 2012,” says the report. “However, transaction volume is expected to continue to weaken, especially in the secondary market. A key threat to the property market is a sharper-than-expected decline in economic activity.”

Source: THEEDGE SINGAPORE

Click on link below to read our review on Terrene:
http://www.sgproptalk.blogspot.com/2010/07/terrene-bukit-timah-review.html
http://www.sgproptalk.blogspot.com/2010/07/terrene-bukit-timah-review-continue.html

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Weekend Sales Update: THE GREENWICH, TERRENE & THE SCALA

As reported in the ST today:

THE GREENWICH
Another 94 units of this 319-unit project were sold following the start of a private preview on Aug 2, when it moved 80 units. It has sold 174 homes in total, with the average price achieved rising to $1,025psf from $980psf last Monday.

Nearly half of the units sold have been one-bedroom units of 603sqft to 721sqft, priced from $657,000 to $850,000.

Far East said it was on course to launch the project early next month.

TERRENE @BUKIT TIMAH
The 172-unit TERRENE sold its remaining unit last Saturday. 
(* After our visit to the sales gallery late last month, the wife and I did say that this project is likely to be sold out within 1 – 2 months. This has actually happened sooner than we have envisaged)

THE SCALA
Hong Leong Holdings said it sold 35 units of its 468-unit THE SCALA over the long weekend, leaving fewer than 15 units left.

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TERRENE @BUKIT TIMAH (Review – continue)

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We pick up where we left off yesterday.

The second floor of the sales gallery features what the upper level of a 4-Bedroom Penthouse will look like. 

The master bedroom is located on the upper level. This comes across as much smaller than the one we saw in the 3-bedroom unit. This is probably because of the huge roof terrace area that took up quite alot of space on this level.

The master bathroom is definitely more spacious than the one in the 3-bedder. However, the furnishing is similarly unimpressive.

There is no bathtub in the master bath even for the penthouses. The other thing that we find quite strange is the two wall-mounted showers in the standing shower stalls. The wife and I have seen our fair share of “His” and “Hers” bathroom sinks and even wardrobes, but this is the first time we have come across a “His” and “Hers” shower!

There is one other bedroom on this level but this felt more like a study given its small size. There is also a common bathroom outside the “study”.

The roof terrace area is huge, so much so that it can accomodate a big jacuzzi (which comes standard with the 4 and 5-bedroom penthouses) and still have enough space to hold a small party for 6 – 8 people.

What we like:
• Location – The wife and I are not exactly big fans of the Jalan Jurong Kechil/Toh Tuck Road area, but it is a relatively straight road from TERRENE to PIE/Dunearn Road/AYE (via Clementi Road), all of which are just minutes’ drive away. However, we understand that the morning traffic along this stretch of road can be quite daunting.

• The upcoming Beauty World MRT Station is supposedly less than 500m from TERRENE. It is also fairly close to eateries and amenities along Bukit Timah Road.

• For those with kids entering primary school come 2015, there is a choice of Bukit Timah or Pei Hua Primary that are within 1-km of TERRENE.

• The Canadian International School (Elementary) and German European School are also within a kilometre from TERRENE, which may mean rental demands from expatriates with children attending these schools.

What we dislike:
• This is the third project by UOL (i.e. after Waterbank @Dakota and Meadows @Pierce) that the wife and I have seen since we began writing our blog. And we are disappointed a third time with the quality of furnishing at TERRENE.

• The common rooms in the showflats are too small for our comfort and please do not even get us started on the tiny utility aka maid’s room in the 3-bedder unit.

• Given the low-rise status (i.e. 5-storey) of this project, the external view of all outward facing units at TERRENE are likely to be blocked. And if you look at the facility offerings and their layouts, there is nothing much to look into even for the inward facing units.

Despite our grievances about TERRENE, there seems to be quite a lot of people that disagree with our take on the project. This is reflected by the extremely strong take-up rate – we were told that developers have sold more than 10 units over last Friday and Saturday alone, so it is not far-fetched to assume that TERRENE will be completely sold out within the next 1 – 2 months.

Price wise, we understand that this ranges from slightly below $1000psf for the penthouses to over $1250psf for the smaller units. So one can buy a 2000+sqft, 999-years tenure, 2-level penthouse in district 21 for about $2 million dollars. Granted that TERRENE is not exactly located at the most fancied part of district 21, but it is still a relatively good deal if you consider the current property market situation.

However, TERRENE is not a project that the wife and I will consider buying into, for obvious enough reasons.
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TERRENE @BUKIT TIMAH (Review)

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District: 21
Location: Jalan Jurong Kechil/ Toh Tuck Road
Developer: UOL & LaSalle Investment Management
Tenure: 999-years
Estimated site area: 130,000sqft
Expected TOP: 31 March 2014
Description: 8 blocks of 5-storey each
Total number of units: 172
Total number of carpark lots: 172 + 4 handicapped (all basement)

The wife and I finally found ourselves at the sales gallery of TERRENE on Sunday morning. The much talked-about project was officially launched last Friday, but with only 42 of the 172 units left for sale.

The sales gallery is located at the actual site itself, i.e. the junction of Jalan Jurong Kechil and Toh Tuck Road. Entrance to the gallery is on Toh Tuck Road, but the actual condo entrance will be along Jalan Jurong Kechil.

The sales gallery was expectedly filled with both prospective buyers and agents alike, with many crowding around the site model and others roaming around the showflat.

The types of unit available at TERRENE are fairly standard. However, there is a vast number of penthouses (30) found in this project.

Unit Types & Sizes:
• 1-Bedroom (22 units): 506 – 624sqft
• 2-Bedroom (68 units): 915 – 1184sqft
• 3-Bedroom (44 units): 1109 – 1572sqft
• 4-Bedroom (8 units): 1550 – 1841sqft
• 3-Bedroom PH (14 units): 1733 – 2034sqft
• 4-Bedroom PH (11 units): 2067 – 2443sqft
• 5-Bedroom PH (5 units): 2659 – 3025sqft

In terms of facility, TERRENE has incorporated the standing offering found in most new condo project but in a nature setting. So you will find water-walls, gym that is set beneath a ridge and a “Bird’s Nest” – which is essentially a playground/treehouse built around a big tree. However, there is no sky terraces (given the low-rise status) or tennis court. The wife and I actually found the facilities quite basic.

The primary showflat on display is a 1539sqft, 3-Bedroom ground-floor unit (Type C7G).

The wife and I were disappointed the moment we stepped into the showflat – the living/dining area is real tiny for a 1500+sqft unit. We were also not impressed with the small-slab marble flooring. All units come standard with 2.9m ceiling.

The kitchen is squarish and decent size. The quality of the L-shaped worktop and kitchen cabinets are nothing much to shout about. The unit comes with “Tekka” hood/hob/oven and that is about all the appliances you can expect.

There is not much of a yard area to speak of, so doing laundry in here will be a challenge. The utility/maid’s room is quite pathetic in size – it is long and narrow and so will probably fit a custom-made bed but nothing much else. A small bathroom is available opposite the utility room.
The two common rooms are a tad small. It comes with a modular wardrobe with “foldable” doors – not exactly classy looking.

The common bathroom is good-sized and comes with ‘Grohe” bathroom fittings and a standing shower stall. However, we are not particularly thrilled with the quality of furnishing – e.g. the not-very-appealing ceramic wall/floor tiles, wall cabinet with very sharp edges and bath sink that looked very “old-school”.

The master bedroom is surprisingly very spacious – one of the few things we liked about this unit.
The wardrobe has sliding doors this time, but it is quite non-descript.

The master bathroom is quite small and you be disappointed if you are expecting a bathtub – it only has a standing shower stall with standard shower head. And unlike many other new condos, the master bathroom does not come with marble floor or walls.

The sales gallery of TERRENE also showcased what the upper level of a 4-Bedroom Penthouse unit will look like. We will review this section tomorrow and also tell you what we think about this project.
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Weekend sales update: TERRENE & 368 THOMSON

As reported in the BT:

TERRENE @BUKIT TIMAH

A further 46 units were sold over the weekend (as of 7pm on Sunday), in addition to the 50 that they had sold as of 10pm last Friday.

Thus far, 130 of the condo’s total 172 units have been put on the market. While the initial 85 units released by Friday were priced at about $1,250psf on average, the further 45 apartments offered on Saturday and Sunday were at marginally higher prices.

Even the big units and penthouses are selling well. More than half of the 30 penthouses in the project have been taken up. Prices of the penthouses in the condo range from $1.7 million to $2.9 million.

UOL and LaSalle Investment Management will release the balance 42 units at the condo’s official launch later this week.

Singaporeans form the majority of buyers, buying mainly for owner occupation.

368 THOMSON
Another 32 units were sold as at 6pm on Sunday, taking total sales to 128 units. Last Friday, CDL had sold 96 of the 120 units released initially in the 157-unit freehold condo.

The remaining 37 units were released progressively over the weekend at a marginal price increase of 2 – 3% from the initial average selling price of $1350psf.

The majority of the 32 units sold over the weekend were one+study units.

Singaporeans made up 75% of the 128 units sold.

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Sales update: 368 THOMSON & TERRENE@BUKIT TIMAH

368 THOMSON
The ST reported that 96 of the 120 units launched at the 368 THOMSON were sold since previews began on Thursday.

The District 11 development was priced at an average of $1,350psf.

Sale prices ranged from $918,000 for a 689sqft “one+study” flat to $4.4 million for the 3,391sqft five-bedroom penthouses.

The 36-storey tower, which will be built on the former Concorde Residences site in Thomson Road, will have 157 units. They comprise 31 one-plus-study flats, 62 two-bedroom units, 31 three-bedders, 31 four-bedroom units and two penthouses.

City Developments (CDL) said it will release more units to cater to demand.

Most of the buyers were Singaporeans, with permanent residents and foreigners making up 25%.

The 368 THOMSON project is expected to be completed in 2015.

TERRENE @BUKIT TIMAH
More than 50 out of the 85 units launched at the preview sale for developers UOL and La Salle’s business associates and staff were taken.

The average selling price for the 999-year leasehold condominium was $1,250psf.

The project offers over 140 one- to four-bedroom apartments and 30 three- to five-bedroom penthouses, all with rooftop Jacuzzis.

Sizes vary from 506sqft for a one-bedder to 3,025sqft for a five-bedroom penthouse. The development is expected to be ready by April 2014.
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THE TERRENE & 368 THOMSON to preview this week

At least two new condos are expected to be released this week – 368 THOMSON and THE TERRENE @BUKIT TIMAH. This is according to a BT report today.

UOL Group and LaSalle Investment Management are jointly developing THE TERRENE on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.

The 999-year, 5-storey project will have 172 units, ranging from one bedders (starting from 506sqft) to five-bedroom penthouses (of up to 3,025sqft). It will be close to two green lungs – Bukit Timah Nature Reserve and Bukit Batok Nature Park – and about half a kilometer from the Beauty World MRT Station, which is being built.

Prices of typical units are expected to be in the $1,200 – $1,400psf range. However, one bedders could touch around $1,500psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000psf mark.

In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.

TERRENE is being marketed by Knight Frank and Jones Lang LaSalle.

For UOL, the preview of THE TERRENE follows the virtual sell-out of its Waterbank @Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo’s launch in April was timed with the opening of the station.

Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 THOMSON later this week on the former Concorde Residence site.

Prices in the 36-storey freehold development are expected to range from $1,300 – $1,500psf. The condo’s 157 units range from one-bedders to penthouses, with unit sizes of 689sqft to 3,391sqft. The project is being marketed by Huttons.

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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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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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Akan Datang: New property launches in June and beyond

As reported in The Sunday Times today:

June

• Stevens Suites in Stevens Close: 32-unit freehold project developed by EL Development, ranging from 657sqft for a 1+study to 1981sqft for a 4-bedroom penthouse. Price between $1,680 – $2,050psf.

July

• The Scala in Serangoon Avenue 3: 468-unit, 99-year leasehold project developed by Hong Leong Holdings.

Other possible launches in July or beyond

• The Concorde @Thomson in Thomson Road: 157-unit freehold project developed by CDL.
• The Terrene @Bukit Timah in Toh Tuck Road: 172-unit freehold project developed by UOL.
• The Waterline in Poh Huat Road West: 103-unit freehold project developed by Guoco land.
• Waterfront Gold in Bedok Reservoir Road: 361-unit, 99-year leasehold project developed by Frasers Centrepoint Homes.

And according to one of our readers, marketing agents are already seen at The Terrene site doing “carpark sale”.

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