THE CORE CENTRAL REGION (CCR) accounted for less than 1% of total units launched in the non-landed residential market in 3Q2018. The dearth of new supply caused buyers to seek opportunities in the secondary market, which accounted for 91% of non-landed transactions during the quarter, according to JLL research.
As a result, the CCR price index rose 1.3% in 3Q2018. “It reflects the strong demand for choice private residential properties in prime locations as buyers become more discerning, with the cooling measures in place,” says Tan Tee Khoon, executive director and head of residential project marketing at Knight Frank Singapore.
PRIME ADDRESS
The strong demand bodes well for luxury condo projects such as Singapore Land’s (SingLand) Mon Jervois, a 109-unit boutique development in prime District 10. It is tucked in an exclusive residential enclave of low-rise condominiums in the Good Class Bungalow neighbourhood of Jervois, Bishopsgate and Chatsworth. Orchard Road, the CBD, Botanic Gardens as well as Dempsey Cluster are just an eight-minute drive away.
Lifestyle hubs such as Tiong Bahru, Robertson Quay, Holland Village and Dempsey Hill are within easy access. Reputable schools in the area include River Valley Primary School, Alexandra Primary School, Gan Eng Seng Primary School and Crescent Girls’ School. The project has a view of Alexandra Canal Linear Park, which is linked to Tiong Bahru Park, Henderson Park, Mount Faber and Hort Park.
Designed by Singapore’s award-winning architectural firm, Ong & Ong, the development comprises five low-rise blocks sitting on a sizeable land area of 96,424 sq ft in the exclusive Jervois residential neighbourhood. Mon Jervois features manicured landscaped gardens including a Secret Garden, Meditation Deck, Golfer’s Green, fitness gym fronting the lap pool, party pavilions and other facilities.
LIMITED-EDITION PENTHOUSES
The project is substantially sold. Limited-edition penthouses designed by famous designers such as Peter Tay Studio and ip:li Architects are now available for preview. The penthouses range from 1,475 sq ft, three-bedroom duplexes to luxuriously spaced 3,003 sq ft, four-bedroom duplexes with private lift and family room.
With net prices hovering between $1,800 and $2,000 psf, the limited-edition penthouses come with luxury finishes such as marble flooring and full marble bathrooms, top-end Miele kitchen appliances, Hansgrohe bathroom fittings, Laufen sanitaryware and high-end wardrobe systems. Located at the top floor of the five-storey development, the duplex penthouses enjoy vantage view of the surrounding low-rise neighbourhood and beyond.
Within Mon Jervois is also a block of 12 two bedroom- plus-study-loft units. Owing to popular demand, only four are still available for sale. They measure 1,539 to 1,668 sq ft, with ceiling height of up to 6.7m.
ATTRACTIVE BUY
“Market statistics in the broad market may point to absolute prices being the key driver for sales today,” says Desmond Sim, CBRE head of research for Singapore and Southeast Asia. “Nevertheless, there’s still demand for large units, especially those of perceived value and projects located in favourable locations.”
At prices upwards of $1,800 psf with a prime District 10 address in a quiet GCB area, Mon Jervois is an attractive buy, especially when land prices in prime Districts 9 and 10 have already surpassed that level, adds Sim. “The penthouses at Mon Jervois will appeal to high net worth individuals, who equate size with luxury in a prime district.”
The fact that the property is already completed is also a bonus. “What you see is what you get,” says Sim. “You can see the views you’re getting and the quality of the unit you will be moving into.”
Some of the en bloc beneficiaries in projects elsewhere in the prime districts recently received their sale proceeds. They include owners of Crystal Tower in Bukit Timah and Olina Lodge on Holland Hill. These en bloc millionaires will be on the lookout for replacement homes, says Bruce Lye, managing partner of marketing agency SRI.
“The fact that Mon Jervois is brand-new, and the penthouses as well as loft units come with high ceiling, will appeal to them,” says Lye. “They present attractive replacement homes and an upgrade from the older properties for these en bloc beneficiaries, especially those who intend to move into a new home immediately.”
For buyers looking for value in the prime districts or want to upgrade to a new property, there is no better opportunity on the market today than Mon Jervois.
For enquries: 8811 7690
This article appeared in The EdgeProp Pullout Issue 857 (November 19, 2018) of The Edge Singapore.