Boutique condominium Mooi Residences debuted on July 27, marking the first new launch of a luxury residential development since the second phase of reopening post-Covid circuit breaker.
Keev Tan, director of Wenul HL, believes that a boutique condominium project offers the kind of exclusivity that large developments can’t provide. Despite its size – with just 24 units – Mooi Residences is providing generous amenities ranging from a 25m swimming pool to a gym and a gourmet terrace for residents’ entertainment use.
In keeping with the concept of “small is beautiful”, the project has been named “Mooi Residences” as “mooi” means “beautiful” in Dutch, says Tan. Metaphor Design + Architecture, a firm that specialises in designing boutique condominiums, is the appointed architect for Mooi Residences.
The five-storey development comprises a mix of two- and three-bedroom apartments as well as four penthouses. Two-bedroom units range from 592 to 678 sq ft, while three-bedroom units are from 850 to 947 sq ft. The penthouses are sized from 990 sq ft to 1,335 sq ft and come with open roof terraces.
All the units have premium fittings and finishing. Those from the second to fifth levels have private lift access, while the two units on the first level have direct access from their private enclosed space, and overlook the landscaped garden and swimming pool.
Located along Holland Road, Mooi Residences is at the doorstep of the F&B, lifestyle and entertainment enclave of Chip Bee Gardens and Holland Village, as well as near Dempsey Hiil. It’s a mere four-minute walk to the Holland Village MRT Station on the Circle Line. For those who drive, the Singapore Botanic Gardens, Orchard Road premium shopping belt, the CBD, and top schools in the Bukit Timah area are just 10 minutes away from the development.
Holland Village is going through a renaissance, with the upcoming One Holland Village at the former public car park, which will be redeveloped into a mixed-use scheme with high-end residences, retail offerings and offices. This will add vibrancy to an area that has already established itself as an F&B and entertainment enclave, with its many bars and restaurants.
It was the prospect of Holland Village’s rejuvenation that drew Wenul’s Tan to the area a few years ago. Mooi Residences is a redevelopment of two adjacent, freehold bungalow sites along Holland Road: at 139 and 141 Holland Road. The two sites were purchased in October 2018 for $10.38 million and $10.35 million respectively, and amalgamated to create a 13,305 sq ft, freehold plot.
Wenul is not new to property development. It was involved in the development of the 98-unit Oakwood Studios Singapore at 18 Mount Elizabeth, just off Orchard Road, which opened at the end of 2016. The firm was also the joint developer of Kismis Residences, with 31 terraced houses located on Lorong Kismis and Eng Kong Road, in the Bukit Timah area, that was completed in 2018.
“Mooi Residences is designed to be exclusive, with just 24 units and a Holland Road address in prime District 10,” says Tan. “It will appeal to those who want privacy and exclusivity.”
However, Tan wants to make sure that the units at Mooi Residences remain affordable for home buyers, so they will be able to capitalise on the upside from the rejuvenation of Holland Village in the coming years.
Indicative prices start from $1.52 million for a 592 sq ft, two-bedroom unit; $2.18 million for an 850 sq ft, three-bedder; and up to $3.588 million for the 1,335 sq ft, four-bedroom penthouse. Average price of the project is expected to be around $2,600 psf.
According to Christine Sun, head of research & consultancy for OrangeTee & Tie, the exclusive marketing agency for the project, the average price of $2,600 psf is a very attractive entry price. “The starting price of the two-bedroom unit at $1.52 million is equivalent to the price of a one-bedroom unit in competing projects in the neighbourhood,” she points out.
The project appeals to singles, couples, young families, retirees who want to downsize, as well as investors. “The two-bedroom units are ideal for investors and young couples, especially those that come with two bathrooms,” notes OrangeTee & Tie’s Sun.
It’s an opportunity for investors and owner-occupiers to buy into a luxury development in the prime district, as there is a limited supply of such new units in the future. “The en bloc cycle ended two years ago,” explains Sun. “Prices of luxury homes will continue to appreciate over the long term based on historical price trend.”
Sun expects to see the return of foreign buyers in the coming months, as travel restrictions and border controls are eased. “Many foreign buyers are drawn to Singapore as it’s viewed as a safe haven,” she observes.
With interest rates expected to remain low due to quantitative easing around the world, greater liquidity is expected to flow into the asset market, and Singapore’s residential sector is a prime beneficiary.
Contact no. M: 90228877
Website address: https://www.edgeprop.sg/new-launches/project/mooi-residences/3522281