Race and Rhonda Wong, founders of Anthill Realtors and the Ohmyhome buyer-seller transaction platform for HDB flats, live in a plush duplex penthouse at RiverGate. The 3,000 sq ft unit has spectacular views of the Singapore River and the city skyline towards Marina Bay. The sisters have been living there with their parents since 2009, when the 546-unit freehold private condominium developed jointly by CapitaLand and Hwa Hong Corp was completed. Their father purchased the penthouse when the project was launched in 2005.
“Our family enjoys going for a stroll along the river in the evening,” says Race. “As it’s all connected, we can walk all the way from RiverGate to Clarke Quay and back.” It is not just families who are out for a stroll in the evenings, but also joggers and dog owners with their pets.
What the Wongs like about the area is its connectivity. It is just a five-minute drive to Orchard Road and within walking distance of eateries in the neighbourhood of Robertson Quay and Mohamad Sultan. They include Giardino Italian Pizzeria at Robertson Blue, Brussel Sprouts at The Pier @ Robertson and Red House Seafood Restaurant at The Quayside.
Fronting the Singapore River is RiverGate, a 43-storey landmark in the area.
Although it is just a short distance from the vibrant eateries and drinking holes in converted shophouses along Boat Quay, Clarke Quay and Mohamed Sultan Road, the residential enclave of Robertson Quay is quiet, especially in the area bordered by Martin Place, Martin Road, River Valley Close and Kim Yam Road.
Fronting the Singapore River is RiverGate, a landmark in the area, as the condo towers are 43 storeys; other condos along the waterfront such as Robertson Blue, 8 Rodyk, Robertson 100, Watermark and UP@Robertson Quay are low-rise 10-storey blocks.
At RiverGate, there is an Italian restaurant, Limoncello Pizza Grill, which faces the river and is open to the public. The latest resale transaction at RiverGate was that of a 1,744 sq ft, three-bedroom unit that fetched $3.3 million ($1,892 psf) in April, based on caveats lodged with URA Realis.
Meanwhile, UP@Robertson Quay, a boutique 70-unit, 99-year leasehold development, was completed in 2015. The project by listed property giant City Developments is linked to M Social Hotel. The latest transaction at UP@Robertson Quay was that of a 1,119 sq ft, two-bedroom unit that was sold for $2.2 million ($1,985 psf) in January. Meanwhile, Watermark by CDL’s parent company, Hong Leong Holdings, comprises 206 freehold units and is perched atop a historic warehouse. The project was completed in 2008. The latest transaction at Watermark was for a 1,066 sq ft, two-bedroom unit that changed hands for $1.7 million ($1,626 psf) in May.
On the other side of Martin Road are condos that do not front the river. They are Martin Edge, Martin No 38, Oleanas Residence and Martin Place Residences, which is located at the top of the hillslope.
A 1,119 sq ft, two-bedroom unit at UP@Robertson Quay was sold for $2.2 million ($1,985 psf) in January
Watermark, where the conserved warehouse has been turned into a car park
Martin No 38 with New York-style warehouse loft apartments
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Martin Road-Martin Place
Martin No 38 comprises 88 loft apartments and three commercial units. It set a new benchmark for the neighbourhood when it was launched, offering the first “New York-style warehouse loft apartments”. The freehold project by SC Global was completed in 2011. The most recent transaction at Martin No 38 was that of a 1,130 sq ft, two-bedroom unit that was sold for $2.5 million ($2,208 psf) in June. Two commercial units on the first level of Martin No 38 feature upscale cafés PS Petit Café and Chop Suey Café.
As there has been no new launch in the neighbourhood over the past five years (the last residential launch was UP@Robertson Quay in 2011), a 480,307 sq ft, 99-year leasehold site fronting Martin Place Residences was hotly contested when it was put up for tender. The site drew 13 bids, with listed developer GuocoLand topping the bid. It paid $595 million ($1,239 psf per plot ratio) for the site in June. The site has the potential to yield between 450 and 460 residential units.
GuocoLand submitted the highest bid of $595 million ($1,239 psf ppr) among the 13
bidders for the 480,307 sq ft site.
The 302-unit freehold Martin Place Residences by Frasers Centrepoint was completed in 2011. The project was fully sold before completion. The two most recent transactions at Martin Place Residences were those of a 592 sq ft, one-bedroom unit that fetched $1.37 million ($2,314 psf) in August and a 1,421 sq ft, three-bedroom unit that changed hands for $2.9 million ($2,055 psf) in June, according to caveats lodged with URA Realis.
Alan Cheong, head of research at Savills Singapore, reckons GuocoLand could price its new condo at Martin Place in line with the latest transaction prices achieved at Martin Place Residences, or “at an average of $2,300 psf”.
A 592 sq ft, one-bedroom unit at Martin
Place Residences was sold for $1.37
million ($2,314 psf) in August
Across the road from Martin Place Residences is Oleanas Residence, a 130-unit freehold condo developed by Bonvest Group and completed in 1999. The most recent transaction at the project was that of a 1,141 sq ft, three-bedroom unit that changed hands for $1.78 million ($1,560 psf) in June.
Oleanas Residence was completed in 1999 and comprises 130 units
Overlooked District 9 neighbourhood
“The Robertson Quay neighbourhood has been somewhat overlooked of late by property investors who are focused on the new condos in the prime areas of Nassim Road, Ardmore Park, Grange Road and Cairnhill,” says Samuel Eyo, managing director of Singapore Christie’s International Real Estate. “With the transacted prices for freehold condos in Robertson Quay ranging from $1,500 to $2,300 psf and its riverfront lifestyle, it may be worthwhile for buyers and investors to consider this forgotten area of prime District 9.”
‘With transacted prices for freehold condos ranging from $1,500 to $2,300 psf and its riverfront lifestyle,
it may be worthwhile for buyers to consider this forgotten area of prime District 9,’ says Eyo.
This article appeared in The Edge Property pullout, Issue 742 (Aug 22, 2016) of The Edge Singapore.