THE LATEST project by Singapore-listed property developer Roxy-Pacific Holdings is Arena Residences. The 98-unit boutique development will hold previews on Oct 27 and 28, with the launch to take place the following week.
Arena Residences occupies a 2,457.7 sq m freehold site, an amalgamation of four land parcels at 2 and 6 Guillemard Lane, as well as 12 and 14 Guillemard Lane. “It is a rare freehold site in the eastern region of Singapore,” says Teo Hong Lim, executive chairman of Roxy-Pacific Holdings.
Most of the condominiums in the vicinity, particularly the Dakota area, have traditionally been 99-year leasehold projects. The last launch of a freehold project in the Guillemard area was a decade ago, namely that of the 45-unit Cosmo in 2008 (completed in 2012), and prior to that, the launch of the 44-unit Nicole Green in 2001, with the project completed in 2002. Teo says it is almost impossible to secure a freehold residential site in the area.
CONVENIENT LOCATION
Attributes of the site include its connectivity, Teo notes. The CBD and Orchard Road are just a seven- to 10-minute drive away via the Central Expressway, East Coast Parkway, Kallang Paya Lebar Expressway and Pan Island Expressway.
Arena Residences is also located within 500m of Mountbatten MRT station, or a five-minute walk away. It is just two MRT stops from the Paya Lebar commercial hub and the Paya Lebar MRT interchange station for the East West and Circle Lines. The CBD is just three MRT stops away, and Marina Bay, just four stops away.
For those who enjoy an active lifestyle, the world-class sports facilities at Sports Hub are just one stop from Mountbatten MRT station. Likewise, the Old Airport Road Food Centre, which boasts many famous hawker stalls, is less than a 10-minute walk away.
EFFICIENT LAYOUT, ATTRACTIVE PRICING
Arena Residences contains a mix of two- and three-bedroom units that start from 549 and 807 sq ft, respectively. Two-bedroom units make up 40% of the total units, while three- and three-bedroom dual-key units make up the remainder. Prices of two-bedroom units start from $970,000, while those of three-bedroom units start from $1.386 million. “This is very attractive and affordable in terms of absolute prices,” says Teo.
He points to other freehold projects launched in the Meyer Road, Amber Road and Tanjong Rhu area that have been priced above $2,200 psf. Meanwhile, Arena Residences will be priced from $1,694 psf, which Teo says is competitive with other cityfringe projects near MRT stations.
Besides pricing, Roxy-Pacific has also paid attention to the design of the project. The site allows for a 14-storey boutique residential development, which means that Arena Residences will tower over other projects in the area. Residents will be able to enjoy spectacular skyline views from the roof terraces, especially towards the Sports Hub and the CBD and Marina Bay area. They will get a clear view of the fireworks on National Day from the roof terrace as well as some of the high-floor units.
The building’s exterior features clean, bold lines and the developer has provided generous communal facilities on three floors: the second and eighth floors and roof terrace. The layout of units is such that homebuyers have the flexibility to configure the living room space to include a hobby room, a study or an additional bedroom. The master bedroom of all units is spacious enough to accommodate a king-sized bed and the built-in wardrobe comes with a safebox.
Quality finishing and fittings are provided, including kitchen appliances, thoughtfully designed storage space, and a curve-edged vanity top and mirror cabinet for bathrooms.
STRONG SALES
Roxy-Pacific has launched three projects in Singapore so far this year. Arena Residences will be its fourth. “We have achieved positive sales for our new launches this year and we believe this will continue despite the new cooling measures,” says Teo. His optimism stems from his observation of the steady crowds at showfl ats on weekends even after the property cooling measures were implemented in July.
“The measures are targeted to moderate price increases for new projects,” says Teo. “With our prudent landbanking strategy, we have been able to acquire mainly freehold sites that are uniquely located, allowing us to price our new projects attractively.”
Prior to the latest round of property cooling measures, Roxy-Pacific had launched Straits Mansions, located in the Marine Parade- East Coast neighbourhood, in July 2016. The 25-unit, freehold residential project was very well received and fully sold. “Straits Mansions was launched before the recent en bloc fever and sold out within six months,” says Teo.
Late last year, Roxy-Pacific previewed The Navian, located on Jalan Eunos. The 48-unit freehold project is 88% sold so far. In early April this year, Roxy Pacific launched Harbour View Gardens. The 57-unit freehold development on Pasir Panjang Road is 98% sold.
Straits Mansions is located within the Marine Parade neighbourhood, which means that developers have to meet the requirement set by URA to provide units with an average size of 100 sq m from Jan 17, 2019. Likewise, Harbour View Gardens is located in Pasir Panjang, one of nine areas that have been earmarked for the new ruling of an average unit size of 100 sq m.
“Our projects’ [popularity with buyers] shows that we can attract buyers [despite] short-term negative sentiment,” says Teo. “Ultimately, unique locations, attractive prices and good design are still key factors in attracting buyers.”
DEVELOPER’S TRACK RECORD
Roxy-Pacific Holdings is an established property and hospitality corporation with an Asia-Pacifi c focus and track record dating back to May 1967. It was listed on the SGX Mainboard on March 12, 2008.
Since 2013, Roxy-Pacific has expanded into three major areas of focus: property development, property investment and hotel ownership. In addition to the flagship Grand Mercure Singapore Roxy, the group now owns a portfolio of hotels across Asia-Pacific, in countries such as Malaysia, Australia, Thailand, Japan and the Maldives.
Sales gallery: Leisure Park Kallang #02-28
For viewing, contact: Alvin Sim, 8388 3533 / Bryan Tang, 9226 7625
This article appeared in The EdgeProp Pullout Issue 854 (October 29, 2018) of The Edge Singapore.