The 21,500 sq ft sales gallery of Artra is designed to look like a contemporary art gallery. The name “Artra” itself is a palindrome; it reads as “art” both backwards and forwards. The 400-unit private condominium at Alexandra View fronts the Redhill MRT station and will be connected to it in the future.
The project is developed by two listed Hong Kong developers: Far East Consortium International and New World Development Co, which own 70% and 30% stakes respectively. This is the partners’ first collaboration in Singapore, but they have worked together on other projects in Hong Kong and the UK.
It is also New World Development’s maiden development project in Singapore. The company has a market capitalisation of HK$94.27 billion ($17.05 billion). As for Far East Consortium, this is the developer’s second mixed-use development on a government land sale (GLS) site in eight years.
Far East Consortium’s first mixed-use development was the 68-unit Dorsett Residences and the adjacent 285-room Dorsett Hotel, both of which were completed in 2013. Dorsett Residences previewed in September 2010 and saw all its units snapped up within three days, mostly by Singaporean and Indonesian investors. The average sale price for the units was $1,800 psf — higher than the initial indication of $1,680 psf.
The sales gallery of Artra, designed as an art gallery
The units at Dorsett Residences are a mix of one-bedders of 484 to 667 sq ft; two-bedders of 689 to 1,012 sq ft; and two-bedrooms+study from 1,206 to 1,615 sq ft. In the resale market, the asking price of a 484 sq ft, one-bedroom unit was recently listed at $1.02 million ($2,107 psf), while a 689 sq ft, two-bedroom unit was listed at $1.63 million ($2,366 psf). Asking monthly rents for partially furnished one-bedroom units range from $3,400 to $3,500, and that for a 1,000 sq ft, two-bedroom unit is about $5,000. This translates to gross rental yields of 3.7% to 4%.
“While rental rates of other one-bedroom units have suffered, the one-bedroom units at Dorsett Residences are doing very well,” says Dennis Chiu, executive director of Far East Consortium. “The units are well tenanted because we have a lift leading from Dorsett Residences directly to the underground Outram Park MRT station. People don’t realise how important that is until they move in.”