Allgreen Properties previews Pasir Ris 8 integrated development
By Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Allgreen Properties will preview its 487-unit condominium, Pasir Ris 8, on the weekend of July 10–11. More than just another private condo, it is an integrated development with seven residential blocks spanning the fourth to 11th floors, a carpark on the third level and a two-storey shopping mall opening out to a town plaza on the first level. (See also: Pasir Ris, a town close to nature and the sea)
The town plaza is linked to a central greenway with pedestrian paths and bicycle trails leading to Pasir Ris Park and the beach, less than 10 minutes away. There is a polyclinic and direct links to an air-conditioned bus interchange and Pasir Ris MRT Station, which is slated to become the interchange station for the East-West and Cross Island Lines.
When completed, the integrated development will be a key part of the “Remaking our Heartland” plan for Pasir Ris town and “will serve as a community focal point”, according to HDB.
Lee: We built in flexibility of space use as we anticipate more people will be working from home post-Covid (Photo: Samuel Isaac Chua/Edgeprop Singapore)
‘Rare opportunity’
When the white site for the integrated development at Pasir Ris was launched for sale under the two-envelope system of concept and price revenue in August 2018, Allgreen’s CEO Lee Yew Kwung was “excited”. “We felt it was a rare opportunity to develop a mixed-use development integrated with a transport hub, where we can be part of the transformation of Pasir Ris,” he says. (See: Browse newly launched condos in Singapore right now)
Lee, who joined Allgreen in September 2017, was previously with CapitaLand. He had been involved in the 583-unit Bedok Residences sitting atop the three-storey Bedok Mall with 220,000 sq ft of retail space. An integrated development, it is connected to Bedok MRT Station and the air-conditioned Bedok bus interchange.
Launched a decade ago in November 2011, queues had formed days before Bedok Residences opened for sale. On the first day of launch, 350 units were snapped up at an average price of $1,350 psf. Completed in 2015, units sold have achieved a median price of $1,512 psf, based on caveats lodged for the first half of 2021.
Allgreen’s Lee reckons he and his team could benefit from lessons learnt from the development of Bedok Residences and Bedok Mall. He is confident that they could create “something different” at the integrated development at Pasir Ris, which will be the centrepiece in the rejuvenation of Pasir Ris town.
Artist's impression of the 487-unit Pasir Ris 8, which contains seven residential blocks sitting on top of the Pasir Ris Mall and is linked directly to the Pasir Ris bus interchange and Pasir Ris MRT station, which will serve as an interchange for both the East-West and Cross Island Line (Picture: Allgreen Properties)
Track record
Incorporated in 1986, Allgreen’s flagship development is Great World City, which is also an integrated development. It has a 35-storey serviced apartment block with 304 serviced apartments, an 18-storey office tower and a six-storey mall. The mall was recently revamped and asset enhancements include a new retail link at the basement level 2 connecting the mall to the upcoming Great World MRT Station on the Thomson-East Coast Line. “Allgreen has a long history in terms of property development, with a diversified portfolio from residential, retail to mixed-use developments,” says Lee.
Allgreen and its joint-venture partner, Kerry Properties, won the 400,000 sq ft white site at Pasir Ris for close to $700 million ($685 psf per plot ratio or ppr) in March 2019. Pasir Ris 8 is the first collaboration between Allgreen and Kerry Properties in Singapore. But it is unlikely to be their last. The duo were joint-venture partners in the recent bid for the white site at Jalan Anak Bukit which closed on June 29. The tender was also conducted under a two-envelope scheme.
Both Allgreen and Kerry Properties are part of Kuok Group of Companies, presided by 97-year-old tycoon, Robert Kuok, the richest man in Malaysia with a net worth of US$12.2 billion ($16.4 billion), according to Forbes’ latest ranking in June 2021.
Given Allgreen’s experience in managing shopping malls in Singapore — from Great World City to Tanglin Mall in the prime Orchard-Tanglin area — it will be managing the upcoming mall at Pasir Ris too. The mall is expected to have a net lettable area (NLA) of 250,000 sq ft.
Another mall linked to the Pasir Ris MRT Station is White Sands, with NLA of 128,631 sq ft. Downtown East at Pasir Ris Close is more of an entertainment hub, and is managed by NTUC Club.
“There isn’t a mall of such a scale in Pasir Ris today,” points out Lee. “We want to create new experiences that will appeal to the residents of Pasir Ris 8 and those who live around the area.” The group intends to name the retail component “Pasir Ris Mall”, although the name is pending the approval of the authorities.
The 517 sq ft, one-bedroom showflat designed by SuMisura shows the fold-out table at the kitchen cabinet, the sliding door separating the living room and the master bedroom (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Space flexibility
The name of the condominium project, Pasir Ris 8, was derived from its auspicious address: 8 Pasir Ris Drive 8. Even though the site was awarded in March 2019 — a year before the Covid-19 pandemic struck — Allgreen had already anticipated the need for “greater flexibility of space use” within the apartments as unit sizes, in general, are becoming more compact, notes Lee.
Units will have a built-in cabinet for storing umbrellas and for parcel delivery at the entrance. Three- and four-bedroom units have a flexible room with dual access — from the kitchen and the living room. It is ideal as a helper’s room, a utility room or a study. The master bedroom comes with a walk-in wardrobe that doubles as a dressing room adjoining the master bathroom.
Two-bedroom units come with a swivel-top side table at the kitchen counter that can be stowed away when not in use. Concealed storage space outside the common bathroom comes equipped with an ironing board. Meanwhile, one bedroom units are fitted with a sliding door panel to separate the living room from the master bedroom for privacy. The master bedroom will be provided with a flip-top dressing table that doubles as a workstation. The kitchen is fitted with a pull-out table too.
“We anticipate more people will be working from home post-Covid, and will require more space,” says Lee. Even the balcony has been designed such that residents can work from there if they choose, he adds.
To allow people to work anywhere within the development, the common areas and the clubhouse will have free WiFi network. The clubhouse lounge is designed with co-working pods for people to plug in and work. A self-serve pantry will be installed to provide coffee and tea. Some of the outdoor pavilions will be fitted with comfortable chairs and ceiling fans to create a tranquil, resort ambience that is conducive to work as well as relaxation.
Artist's impression of the clubhouse lounge, designed with co-working pods for people to plug in and work (Picture: Allgreen Properties)
Prices in the $1,700 psf range
The development has a well-balanced mix of unit types. One-bedders start from 517 sq ft to 538 sq ft, and they make up just 19% of the total. Two-bedders constitute 45% of the units, and are sized from 710 to 829 sq ft. Three-bedders make up 30% of the units, with sizes from 1,023 to 1,302 sq ft. Four-bedders make up just 30 units. But they are the largest in the development, with sizes ranging from 1,464 to 1,550 sq ft.
While Allgreen has yet to stipulate a price, Ismail Gafoor, CEO of PropNex, reckons it could be in the range of “$1,700 to $1,800 psf”. Smaller units could be priced “slightly higher”, he adds.
This is in line with recent launches of integrated developments in the Outside Central Region (OCR). For instance, the 680-unit Sengkang Grand Residences, located at Buangkok MRT Station on the North-East Line, was launched in November 2019. Units were sold at a median price of $1,744 psf that month. Over the past three months from April to June 2021, units were sold at a median price of $1,691 psf.
Land prices have escalated over the past two years due to a lack of supply. PropNex’s Gafoor points to the recent government land sale of the 99-year leasehold condominium site at Ang Mo Kio Avenue 1 that closed at the end of May and drew 15 bids. The highest bid received was $381.4 million or $1,118 psf ppr. At this price, the new condominium project is likely to be launched for sale from $2,000 psf, notes Gafoor.
Generally integrated developments command a premium of 20% to 25% over other residential developments in the same area, says Lee Sze Teck, director of research at Huttons Asia.
Artist's impression of the town plaza is linked to the Pasir Ris MRT station, the central greenway with pedestrian paths and bicycle trails leading to Pasir Ris Park and the beach, less than 10 minutes away (Picture: Allgreen Properties)
Pent-up upgrader demand
In Pasir Ris town, there are about 108,400 residents dwelling in 29,654 existing public housing flats managed by HDB as at March 2018. “Pasir Ris is a mature HDB estate, which translates to a large pool of HDB upgraders who desire a private condominium with a resort-style vibe,” says Gafoor. “The fact that it’s so close to the Pasir Ris Park, the beach and the resorts at Changi, makes the project stand out in terms of location, convenience and variety of amenities within easy reach.” (See: Find HDB flats for rent or sale with our Singapore HDB directory)
There has not been any significant new, private condominium projects launched in Pasir Ris in recent years, notes Nicholas Mak, head of research at ERA Realty. The most recent was the 994-unit, 99-year leasehold private condo Coco Palms at Pasir Ris Grove. The condominium was launched in May 2014, and the median price of units sold hovered around $1,040 psf. Based on units sold over the past six months, the median price stood at $1,234 psf, according to URA Realis.
The 483-unit Vue 8 Residences at Pasir Ris Heights and the 380-unit Stratum at Elias Road were both launched in 2013. Completed in 2017, units at Vue 8 Residences have changed hands at a median price of $1,083 psf over the past six months. Stratum, completed in 2016, saw units sold at a median price of $994 psf over the same period.
The latest launch of a private residential development at Pasir Ris, however, is a boutique development with just 49 units, namely the freehold Casa Al Mere at Jalan Loyang Besar. Launched in August 2018, the project saw units sold at a median price of $1,597 psf.
Artist's impression of the jacuzzi lounge, one of a range of condominium facilities at Pasir Ris 8 (Picture: Allgreen Properties)
Seaside residential enclave
“Much has been said about waterfront living in Punggol, but Pasir Ris is an undiscovered seaside community,” observes ERA’s Mak. “It has a park next to the beach, and there are big employment clusters nearby, at Tampines Regional Centre, Changi Business Park and Changi Aviation Park.”
The fact that there have been very few project launches in the OCR this year should be in Pasir Ris 8’s favour, adds Mak. He sees the project attracting existing residents in the east and northeast regions of Singapore. “The Pasir Ris Mall should likewise draw those who live in the east and northeast regions,” he notes. “Over time, given that it’s the new kid on the block, the catchment will be the residents of Pasir Ris and Tampines.”
There are only 14 completed condominiums that are part of integrated developments, with four others under development, including Pasir Ris 8, based on EdgeProp Singapore’s research.
“Buyers have shown a preference for integrated developments for the convenience of its connectivity and amenities it brings,” says Mark Yip, CEO of Huttons Asia. With a buoyant HDB resale market since 2020, and a rare integrated development linked to the upcoming MRT interchange station at Pasir Ris, “we expect strong demand for Pasir Ris 8”, says Yip.
PropNex’s Gafoor reckons the project should receive more than 500 cheques as expressions of interest in the lead-up to the launch of Pasir Ris 8.
Check out the latest listings near Pasir Ris 8, Bedok Residences, Coco Palms, Great World City, Sengkang Grand Residences, Stratum, Buangkok MRT Station, Pasir Ris MRT Station, Bedok MRT Station, Great World MRT Station
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