Bids made for Oei Tiong Ham Park Residences

/ EdgeProp Singapore
September 13, 2021 6:58 PM SGT
The guide price for the nine villas at Oei Tiong Ham Park Residences is $2,500 psf. (Picture: Samuel Isaac Chua/The Edge Singapore)
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SINGAPORE (EDGEPROP) - Prospective buyers have already expressed interest in acquiring units at Oei Tiong Ham Park Residences within the first week of its sales launch on Sept 2.
Oei Tiong Ham Park Residences consists of nine private villas that are spread across a trio of three-storey blocks. The single-storey villa units range from 3,401 sq ft to 5,888 sq ft and are a mix of four- and five-bedroom units.
All nine units are up for sale at a guide price of $2,500 psf and can be sold individually or collectively. CBRE is the sole marketing agent.
According to Linda Chern, head of residential services, Singapore at CBRE, at least one buyer has expressed interest in acquiring all nine villas. He went down to view the development over the Sept 4–5 weekend and several other interested parties have scheduled viewings over the past week.

GCB neighbourhood

The freehold luxury development at 29 Oei Tiong Ham Park is one of the few low-rise apartment developments in the Oei Tiong Ham Park Good Class Bungalow (GCB) area, one of 39 designated landed residential enclaves in Singapore.
The development is located at the end of a cul de sac on Oei Tiong Ham Park and this heightens the privacy for residents. Lush greenery along the edges of the site also blocks out noise and street-level visibility.
Lush greenery surrounds the development, reducing traffic noise while ensuring privacy for residents. (Picture: Samuel Isaac Chua/The Edge Singapore)
The development is also close to Holland Village and a back gate leads directly to Holland Road and a few steps to the upcoming One Holland Village mixed-use project. Families with school-going children will be close to popular schools in the area such as Methodist Girls’ School, National Junior College, Hwa Chong Institution, and United World College.
In Oei Tiong Ham Park Residences, each unit is served by its own dedicated private lift and two car parking lots. Each unit, even the units on the second and third floors, also comes with a 15m swimming pool.
“Oei Tiong Ham Park Residences has the uncommon exclusivity component, where the private lift and lift lobby for each villa is a standard feature. This provides the priceless opportunity for generational living or extended families to live close to each other,” says Chern.
Each of the single-storey villa units come with a private swimming pool. (Picture: Samuel Isaac Chua/The Edge Singapore)
Ground floor units come with a garden in a private enclosed area while the units on the second floor are relatively smaller in size between 3,401 sq ft to 3,595 sq ft. The villa units on the third floor come with a roof terrace where swimming pool and an entertainment area are located.

Strong demand for sizeable, luxury apartments

The luxury development was completed in 2013 by Singapore investment firm Wywy Investments, who had initially planned to continue leasing the units and hold on to the development as an investment asset.
However, they changed their minds given the recent surge in the market for large sized luxury apartments. This encouraged the investment firm to put the units up for sale, says Chern.
“The units in this development were seeing relatively healthy rentals, boosted by its quiet location and exclusive neighbourhood in a GCB area. For foreigners living in Singapore, units here are as good as living in a landed house in Singapore,” says Chern.
five-bedroom unit at Oei Tiong Ham Park Residences - EDGEPROP SINGAPORE
A 4,973 sq ft, five-bedroom unit at Oei Tiong Ham Park Residences. The ground floor unit has been vacant since August this year. (Picture: Samuel Isaac Chua/The Edge Singapore)
All units were leased out for the past six years. Based on rental caveats, four units were leased last year, with monthly rents ranged from $10,800 ($3.6 psf pm) to $16,000 ($5.3 psf pm).
“But the market demand for large-sized units has picked up strongly over the past few months. For example, in this area some of the penthouses at 15 Holland Hill and Boulevard 88 have attracted strong buying interest and many have already been snapped up. So discerning buyers are on the hunt for this type of sizeable apartments,” says Chern.

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