Changing face of East Coast
By EdgeProp Singapore
/ EdgeProp SIngapore |
Marine Parade Central and Parkway Parade shopping mall in Marine Parade Estate, which is the first housing estate to be built on reclaimed land (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The East Region of Singapore came into focus at URA’s recent exhibition for the Long Term Plan Review titled “Spaces for our Dreams”, which opened on June 6. One of them is the “Long Island”, stretching from Marine East to Changi along the southeast coast.
Among the various options being studied for the Long Island is the integration of coastal protection measures with planned future reclamation. This includes creating a new reservoir to enhance Singapore’s food and water resilience. The Long Island can also be developed for new homes and integrated with coastal parks and recreational spaces. It was first envisioned as a reclaimed island for waterfront housing and leisure activities in the 1991 Concept Plan.
There has been a long history of reclamation in the East Coast area. Many of the housing estates at Marine Parade and Bedok South, including Bayshore, were built on reclaimed land from the 1960s to the 1980s. The 185ha East Coast Park with its 15km coastline was created as part of this reclamation.
The 185ha East Coast Park and East Coast Parkway expressway sits on reclaimed land and stretches across a 15km coastline (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Marine Parade was the first HDB housing estate built on reclaimed land in Singapore. The first HDB blocks were built on Marine Parade in 1972; to date, there are about 7,862 HDB flats. In July, a five-room flat in Marine Parade with an unblocked view of the sea and East Coast Park was sold for $1.01 million. This is even though the flat was already 47 years old and has a remaining lease of just 51 years. (Find HDB flats for rent or sale with our Singapore HDB directory)
One of the reasons for the optimism is the potential of further price uplift with the opening of the MRT stations in Phase 4 of the Thomson-East Coast Line (TEL). The 10 new stations that make up Phases 4 and 5, from Founders’ Memorial to Sungei Bedok, are scheduled to open sometime in 2024 and 2025.
‘Game changer’
“The completion of Phase 4 of the upcoming Thomson-East Coast Line (TEL) will be a game changer,” says Bernard Tong, CEO of EdgeProp Singapore in his presentation on the East Coast area on Aug 20. Tong was speaking at the final installment of the NDP Master Plan Master Class webinar series on Aug 20, which focused on the CBD and East Coast.
I12 Katong which reopened at the end of last year after a two-year revamp (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Marine Parade Estate, for instance, will be served by the Marine Terrace MRT Station. Residents will also benefit from the new Marine Parade MRT Station just one stop away at Parkway Parade shopping mall.
It is not just HDB flats in Marine Parade that have seen prices escalate. Prices of private homes in the East Coast have also seen prices soar. The East Coast neighbourhood is one of the most popular residential areas. District 15, which stretches from Dunman Road to the junction of Upper East Coast Road and Bedok South Avenue 1, is considered the most premium residential address outside the traditional prime districts around Orchard Road, namely Districts 9, 10 and 11.
Whether it is the proximity to East Coast Park and the beach, the eclectic charm of the conservation shophouses in the Joo Chiat area, or amenities from schools to malls and wide range of eateries, new price records are being set in the neighbourhood.
The conservation shophouses in the Joo Chiat area (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Meyer Road, Mountbatten area
In the posh enclave of Meyer Road are high- end condominiums and palatial mansions, with conservation bungalows along Mountbatten Road. Off Mountbatten Road and Tanjong Katong Road is a private housing estate with predominantly detached and semi-detached houses, such as those along Goodman Road, Broadrick Road, Branksome Road and Wilkinson Road.
Prices of both detached and semi-detached houses in the neighbourhood have crossed $3,000 psf. A detached house on Camborne Road sitting on a 4,370 sq ft freehold site changed hands in April for $15 million or $3,433 psf, based on caveats lodged. This is the highest psf price achieved for a detached house in this prime East Coast area. In May, a semi-detached house on Mountbatten Road was sold for $9.05 million or $3,003 psf, the highest psf price achieved for this housing segment in the neighbourhood.
New luxury condominiums in the Meyer Road neighbourhood include MeyerHouse and Meyer Mansion. Launched in September 2019, the 200-unit freehold Meyer Mansion by GuocoLand is 88% sold at an average price of $2,646 psf. The highest psf price achieved was $3,293 psf, for the sale of a 484 sq ft one-bedder on the 24th floor that fetched $1.595 million, according to a caveat lodged in September 2021.
The 200-unit Meyer Mansion is 88% sold with average price achieved of $3,293 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
MeyerHouse, a luxury 56-unit boutique condominium by UOL Group and Kheng Leong Co, was completed this year. The five-storey project is located next to Meyer Road Playground, which was also developed at the same time by UOL and Kheng Leong. Launched in May 2019, MeyerHouse is 82% sold to date at an average price of $2,533 psf. The development has only three- and four-bedroom apartments as well as five penthouses with sizes ranging from 1,873 sq ft to 5,683 sq ft.
All the units at MeyerHouse come with a private dedicated lift. Prices range from $4.45 million ($2,374 psf) for a 1,873 sq ft three-bedroom unit on the third floor to $14.2 million ($2,499 psf) for a penthouse. The highest psf price achieved was for the sale of a 2,110 sq ft unit on the fifth floor for $5.9 million ($2,800 psf) in November 2021, according to a cave-at lodged then.
The latest project launch was the 298-unit, 99-year leasehold Liv@MB by Bukit Sembawang Estates, located along Arthur Road just off Mountbatten Road. Launched in May, about 75% of the units were taken up within the first weekend at an average price of $2,387 psf. To date, about 80% of the units have been sold at an average price of $2,397 psf, based on caveats lodged.
About 75% of the units at the 298-unit Liv@MB were sold on the first weekend of launch. To date, about 80% have been taken up at an average price of $2,397 psf (Photo: Bukit Sembawang Estates)
More than 94% of projects launched have been sold
Including these three projects — Liv @ MB, MeyerHouse and Meyer Mansion — there were a total of 23 residential projects launched in the East Coast enclave of District 15 over the past five years, according to Tong. More than 94% of the units launched have been sold to date, according to EdgeProp Landlens analytics.
Many of the 23 projects that were launched over the past five years are built on private land purchased en bloc by developers. The exception was Seaside Residences, an 841-unit private condominium at Siglap Link. Launched by Frasers Property in 2017, the project saw a strong take-up rate as the last prject launched on a GLS site prior to that was the 612-unit Cote D’Azur in 2002. The project was also developed by Frasers Property. (See potential condos with en bloc calculator)
Seaside Residences sits on a 207,849 sq ft 99-year leasehold site that was launched for sale in November 2015 under the confirmed list of the 2H2015 government land sales (GLS) programme. The site drew eight bids and was purchased for $624.18 million or $858 psf per plot ratio (psf ppr) in January 2016 by the top bidder, a consortium made up of Frasers Property, Sekisui House and Keong Hong Holdings.
Launched by Frasers Property in 2017, the project saw a strong take-up rate as the last prject launched on a GLS site prior to that was the 612-unit Cote D’Azur in 2002 (Photo: Albert Chua/EdgeProp Singapore)
In the first month of its launch, close to 50% of the units at Seaside Residences were sold at prices averaging $1,727 psf. The project is also located within a short walk of the upcoming Siglap MRT Station, and next door to Victoria School. Units sold in subsales this year have changed hands at an average of $2,084 psf.
GLS sites in the East Coast
In January, City Developments (CDL) paid $760 million ($1,302 psf ppr) for the GLS site at Jalan Tembusu, located next to Canadian International School (Tanjong Katong campus). The site is likely to be developed into a new private condominium with 638 residential units. A second GLS site at Jalan Tembusu, which can yield about 825 units, is expected to be launched in November this year.
Meanwhile, SingHaiyi Group had purchased the 271,622 sq ft 99-year leasehold site at Dunman Road for $1.248 billion in June. The site can be developed into a 1,035 unit residential project. The site is located within a five-minute walk of the Dakota MRT Station on the Circle Line.
The freehold sites on either side of Thiam Siew Avenue were purchased by Hoi Hup Realty and Sunway Developments for $1.1 billion, and has the potential to be developed into an 820 unit condominium project (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Near Jalan Tembusu is Thiam Siew Avenue, where two land parcels on either side of the road were purchased en bloc by a joint venture between Hoi Hup and Sunway Developments last November for close to $1.1 billion. Hoi Hup and Sunway Developments are expected to develop a new free- hold condominium with about 820 units on the site.
New supply
The freehold site at Thiam Siew Avenue fetched $815 million, with the developer paying an additional $284 million in development charge. The land price works out to about $1,488 psf per ppr. If an estimated $39.3 million for 7% balcony space is included, the land rate would be at $1,440 psf ppr. It will be the largest free-hold residential development to be launched in the East Coast area to date.
Collectively, the four upcoming residential projects will introduce over 3,300 new homes into the East Coast neighbourhood. Most of the developments launched three years ago are substantially sold.
Upcoming launches from these four residential sites is expected to yield over 3,300 new residential units over the next two years
The 592-unit freehold, Amber Park by CDL is an example. Launched in May 2019, the project is 97.3% sold at a median price of $2,471 psf, based on caveats lodged. The highest absolute and psf price achieved was for one of the three penthouses of 4,392 sq ft. The six-bedroom penthouse fetched $13 million ($2,960 psf) in August 2021, according to a caveat lodged. The project is located near the upcoming Tanjong Katong MRT Station, which is scheduled for completion in 2024 Upcoming Bayshore precinct
In the Bayshore precinct in District 16, the government intends to introduce 12,500 new homes over the long-term. About 6,000 of these will be public housing and another 6,500 units will be private housing. The new precinct of about 60,000 sqm will have a pedestrianised main street. “The idea is to promote healthy living in the East Coast area,” notes EdgeProp’s Tong. “Priority will be given to walking, cycling and public transport.”
The new precinct will be served by two MRT stations located at either end. One is the Bayshore station, and the other is the Bedok South station, both on the Thomson-East Coast Line and scheduled to open sometime in 2024 and 2025. There will also be a landscaped bridge to bring residents from the Bay- shore Precinct across the expressway to East Coast Park and the beach.
The new Bayshore precinct will promote healthy lifestyle, and will have a total of 12,500 housing units – about 6,000 HDB flats and 6,500 private homes (Source: URA)
Tong says that over the past decade, re-sale prices in the East Coast area have appreciated 35%, while the rest of Singapore saw average prices rise 27.5%. “East Coast prices have consistently outpaced the rest of Singapore,” he adds. “It’s not just the apartments and condominiums, but landed housing too.” The upcoming developments could fuel further price growth in the area.
Check out the latest listings near Marine Parade, East Coast Park, Joo Chiat, Meyer Road, Meyer Mansion, MeyerHouse, Liv@MB, Seaside Residences, Amber Park, Mountbatten Road, Marine Terrace MRT Station, Marine Parade MRT Station, Dakota MRT Station, Bayshore MRT station, Bedok South MRT station
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