Special Feature
City Suites offers freehold investment opportunity
By City Suites
/ Brought to you by SingHayi Group |
CITY SUITES is a 56-unit freehold development on Balestier Road by Singapore-listed international property developer SingHaiyi Group. What is unique about the project is that it has a wide range of one-bedroom units, which are sought-after by investors. The project is expected to obtain its Temporary Occupation Permit (TOP) in 3Q2017, which means that buyers will be able to enjoy rental income almost immediately.
The one-bedroom units come with fully fitted kitchen appliances and cabinetry, bathroom accessories, as well as a built-in wardrobe. Unit sizes range from 452 to 527 sq ft. Assuming an average selling price of $1,800 psf and a monthly rent of $2,500, investors can achieve a gross rental yield of 3.1% to 3.7%.
The developer has put a lot of thought into the design of City Suites: All the units are north-south facing and have 3.3m ceiling height. There are also four duplex penthouses with double-volume ceiling height and a loft-like bedroom. The duplex penthouses range from 925 to 1,120 sq ft. Underground parking is also available for residents.
City Suites is expected to obtain its TOP in 3Q2017
INCREASED VIBRANCY
The Balestier area has become vibrant over the years with the opening of international schools nearby such as Curtin Singapore, East Asia Institute of Management and Global Indian International School.
The Balestier area has become vibrant over the years with the opening of international schools nearby such as Curtin Singapore
With the increase in foreign student population, interesting F&B outlets have sprung up, such as ice-cream parlour Regroup x Scoop Therapy, pet-friendly café Paw Pet-radise, The Clueless Goat coffee house and Wheeler’s Yard, an industrial warehouse café that is a favourite with cyclists. These outlets join famous local eateries Boon Tong Kee Chicken Rice, Founder Bak Kut Teh and Loong Fatt Tau Sar Piah as well as Whampoa Keng Fishhead Steamboat.
Wheeler’s Yard, an industrial warehouse café, is a favourite with cyclists
There are also retail and F&B facilities in the Balestier area, such as Balestier Plaza, Balestier Point and Shaw Plaza. In addition, there is Zhongshan Mall, anchored by a FairPrice Finest supermarket. Zhongshan Mall is part of the Zhongshan Park mixed-use development that comprises an office tower and two hotels: Ramada and Days Hotel Singapore.
PROXIMITY TO HEALTH CITY NOVENA
Another attraction of City Suites is its proximity to Health City Novena, poised to be Singapore’s largest medical hub. Officially launched in 2013, Health City Novena will be jointly developed by the Ministry of Health, Tan Tock Seng Hospital and National Healthcare Group. When completed by 2030, healthcare-related space at Health City Novena will double to 6.46 million sq ft from 2.69 million sq ft currently and the number of people either working at the complexes or visiting daily is expected to hit 30,000. This will have a significant ripple effect on the surrounding area.
Besides Tan Tock Seng Hospital and Ren Ci Hospital, other existing medical facilities in Novena include Novena Medical Centre as well as Mount Elizabeth Novena Hospital and Specialist Centre. Complementing Health City Novena is Thomson Medical Centre, a private hospital specialising in gynaecology and in vitro fertilisation.
Medical facilities in Novena include Tan Tock Seng Hospital, Novena Medical Centre as well as Mount Elizabeth Novena Hospital and Specialist Centre
There are three shopping centres in Novena — Velocity, Square 2 and United Square — as well as the Oasia Hotel. A new mixed-use development in the area is Royal Square, which has a mix of offices and medical suites. Other office towers in the Novena area include Novena Square, Newton 200, Revenue House, Goldhill Plaza and United Square. These are linked underground to the Novena MRT station.
WELL-SERVED BY PUBLIC TRANSPORT
City Suites is well-served by public transport, being just a short walk from several bus stops as well as near the Novena MRT station. It is also very accessible to the Central Expressway and Pan Island Expressway, which means it is just a 10-minute drive to the CBD, Marina Bay and Orchard Road.
Although it is just off the main Balestier Road, City Suites is located in a relatively quiet enclave, with lower-floor units enjoying the greenery on the sprawling grounds of the Communicable Disease Centre, with its low-rise historic buildings. Parks in the vicinity include Zhongshan Park, where the Sun Yat Sen Nanyang Memorial Hall is housed, as well as the future Central Park within Health City Novena, which will feature gardens, playgrounds, an elevated walkway set amid trees, an open-air theatre and F&B terraces.
Parks in the vicinity of City Suites include Zhongshan Park, where the Sun Yat Sen Nanyang Memorial Hall is housed
STRONG TRACK RECORD
SingHaiyi Group has successfully developed and fully sold a wide range of residential property developments in Singapore. They range from Charlton Residences, a 21-unit cluster housing development off Upper Serangoon Road, to the 514-unit CityLife@Tampines executive condominium (EC). Both projects were developed jointly with other parties.
SingHaiyi also developed and fully sold the 517-unit The Vales EC, which obtained its TOP in May. More than 300 units at The Vales have already been handed over to the owners, who are pleased with the quality of the finishing provided. The owners will also enjoy energy efficiency, as The Vales has been awarded one of the highest accolades in sustainable design — a GoldPlus rating under the Building and Construction Authority’s Green Building Awards.
Currently, SingHaiyi is involved in the redevelopment of 9 Penang Road, formerly known as Park Mall, a highend furniture mall that is being repositioned as a new twin-tower Grade-A office development in the prime Orchard Road neighbourhood. The project is within a short walk from the Dhoby Ghaut MRT interchange station.
For sales enquiries, please contact:
SingHaiyi Group
Email: Sales@SingHaiyi.com
Tel: (65) 9630 0300
This article appeared in The EdgeProp Pullout Issue 789 (July 24, 2017) of The Edge Singapore.
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