Special Feature
KENT RIDGE HILL RESIDENCES SEES RENEWED BUYING INTEREST
By Kent Ridge Hill Residences
/ Brought to you by Oxley Holdings |
URA Draft Master Plan 2019*
ITS APPEAL INCLUDES PROXIMITY TO THE SOUTHERN RIDGES, THE GREATER SOUTHERN WATERFRONT, THE CIRCLE LINE AND ATTRACTIVE PRICING
Since its launch last November, over 70% of 250 units released at Kent Ridge Hill Residences have been sold, with prices averaging $1,700 psf. Transactions, which had been steady, have picked up significantly since March.
Most property consultants attribute this to the announcement of the URA Draft Master Plan 2019, where the Greater Southern Waterfront has emerged as one of the biggest sites slated for development. “Kent Ridge Hill Residences is sitting right at the doorstep of this new area that is earmarked for transformation,” says Ismail Gafoor, CEO of PropNex. “Those investing in Kent Ridge Hill Residences today will enjoy a first-mover advantage and are likely to benefit from any future price upside.”
Since its launch last November, over 70% of 250 units released at Kent Ridge Hill Residences have been sold at an average selling price of $1,700 psf
DOORSTEP TO THE GREATER SOUTHERN WATERFRONT
Measuring 2,000 ha – six times the size of Marina Bay – the Greater Southern Waterfront will stretch from the Tanjong Pagar port terminal to Keppel Club, all the way to Pasir Panjang port terminal, as well as Sentosa Island and Pulau Brani. Greater Southern Waterfront is positioned as a new, major gateway with new commercial and residential waterfront districts along Singapore’s southern coast. Development will take place in phases in the next 5 to 10 years, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber.
The Keppel Club site will be redeveloped into a new residential precinct. The disused Power District will be a catalyst for rejuvenation. URA and Singapore Land Authority plan to turn the Power District into a “heritage and lifestyle hub”, and have launched a competition to seek ideas from the public.
Located next to Labrador Nature Reserve, the Power District will be connected to the West Coast Park by the new Pasir Panjang Linear Park, where park users will get a glimpse of Pasir Panjang’s working container port and Power District up close.
Eventually, there will be a 30km uninterrupted waterfront promenade that will connect all the places of interest along the Greater Southern Waterfront, “providing a unique and varied waterfront experience”, according to URA. The entire area will not just be walkable, but also well connected to public transport nodes and amenities.
As more plans about the Greater Southern Waterfront become available, interest amongst buyers looking to leverage on the future developments in the locality are likely to increase, says Jack Chua, CEO of ERA Realty Network.
Ken Low, managing partner of SRI, is not surprised that Kent Ridge Hill Residences is benefitting from the plans at Greater Southern Waterfront, especially with the Pasir Panjang area nearby undergoing such a massive transformation. “This is going to be a lifestyle precinct on a much bigger scale than Orchard Road,” he says. “Buyers shouldn’t wait for the actual plans to be announced as it may then be too late to enjoy the full capital appreciation that comes with such long-term plans.”
The upcoming Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, offering park users a glimpse of the Power Distrct up close
PROXIMITY TO EMPLOYMENT CLUSTERS
Kent Ridge Hill Residences is located near three key employment clusters, namely one-north, National University of Singapore (NUS) and National University Hospital (NUH). Meanwhile, the city ports at Tanjong Pagar and Keppel terminals have been relocated to Pasir Panjang terminal. When the Tuas megaport is completed in 2040, all the port operations will be moved there.
In the future, there will be a new business district in Pasir Panjang. The project’s proximity to all these key employment clusters should appeal to investors as there will be healthy demand from those who want to live near their workplaces, says PropNex’s Gafoor. “Kent Ridge Hill Residences is in the right location and will benefit from future upside in both rental yields and capital appreciation.”
The Pasir Panjang Terminal will be freed up and be part of the new waterfront city, the Greater Southern Waterfront
COMPLETION OF CIRCLE LINE
Kent Ridge Hill Residences is located within an eight-minute walk to Pasir Panjang MRT Station on the Circle Line. Currently, it takes 12 stops and involves two transfers from the Circle Line to the Downtown Line and back to the Circle Line to get to the Marina Bay MRT interchange station. Alternatively, if one were to take the Circle Line all the way from Pasir Panjang to Marina Bay Station, it would take 44 minutes to cover the 23 stops.
By 2025, when the Circle Line loop is completed with the addition of three new stations connecting HarbourFront Station and Marina Bay Station, travelling between Pasir Panjang and Marina Bay stations will be reduced to just seven stops and travelling time will be reduced by about a third to just 21 minutes.
The completion of the Circle Line loop will also provide direct access to Marina Bay from Pasir Panjang, which enhances the connectivity of the development, adds ERA’s Chua.
“This will certainly be great news for residents in this area,” says PropNex’s Gafoor. “Property prices along the West Coast stretch have long been suppressed due to the lack of connectivity. The completion of the Circle Line will certainly be a boost for property prices there.”
In 2025, the Circle line will be completed with the opening of Keppel, Cantonment and Prince Edward Road stations. Commuters will be able to enjoy faster access from Kent Ridge Hill Residences to the CBD and Marina Bay area
PROXIMITY TO SOUTHERN RIDGES, GREENERY
The appeal of the development to both owner-occupiers and investors is also its location. “What’s unique about Kent Ridge Hill Residences is its proximity to the Southern Ridges, an expansive green belt,” notes ERA’s Chua. “It offers breath-taking views of the greenery and the city skyline, especially of the future developments at the Greater Southern Waterfront.”
The 10km Southern Ridges connects three parks, namely Kent Ridge Park, Mount Faber Park and Telok Blangah Hill Park, and has nine walking trails, such as HortPark, Henderson Waves and The Canopy Walk.
“No other project in Singapore has such a setting – part of a hill and the greenery,” says PropNex’s Gafoor. “When you open the side gate, you’re right in Kent Ridge Hill Park. As it is close to nature, the quality and lifestyle amenities of Kent Ridge Hill Residences have already been in place even before the announcement of the 2019 Draft Master Plan.”
Developed by Singapore-listed property group, Oxley Holdings, Kent Ridge Hill Residences is a redevelopment of the former Vista Park condo, purchased en bloc for $418 million in December 2017. Designed by ADDP Architects, Kent Ridge Hill Residences sits on a sprawling site of 319,249 sq ft. The 11 five storey blocks and 50 strata houses within the development are designed to embrace the sloping terrain that rises 10m above street level.
“It is a low rise, new development just beside Kent Ridge Park,” says ERA’s Chua. “There aren’t many developments this close to nature in the South Buona Vista and Pasir Panjang area.”
ATTRACTIVE PRICING
Kent Ridge Hill Residences has a wide range of unit types, from one-bedroom apartments of 474 sq ft to three-bedroom premium units of 1,066 sq ft. Penthouses are a mix of three bedroom-plusstudy and five-bedroom apartments, sized from 1,421 sq ft to 1,787 sq ft. Meanwhile, all 50 strata houses have four or five bedrooms with sizes from 1,808 to 2,067 sq ft.
“At $1,700 psf, it’s attractive compared to new launches this year, many of which have set benchmark prices in their neighbourhoods,” says SRI’s Low. “Kent Ridge Hill Residences is therefore likely to see renewed buying interest.”
Indicative prices
“This is going to be a lifestyle precinct on a much bigger scale than Orchard Road. Buyers shouldn’t wait for the actual plans to be announced as it may then be too late to enjoy the full capital appreciation that comes with such long-term plans.”
Managing Partner
SRI
“The completion of the Circle Line loop will also provide direct access to Marina Bay from Pasir Panjang, which enhances the connectivity of the development.”
CEO
ERA Realty Network
“Kent Ridge Hill Residences is sitting right at the doorstep of this new area that is earmarked for transformation. Those investing in Kent Ridge Hill Residences today will enjoy a first-mover advantage and are likely to benefit from any future price upside.”
CEO
PropNex Realty
This article appeared in The EdgeProp Pullout Issue 884 (Jun 3, 2019) of The Edge Singapore.
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