Niche pickings in prime districts

By RV Altitude & Fyve Derbyshire / BROUGHT TO YOU BY ROXY-PACIFIC HOLDINGS | January 11, 2019 11:50 AM SGT
Teo: Building all two-bedroom units is an interesting and attractive proposition to homebuyers who want a foothold in a prime district.
Roxy-Pacific executive chairman Teo Hong Lim unveils the property group’s two new launches in January
New prime locations may have emerged in the Core Central Region (CCR) of Singapore, but the traditional postcodes of 9, 10 and 11 continue to be associated with wealth and aspiration. If anything, they have become even more desirable as the bastion of prime, freehold real estate.
Over the past year, the prices of new projects launched in these traditional prime districts have soared well above $3,000 psf – and beyond the reach of the average homebuyer.
Teo Hong Lim, executive chairman of Singapore-listed property group Roxy-Pacific Holdings, wants to level the playing field by developing condominium projects in the prime districts that are cleverly designed, well thought through and more importantly, fall within the buying power of first-time homebuyers.
To kick off the year, Roxy-Pacific previewed two freehold projects in the prime districts on Jan 5: RV Altitude in District 9; and Fyve Derbyshire in District 11.
RV Altitude sits on a freehold site of close to 29,000 sq ft along River Valley Road. For Teo, being close to an MRT station is a plus: the site is just a stone’s throw from the upcoming Great World MRT station on the Thomson-East Coast Line. It’s also near the eateries and bars at Robertson Quay and the Orchard Road shopping belt.
The site sits within the Central Area, which means that it is not subject to new URA regulations on minimum average unit sizes of 85 sqm, raised from 70 sqm before.
The fact that the Central Area has been spared the minimum average unit sizes by URA implies that the government recognises the need for such compact apartments in the prime areas in and around the city centre and Orchard Road, notes Teo.
The crowd at the first weekend of the preview of RV Altitude