North Park Residences to set benchmark for projects in Yishun
By hockmeng.tay@bizedge.com
The 920-unit North Park Residences is scheduled for preview over the weekend of March 14 and 15, with the official launch set for the end of the month. The residential development, which consists of 12 ten-storey blocks that span an area the size of three football fields, will sit on top of the new North- point City Mall (with 500 stores). The new mall will be connected to the existing Northpoint Shopping Centre, a new National Library, Nee Soon Com- munity Club, with an underground pedestrian link to the Yishun MRT station and an integrated air-conditioned bus interchange.
Located within Yishun Central, North Park Residences is also close to Khoo Teck Puat Hospital, Yishun Polyclinic, Yishun Park and Yishun Pond, as well as international school GEMS World Academy.
North Park Residences is the first residential project within an integrated development to be launched this year, and it has seen a lot of investor interest. “Opportunities for such a large-scale integrated development in the north are rare,” says Cheang Kok Kheong, Frasers Centrepoint’s CEO of development and property. Frasers Centrepoint had developed Northpoint Shopping Centre and wanted to secure the adjacent site when it came up for sale. Frasers Centrepoint therefore submitted a bid of $1.43 billion in a government land tender in September 2013. Its bid price was about 50% higher than the second-highest bid of $969.3 million submitted by a joint venture between Far East Organization and Sekisui House.
According to Cheang, Frasers Centrepoint has a track record of developing and managing integrated developments with MRT stations, such as Causeway Point in Woodlands; Changi City Point in the east; and Compass Point in the north in Sengkang. Completed in 2002, Compass Point is one of the earliest integrated projects in Singapore, as it is connected with Compass Heights condo, and linked to Sengkang MRT/LRT stations, and bus interchange. Units at the 99-year leasehold Compass Heights have been changing hands at prices from $681 psf for a large unit to $973 psf for a small unit, according to caveats lodged from October to January.
Frasers Centrepoint has had a presence in the northern region for more than 23 years, having developed many residential projects there in the past, including the 318-unit executive condo (EC) Lilydale, the 380-unit Yishun Sapphire and the 304-unit Euphony Gardens in Sembawang.
“There’s generally strong demand for residential units in such integrated developments, with an uptick in prices upon completion,” notes Donald Han, managing director of Chesterton Singapore. “Rents are likely to be more stable, and prices more resilient compared to pure condominium or apartment projects in the vicinity.” Examples of residential developments in integrated projects include Bedok Residences, which sits on top of Bedok Mall and is also integrated with both the MRT interchange station and bus interchange. The project is fully sold and scheduled for completion later this year. From September to December 2014, units had been sold by the developer at prices ranging from $1,256 to $1,347 psf.
Meanwhile, The Centris in Jurong West, which is linked to Jurong Point West, which is linked to Jurong Point shopping centre, Boon Lay MRT and bus interchange stations, was launched a decade ago and completed in 2009. Recent resales from November 2014 to February have seen units trading at prices from $866 to $1,182 psf.
While no price list of North Park Residences has been released as yet, property agents are speculating that the indicative price could be in the range of $1,250 to $1,450 psf, given its central location in Yishun.
For instance, Nine Residences is part of a mixed-use project and sits on top of Junction 9, which has 146 commercial units. The project is located at Yishun Avenue 9 and will be developed by CEL Development, the prop- erty arm of listed construction group Chip Eng Seng. Launched in 2013, 153 out of 186 residential units had been sold as at end-January. Prices of residential units sold from October to February had ranged from $1,064 to $1,292 psf, according to caveats lodged with URA Realis. Further down at the junction of Yishun Avenue 6 and 9 is the 660-unit Symphony Suites by EL Development. Launched in February, units had been sold at prices ranging from $974 to $1,051 psf, according to caveats lodged last month.
Investors of units in integrated developments tend to weather the market downturns much better than conventional condo projects, says Mohamad Ismail Gafoor, CEO of PropNex Realty.
North Park Residences will feature units ranging from 431 sq ft one-bedders to 1,432 sq ft five-bedroom homes. There are also a variety of dual-key or Trio units. Besides investors, the project is also likely to appeal to two main groups of owner occupiers, says Frasers Centrepoint’s Cheang. The primary group of potential owner occupiers is the “next generation Yishun residents”, those who have grown up in the area and want to stay put and start their own families. A second group of potential buyers are those in their late 40s to early 50s who want to buy a unit with the intention of moving in at some point in the future, given that the project is conveniently located within easy access of amenities and healthcare facilities.
This article appeared in the City & Country of Issue 668 (Mar 16) of The Edge Singapore.
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