Only 15 strata houses left at Kent Ridge Hill Residences
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Strong demand for conventional landed property over the past year has now spilled over into the strata housing sector. Indeed, strata houses provide a foothold for upgraders who aspire to own a landed property and desire more living space in the current work-from-home era, says Alex Goh, group district director of PropNex Realty. He also heads the eponymous Alex Goh Division under PropNex.
One of the last new projects on the market that offer strata landed houses is the 548-unit Kent Ridge Residences, a 99-year leasehold residential development by Oxley Holdings.
The development is located on South Buona Vista Road in Pasir Panjang, and was launched for sale in August 2019. Kent Ridge Hill Residences has 50 strata terraced houses in addition to 498 condominium units in 11 five-storey blocks. The strata terraced houses are a mix of four- and five-bedroom units with sizes from 1,830 sq ft to 2,067 sq ft.
Home buyers want more living space
According to Goh, a prolonged work-from-home arrangement has pushed many buyers to search for larger homes with ample space for work and relaxation. Families with children also need more room for home-based learning and play, he adds.
Coincidentally, Goh himself is looking to purchase a new landed or strata landed home, having grown tired of “the cramped work arrangements” in his current home. He therefore understands the needs of other families who are looking for more spacious homes too.
Goh: The prolonged work-from-home arrangement has pushed many buyers to search for new homes that can provide ample space for work and relaxation. (Picture: Samuel Isaac Chua/The Edge Singapore)
“One of the benefits of a strata landed property [within a development like Kent Ridge Hill Residences] is that it shares the same condo facilities that condo owners get to enjoy, but with the added benefit of a larger living space,” he says. (Discover insightful data of any Singapore condominium with our condo directory)
For example, the design of Kent Ridge Hill Residences is modelled after a lush resort environment. Facilities include a gym, a tennis court and a central clubhouse that is flanked by a 50m swimming pool and function rooms.
The development sits on an upward sloping terrain, with the site elevated 10m above street level. Residents have direct access to the 47ha Kent Ridge Park from a side gate.
From Kent Ridge Park, residents can connect to Telok Blangah Hill Park, Mount Faber Park, HortPark and Labrador Nature Reserve via the 10km Southern Ridges trail.
Over the past year, buyers have snapped up most of the strata terraced houses at Kent Ridge Hill Residences. (Picture: Samuel Isaac Chua/The Edge Singapore)
Kent Ridge Hill Residences is also at the foot of the future Greater Southern Waterfront, a master planned transformation project that will boast new public and private residential neighbourhoods and revitalise commercial and entertainment areas.
The Greater Southern Waterfront area stretches from Pasir Panjang to Marina East, transforming it into a new major gateway for living, leisure and green spaces along the city’s southern coast.
“Generally, the Kent Ridge area consists of low-rise landed and low-density condos. Kent Ridge Hill Residences occupies a large 319,250 sq ft plot and has injected fresh housing supply to revitalise the Pasir Panjang area,” says Goh.
While traditional landed houses are still the preferred property option for most buyers, strata homes are a more affordable option, especially as strong demand for landed properties over the past year has pushed up prices.
An affordable alternative
“These days, some landed properties could cost upwards of $3 million, and the new owners would have to fork out renovation costs of about $1 million to $2 million in most cases,” says Goh. With renovation timelines stretched as the construction industry continues to grapple with supply and manpower shortages, ready-to-move-in strata homes have emerged as an alternative for buyers short on time and budget, he adds.
Oxley Holdings has also kept the prices of its strata terraced houses in Kent Ridge Hill Residences reasonable and attractive. On average, most strata terraced houses are priced at close to $3 million. Over the past year, buyers have snapped up most of the strata terraced houses at Kent Ridge Hill Residences, with only 15 units left as of Oct 4.
Kent Ridge Hill Residences features 50 strata terraced houses, comprising four- and five-bedroom units. (Picture: Oxley Holdings)
Goh expects that the remaining units will be sold out over the coming months as the development reaches completion by 2024.
“Based on recent price trends in the landed housing market, it is likely that prices will continue to edge upwards over the next few months. This could push some landed buyers into the strata housing segment, increasing demand in an already tight market,” he observes.
Many of the smaller, strata houses that have been put up for sale have already been snapped up. “This means that new supply of strata houses are likely to be launched at higher prices,” adds Goh.
Check out the latest listings near Kent Ridge Residences
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