Sims Urban Oasis - Catalyst for transformation of Aljunied

By Sims Urban Oasis / Brought to you by GuocoLand | December 2, 2016 1:49 AM SGT
Construction is well underway at Sims Urban Oasis, a 1,024-unit condominium development by GuocoLand. Bordered by Sims Drive and Aljunied Road, the project will be the largest private condo in the Aljunied area when it is completed in 1Q2019.
“When completed, Sims Urban Oasis could just be the catalyst needed to revitalise the area, which is largely made up of ageing HDB blocks,” says Alice Tan, head of research at Frank Singapore. GuocoLand had purchased the site in a government land tender for $530.9 million (about $688 psf per plot ratio) in April 2014. Launched in February 2015, Sims Urban Oasis is about 59% sold to date.
When completed, it will have eight 18- storey blocks sitting on a sprawling site of 257,260 sq ft. Units range from one-bedders of 409 sq ft to five-bedroom units of 1,722 sq ft. On the grounds are also six retail units sized at 232 to 517 sq ft. There is also a 3,254 sq ft space designated for a childcare centre. However, the retail and childcare centre units have not been launched for sale yet.
View of the Geylang East and Aljunied area with Central Grove on the left, TRE Residences on the right, Sims Urban Oasis in the background and Geylang Methodist Primary and Secondary schools in the centre
Steady sales
The most recent caveats lodged were for six units in November, which were sold at prices ranging from $726,000 ($1,498 psf) for a 484 sq ft one-bedder to $1.37 million ($1,325 psf) for a 1,033 sq ft three-bedder. Average sales of four to five units each week are “encouraging” in the current environment of uncertainty and economic slowdown, says Knight Frank’s Tan. She attributes that to “realistic pricing” by the developer.
Sales generally picks up when a project approaches completion, hence, Sims Urban Oasis is likely to see an uplift in sales in late 2018 to early 2019, says Alan Cheong, head of research at Savills Singapore.
After all, about 70% of the buyers are said to be owner-occupiers, with investors making up the balance. Singaporeans form the...