Victory Land to price Enchanté on Evelyn Road at an average of $2,700 to $2,800 psf

/ EdgeProp Singapore
August 5, 2022 8:00 AM SGT
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Fanny Cheng of Victory Land: Enchanté was designed during the Covid period, where people were working from home and desire more private space (Photo: Samuel Isaac Chua/EdgeProp Singapore).
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SINGAPORE (EDGEPROP) - Fanny Cheng, director of niche developer Victory Land, bought a freehold site of 9,873 sq ft at 1C Evelyn Road in March 2021 for $18.25 million ($1,849 psf). The former old bungalow on the site will be redeveloped into a new 16-storey condominium block called Enchanté. The new boutique, freehold development is Victory Land’s maiden condominium project.
Designed by Metaphor Design + Architecture, Enchanté has just 25 units. The typical units are three- and four-bedroom apartments, with a sole five-bedroom penthouse. The apartments cater to multi-generational families and long-term investors, says Cheng.
As the concept for the project was created during the Covid period last year, Cheng had made sure that the units will have enough living space and flexibility for those who need to work from home. “Covid has changed people’s lifestyle,” she says.
Enchanté is accessible via both Newton Road and Dunearn Road in prime District 11. Within 1km are three Anglo-Chinese Schools (Primary, Junior and Barker Road), as well as St Joseph’s Institution (Junior and Secondary). Nearby are Tanglin Club, The American Club, Raffles Town Club and Singapore Polo Club. Orchard Road is just a six-minute drive from Evelyn Road, and the CBD is a 14-minute drive. Meanwhile, the Newton MRT Station is just a five-minute walk from Enchanté.
The living and dining area of the three-bedroom dual-key unit showflat (Photo: Samuel Isaac Chua/EdgeProp Singapore)

‘Dual-purpose units’

Three-bedroom-plus-home-office apartments of 1,001 sq ft make up nine units, while three-bedroom, dual-key apartments of 1,087 sq ft make up another seven units. Another two units are 1,087 sq ft, three-bedroom-plus-home office apartments; and two more are three-bedroom duplexes of 1,270 sq ft. Four-bedroom-plus-home office types of 1,281 sq ft make up another four units, while the five-bedroom penthouse is 1,701 sq ft.
Construction of the project is scheduled to start in September, and is targeted for completion sometime in 2026.
There are only two units per floor, and they are designed such that the units could be amalgamated, according to Cheng. Owners of the dual-key units have the option to knock down the wall between the studio and the two-bedroom apartment to create a single three-bedroom unit. Typical units have a ceiling height of 3.15m, while the penthouse has a 4.5m ceiling height. The developer is also providing smart appliances for homeowners, such as smart ovens and washing machines.
Doris Ong, deputy CEO of ERA Singapore, reckons Enchanté will appeal to those who want privacy. “This project has its own niche, given its accessibility to Orchard Road, the CBD, schools and the medical hub at Novena, with Thomson Medical Centre and Mount Alvernia Hospital located nearby too.”
The dual-key, three-bedroom units will appeal to those who are buying for their own use, and who want the option of renting out either the studio or the two-bedroom unit, according to Ong. “Regardless of the size, you’re paying additional buyer’s stamp duty for just one unit when it comes to buying a dual-key apartment,” she explains.
Level 2 Multi function room - EDGEPROP SINGAPORE
Artist's impression of the multi-function room and alfresco dining area at the second level (Picture: Victory Land)

Pockets of amenities on alternate floors

Residents’ amenities are spread out across alternate floors, from the second to 14th floors. These floors have a double-volume ceiling height of 7m, says Victory Land’s Cheng.
On the second floor, amenities include alfresco dining, a multi-purpose room, a gym and a 12.5m swimming pool. On the fourth floor is a play area, while the eighth floor is a herb garden. For those who want an alternative to working from their apartment, there is a landscaped garden with WiFi on the 10th floor. On the 12th floor is The Vantage Point, with landscaped garden and water features, as well as a viewing deck for residents to enjoy unblocked city views, adds Cheng.
“Despite the land size of under 10,000 sq ft, the developer has cleverly created communal facilities at landscaped terraces on alternate floors,” says Dominic Lee, head of luxury team at PropNex. “Besides communal spaces, the units are well-designed in terms of layout.”
Enchanté was soft-launched on the weekend of July 23-24, with the official launch scheduled for early September — after the Hungry Ghost Month (from July 29 to Aug 26), says Cheng. The units are priced at an average of $2,700 to $2,800 psf, she estimates. Three-bedroom apartments range from $2.7 million to $3.2 million, while four-bedroom apartments start from $3.5 million.
According to PropNex’s Lee, the pricing of units at Enchanté is “reasonable”, given that it’s a freehold project located in prime District 11 and within the catchment area of popular schools such as Anglo-Chinese and St Joseph’s.
After all, Amo Residence at Ang Mo Kio Avenue 1 saw 359 out of 372 units sold over the weekend of July 23-24 at an average price of $2,106 psf, according to caveats lodged. The 99-year leasehold development is a suburban condominium in the Outside Central Region in District 20. It is within a 1km range of popular schools such as Ai Tong School and St Nicholas Girls’ School, as well as 400m from the Mayflower MRT Station.
Amo Residence even saw prices hit a high of $2,406 psf when the biggest penthouse in the development, a 2,497 sq ft, five-bedroom unit, fetched $6.008 million at the VIP preview in the lead-up to the launch. Meanwhile, the starting price of Enchanté is upwards of $2,400 psf, Prop-Nex’s Lee points out.
Artist’s impression of the entrance into Enchanté (Picture: Victory Land)

Boutique developments in prime districts

Directly opposite Enchanté is another boutique development, 10 Evelyn by Amara Holdings. The 56-unit, five-storey, freehold project has a mix of one- to three-bedroom apartments, with sizes ranging from 527 sq ft to three-bedroom duplex penthouses of 1,432 q ft. Launched in January 2019, about 14 units have been sold at an average of $2,510 psf, based on caveats lodged.
“The Evelyn Road neighbourhood is relatively exclusive, quiet, with mainly boutique non-landed developments and private houses,” notes ERA’s Ong.
Cheng of Victory Land is familiar with the private residential enclave of Evelyn Road-Gilstead Road-Buckley Road, located just off Newton Road and Dunearn Road. After all, she was involved in the development of 35 Gilstead, a boutique condominium project with just 70 units located on Gilstead Road. The project is by Amcorp Global (former Tee Land), where Cheng was last assistant general manager of property development, before she left in 2018. She had spent 15 years with Tee Land.
Cheng is therefore keen on building up Victory Land’s portfolio, and is already actively looking for more development sites. She intends to focus on 999-year leasehold or freehold sites in the prime districts of 9, 10 and 11. Outside of these prime neighbourhoods, she is open to options in the East Coast (District 15) and in the Bartley area of District 19.
Cheng wants to stick to what she knows best: boutique developments ranging from 25 to 100 units, she says.

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