Joint venture with partners as well as sister firms Far East Organization and Sino Group will unveil Sino Group and Far East Organization will preview Reserve Residences at Jalan Anak Bukit off Bukit Timah on the 12th of May Then, the property will be launched one week following on May 27.
“As this will be the first integrated mixed-use development that includes a transport hub at the heart of Bukit Timah, it will be a higher price than the District 21-related developments,” says Shaw Lay See as the COO of Far East Organization. leasing and sales division of the Far East Organization. “However we are conscious of the need to give our customers value. We will therefore cost it at a very reasonable price to be in line with market prices.”
Shaw claims prices will start at $2,300 per square foot. One-bedroom apartments with 441 square feet are priced at $1.11 million ($2,517 per square foot) and two-bedroom units start at $1.45 million. Three-bedroom units will begin at $2.2 million, while four-bedroom units will cost more than $3 million.
The mixed-use development will be incorporated with a transport hub that will have direct access for the Beauty World MRT Station via an underground connection and an air-conditioned bus interchange located on the second level of the mall that is set to be three stories high. Bukit V.
The design was created by Singapore’s acclaimed architect business WOHA Architects, the mixed-use development is situated on a vast 32,185 sqm (346,439 sq feet) site. It is comprised of eight residential blocks, each with 732 units as well as apartments that are serviced that have 160 units.
WOHA developed It was designed by WOHA Reserve Residences as a collection of low- mid and high-rise blocks ranging from up to 32 storeys. There are four collection options across the eight blocks of housing The Reserve Residences, with 502 units that range from one to three bedrooms; Horizon Collection, with 167 units that have three and four-bedrooms that offer breathtaking view; Creekside Collection, with 48 exclusive units that range from three- and four-bedrooms (levels 6 to 11) and Treetops Collection, with 15 superior units that include five and four-bedrooms. penthouses and duplexes with panoramic views over The Bukit Timah Nature Park, or expansive view across the Bukit Timah region.
Five penthouses are available at the top within the Treetops Collection (Level 32) and range in size between 231 square meters (2,486 sq feet) and 261 sqm (2,809 sq feet).
The complex has more than 70 amenities spread over seven levels in The Reserve Residences. The facilities vary from the 50m lap pool to an aqua gym complete with spa as well as a jogging path of 600m along with a dog run, with dining and relaxation pavilions at level 33. They have panoramic views over Bukit Timah Nature Reserve. Bukit Timah Nature Reserve as well as its surrounding.
Workpods located at the Level 17 Sky Garden provide open views of the neighbourhood. Alongside the communal facilities located on level 4 and 5, there’s additional amenities in rooftop gardens located on 12th 17th, 17th and 33rd levels.
Far East Organization and Sino Group China Group and Far East Organization won The Reserve Residences’ site which is leasehold for 99 years site located at Jalan Anak Bukit, with an offer in the amount of $1.03 billion on August 20, 2021. The auction was a two-envelope method that was based on the concept and price. In the joint venture, 50-50 partners made three bids of those they received and were designed from different architects.
“This development is a follow-up to the successful launch of One Holland Village, another large-scale mixed-use community that demonstrates the capabilities of Far East Organization to rejuvenate and transform space into vibrant communities loved by the residents as well as the general citizens,” says Shaw.
The 296-unit One Holland Village Residences has 93% sold and is scheduled to be completed by the end of in the coming year. The development reached a psf highest of $3,426 after a 27th-floor 4,088 sq ft unit was sold for $7.155 million in August. The second-highest psf value of $3,391 was achievable in February, when one square foot, three-bed unit on the 26th floor. that was purchased at $4.198 million.
Reserve Residences Reserve Residences is not the first mixed-use development that is integrated with an infrastructure hub for transport developed by the Far East Organization has developed. The alternative one is Watertown located at Punggol Central, which opened back in the year 2012 before being completed by. The 992-unit Watertown condominium is located on the mall’s four floors, Waterway Point. It is connected directly with it’s MRT, LRT station, and bus interchange.
A mixed-use integrated development
The ease and convenience of the mixed-use development that is integrated with the transport hub can’t be overstated, according to Propnex President Ismail Gafoor. In the event that the price of $2,300 per square foot at The Reserve Residences will be an average of 15% over an individual condominium, that’s the price of $2,070 per square foot Gafoor says. “That’s similar to the cost of a brand new suburban apartment located in The Outside Central Region (OCR) currently,” he adds. “But Residences at the Reserve Residences is located on the city’s fringe, as well as the Rest of Central Region (RCR).”
Gafoor anticipates The Reserve Residences to achieve the goal of selling at least “40% to 50%” due to the fact that more than 50% apartments are two- and one-bedders which are sure to draw investors’ attention. “Being an integrated project located within the Bukit Timah region of District 21 is a major draw.”
Based on the prices at launch of certain mixed-use developed developments that are integrated, PropNex’s analysis suggests that these developments may have price increases between 14.7% to 29.3% when compared with the nearby residential developments.
In terms of rent prices, the distinction is even more striking when it comes to mixed-use integrated developments with rents ranging between 21.1% to 61.5% according to Gafoor.
“The Reserve Residences will be the first development to be a mixed-use project that is integrated with a transportation hub in 2023.” declares Huttons Chief Executive Officer Mark Yip. In Singapore there are just 9 integrated transportation hubs (ITHs). They are defined by the Land Transport Authority (LTA) describes them as air-conditioned bus stations that are connected to MRT stations, and adjacent commercial developments such as shopping malls. Six of them have been completed; three are in the process which includes The Reserve Residences. “Buyers prefer developments that are connected to hubs of integrated transportation for their ease of use as well as their rareness, capital appreciation and rentability” Yip adds Yip.
Although prices for The Reserve Residences may start at $2,300 per square foot however, the range of prices will be quite broad, due to the fact that units are available at the fourth floor and continue to the 32nd floor and the range of types of apartments with different views, according to SRI the managing partner Ken Low.
“Melting Pot from Bukit Timah’
Right across Jalan Jurong Kechil are two additional developments, the freehold 120-unit the Linq @ Beauty World by BBR Holdings and the upcoming 99-year leasehold condominium in Bukit Timah Link, which is owned by Bukit Sembawang Estates.
In November of last year, Bukit Sembawang paid $200 million ($1,343 psf/plot proportion) in exchange for 99 years leasehold 49,633 sq feet site as part of a land tender. The site could yield up to 160 housing units. The project is scheduled to completion before the end of this year.
Based on the fact that the site located at Bukit Timah Link is located in near the Beauty World MRT Station exit SRI’s Low anticipates the developer to market the project as “no less than $2600 per square foot”.
Linq @ Beauty Linq @ Beauty project is renovation of the old Goh & Goh Building by BBR Holdings. It is a mix of residential units, as well as retail and commercial space. It will also be connected via underground with the Beauty World MRT Station. The day of its launch in November 2020 the 115 homes (96%) of the 120 units sold for an average of $2,165 per square foot, based upon caveats filed. The final unit was sold at $2,378 per square foot in December 2021.
In March the 431 square foot one-bedroom apartment at The Linq was sold through a sub-sale of $1.18 million ($2,741 per square foot). The buyer bought the unit at $1.007 million ($2,339 per square foot) and an increase in capital that was 17.2% in just over two years and four months.
The Reserve Residences and these new developments will revitalize the area after completion according to Low. The area could be renewed in the future in the event that the strata-titled owners of older mixed-use developments like Bukit Timah Plaza (completed in the year 1976) or Beauty World Plaza (completed by the year 1982) have success in their collective sales.
The project is scheduled to be completed by 1Q2028 It is expected to be completed by 1Q2028. Reserve Residences is expected to be “the melting pot of The Bukit Timah” says Low. “There aren’t many major shopping malls in the region at present,” he says. “In the near future you’ll get the best of both worldsthat is, a blend of the traditional and the modern.” The new Bukit V will feature more than 220,000 square metres (215,280 square feet) in retail area along with the Cold Storage supermarket, F&B services, educational centers along with medical and health services. Bukit Timah Market and Food Centre, Beauty World Centre (a mall that was built by the government in 1984) and Bukit Timah Plaza will be in walking distance.
Locals to boost demand
Based on the profiles of buyers in new projects launched at both the OCR and RCR in the last three years, it appears that at least 90% of buyers were Singapore residents, according to Eugene Lim, key executive officer and director of market research and intelligence at ERA Realty Network. Lim adds the fact that Singapore permanent residents (PRs) represented the majority of buyers, ranging from 5% up to 7.5% of buyers, foreigners made up a tinier proportion of less than five%.
“We believe that locals will be the primary driver of demand in the Reserve Residences,” says Lim. “Given that the latest cooling measures are primarily affecting foreign investors, it’s unlikely to affect selling for The Reserve Residences.”
The reserve Residences is located within 1km of popular schools like Methodist Girls’ School and Pei Hwa Presbyterian Primary School. Schools that are highly regarded, such as Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution, Anglo-Chinese School (Independent), National Junior College and the National University of Singapore are only a short distance away.
“Given it is located near a number of high-quality schools within the Bukit Timah belt area, lots of families will find this project appealing,” says Christine Sun who is the senior vice president of research and analytics at OrangeTee & Tie.
Apart from households, Sun expects units at The Reserve Residences to attract investors interested in the possibility of a long-term rent income. “Such connected developments draw tenants due to the fact that they can travel conveniently to other parts of Singapore because the project is connected to the major transportation hubs such as an MRT station as well as an interchange for buses.”