Tag Archives: Novena

Balestier gains investors’ favour with good location

BALESTIER’S unsavoury reputation as a red-light district seems a thing of the past.

Investors are now closing in on the area thanks to rejuvenation efforts and the nearby fast-growing Novena medical hub.

A spate of new projects has enlivened the area, while new amenities have been injected with the completion of the integrated hotel-park complex comprising Zhongshan Mall, Zhongshan Park, and the Days and Ramada hotels.

Hotels and home fixture shops might dot its streets, but the area still retains its charm with the preservation of art deco shophouses dating back to the 1930s.

But consultants said Balestier’s location on the city’s fringe is the main draw for investors, as expatriates on tight budgets are being forced out of the city centre.

“Within close proximity of city areas such as Newton and Novena, Balestier provides a compelling sought-after alternative to potential homebuyers with its city-fringe location,” said Knight Frank research head Alice Tan.

The latest project there is the 48-unit Viio @ Balestier, developed by Techkon Commercial.

Three 926 sq ft two-bedroom units, which come with a study, have been sold at the mixed development since its launch about two weeks ago, at an average price of $1,600 per sq ft (psf). Its 30 retail units are not on sale yet.

At the freehold Ascent @ 456, 12 of the 28 units have been sold for an average of $1,477 psf as at last month, according to official data. Cosmo Loft, also a freehold project, has moved five of its 56 units for an average of $1,775 psf.

Prices of new condos in Balestier have enjoyed steady gains over the past two years, experts noted. Average prices have increased about 9.8 per cent from $1,378 psf in 2012 to $1,513 psf last year. In the first six months of the year, it rose by 2.7 per cent to $1,554 psf.

However, resale prices have eased from $1,362 psf last year to $1,256 psf in the first half of 2014.

Mr Ong Kah Seng, director at R’ST Research, said the slide was in line with the downbeat property market, as home owners prefer holding out for a better offer.

At the 104-unit Domus in Irrawaddy Road, prices have averaged $820 psf in the past year, while average monthly rents have been about $5.10 psf.

Balestier rentals have eased 4 per cent on average over the past year, as more landlords face competition from completed condos in the suburbs, said Mr Ong.

However, he predicted that owners who hold on to their units for at least seven more years should still be able to expect about 10 per cent in capital appreciation.


Good buys at Newton for under $2,000 psf

Buyers have turned their attention to the Novena and Newton area, snapping up units in condominiums such as The Lincoln Residences, Park Infinia @ Wee Nam and Rochelle @ Newton. Property agents say the renewed interest stems from the area’s affordability, considering its city-fringe location, as well as the condos’ larger unit sizes and the many entertainment and lifestyle options nearby.

On May 21, two units at The Lincoln Residences, a freehold condo on Surrey Road, off Newton Road, were transacted. One of the units was a 1,981 sq ft, three-bedroom apartment on the 22nd floor, which sold for $3.6 million ($1,820 psf). The other was a 1,884 sq ft, three-bedroom unit on the 18th floor, which changed hands for $3.29 million ($1,744 psf).

The developer of The Lincoln Residencesis Sim Lian Group. The project was completed in 2011 and contains 99 units. The property is a few minutes’ walk from United Square and the Novena MRT station. The 27-storey de- velopment comprises three-bedroom, three- bedroom-plus study and four-bedroom units as well as penthouses. The sizes of the units range from 1,281 to 3,337 sq ft.

Lyndy Sze, senior group associate direc- tor at Orange Tee, says buyers are attracted to The Lincoln Residences’ generous sizing. “Most properties in Novena and Newton of- fer small units of about 500 sq ft. The Lincoln Residences come in layouts of three to four bedrooms.” Facilities at the condo include swimming pools, tennis courts, a gym and a playground.

At $1,800 psf, The Lincoln Residences is selling at a more affordable psf price than properties such as Newton Imperial, a completed project that is selling at $2,000 psf, says Sze. The units at Newton Imperial are also large, with three-bedroom units start- ing from 1,711 sq ft. “The Lincoln Residences is a more affordable option compared with properties in Orchard. It also has full condo facilities, which are quite rare in the New- ton and Novena area,” Sze says. Launched in July 2008, only 10 units, mainly four-bed- room ones, are available for sale from the developer, she adds.

Meanwhile, on May 22, a 1,356 sq ft, three- bedroom unit at Rochelle @ Newton, a 99-year leasehold condo on Keng Lee Road, changed hands at $2.08 million ($1,534 psf). The 12th- floor unit was first sold in August 2009 for $1.46 million ($1,073 psf), which means the property saw a 43% price increase. On May 21, a 26th-floor 3,025 sq ft penthouse was sold for $4.2 million ($1,389 psf).

Developed by Sim Lian Group, Rochelle @ Newton comprises 129 units with sizes ranging from 1,012 sq ft for a two-bedroom unit to 3,283 sq ft for a penthouse.

According to Jimmy Lim, team asso- ciate director at Orange Tee, the property was completed last April and is about a few minutes’ walk to the Newton MRT station. “It has large and practical layouts. Units on the higher floors offer city views, and from some units, you can see Marina Bay Sands,” says Lim, who has sold more than 10 units since the project’s completion. There are just two units — a 1,012 sq ft, two-bedroom apartment and a 1,507 sq ft, three-bedroom apartment — available for sale from the developer, he adds.

According to listings on propertyguru. com.sg, rents at Rochelle @ Newton begin at $6,500 a month for a threebedroom unit of 1,356 sq ft, which works out to a yield of about 4%. Lim, who is also marketing units for lease at Rochelle @ Newton, says it is popular with expatriates because of its proximity to offices at United Square, Revenue House and Novena Square. It is also a short commute to the Tanglin and Holland Road area, where many embassies are located. “Some senior employees from foreign embassies are renting at Rochelle @ Newton,” Lim says.

At the neighbouring Park Infinia @ Wee Nam, two units were transacted on May 20 and 22. One was a 969 sq ft, two-bed- room unit on the 13th floor, which sold for $2.04 million ($2,106 psf). The unit was first transacted in October 2008 for $1.36 million ($1,399 psf), translating into a 51% price gain. On May 20, a 1,464 sq ft, three- bedroom unit on the eighth floor was sold at $3.03 million ($2,070 psf). It was first transacted in February 2006 for $1.42 million ($969 psf), which means prices have more than doubled since then.

Developed by Keppel Land, the freehold Park Infinia @ Wee Nam was completed in 2008 and contains 486 units. Unit sizes range from 560 sq ft for a studio apartment to 2,002 sq ft for a four-bedroom apartment that comes with a private lift lobby.

Source  – TheEdge – 12 June 2013