SINGAPORE (EDGEPROP) – United Overseas Land Group (UOL) is releasing 300 units at Avenue South Residence, which is their latest 99-year leasehold development at the preview on Aug 30. With a total of 1,074 residential units and near to 10,000 square feet of commercial space inclusive of Food & Beverage outlets and a childcare centre, this project along Silat Avenue will be a twin tower of 56 storeys each together with five conservation four-storey apartment blocks.
Jointly developed by United Overseas Land, United Industrial Corp (UIC) and Kheng Leong Co in a 50:30:20 ratio, Avenue South Residence takes advantage of its close proximity to the upcoming 24km-long Rail Corridor and the trending Greater Southern Waterfront (GSW).
The housing units at the Avenue South Residence are segmented into three collections to accommodate varying homeowners’ and investors’ needs – the Heritage Collection, the Horizon Collection and the Peak Collection, with respective average prices of $1,780 psf, $1,980 psf and more than $2,250 psf for the initial launch. The development has a mix of one- to four-bedroom apartments ranging from 474 to 1,688 sq ft.
Around 70% of Avenue South Residence comprises of one- and two-bedroom apartments. Prices start from $858,000 for a one-bedroom unit and $1.15 million for a two-bedroom unit.
“Half of the project is priced below $1.5 million to offer buyers plenty of choice units to capitalise on the area’s growth story,” says Liam Wee Sin, UOL group chief executive. The project is expected to be completed in 2023.
The preview comes hot on the heels of the 2019 National Day Rally speech in which Singapore Prime Minister Lee Hsien Loong identified the GSW as a key project in the remaking of Singapore.
Stretching across 30km of the southern coastline from Gardens by the Bay East to Pasir Panjang, the GSW will cover 2,000ha of land – six times the size of Marina Bay and double the size of Punggol. It includes the PSA city terminals at Tanjong Pagar, Keppel, and Brani, which will be relocated to Tuas by 2027; as well as Pasir Panjang Terminal, following its relocation to Tuas Port by 2040.
On the back of this announcement, Ken Low, managing partner of SRI, says he expected the average per square feet rates of Avenue South Residence to be much higher. “We are quite pleasantly surprised by the pricing,” he says.
According to him, SRI held two investor seminars for Avenue South Residence – one prior to the National Day Rally speech and another one after. Both seminars saw full attendance. He observes: “On the ground, we are seeing very strong demand. The excitement is due to the Master Plan [for the GSW].”
He adds that the last time SRI saw such strong demand for a new launch was for J Gateway following the release of plans for Jurong Lake District in URA’s Draft Master Plan 2013.
Likewise, Ismail Gafoor, CEO of PropNex Realty, has touted Avenue South Residence as “the project of the year” due to the strong response his team has gathered in the lead-up to the preview. Like SRI, PropNex’s seminars for the project attracted a strong turnout.
With the prevailing cooling measures, Gafoor notes that buyers are more discerning and are looking for projects that present an upside: “Launches near downtown like Sky Everton also sold very well, and the demand for this area is very strong.” Furthermore, in general, new launch sales were about 6.1% more in 1H2019 than in 1H2018, despite the introduction of the cooling measures in July last year, he says.
To be clear, the GSW was already zoned by the URA in its 2013 Master Plan for long-term redevelopment into commercial and residential projects with work-live-play components. However, no details were announced then.
Even so, UOL’s Liam says the consortium saw the opportunity to be “ahead of the curve” by bidding for the 245,975 sq ft Silat Avenue site under the Government Land Sales (GLS) programme. It was the sole bidder and won the site at $1.035 billion or $1,138 psf per plot ratio in May last year.
UOL has a keen eye for identifying sites with growth potential. In the 2000s, it transformed the precincts of Novena and Tiong Bahru with projects such as 1 Moulmein Rise, Novena Suites and Newton Suites in Novena; and The Regency at Tiong Bahru, Twin Regency and Regency Suites in Tiong Bahru.
Liam sees Avenue South Residence as having the same potential to replicate this success. “There is a huge transformational story,” he says. “We like the site for its centrality, connectivity, convenience, catchment and [for being] close to nature.”
Apart from being at the doorstep of the GSW and rail corridor, the project is close to the 43ha SGH Medical Campus. It is near major expressways such as Ayer Rajah Expressway, Central Expressway and Marina Coastal Expressway.
It is also a short walk to Outram Park MRT Station, which is expected to become an interchange for three MRT lines in 2021 when Stage 3 of the Thomson-East Coast Line opens. It currently serves the North-East and East-West Lines. When the Circle Line Stage 6 is completed in 2025, Avenue South Residence will also be served by Cantonment and Keppel MRT Stations.
Meanwhile, the site has the potential to yield an estimated 1,125 units. However, the consortium decided to build 1,074 units to maintain exclusivity.
“The 56-storey towers are very carefully planned to orientate all the units in the north-south direction, with none of them looking into other units,” Liam states. “This is a feat for a 1,074-unit development and signals our conscious effort to maintain exclusivity and privacy for each and every buyer.”
Instead of offering penthouses, Liam says the consortium decided to “sacrifice” four units on the top floor in order to create The Cloud – four themed function rooms that offer unblocked views of the city skyline. The project will have more than 80 facilities including a Sky Court at the 36th floor, a Sanctuary Clubhouse adjacent to the Rail Corridor and a Gourmet Club.
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