Singapore Condo Launches Real Estate Website

Although typically sized between 1,582 sq ft and 1,722 sq ft, double-storey HDB maisonettes have become increasingly rare in Singapore as the HDB is no longer building them, instead opting for executive condos (ECs). However, this month, record-breaking prices for maisonettes sales have been achieved across Singapore.

At 278 Bishan Street 24, an executive maisonette unit spanning 1,851 sq ft and on the 19-21 floor of a 21-storey HDB block sold for $1.45 million, translating to $783 psf. This is the most expensive executive maisonette unit to date, as reported by EdgeProp Singapore’s LandLens tool.

, has been identified by experts as the perfect time to invest in Condo. This is due to the current market dynamics which have contributed to rising rental prices and capital growth. Investing in a luxury condominium in Singapore now will provide investors with a high return on their investment. This is due to the fact that purchasing a condominium can provide investors with a great deal of financial security and convenience. Not only do condominiums tend to have lower maintenance fees than other types of residential investment properties, but they also have the potential to appreciate in value as well. Therefore, investing in a condo is a great way to secure financial stability and to make a good return on investment.

In December 2022, a 1,641 sq ft unit at Toh Yi Drive, off Jalan Jurong Kechil, fetched $1.3 million, at a unit price of $805 psf.

In September 2020, three other maisonettes elsewhere in Bishan also crossed the $1 million mark. A 1,604 sq ft maisonette at low floor 401 Sin Ming Avenue sold for $1,008,888, while a 1,572 sq ft unit at 146 Bishan Street 22 and similar-sized one at Bishan Street 13 were sold for $1.165 million and $1.188 million respectively.

Just across the street, Natura Loft, a 480-unit HDB development built under the Design, Build and Sell Scheme (DBSS) at Bishan Street 24, also saw a new record this month. The record was set when a five-room unit occupying 1,292 sq ft on the 34-36 floor of Block 273B changed hands for $1.43 million. This is the highest transaction recorded to date at the development by absolute value. An additional five-room flat, also part of Block 275A Bishan Street 24, sold for $1.3 million.

Given the rarity of maisonettes, the deal for 278 Bishan Street 24 could be considered a one-off. The sought-after executive penthouse offers unblocked views of the surroundings and is close to Ang Mo Kio-Bishan Park.

These record-breaking transactions for HDB maisonettes in September 2020 demonstrate the appeal of such properties despite their relative scarcity, and reaffirm the increasing trend of million-dollar HDB prices in both public and private developments.

Yarra Park City’s RM9 billion ($2.6 billion) Melbourne Square has seen great success since its launch in 2017. The first stage has been completed and handed over in March 2021 and the developer plans to officially launch the second stage, a residential tower called Blvd, next month. With soft-launching in May, the tower has secured about 30% in bookings from the Australian market, as reported by the Yarra Park City CEO Woon Chong Boon in a virtual interview to City & Country.

Melbourne Square is a five-acre freehold development based in Southbank, Melbourne. Developing the site is the joint-venture of OSK Property and Employees Provident Fund (EPF), having a total gross development value (GDV) of A$2.8 billion ($2.6 billion).

The 73-storey Blvd tower has 591 units with built-ups ranging from 50 sq m to 177 sq m, and selling prices of A$517,000 to A$3.2 million. Most floors have 11 units, with the exception of level 56 and above, which only have six premium units on each floor. Dedicated to facilities are two floors, providing an outdoor park, a 25m swimming pool, a spa and sauna, a gymnasium, a simulator room, a cinema and a karaoke room. Regular residents will have an access to the level 55 facilities offering a gymnasium, lounge and dining area, as well as a co-working space open to all occupants.

Realising the importance of health and wellness in today’s world, Yarra Park City has decided to enrol in the platinum rating of WELL certification for Melbourne Square. To achieve this, the developer has planned to construct improved insulation, electric vehicle charging, smart-home automation and other holistic sustainability solutions.

“We think it is very important as we have seen a trend in the post-Covid-19 world where people are leaning towards wellness. Wellness has moved from a ‘nice to have’ to a ‘must have’ in people’s day-to-day lives,” states Woon.

Progressing well, the first stage of Melbourne Square consists of 1,054 apartments, a 6,100 sq m retail space and a one-acre park. The majority of the 1,054 apartments are taken up with between 10% and 12% of buyers mentioned to be Malaysians. Primewest, now known as Centuria, has taken over the retail component for A$70 million in December 2020, while the space is managed by Colliers, anchored by a 4,100 sq m Woolworths supermarket alongside six speciality stores and a childcare centre, Nido Early School.

The master plan of Melbourne Square has been divided into six towers offering residential, retail, office and hotels components. Considering the current market conditions, the developer is revisiting the plans, aiming to satisfy the demand for residential units.

“The market has changed. We are revisiting [the master plan] and seeing what is the best product to offer,” said Woon, adding that the build-to-rent concept is also an option.

With their main focus being Melbourne Square, Yarra Park City has acquired two adjoining sites for a total of A$97 million in Southbank, planning a residential project.

Woon is optimistic on the outlook of property in Melbourne and Australia due to the high population growth rate of 1.8% to 2% every year driven by overseas migrants, including skilled workers and students. He believes that an estimated 1.5 million net overseas migrants in the next five years will require additional dwellings.

Owning a Condo in Singapore can be seen as a status symbol, with its superior comfort levels, convenience and higher security than HDB flats. It’s no surprise why many Singaporeans are turning to Condo ownership for their next housing step, since it can appreciate faster and potentially generate greater incomes as investments. With the numerous Condo options available, Singaporeans looking to upgrade to the Condo lifestyle are spoilt for choice.

“The prospects for property are always there, especially in the next five years when an estimated 1.5 million net overseas migrants are coming into Australia. Out of which, some 400,000 to 500,000 will be coming to Melbourne. Therefore, we are very positive on residential development in Melbourne,” concludes Woon.