Joint venture with its partners as well as sister firms Far East Organization and Sino Group will be presenting Sino Group and Far East Organization will preview Reserve Residences at Jalan Anak Bukit off Bukit Timah on the 12th of May and will officially launch the project one week following on May 27.
“As this will be the first integrated mixed-use development that includes a transport hub located in the middle of Bukit Timah, there will be an advantage over District 21-related developments,” says Shaw Lay See who is the COO of the leasing and sales division for the Far East Organization. “However we are conscious of the need to provide value to our clients. We will therefore price our products very competitively and to be in line with market prices.”
The Myst for sale has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.
Shaw claims prices will start at $2,300 per sq ft. One-bedroom apartments that measure 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 go higher than $3 million.
The mixed-use development is planned to be merged with a transport hub that will have direct access the Beauty World MRT Station via an underground connection and a brand new bus interchange that is air-conditioned at the second floor of the planned three-storey mall Bukit V.
The design was created by Singapore’s acclaimed architect company WOHA Architects, the mixed-use development covers an expansive 32,185 square meters (346,439 sq feet) site. It is comprised of eight residential blocks, each with 732 units as well as apartments that are serviced comprising 160 units.
WOHA created It was designed by WOHA Reserve Residences as a collection of low- mid and high-rise blocks that range from 11to 32 stories. There are four distinct collections spread across eight blocks of residential 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 stunning view; Creekside Collection, with 48 exclusive units that range from three- and four-bedrooms (levels 6 to 11) as well as Treetops Collection, with 15 top units with five and four-bedrooms, penthouses and duplexes with panoramic views over The Bukit Timah Natural Reserve, or expansive view from the Bukit Timah region.
There are only five penthouses at the top in the Treetops Collection (Level 32) and range in size of 231 sqm (2,486 sq feet) and 261 sqm (2,809 sq feet).
The complex has more than 70 facilities spread across seven levels of The Reserve Residences. The facilities include everything from the 50m lap pool to an aqua gym complete with spa as well as a jogging path of 600m as well as a dog park with dining and relaxation pavilions at level 33 that have view of Bukit Timah Nature Reserve. Bukit Timah Nature Reserve as well as its surrounding.
Workpods in the Level 17 Sky Garden provide open views of the neighbourhood. Apart from the communal facilities located on 5th and 4th levels, you can find additional amenities in levels 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 the bid for $1.03 billion on August 20, 2021. The tender was a two-envelope process with a price and concept. Five bids were submitted by the 50:50 partners. that were received and were designed from different architects.
“This development is a follow-up to our success in launching One Holland Village, another large-scale mixed-use community that demonstrates the ability of Far East Organization to revitalize and transform areas to create vibrant communities that are loved by the residents as well as the general people who visit,” 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 project reached a price per square foot highest of $3,426 after the 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 to a buyer for $4.198 million.
Reserve Residences Reserve Residences is not the first mixed-use project that has transportation hub which Far East Organization has developed. The second development is Watertown located at Punggol Central, which was launched at the end of 2012, and finished in. The 992-unit Watertown condominium is located on the four-storey mall Waterway Point. It is directly connected via Waterway Point, which is connected to the MRT, LRT station, and bus interchange.
The benefits of a mixed-use integrated development
The ease of access and convenience offered by mixed-use developments that are connected to transportation hubs cannot be overstated, claims Propnex President Ismail Gafoor. In the event that the price of $2,300 per square foot at The Reserve Residences can be considered to represent 15% more expensive than the cost of a separate condominium, that’s the price of $2,070 per square foot Gafoor says. “That’s similar to the cost of a new suburban condominium within The Outside Central Region (OCR) in the present,” he adds. “But the Reserve Residences is located in the city’s fringe as well as the Rest of Central Region (RCR).”
Gafoor anticipates The Reserve Residences to achieve sales of “40% to 50%” due to the fact that more than 50% of apartments are one- or two-bedders that will draw investors’ attention. “Being an integrated project located within the Bukit Timah region of District 21 is a major draw.”
Based on the launch costs of mixed-use, completed developed developments that are integrated, PropNex’s analysis indicates that these developments could have price increases that range from 14.7% to 29.3% in comparison to residential properties.
In terms of rent prices, the distinction is more stark 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 and only release of a mixed use project connected to a transport hub in 2023.” declares Huttons Chief Executive Officer Mark Yip. In Singapore there are just 9 integrated transportation hubs (ITHs). According to the Land Transport Authority (LTA) describes them as air-conditioned bus stations that are connected to MRT stations, as well as adjoining commercial developments such as shopping malls. Six of them have been completed; Three are under construction which includes The Reserve Residences. “Buyers like developments connected to hubs of integrated transportation for their ease of use and the rarity, capital appreciation, and rentability” says Yip.
Although prices are at The Reserve Residences may start at $2,300 however, the range of prices will be quite wide due to the fact that units are available at the fourth level and go up to the 32nd floor and the wide range of units with various views, according to SRI director of operations Ken Low.
“Melting Pot made of Bukit Timah’
In the same vicinity as Jalan Jurong Kechil are two other developments: the freehold 120-unit It is called the Linq @ Beauty World by BBR Holdings and the upcoming 99-year leasehold condominium located at Bukit Timah Link owned by Bukit Sembawang Estates.
In November of last year, Bukit Sembawang paid $200 million ($1,343 psf/plot percentage) 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 plan is to opening before the end of this year.
Since the site located at Bukit Timah Link is located in near the Beauty World MRT Station exit The SRI’s Low anticipates the developer to set the price for the construction as “no less than $2600 per square foot”.
Linq @ Beauty Linq @ Beauty will be a revamp of the previously-owned Goh & Goh Building by BBR Holdings. It is a mix of residential units, as well as retail and commercial space. It will be connected via underground with the Beauty World MRT Station. The day of its launch in November 2020 the first day of launch, 120 homes (96%) of the 120 units sold for an average of $2,165 per square foot, based on caveats filed. The last unit was sold for $2,378 per sq ft in December 2021.
In March the 431 sq ft one-bedroom apartment at The Linq was sold through a sub-sale of $1.18 million ($2,741 per square foot). The buyer purchased the property for $1.007 million ($2,339 per square foot) and the capital gain that was 17.2% in just over two years and four months.
The Reserve Residences and these new developments will bring a new energy to the area once they are completed as per Low. A further renewal is possible in the event that the strata-titled owners of old mixed-use developments, such as Bukit Timah Plaza (completed in the year 1976) as well as 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 are expected to become “the melting pot of The Bukit Timah” says Low. “There aren’t any major shopping centers in the area in the moment,” he says. “In the near future you’ll have the best of both worldsthat is, a blend of the traditional and the brand new.” The new Bukit V will feature more than 20000 sqm (215,280 square feet) that will be retail spaces including the Cold Storage supermarket, F&B services, educational centers as well as medical facilities. 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 demographics of buyers who attended new projects launched within OCR and RCR, based on the profile of buyers at new project launches in 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 had a tiny percentage of less than five%.
“We believe that locals will be the main driver of demand in the Reserve Residences,” says Lim. “Given that the latest cooling measures primarily impact foreign investors, it’s unlikely to affect selling at The Reserve Residences.”
The Residences at the Reserve Residences is located within 1km of popular schools like Methodist Girls’ School and Pei Hwa Presbyterian Primary School. Highly regarded schools like 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 few minutes away.
“Given this project lies close to many high-quality schools within the Bukit Timah belt, a lot of families will find the development appealing,” says Christine Sun who is the senior vice president of research and analytics for OrangeTee & Tie.
Apart from family members, Sun expects units at The Reserve Residences to attract investors interested in renting out their properties for a longer period of time. “Such integrated developments are a great option for tenants because they can travel quickly to other areas of Singapore as the development is connected to an important transport hub such as an MRT station as well as an interchange for buses.”