Table of Contents
Yoichi Kaga was quite taken with the location of One-North Eden when he first saw it. The managing director of TID, a joint venture between two major real estate firms, Singapore’s Hong Leong Holdings and Japan’s Mitsui Fudosan, says, “It is surrounded by rich greenery, and there are many tech companies and R&D centers in the city.”
Kaga: There is a high demand for residential units in the onenorth region right now, so the introduction of One-North Eden is timely.
Kaga landed in Singapore ten months ago, in late June, after the “circuit breaker” had been lifted. He had previously worked in Mitsui Fudosan’s Hong Kong office.
He also paid a visit to the Sandcrawler Building, which was modeled after the fictional transport vehicle from the 1977 Star Wars film. In January, the eight-story structure was sold to US private equity firm Blackstone for $175.8 million ($726 psf).
The Sandcrawler Building in one-north, a master-planned cluster for R&D and technology firms, is undoubtedly a landmark. JTC Corp, the master maker, has dubbed One-north “Southeast Asia’s Silicon Valley.” The “greater one-north,” which includes Science Parks 1 and 2 as well as JTC’s Launchpad, a start-up center, is in the works.
National University Hospital and National University of Singapore are both linked to One-north. Insead Business School, Fairfield Methodist Primary, Essec Business School and Secondary Schools, Anglo-Chinese School (Independent), Anglo-Chinese Junior College, and United World College of South East Asia are among the nearby educational establishments (Dover Campus). The alumni club and executive center of Nanyang Technological University (NTU) are both in one-north. In Buona Vista, the Ministry of Education Building is close.
One-north is home to tech companies like Grab and Razer, as well as global corporations like Unilever. The P&G Innovation Centre is located at Biopolis and is owned by the American consumer products firm Procter & Gamble.
High Demand for Residential Units
According to a press release from Kaga, “there is currently a strong demand for residential units in the one-north area.” “This project’s launch arrives at a perfect moment. There hasn’t been a new project constructed here in 14 years, and private housing choices are limited.”
One-North Residences and The Rochester Residences became the most recent developments to open in one-north. UOL Group and Kheng Leong opened the 405-unit One-North Residences in March 2007 at an estimated price of $900 psf, and it was completely sold and completed in 2009. According to caveats filed from October to March, recent sales ranged from $815,000 ($1,520 psf) for a 592 sq ft one-bedroom apartment to $3 million ($1,124 psf) for a 2,669 sq ft penthouse. The majority of units sold for between $1,400 and $1,500 per square foot.
United Engineers opened the Rochester Residences four months later, in July 2007. The Rochester Residences, with 366 units, is part of a mixed-use plan that also comprises The Rochester Mall and Park Avenue Rochester, a 271-room full-service apartment complex. The Buona Vista MRT Station and The Star Vista Mall are just across the street from the plant.
As a result, the Rochester Residences were introduced at a higher price point than the One-North Residences, with an average price of $1,300 psf. Based on caveats lodged from last October to March, units have changed hands at rates varying from $1.28 million ($1,486 psf) for an 861 sq ft one-bedroom unit to $2.6 million ($1,396 psf) for a 1,862 sq ft three-bedroom unit.
It’s not shocking that when One-North Eden’s site was placed up for sale by tender two years ago, it was fiercely disputed. In September 2019, the tender received nine offers. With a top offer of $155.7 million, or $1,001 per plot ratio, TID won the 99-year leasehold site (ppr).
Two MRT stations, Buona Vista MRT Interchange Station (for the East-West and Circle Lines) and one-north MRT Station, are all within a 10-minute walk of One-North Eden (Circle Line). One-North Eden, which is bordered by One-North Gateway and Slim Barracks Rise, would provide residents convenient access to F&B and shopping options at The Star Vista, Rochester Mall, and the new One Holland Village.
One-North Eden consists of two 13- and 15-story residential buildings with industrial units on the first floor, including six F&B units and one retail unit.
Intended to cater to Home Owners
The project was planned by P&T Consultants in partnership with Hoshino Architects in Japan, with SuMisura from Singapore serving as the interior designer for the development’s units. At One-North Eden, SuMisura planned the sales gallery as well as one of the two showflats.
The project is on a 62,202 sq ft plot of land with just 165 units in two residential buildings of 13 and 15 stories each. Six commercial units reserved for F&B usage and one retail unit, which may act as a gourmet grocer’s, are located on the first storey of the development.
The sizes of the apartments range from 517 square feet for a one-bedroom plus sample to 1,410 square feet for a four-bedroom premium. Just 24 one-bedroom-plus-study units (14.6 percent) are available in the development, while 70 two-bedroom and two-bedroom-plus-study units, ranging in size from 689 to 797 square feet, are available (42 percent ). There are 39 three-bedroom compact and luxury units (23.6%), ranging in scale from 947 to 1,119 square feet. The remaining 32 apartments are spacious and luxury four-bedroom units ranging in scale from 1,259 to 1,410 square feet.
One-North Eden is expected to cater to owner-occupiers due to its strategic position and unit sizes, according to Kaga. In addition to being close to MRT stations, the construction is just a 15-minute drive from the CBD and Orchard Road. One-north, located in the Rest of Central Region’s District 5, was built with the work-live-play lifestyle in mind.
“The atmosphere at One-North is quite cosy,” says Kaga, referring to the campus-style office structures, park-like setting, and surrounding greenery. According to him, One-North Eden is aimed at attracting “a fresh wave of tech-savvy workers and young families.”
One-North Eden’s amenities are geared for a post-pandemic lifestyle, and the units are built for the work-from-home age. Function rooms in the construction, for example, may be used as conference rooms or work areas. Hands-free entry to the grounds is provided by facial recognition devices located in the lobby, cellar, and communal areas on the first and second storeys.
The units at One-North Eden are equipped with cutting-edge technologies. A wireless door lockset will be included in each house, as well as a Daikin Smart Hub that connects smart devices into a single-control interface for controlling air conditioning in the living, dining, and master bedrooms. The smart mirror, which has a built-in speaker and microphone, allows owners of the four-bedroom units to browse news, pictures, and their calendars.
Owners would be able to choose from a range of warm and cold color shades for the fixtures in their units. Each apartment will also be equipped with Bosch appliances and Zucchetti and Geberit sanitary wares.
One-North Eden was previewed on April 10 and will be published on April 24. TID has enlisted the services of two of the most well-known marketing firms, PropNex Realty and ERA Realty Network, to promote its project.
Strong Demand for Residential for One-North
Given that there hasn’t been a new condo launch in one-north in 14 years, Ismail Gafoor, PropNex CEO, expects take up rate to be “very positive.” “Rental demand is expected to be very high due to a scarcity of residential units in the one-north sector, which employs nearly 50,000 people,” he says.
Investors in One-North Eden should assume both rental and market growth in the coming years, according to Gafoor, who estimates rental yields of about 3%.
In February, recent rental transactions for one-bedroom units at One-North Residences ranged from $2,600 to $2,900 a month, according to EdgeProp Research. According to EdgeProp software, the larger one-bedroom units in the 800–900 sq ft range at The Rochester Residences were rented for $3,100 to $3,700 a month in February.
Prices at One-North Eden are expected to start about $1,900 psf, but given the reduced supply, Gafoor expects some of the smaller units to exceed $2,000 psf. He argues that even if prices exceed $2,000 psf, Avenue South Residence, is still a good deal. Avenue South Residence, a city-fringe initiative in District 3, debuted in September 2019, with rates for several of the mid-to high-floor apartments exceeding $2,000 psf.
Apart from developers, Gafoor is seeing demand from owner-occupiers, mostly couples buying for their own use and families with school-aged children. He anticipates that the project would be “at least twice subscribed.”
According to Nicholas Mak, head of research at ERA Realty, demand at One-North Eden is fueled in part by a fear of losing out. “After all, the production consists of just 165 units.”