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Opening on June 6th, URA’s “Spaces for our Dreams” exhibition for the Long Term Plan Review put the East Region of Singapore under the spotlight. The “Long Island,” begins in Marine East and stretches to Changi on the southeast coast.
Among the many possibilities being considered for Long Island is the combination of coastal defenses and future reclamation. In order to make Singapore more self-sufficient in food and water, a new reservoir will be built. It is possible to build new communities on Long Island and connect them to the existing coastal parks and recreational areas. In the 1991 Concept Plan, the island was envisioned as a reclaimed area for seaside living and recreation.
East Coast is known for its extensive history of reclamation. In the period between the 1960s and the 1980s, reclaimed land was used to construct many of the housing complexes in the Marine Parade and Bedok South areas, including Bayshore. As a result of the land reclamation, a park of 185 acres (75 ha) and 15 kilometers of shoreline was established.
The Marine Parade HDB estate was Singapore’s first development on reclaimed ground. In 1972, the first Housing Development Board (HDB) units went up on Marine Parade, and there are now roughly 7,862 HDB apartments. An unobstructed view of the ocean and East Coast Park helped sell a five-bedroom condo in Marine Parade for $1.01 million in July. Despite the apartment being 47 years old and having just 51 years left on the lease, this was the case.
With the inauguration of the MRT stations along Phase 4 of the Thomson-East Coast Line, there is hope for even greater price increases (TEL). Phases 4 and 5, which include ten additional stations between Founders’ Memorial and Sungei Bedok, are expected to debut in 2024 and 2025, respectively.
A Radical Shift in the Status Quo
According to Bernard Tong of EdgeProp Singapore, “the completion of Phase 4 of the planned Thomson-East Coast Line (TEL) would be a game changer” in his August 20 presentation on the East Coast region. Tong made these remarks on August 20 at the NDP Master Plan Master Class webinar that focused on the Central Business District and the East Coast.
For instance, the Marine Terrace MRT Station will service the Marine Parade Estate area. The new Parkway Parade MRT Station is convenient for locals since it is just one stop away from the Marine Parade commercial district.
Not only have prices risen for HDB apartments in Marine Parade, but for HDB apartments around Singapore. There has been a similar increase on the East Coast’s private housing prices. The East Coast region is a very desirable place to live. Outside of the usual prime areas surrounding Orchard Road, Districts 9, 10, and 11, District 15 is the most desirable place to live in Singapore. It spans from Dunman Road to the intersection of Upper East Coast Road and Bedok South Avenue 1.
As a result of the area’s many attractive features, such as its proximity to East Coast Park and the beach, the eclectic charm of the conservation shophouses in the Joo Chiat area, and the availability of excellent schools, shopping centers, and restaurants, the area has recently set a record for real estate prices.
About Meyer and Mountbatten Road
Meyer Road is home to luxury condos and stately homes, while Mountbatten Road is lined with bungalows built to preserve the natural environment. Goodman Road, Branksome Road, Broadrick Road, and Wilkinson Road are all part of a private housing development located between Mountbatten Road and Tanjong Katong Road that is mostly made up of detached and semi-detached homes.
Single-family and two-family home prices in the area have surpassed $3,000 per square foot. According to caveats, a detached home on Camborne Road that on on a freehold property of 4,370 square feet sold in April for $15 million, or $3,433 per square foot. This is the highest price per square foot for a single-family home on the East Coast. The highest price per square foot for a semi-detached home in the area was $3,003 in May when home on Mountbatten Road sold for $9.05 million.
MeyerHouse and Meyer Mansion are two of the newest high-end apartment developments on Meyer Road. The 200-unit freehold Meyer Mansion by GuocoLand, which was launched in September 2019, is 88% sold at an average price of $2,646 psf. According to a caveat filed in September 2021, the highest psf price was $3,293 for the sale of a 484 sq ft one-bedroom on the 24th floor, which went for $1.595 million.
In this year, UOL Group and Kheng Leong Co. finished construction on MeyerHouse, a premium boutique condo with 56 units. The Meyer Road Playground, likewise built at the same time as the 5-story skyscraper by UOL and Kheng Leong, is conveniently placed next to it. MeyerHouse, which debuted in May 2019, is 82% sold at a median price of $2,533 psf. Only three- and four-bedroom apartments and five penthouses ranging in size from 1,873 to 5,683 square feet are available in the building.
Each apartment at MeyerHouse has its own private elevator. Three-bedroom, third-floor units start at $4.45 million ($2,374 psf), while the penthouse goes for $14.2 million ($2,499 psf). According to a caveat filed in November 2021, a 2,110 sq ft flat on the fifth floor sold for $5.9 million ($2,800 psf).
Liv@MB by Bukit Sembawang Estates, situated on Arthur Road off Mountbatten Road, is the company’s most recent project launch, and it has 298 units available for purchase on a 99-year leasehold. Seventy-five percent of the apartments sold in the first weekend after the May launch at an average price of $2,387 per square foot. According to the caveats submitted, almost 80% of the apartments have been sold at an average price of $2,397 psf.
The majority of the 298 available apartments at Liv@MB were purchased over the opening weekend. Eighty percent have been leased at a price per square foot of $2,927 thus far.
Overwhelming Response at Current Launches in East Coast
Tong claims that in the previous five years, a total of 23 residential projects have been established in the East Coast enclave of District 15. These projects include the recently completed Liv @ MB, the upcoming MeyerHouse, and the upcoming Meyer Mansion. According to data compiled by EdgeProp, over 94% of the initially available units have been purchased.
Twenty-three projects have been started in the last five years, and many of them are constructed on private property that was bought en bloc by developers. The 841-unit luxury condo complex Seaside Residences in Siglap Link was the only notable exception. As the first project to be developed on a GLS site since 2002’s 612-unit Cote D’Azur (also by Frasers Property), the project has seen a rapid uptake. Frasers Property also served as the project’s developer.
The 207,849-square-foot plot on which Seaside Residences is located was put up for sale in November 2015, as part of the government’s confirmed list for the 2H2015 government land sales (GLS) programme. The leasehold tenure for the property lasts for 99 years. The property received eight bids and was ultimately acquired by a partnership consisting of Frasers Property, Sekisui House, and Keong Hong Holdings for $624.18 million in January 2016. This works out to $858 psf ppr.
Nearly half of the units at Seaside Residences were sold in the first month of its introduction, with prices average $1,727 psf. The project is situated next to Victoria School and the soon-to-open Siglap MRT Station. The average price per square foot for units that have changed hands this year in sub-sales is $2,084.
East Coast GLS Sites
About Jalan Tembusu GLS
Next to Canadian International School, City Developments (CDL) paid $760 million ($1,302 psf ppr) in January for the GLS property on Jalan Tembusu (Tanjong Katong campus). Construction of a new private condo complex with 638 apartments is planned for the site. In November of this year, the public will be able to use a second GLS site at Jalan Tembusu, which has the potential to produce about 825 units.
About Dunman Road GLS
Meanwhile, in June, SingHaiyi Group paid $1.248 billion for a 271,622 square foot property with a 99-year leasehold on Dunman Road. There is enough room for a residential complex with 1,035 units on the land. The Dakota Circle Line MRT Station is within a five-minute walk from the location.
About Thiam Siew Avenue Land Sales
Hoi Hup Realty and Sunway Developments paid $1.1 billion for the freehold lands on each side of Thiam Siew Avenue, which they plan to develop into an 820-unit condominium building.
Thiam Siew Avenue is located adjacent to Jalan Tembusu, and in November of last year, a joint venture between Hoi Hup and Sunway Developments paid close to $1.1 billion to acquire two property lots on each side of the road. A new free-hold condo with roughly 820 apartments is planned for development on the property by Hoi Hup and Sunway Developments.
For a total of $815 million, the developer purchased the freehold land on Thiam Siew Avenue and also paid a development fee of $284 million. The land cost roughly $1,488 per square foot (psf) per plot ratio (ppr). The land rate would be $1,440 psf ppr if the anticipated cost of $39.3 m for 7% of balcony space were included. It’s going to be the biggest free-hold residential project in the East Coast region ever.
Conclusion on Upcoming Supplies at East Coast
More than 3,300 additional residences will be added to the East Coast neighborhood as a result of the four future residential developments. The majority of the properties in the projects that were released three years ago are now sold out.
One such freehold development is CDL’s Amber Park, which has 592 condos. The property, which began sales in May 2019, is 97.3 percent sold at a median price of $2,471 psf, according to reservations. One of the three 4,392 square foot penthouses sold for the highest price in both absolute and psf terms. According to the caveat, the six-bedroom penthouse sold for $13 million ($2,960 psf) in August of 2021. Tanjong Katong MRT Station, which is now under construction, will be placed close to the site by the year 2024.
Transformation at Bayshore
The government has long-term plans to deliver 12,500 new dwellings to the Bayshore area of District 16. There will be around 6,500 public housing units and another 6,500 private housing units. Approximately 60,000 square meters of the new neighborhood will be set aside for a pedestrian-only thoroughfare. According to Tong of EdgeProp, “the objective is to encourage healthy living in the East Coast region.” Commuters, cyclists, and pedestrians will be given the green light.
There will be two MRT stations, one on either end of the new area. The Bayshore station and the Bedok South station, both on the Thomson-East Coast Line, are slated to open in the years 2024 and 2025. Residents of Bay- shore Precinct will be able to cross the highway to East Coast Park and the beach through a landscaped bridge.
There will have around 12,500 dwelling units in the new Bayshore precinct, including 6,000 HDB flats and 6,500 private residences.
According to Tong, resale prices on Singapore’s East Coast have increased by 35% over the previous decade, while prices island-wide have increased by 27.5%. It’s worth noting that “East Coast prices have regularly surpassed the rest of Singapore,” he continues. Landed homes are included in this category as well as apartment buildings and condos. Future expansion in the area’s prices may be encouraged by the planned projects.