Marine Parade Central and Parkway Parade shopping mall is changing the face of East Coast – Copen Grand EC at Tengah Garden Walk By CDL & MCL Land (Hot Launch 2022)

Freehold development charge payable of about $20,886,880 translate to a land price of $2,052 psf ppr

The East Region of Singapore came to the forefront at URA’s most recent display for Long Term Plan Review titled “Spaces for our Dreams” It was launched on June 6. One of the exhibits can be”Long Island” “Long Island” which stretches between Marine East to Changi along the coast of Southeast.

One of the options being investigated to develop a plan for one of the options being studied for Long Island is the integration of coastal protection measures into the possibility of future reclamation. This could include the creation of the new reservoir in order to improve Singapore’s resilience to water and food. Long Island Long Island can also be constructed for new housing and integrated into beaches and parks as well as recreational areas. It was first thought of as a reclaimed beach for housing on the waterfront and leisure facilities as part of the Concept Plan.

There’s been a long tradition of reclamation within areas like the East Coast area. The majority homes in the estates located in Marine Parade and Bedok South and Bayshore, as well as Bayshore which was built on reclaimed land between the 1960s through the 1980s. Its 185 ha East Coast Park with its 15km of coastline was built in the course of reclamation.

Marine Parade is the very first HDB housing estate to be built on land that was reclaimed in Singapore. First HDB blocks were constructed at Marine Parade in 1972; up to the present there are around 786 HDB flats. The month of July saw a five room flat located in Marine Parade with an unblocked view of the ocean along with East Coast Park was sold for $1.01 million. The flat was 47 years old and had a the remaining lease period of 51 years.

One of the main reasons to be optimistic is the prospect of an additional price increases following the opening to MRT stations of the Phase 4 phase of the Thomson East Coast Line (TEL). The new stations of 10 that constitute the phases 4 and 5 starting from Founders’ Memorial up to Sungei Bedok, are scheduled to begin operating between 2024 or 2025.
‘Game changer’
“The conclusion of the phase 4 of the Thomson East Coast Line (TEL) is an exciting event,” says Bernard Tong who is the director of EdgeProp Singapore in his presentation on the East Coast area on Aug 20. Tong was speaking at the conclusion of the NDP Master Plan Master Class webinar series on August 20 that concentrated on the CBD and the East Coast.

Marine Parade Estate, for instance, will be serviced via Marine Terrace MRT Station. Marine Terrace MRT Station. Residents will also be able to benefit from the brand new Marine Parade MRT Station just one stop from Parkway Parade shopping mall.

It’s not just HDB flats located in Marine Parade that have seen price rises. The prices of private houses in East Coast neighbourhoods East Coast have also seen rise. It is no surprise that the East Coast neighbourhood is one of the most sought-after residential regions. District 15, that extends between Dunman Road to the intersection with Upper East Coast Road and Bedok South Avenue 1, is widely regarded as the best residential area outside of the district of Orchard Road, namely Districts 9, 10 and 11.

The closeness the East Coast Park and the beach, the diverse appeal of the shophouses in conservation within Joo Chiat, the quaintness of shophouses in Joo Chiat region or the amenities that range including malls, schools and a many eateries, new record prices can be set by the neighborhood.
Meyer Road, Mountbatten area
In the luxurious area in Meyer Road are high- luxury mansions and condominiums with conservation bungalows on Mountbatten Road. On the other hand, Mountbatten Road and Tanjong Katong Road is a private estate housing mainly semi-detached and detached homes like those on Goodman Road, Broadrick Road, Branksome Road and Wilkinson Road.

The prices of detached and semi-detached homes in the area have surpassed $3000 per square foot. A detached home on Camborne Road sitting on a 4,370 square foot freehold site has been sold on April 15th for $15.5 million, or $3,433 psf according to caveats filed. It is the highest PSF price for a detached property in the prime East Coast area. The property was sold in May. semi-detached home located on Mountbatten Road was sold for $9.05 million, or $3,003 per square foot this was the most expensive psf value that was achieved for this segment of housing in the area.

New luxury condominiums within Meyer Road. Meyer Road neighborhood comprise MeyerHouse in addition to Meyer Mansion. The project was launched in September of this year. The 200-unit, freehold Meyer Mansion by GuocoLand has an 88% sold for an average of $2,646 per square foot. The most expensive psf value achieved was $3,293 per square foot, which was the purchase of a 4,84 square feet one-bedder at the top of 24th Floor, which brought $1.595 million, as per the caveat filed in September of 2021.

MeyerHouse MeyerHouse luxury boutique condominium built created by UOL Group and Kheng Leong Co has been completed this year. The five-storey development is situated close to Meyer Road Playground, which was also constructed simultaneously through UOL together with Kheng Leong. The project was launched in May of 2019. MeyerHouse is currently 82% sold with an average of $2,533 per square foot. The development is comprised of just three- and four-bedroom homes and five penthouses that range in size from 1,873 sq feet to 5,683 square feet.

The units at MeyerHouse have a exclusive lift. Prices vary between $4.45 million ($2,374 per square foot) for the 1,873 square feet three-bedroom apartment on the third floor up to $14.2 million ($2,499 per square foot) for the penthouse. The highest price per square foot was the price of the 2,110 square feet unit on the fifth floor , for $5.9 million ($2,800 per square foot) in the month of November 2021 according to a caveat that was lodged at the time.

The most recent launch of the project was the 298-unit 99-year leasehold Liv@MB by Bukit Sembawang Estates. The estate is situated in Arthur Road just off Mountbatten Road. It was officially launched in May. 75% of the units were occupied in the first weekend, at the average of $2,387 per square foot. Up to date, approximately 80% of units have sold at the average price of $2,397 per sq ft Based on caveats that were lodged.

A majority of% of the projects that have been completed have been sold.
In addition to these three projectsthree projects namely Liv @ MB, MeyerHouse and Meyer Mansion In all, there were 23 residential developments which were built within district 15 in the East Coast enclave of District 15 in the last five years, according Tong. More than the 94% of the units that were launched have been sold as of according to EdgeProp Landlens analytics.

The majority of the 23 developments that were launched in the past five years were built on private property bought en bloc by developers. One exception was Seaside Residences which was an 841-unit condominium that is privately owned by Siglap Link. The project was launched through Frasers Property in 2017, the project had a high response rate, as the previous project launched on an GLS site preceding that one was the 612-unit Cote D’Azur in 2002. It was designed through Frasers Property.

Seaside Residences is situated on a 207.849 sq feet 99-year leasehold site which was put up to be sold in November 2015 according to the list of confirmed properties in the 2H2015 government land sales (GLS) program. The site attracted eight bids and was bought at $624.18 million, or $858 per square foot in plots per ratio (psf or ppr) in January of 2016 by the highest bidder, a consortium comprised comprising Frasers Property, Sekisui House and Keong Hong Holdings.

In the first month following the project’s launch, more than 50% of the units in Seaside Residences were sold at prices that averaged $1,727 per sq ft. The development is just a few steps away from the soon-to-open Siglap MRT Station, and right next to Victoria School. The units that were sold as subsales this year have been sold for an average of $2,084 per sq ft.
GLS sites on the East Coast
The month of January saw City Developments (CDL) paid $760 million ($1,302 psf per ppr) in exchange for the GLS site located at Jalan Tembusu, located next to the Canadian International School (Tanjong Katong campus). The site is expected to be transformed into a private condominium, with 638 housing units. Another GLS site located in Jalan Tembusu that could produce around 825 units, is expected to open in November of this year.

In the meantime, SingHaiyi Group had purchased the 271,622 square feet 99-year leasehold site located at Dunman Road for $1.248 billion in June. The site could be developed into a 1,035-unit residential project. The site is situated in a 5-minute walk from Dakota MRT Station. Dakota MRT Station on the Circle Line.

The closest thing to Jalan Tembusu is Thiam Siew Avenue, where two land parcels located on both sides that road bought in a single transaction through a joint venture of Hoi Hup and Sunway Developments in November last year for close to $1.1 billion. Hoi Hup and Sunway Developments are expected to construct an upcoming free-hold condominium that will have around 820 units located on the site.
New supply
The freehold site located at Thiam Siew Avenue fetched $815 million and the developer making an extra $284m development charges. The cost of land amounts to around $1,488 per square foot per ppr. If the estimate of $39.3 million worth of seven% balconies are included in the price, then the total land cost would be $1,440 psf per ppr. It is the largest free-hold residential development ever completed within the East Coast area to date.

Together, the four planned residential developments will bring over 3,300 homes into the East Coast neighbourhood. A majority of the developments that were which were announced three years ago have sold well.

The freehold 592-unit project, Amber Park by CDL is an illustration. It was launched in May of 2019. the development is 97.3% sold at a median of $2,471 psf according to caveats filed. The most expensive absolute price and psf attained was for one three penthouses that totalled 4,392 square feet. The penthouse with six bedrooms was worth $13 million ($2,960 per sq ft) at the end of August in 2021 as per an order to caveat. The development is close to the soon-to-open Tanjong Katong MRT Station, that is expected to be completed in 2024. Upcoming Bayshore precinct.

In the Bayshore district in District 16, the government is planning to build 12,500 homes over the course of the long term. Around 6,000 of them units will comprise public housing, and an additional 6,500 units will be residential units for private owners. The new area of 60,000 square meters will feature an open-air main street. “The goal is to encourage healthy living within this East Coast area,” says EdgeProp’s Tong. “Priority is given to cycling, walking and public transportation.”

The new precinct will serve with two MRT stations that are located at either the end. The first station is located at the Bayshore station, while the other station is that of the Bedok South station, both along the Thomson East Coast Line. They are set to open between 2024 or 2025. Additionally, there will be an aesthetically designed bridge that will bring residents of the Bayshore shore Precinct across the expressway to East Coast Park and the beach.

Tong states that in the last decade, re-sale rates in the East Coast area have appreciated 35% in comparison to Singapore’s rest of Singapore has seen average prices increase 27.5%. “East Coast property prices have always beat the rest of Singapore,” he adds. “It’s not just the condominiums or condominiums that are the problem, it’s also also the land homes also.” The coming developments could further fuel growth in prices in the area.