Rabu, 31 Agustus 2011

Enbloc news: Riviera Point

Riviera Point, a freehold site located along River Valley Road, was yesterday launched for sale by tender.

The site, which has a land area of 14,580sqft, can be redeveloped into a new project that could yield gross floor area (GFA) of 49,303sqft and a gross plot ratio of 3.38.

Given a guide price of $70 million, marketing agent Knight Frank said this works out to $1,420psf ppr.

With an additional 10% balcony area, the land price could be lowered to $1,353psf ppr, based on the potential GFA of about 54,233sqft.

No development charge is payable.

Ian Loh, associate director of Investment for Knight Frank, said: “With its close proximity to the main shopping belt at Orcahrd Road, the new financial hub at the Marina Bay Financial Centre and the entertainment hotspots along the Singapore River, the site is ideal for boutique city living developments.”

Riviera is within walking distance to Somerset MRT Station; prominent developments in the vicinity include Devonshire Residences, The Boutiq, 313 @Somerset, Orchard Central and Triple One Somerset.

The tender for Riviera Point closes on Sept 29, 2011 at 3pm.
Source: The Business Times

Given its location, the “bite size” price ($70 million) and zero development charge, the wife and I reckon that we will probably hear from the marketing agent on the status of this collective sale after the tender closes.


Selasa, 30 Agustus 2011

New project info: The Meyerise

Hong Leong Holdings will be holding previews for a new freehold residential project in the East Coast area called The Meyerise in September, with prices starting from $1,400psf.

Located at Meyer Road, The Meyerise will have 239 units spread across two 31-storey blocks. There will be two, three, four and four-plus-one bedroom apartments, with sizes ranging from around 880sqft to 2,055sqft.

Most of them, or 120 units, will be three-bedders. Two-bedders make up the next biggest category with 60 units. The project is expected to achieve temporary occupation permit in October 2016.

The Meyerise is near East Coast Park and Playground@Big Splash. It is also in the vicinity of retail spots such as Parkway Parade and 112 Katong.

There are several schools nearby, including Tao Nan Primary School. Chung Cheng High School, Dunman High School, Victoria School and Victoria Junior College.

The Meyerise will be a “lifestyle enclave that allows residents to forget the stresses of city living while embracing the finer things in life”, said Hong Leong Holdings head of sales and marketing Betsy Chng.

The East area is popular with home seekers who aspire to seaside living and several new residential developments are coming up. At one of them, Silversea, units changed hands for $1,547-2,205psf in July and August, according to caveats lodged.
Source: The Business Times


Senin, 29 Agustus 2011

Slower growth for resale home prices in July

Overall prices of resale non-landed homes crept up marginally last month, largely fuelled by a stronger rise in prices of so-called shoebox units.

But even prices of these tiny homes, typically about 500sqft or less, rose at a more subdued pace of 1.4%, compared with 2.4% in June.

Flash estimates for the Singapore Residential Price Index (SRPI), which monitors transactions of non-landed completed projects, indicated overall price growth of just 0.2%, lower than the 0.7% recorded in June.

Ms Petra Blazkova, head of Singapore and South East Asia research at CB Research Ellis, said she has observed a dip in demand for small homes.

But she added that this fall in interest might be a blip caused by uncertainties brought on by the economic crises in the United States and Europe.

“In the long term, we will continue to see more interest, possibly until 2012. The supply of such homes remains steady and smaller units are seen as a more affordable class of property for those who are interested in putting their money in property,” said Ms Blazkova.

Knight Frank’s research head, Mr Png Poh Soon, agreed. He said property buyers may also be banking on the long-term potential of such homes, especially if they are in good locations, such as the upcoming commercial hub in Paya Lebar.

Prices of suburban homes were fairly stable, moving up 1.2%, unchanged from the previous month, while prices of homes in central districts declined by 1.3%.

While the figures indicate that buyers are still keen on resale suburban properties, analysts anticipate that revisions to the income limits set for public housing will dampen that demand.

The higher income ceiling will allow more home hunters to buy HDB flats.

Many industry experts say the true effects of this policy change will probably be felt when newer public housing projects are rolled out.

They said that in the next few months, prices of resale homes could reflect a shift to public housing from buyers who would have otherwise chosen to purchase private property.

Market watchers say the latest 0.2% rise in resale prices is a good sign, and indicates that the market is finding some balance despite the uncertainties clouding buyer sentiment.

Some buyers are more cautious about what their next move will be.

However, Mr Png said he has observed another group of home purchasers who are taking advantage of what they deem to be a good investment opportunity.

“(This) group is made up of people who still believe that with interest rates remaining low, property is a less volatile investment than putting money into the stock market.”

“Even if prices drop, these people will hold on and rent their apartments out.”

Dr Chua Yang Liang, head of research at Jones Lang LaSalle South-East Asia, expects slower growth of prices in line with doubts over global economic conditions.

Although he expects the resale market to face some fluctuations, he said it is likely prices for this segment will stabilise throughout the rest of the year.

Dr Chua said prices for both new and resale property might appreciate between 1.5 and 2% in the remaining quarters, growing 7% for the whole of 2011.
Source: The Straits Times


Minggu, 28 Agustus 2011

Project Spotlight: Kovan Residences

The newly completed Kovan Residences saw an increase in transactions from Aug 1 to 8, with three units at the suburban condominium changing hands in that period. Prices achieved were in the range of $1,085 to $1,267psf.

The fully sold 512-unit Kovan Residences was developed jointly by Centurion Properties, the majority stakeholder, in collaboration with construction group Lian Beng, which held a 19% stake. The 99-year leasehold Kovan Residences is located across the street from Kovan MRT station on the North East Line. Nearby amenities include the Heartland Mall shopping centre, the Chomp Chomp Food Centre, as well as primary schools Paya Lebar Methodist Girls and Xinghua Primary. International schools such as The Australian International School amd The French School are also within a short driving distance.

There is a mix of unit sizes within the project, with the smallest being two-bedroom apartments of 883sqft, three-bedroom apartments from 1,259sqft, four-bedroom units from 1,173sqft (* we believe this is a typo and should be 1,713sqft) and penthouses from 2,400sqft. At its launch, more than 50 units were sold at a private preview at average prices of $870 to $900psf, while penthouses fetched quantum prices of $2 million to $3 million.

Matthew Chan, associate branch director at Propnex Realty, says Kovan Residences’ convenient location, large units and proximity to schools attract mostly families with children. “It’s also in a landed housing enclave, hence some of the high-floor units enjoy unobstructed views, “says Chan. “Another convenience for residents is NEX mall, which is just one MRT stop away.”

As such, 80% of buyers of units at Kovan Residences are said to be Singaporeans, while the remainder are made up of Indonesians, Malaysians and mainland Chinese. The project attracts mainly owner-occupiers, observes Chan, who brokered the sale of seven units in the development.

The property is also popular among French and Australian expatriates, given the proximity to their respective international schools, adds Chan. According to listings on propertyguru.com.sg, rental rates of three-bedroom units are hitting $4,300 per month, while the larger four-bedroom units can command as much as $7,000 a month. Based on current transaction prices and rental rates, gross yields are estimated at an average of 4%, says Chan.

He reckons Kovan Residences’ larger units compared with neighbouring condos offer better value for money for buyers. As the latest condo to be completed in the immediate neighbourhood, Kovan Residences will also likely generate greater interest. The neighbouring condo, Kovan Melody, was completed five years ago.

The 778 unit, 99-year leasehold Kovan Melody was launched back in 2004 at an average of $520psf. Based on the latest resale transactions captured by URA Realis, units changed hands at record highs for the project, hitting $1,148psf last month.

Based on the latest transactions recorded in early August for Kovan Residences, a 947sqft, sixth-floor, two-bedroom unit changed hands for $1.2 million ($1,267psf). The seller had purchased the unit in July 2008, when the project was first launched for close to $807,000 ($852psf). The seller enjoyed a 48.7% capital gain in three years.

Meanwhile, a 1,442sqft, three-bedroom plus study unit on the ninth floor was recently sold for $1.62 million ($1,123psf). The seller had purchased it in May 2009 for $981,000 ($680psf). Hence, the seller enjoyed a 65% appreciation in two years.

A third unit, an eighth-floor apartment measuring 1,862sqft and with four bedrooms, was recently transacted at $2.02 million ($1,085psf).

The wife and I had seen Kovan Residences twice thus far, once during its initial launch back in 2008 and then again in early-2010. While we really liked the layout of the 3- and 4-bedders, we were put off by the numerous bay windows and large balcony/planter spaces within the units. Even the bathroom toilets have bay windows!

And for those who are interested, below are the latest transacted prices for both Kovan Residences and Kovan Melody. 
Kovan Residences & Kovan Melody - Transacted Prices


Sabtu, 27 Agustus 2011

Update on Singapore property market: August 2011

Here is the latest report courtesy of Citigold and Mr. Nicholas Mak.

SGP Mkt Update - Aug 2011


Kamis, 25 Agustus 2011

Did someone ask about Suites de Laurel?

The wife and I were travelling along Jalan Anak Bukit this morning and managed to snap this picture of the Suites de Laurel site.

The project has very little frontage to speak of, while the outer stacks are definitely waaaay too close to the main road/flyover for our liking. So we maintain our initial view that many of the units will be noisy.

We apologize for the awkward photo angle - we were trying to capture as much of the project as we can from the inside of our car while sitting in traffic.

Click on below link to check out our previous review of Suites de Laurel:

Have a great weekend and vote wisely!


Project Spotlight: Latitude

Latitude, a high-end condominium located on Jalan Mutiara in the prime River Valley area, has seen a spike in transactions since late July. The 127-unit freehold condo by giant listed developer CapitaLand was completed late last year. Caveat data downloaded from URA for the period from July 26 to Aug 2 saw four caveats lodged for the sale of four 4-bedroom units sized at 2,766 to 2,928sqft. The quantum prices achieved ranged from $5.84 million to $6.15 million, or an average of $1,944 to $2,224psf.

Latitude comprises three towers, with a 22-storey tower and two 23-storey towers. Units comprise a mix of two- to four-bedroom apartments and four-bedroom penthouses. Two-bedroom units measure 1,324sqft, and penthouses measure 5,317sqft. The property is in the prestigious District 10, just five minutes' drive from the Orchard Road shopping belt.

In 4Q2007, CapitaLand sold 10 units at Latitude in the first phase of release. Prices achieved then, which in hindsight was the peak of the property boom, ranged from $2,500 to $2,800psf. With the spectre of the US subprime crisis and credit crunch affecting stock markets, market sentiment changed in early 2008, and many developers held back the launches of their high-end projects. According to caveats lodged with URA Realis, only one unit at Latitude was sold in 2008 - to a buyer with an HDB address. It was the sale of an eighth-floor, two-bedroom unit for $3.29 million ($2,487psf).

In 2009, in the aftermath of the global financial crisis and as home buying demand picked up, 48 units at the Latitude were sold, marking the largest number of units sold in a year since its launch. Prices of units sold ranged from $1,640psf for a two-bedroom unit to $2,305psf for a four-bedroom apartment. In 2010, there was a mix of new sales and sub-sales, with prices ranging from $1,738psf for a three-bedroom unit to $2,318psf for a penthouse unit.

Transactions achieved so far this year ranged from $2,504 to $2,239psf, according to caveats lodged with URA Realis. Marketing agents focusing on high-end condos in the prime districts of 9, 10 and 11 consider Latitude an attractive choice among investors and owner-occupiers. Four-bedroom units at Latitude command rental rates of about $15,000 a month, says Vivienne Koo, associate director of Tristar Properties. Thus, investors can achieve rental yields of 3%, which is higher than the average 2% to 2.3% for luxury properties in the prime districts, she adds.

"The Grange, for example, commands similar rents of about $15,000 a month for a four-bedroom unit, but its quantum price is also much higher," says Koo. According to listings on PropertyGuru.com.sg, a four-bedroom unit at The Grange, located off Grange Road, is priced at $6 million, or $2,800psf.

Another attraction for most potential home-owners and investors is the size of the four-bedroom apartments at Latitude. While most new luxury properties have four-bedroom apartments of about 2,300sqft, those at Latitude are close to 2,700sqft. " You can't really find such large sizes in the prime districts anymore, as many of the condominiums built in the old days that feature such large sizes have been sold en bloc, torn down and rebuilt into smaller units," says Koo.

The units have quality furnishing, spacious kitchens and good layouts, observes Koo. As such, more than half the buyers at Latitude are own-occupiers, and investors make up the rest. Most of the buyers are foreigners, with the project being especially among Indonesians and mainland Chinese. Some of these buyers, especially Indonesians, have purchased two or three apartments to be amalgamated into one large unit to accommodate their extended families. " This is something that you don't usually find in condominiums here in Singapore," she says.

The wife and I understand that about 80% of units in Latitude have been sold thus far. So CapitaLand have already made their millions on this project and should be in no hurry to sell off the remaining units. And given the uncertain economic climate and bloodshed seen at the stock markets recently, we will be very surprised if unit at Latitude crosses the $2,200psf mark again in the next couple of months (at least)...

Rabu, 24 Agustus 2011

The Villa Arsenia in Bacoor Cavite

A Short Distance from Mall of Asia, St. Dominic College, SM Bacoor, Puregold and Bacoor Medical Hospital...



Joselle Model (Townhouse) @ P1.1M
As Low as P6,500 Monthly Amortization!
Erika Model ( 2Storey) @ P1.8M
  Sofia Model (2Storey) @ P3.8M
Patricia Model (2Storey) @ P3.6M
Jessrene Model (2Storey) @P2.6M 
Jasmine Model (2Storey) @ P2.6M

House Details:

Joselle Model: Lot Area-36sqm./ House Area-43sqm.

Jessrene Model: Lot Area-66sqm./ House Area-52sqm.

Jasmine Model: Lot Area-66sqm./ House Area-54sqm.

Erika Model: Lot Area-66sqm./ House Area-43sqm.

Sofia Model: Lot Area-88sqm./ House Area-90sqm.

Patricia Model: Lot Area-88sqm./ House Area-82sqm.

Estimated Price for JOSELLE UNIT:
Lot Area-36sqm-75sqm
House Area-43sqm w/ provision for expansion

Reservation Fee-P10,000
Required Downpayment-P210,449 payable in 18 months
First 18 Months-P11,692
Monthly Amortization (max) 30yrs.-P6,500

For Free House Tripping, Call:

Moniq J. Festin
Licensed Real Estate Broker
Registration Number:0003549

The Heneral Uno in Gen. Trias Cavite

 Is an hour from Edsa, Pasay and Mall of Asia Complex via CAVITEX and 40 minutes from Alabang via Daang Hari...






House Features:

Provision for Carport
Expansion area good for 2 Bedrooms 
Steel Casement Windows
Panel Door at Main
Plastered and Painted exterior and interior walls
Laundry and Service Area
1 Toilet and Bath


Multipurpose Hall
Wet and Dry Market

Daycare Center
Basketball Court
Main Entrance
Open Spaces

Sample Computations:

Option 1: EMILIO Model (Duplex):

Lot Area-57sqm
House Area-21.25sqm
Estimated Price-P400,000
Reservation Fee-P2,500
Required Downpayment-P31,704


Option 2: ANTONIO Model (Single Attached):

Lot Area-72sqm
House Area-28.75sqm
Estimated Price-P617,000
Reservation Fee-P5,000
Required Downpayment-P51,600




Moniq J. Festin
Licensed Real Estate Broker
Registration Number: 0003549
www.wowhouses.blogspot.com (click older posts)
Contact Numbers:  
Direct Line: 02-9852137

Selasa, 23 Agustus 2011

Build (more) and they will buy...?

A study by Savills Singapore has put some hard numbers to the big lure of small apartments. Developers have been squeezing out more units on sites bought at state land tenders in recent years than was initially estimated.

The study was based on 51 private housing sites including seven executive condo (EC) plots sold under the 2006-2010 Government Land Sale (GLS) Programme and took in projects launched up to Aug 10 this year.

The total number of private homes actually generated on these sites will exceed the GLS Programme estimates by about 11%. Excluding EC sites, the surplus supply is slightly higher at 12%.

Urban Redevelopment Authority’s spokesperson said: “The estimated number of residential units in the GLS announcement is intended to serve as a guide only.”

Once developers that have bought sites at state tenders receive planning approvals, URA uses actual supply numbers for estimating pipeline supply.

Savills’ study shows that the supply from projects on each of the 8 sites exceeds the supply estimate in the GLS Programme by more than 40%. Savills found that a substantial portion of units in these developments are below 800sqft, and in some cases, even under 500sqft.

While shoebox units have fuelled the trend of developers minting more units in their projects, this was mitigated by ECs where units are larger. The government began selling EC land in 2010 after a five-year hiatus.

Another finding in the study is that the trend of producing “surplus” units over the GLS Programme supply estimate gathered momentum after 2007. Private residential sites tendered under the 2007 GLS Programme generated just about 3% more units than estimated in the Programme. This surplus increased to 9% for sites sold in the 2008 GLS slate, 14% for 2009 plots and – if EC sites are included – 15% for 2010 GLS sites. If EC sites are excluded, the last figure would be 19%.

Savills highlighted that projects with more than 40% “surplus units” generally have a substantial portion of small units. And 5 projects on sites sold under the 2006 -2010 state land sales programmes will yield at least 50% more units than the state’s estimates for these sites indicated in the respective Government Land sale (GLS) Programmes.
Source: The Business Times

Given the huge disparity between actual and estimated number of units generated, one should not be too surprised by the rising figure for unsold new private homes in the supply pipeline...


Seastrand (Review)

Project Name:   Seastrand
Tenure:   99-year leasehold w.e.f 3rd Jan 2011
Location:   Pasir Ris Link
District:   18
Site Area:   215,281sqft
TOP (estimated):   31st Dec 2016
Total Units:   473 apartments + 2 commercial shop units
No. of Blocks/Storey:   10 (7 Block of 11-Storey and 3 Blocks of 12-Storey)
Car Park Lots:   473
Developer:   Far East Organization/Fraser Centrepoint Homes

The wife and I visited the sales gallery of Seastrand over the weekend. This is the latest project jointly developed by Far East/Fraser Centrepoint located in Pasir Ris. The two developers are also responsible for the “Waterfront Collections” along Bedok Reservoir Road.

Seastrand is located on a huge plot of land of about 215,000sqft at the intersection between Pasir Ris Drive 3 and Pasir Ris Drive 4. The main entrance, however, will be on Pasir Ris Link – this is a new road that will be built specially for the project.

The 99-year leasehold project has a total of 473 apartments spread across 10 blocks. It offers a mix of 1 – 4 Bedroom unit types:
• 1-Bedroom (159 units):   581 – 663sqft
• 2-Bedroom (113 units):   914/1001sqft
• 3-Bedroom Compact (98 units):   1133 – 1241sqft
• 3-Bedroom (83 units):   1195 – 1300sqft
• 4-Bedroom Compact (20 units):   1321sqft

A unique feature of Seastrand is that there are no penthouses, while the 4-bedder compacts are effectively 3+Study units.

Facility wise, Seastrand offers everything that one will come to expect from a full-facility condo (tennis court inclusive) and then some. The facilities are spread over the ground level as well as on the 3rd floor, i.e. the rooftop of the multi-storey carpark that wraps around the project. Of particular note are the Water and Strand Villas alongside the Strand Pool – these are outdoor function areas that come with their own Jacuzzis.

Parking lots are available within the 3 levels (basement, 1st and 2nd) of multi-storey parking, which forms an u-shape around Towers A – H. This allows residents to access their vehicles directly from their blocks, which is especially helpful during rainy days. The only exception is Tower J, which is not connected to the multi-storey carpark. Residents here will probably have to make do with “open air” surface parking that is located below their block.

There are three showflats in the sales gallery, showcasing the 1-, 2- and 3-bedroom units. We shall focus on the 1195sqft, 3-bedroom apartment (Type C1b).

However, do note that the floor plan below is NOT that of Type C1b – we were unable to obtain the floor plan for this unit type during our visit. We have included the floor plan for Type Cc1b instead, which is actually the 3-Bedroom Compact with the same layout as Type C1b. The only differences are that for Type Cc1b, Bedroom 3 is smaller and there is no bathroom in the yard area.

As you enter the main door, the dry/wet kitchen is on your left. A dining table that sits 6 (barely) is incorporated into the dry kitchen area, which is actually quite a good idea as it frees up space in the living area.

The wet kitchen (more like the typical kitchen to us, since the so-called “dry kitchen” is not exactly a kitchen per se) is L-shaped and comes with nice solid surfaced worktop, full set (top/bottom) of kitchen cabinets and even a dish drying rack. The developers have also thrown in Delizia hood/hob, Ariston Oven and Microwave and Samsung fridge for good measures.

The yard has barely enough space for laundry, but we quite like the idea of having a wash basin here – this will come in handy for items that need “hand washing”. The washing machine cum dryer (provided) is tucked nicely beneath the kitchen worktop, which frees up space in the yard. A large window provides ample natural lighting and ventilation to the yard area, which also houses the home shelter and a bathroom.

And speaking of home shelter, this is a small rectangular strip of an area, which means that you probably need to customize the bed if you intend to use this as the maid’s room. Another option is a “pull down” bed as illustrated in the showflat. The home shelter is fully enclosed so your maid will have to leave the door open to avoid suffocation while sleeping.

The living/dining area is rectangular shaped and of decent size (relative to the apartment size). It comes with 2.9m ceiling height (3.15m for ground floor units) and for flooring, you have a choice of “warm” theme (60cm x 30cm marble slabs in darker beige colour) or “cool” theme (60cm x 60cm porcelain tiles in lighter beige colour).

The balcony is also rectangular in shape and rather sizable (we reckon 100sqft). Some will probably like the idea of a huge balcony area but we felt it’s a tad… extravagant, considering that the whole apartment is not even 1,200sqft.

The two common bedrooms come with timber-strip floors and full-height (ground to ceiling) windows. The absence of bay windows is a definite plus. We were told that both the bedrooms are of similar size but Bedroom 3 somehow looked smaller than Bedroom 2.

The common bathroom is good size and actually has marble floors/walls, which is a pleasant surprise (considering the “norm” these days with ceramic tiles). It also comes with Newform (Italian) bathroom and Vera (origin unknown) toilet fittings.

The surprise package of the apartment must surely be the master bedroom. The room is huge – we were told that the bed inside the showflat is an "European King", which is actually bigger than the typical King-sized bed. And yet the room still felt quite spacious even with the bigger bed. We also like the layout of the wardrobe in the master bedroom – you get a L-shaped wardrobe that separates the bedroom area from the attached bathroom, with a “walk-in wardrobe” feel.

The master bathroom is again quite spacious and almost an exact replica of the common bathroom in terms of look and feel. But it comes with a “sunken” bath and rain-shower. We were told that buyers can have the option of either solid or glass-partition walls for this bathroom.

Seastrand has started selling for about 2 months now and we understand that more than 50% of the units have been sold. Units in Towers C, E and G are fully sold and if you are looking at the 3-bedders, only 3 units (Tower B) are left amongst the units that have been launched. The good news is that there will be more 3-bedder (Tower J) and 3-bedroom compact (Towers D1 & D2) units launching soon, but supposedly at slightly higher psf. Then again, with the market circumstances as it is, it remains to be seen if the developers will actually increase prices for subsequent releases.

Price wise, the price for the remaining 3-bedders are about $990psf. The unit on the 4th floor of Tower B (#04-06) costs $1,413,260 after discount. In addition, developers are also giving away a further discount of 1% in furniture vouchers for selected “Star Buy” units. But the vouchers will only be given upon TOP of the project.

Monthly maintenance charges for the 3- and 4-bedders are about $320, which we feel is at the higher end of the scale for a supposed mass-market project.

What we like:
• The quality of furnishing and fittings are definitely more appealing compared to some of the other “mass market” condos that we have seen recently, and is more akin to those that we have come to expect with Far East projects.

Seastrand is located fairly close to neighbourhood amenities (think minmarts, coffee shops etc) located within the HDB estate across the road, and yet it is not “surrounded” by HDB flats so to speak. It is also within walking distance to Downtown East, where you find a NTUC and all kinds of F&B outlets.

• For those who enjoy greeneries and the sea, Seastrand is about a 7- 10 minutes’ walk to Pasir Ris Park and the beach.

• Parents who need to put their kids into primary schools will be pleased to know that there are several to choose from that's within 1-km of Seastrand – Casuarina Primary, Loyang Primary, Pasir Ris Primary and Coral Primary (maybe?).

What we dislike:
Seastrand is supposedly 2 bus-stops (or 3-mins drive) from Pasir Ris MRT station and bus terminal at White Sands Mall. But should you decide to walk it, you may find that it is actually quite some distance away. Consolation is that for the first two years at least, there will be dedicated shuttle-buses from the condo to White Sands & Ikea/Carrefour.

• We reckon that the main road (Pasir Ris Drive 3) leading out to the ECP/PIE will be rather congested especially during the rush hours.

• The plot of land next to Seastrand was recently acquired by MCL Land and will be developed into another private condo project in due course. In addition, the plot of land directly across from Seastrand (where the sales gallery currently stands) is probably slated to be sold for private housing development as well. So depending on how soon building works of these future projects get underway, buyers of Seastrand may have to be prepared to live near a multiple construction sites for awhile.

Our Verdict: The wife and I have nothing really negative to say about Seastrand, except probably the location (too far, which is again subjective). You are certainly getting value for money in the “quality” department, as compared to, say, Woodshaven. It is definitely a project we will consider, should we decide to move to Pasir Ris.

Having say that, a quick check on recent transacted prices at nearby Eastvale – a 13-year-old EC built by CapitaLand that is now fully privatised – reveal that units of 1,100 – 1,200sqft were sold at less than $750psf. And the wife and I actually think that Eastvale is the better located of the two projects (and much nearer to the MRT too!).