Drop off at Redhill MRT station and you’ll see lots of construction activities. In the close vicinity, you’ll see 4 construction sites. Alexandra road is considered a city fringe area. Via MRT (Redhill MRT), you are 4 stops away from Raffles Place. The good class bungalow areas of Bishopgate and Jervois road is nearby and you are within easy reach of amenities in the established neighbourhoods of Redhill and Tiong Bahru.
Those who got into the action early hit the jackpot. Launched 9 years ago, Capitaland sold The Metropolitan for between $750 to 800 psf after securing the site for about $350 psf per plot ratio. It was a runaway success. Demand was so strong that a queue more than 100 strong started forming at 3am, way before the official launch of 10 am that same day. To incentivize buyers who lived in districts such as Woodlands, Punggol and Pasir Ris, a 1 per cent ‘moving closer’ discount was given if they got a unit at The Metropolitan.
Today, Woodlands, Punggol and Pasir Ris are no longer considered that “ulu”, so you’ll not see such incentives for new launches.
Those who had bought The Metropolitan saw up to 120% appreciation in prices as you can refer from the table below reflecting recent transacted prices.
Recent launches in this area such as the The Echelon and macho-sounding Alex Residences have sold/are selling for between $1,440 to $2,400 psf. It’s a lot more competitive these days and units are not snapped up as quickly like before. As you can see from the table below, newer developments such as Alex Residences and The Crest have many unsold units. Prices today are way above $1,000 psf due to the higher land bid price and construction prices compared to 9 years ago.
With the impending launch of Principal Garden, Alex Residences (launched in Nov 13) and The Crest (launched in Jun 14) will be watching very closely as Principal Garden will attract buyers still staying on the sideline for developments along Alexandra Road.
And that’s not all. The Government has released a land just next to Redhill MRT station for tender. This tender closes on the 12 Nov 15 and is expected to yield 400 housing units with commercial activities at the ground level. This development when completed will most likely block the view of 45 storey Ascentia Sky. That’s how it is in Singapore, when there’s a vacant plot of land next to yours earmarked for high rise residential development. Residents of Ascentia Sky will enjoy four to five more years of unblocked view and over the same period get used to the construction noise. The upside though is that this new development will block the train noise from Redhill MRT station.
It is likely that developers of existing condos in the area, such as Singapore Land Limited (Alex Residences), could be interested in bidding for this new release land to control selling prices. This was part of the motivation when Wing Tai (Ascentia Sky) bid $516 million or $960 psf per plot ratio to build The Crest, just 350 meters away.
The good news is you have lots of choices today in this area. If you have a question or want to check out Principal Garden’s showflat (newest launch in the neightbourhood) and the surrounding competitiors’ showflat, just drop a message in the text box below and we’ll make the arrangements and provide you the necessary advice. Now that the various loan restrictions are still in place, Principal Garden’s developers have designated the majority of the units as 1 to 2 bedroomers. Only about 30% will be allocated for 3 to 5 bedroomers. I believe that Principal Garden, due to its significantly lower land cost of $820 psf per plot ratio will have the leeway to price its units more competitively than the current ask price for Alex Residences (land cost of $970 psf per plot ratio) and The Crest (land cost of 960 psf per plot ratio).
Project Name: Principal Garden
Developer: UOL and Kheng Leong
Address: Prince Charles Crescent
District: D03 Alexandra / Commonwealth
Property Type: Condo
Tenure: 99 years leasehold
Total Units: 663
Unit Mix: 1br (484 to 506 sq ft) ,2br (764 to 807 sq ft), 2br+DK (861 sq ft) ,3br (1076 sq ft) ,3br+DK (1195 sq ft); 3/4br with Private Lift (1238 to 2347 sq ft)
Principal Garden’s value proposition is block orientation, spacious units and extensive landscaping. 80% of the site is devoted to gardens, hence the name Principal Garden. The gym, nestled in lush landscaping is more than 2,000 square feet. No blocked views as units either face Alexandra Canal or the landed good class bungalow area. The lowest ground unit is elevated 6 floors upwards so a view is guaranteed.
Showflat opens on 17th Oct