carbuncle
25-05-12, 18:59
A TRANSFORMATION is under
way in the heart of the
Central Business District (CBD)
.
The area's traditional
corporate profile is taking on
a new after-office hours
vibrancy as many more
residents move into the
district.
More than 4,600 homes are
expected to be completed in
the CBD by the end of 2015,
according to property
consultancy Savills Singapore.
Many of these homes will be
in Robinson Road, Shenton
Way and the nearby Tanjong
Pagar.
By the time these homes are
ready, the CBD's once sleepy
population will have sky-
rocketed 14-fold since 2007,
the firm's research head Alan
Cheong said.
And already, various
upcoming projects there,
though pricey, have attracted
healthy interest.
Far East Organization's The
Clift, for instance, has sold 250
units out of 312 available. The
smallest unit there costs
nearly $2 million.
The condominium along
McCallum Street was
completed in 2010 and offers
units ranging from a one-
bedder loft at 753 sq ft to a
two-bedder loft at 1,076 sq ft.
Currently, homes there cost $
2,579 per sq ft (psf) on
average.
In Tanjong Pagar, the same
developer's Altez has sold 213
condominium units out of 280
available.
Altez, a 62-storey condo at 16
Enggor Street, is being sold at
an average of $2,206 psf.
Units there range from a 753
sq ft one-bedroom loft to a
4,058 sq ft penthouse loft. The
price of the smallest unit
works out to be $1.82 million.
It is due for completion in the
second quarter of 2014.
Some distance away, at 70
Shenton Way, mixed-use Eon
Shenton will be built with 132
apartments. About 95 units
have been sold.
Home sizes there go from 528
sq ft two-bedders to 1,249 sq
ft penthouses. It is on sale for
a median psf price of $2,400.
The 99-year project is being
developed by a consortium
that includes Fission Group,
Roxy-Pacific Holdings, Macly
Group, Pinnacle Assets and
architect-turned- developer
Chee Hsian Sing.
To be completed by 2016, it
will also host more than 20
shops and 98 offices.
Over at 50 Robinson Road, a
consortium is building the 167-
unit Robinson Suites, which is
already fully sold, but for five
penthouses the developer has
kept.
Expected to be ready by 2014,
homes there range from 500
sq ft to 600 sq ft, costing $
2,700 psf on average.
The project will also have
three strata-titled shops which
have also been sold.
Other upcoming projects like
the mixed-use Oxley Tower
and Skysuites @ Anson, will
also be thrown into the mix.
Yet to be launched, a
GuocoLand development
directly above Tanjong Pagar
MRT station will be completed
by 2016 - the first in the CBD
to have homes, offices, shops
and a hotel.
These projects join several in
the area that were completed
earlier, such as Marina Bay
Residences, Icon and Lumiere.
The added residential buzz
means the CBD could bring in
the crowds even after hours,
property experts said - in line
with the Government's plan
for the CBD to be a place to
work, live and play.
Ms Sulian Tan-Wijaya, Savills
Singapore's senior director of
retail and lifestyle, said: 'The
city is finally a hip place to be
seen and live and no longer
just a place for a quick beer
after work.'
Jones Lang LaSalle's South-
east Asia research head, Dr
Chua Yang Liang, said that
downtown living could prove
to be popular, especially
among the younger
professionals.
'In other mature cities like
New York, downtown living is
part of the city fabric. In fact,
in some cities in the US, the
silver population will move
back into the city because of
the amenities,' he said.
There is a mix of foreigners
and Singaporeans living in the
CBD, Dr Chua noted. For now,
investors can expect rental
yields of between 2.5 and 3.5
per cent.
Of CBD living, an executive,
who wanted to be known only
as Chris, said: 'I like the
convenient location... it's a
five-minute walk to my
workplace. It's also a good
location for food, from
hawker centre to restaurants.'
The 27-year-old moved into a
three-bedroom apartment at
One Shenton this year and
lives with his family.
But there are drawbacks. 'It is
very difficult to get things
during the weekend, since the
entire Raffles area is closed.
The air is also not that
fantastic,' he said, adding that
construction sites in the area
make it dusty and noisy.
Additional reporting by Lester
Hio
way in the heart of the
Central Business District (CBD)
.
The area's traditional
corporate profile is taking on
a new after-office hours
vibrancy as many more
residents move into the
district.
More than 4,600 homes are
expected to be completed in
the CBD by the end of 2015,
according to property
consultancy Savills Singapore.
Many of these homes will be
in Robinson Road, Shenton
Way and the nearby Tanjong
Pagar.
By the time these homes are
ready, the CBD's once sleepy
population will have sky-
rocketed 14-fold since 2007,
the firm's research head Alan
Cheong said.
And already, various
upcoming projects there,
though pricey, have attracted
healthy interest.
Far East Organization's The
Clift, for instance, has sold 250
units out of 312 available. The
smallest unit there costs
nearly $2 million.
The condominium along
McCallum Street was
completed in 2010 and offers
units ranging from a one-
bedder loft at 753 sq ft to a
two-bedder loft at 1,076 sq ft.
Currently, homes there cost $
2,579 per sq ft (psf) on
average.
In Tanjong Pagar, the same
developer's Altez has sold 213
condominium units out of 280
available.
Altez, a 62-storey condo at 16
Enggor Street, is being sold at
an average of $2,206 psf.
Units there range from a 753
sq ft one-bedroom loft to a
4,058 sq ft penthouse loft. The
price of the smallest unit
works out to be $1.82 million.
It is due for completion in the
second quarter of 2014.
Some distance away, at 70
Shenton Way, mixed-use Eon
Shenton will be built with 132
apartments. About 95 units
have been sold.
Home sizes there go from 528
sq ft two-bedders to 1,249 sq
ft penthouses. It is on sale for
a median psf price of $2,400.
The 99-year project is being
developed by a consortium
that includes Fission Group,
Roxy-Pacific Holdings, Macly
Group, Pinnacle Assets and
architect-turned- developer
Chee Hsian Sing.
To be completed by 2016, it
will also host more than 20
shops and 98 offices.
Over at 50 Robinson Road, a
consortium is building the 167-
unit Robinson Suites, which is
already fully sold, but for five
penthouses the developer has
kept.
Expected to be ready by 2014,
homes there range from 500
sq ft to 600 sq ft, costing $
2,700 psf on average.
The project will also have
three strata-titled shops which
have also been sold.
Other upcoming projects like
the mixed-use Oxley Tower
and Skysuites @ Anson, will
also be thrown into the mix.
Yet to be launched, a
GuocoLand development
directly above Tanjong Pagar
MRT station will be completed
by 2016 - the first in the CBD
to have homes, offices, shops
and a hotel.
These projects join several in
the area that were completed
earlier, such as Marina Bay
Residences, Icon and Lumiere.
The added residential buzz
means the CBD could bring in
the crowds even after hours,
property experts said - in line
with the Government's plan
for the CBD to be a place to
work, live and play.
Ms Sulian Tan-Wijaya, Savills
Singapore's senior director of
retail and lifestyle, said: 'The
city is finally a hip place to be
seen and live and no longer
just a place for a quick beer
after work.'
Jones Lang LaSalle's South-
east Asia research head, Dr
Chua Yang Liang, said that
downtown living could prove
to be popular, especially
among the younger
professionals.
'In other mature cities like
New York, downtown living is
part of the city fabric. In fact,
in some cities in the US, the
silver population will move
back into the city because of
the amenities,' he said.
There is a mix of foreigners
and Singaporeans living in the
CBD, Dr Chua noted. For now,
investors can expect rental
yields of between 2.5 and 3.5
per cent.
Of CBD living, an executive,
who wanted to be known only
as Chris, said: 'I like the
convenient location... it's a
five-minute walk to my
workplace. It's also a good
location for food, from
hawker centre to restaurants.'
The 27-year-old moved into a
three-bedroom apartment at
One Shenton this year and
lives with his family.
But there are drawbacks. 'It is
very difficult to get things
during the weekend, since the
entire Raffles area is closed.
The air is also not that
fantastic,' he said, adding that
construction sites in the area
make it dusty and noisy.
Additional reporting by Lester
Hio