reporter2
28-10-13, 15:25
http://www.straitstimes.com/archive/saturday/premium/money/story/more-bang-your-buck-toh-tuck-20131026
HOT SPOT
More bang for your buck at Toh Tuck
Published on Oct 26, 2013
THE Toh Tuck Road enclave, nestled between Bukit Timah and Bukit Batok, has been rejuvenated in recent times by strong demand for homes in the area.
The corridor features condominiums and landed housing estates with low- to medium-rise homes and has been a popular residential area since the 1960s.
Many buyers are drawn to the area because of its proximity to prestigious schools and amenities such as shops and eateries, said Jones Lang LaSalle Singapore research director Ong Teck Hui.
These can be found along Jalan Jurong Kechil, Chun Tin Road, Cheong Chin Nam Road and in shopping malls such as Bukit Timah Plaza, Bukit Timah Shopping Centre and Beauty World Centre.
The upcoming Beauty World MRT station is set to be another boon to the area.
With interest in the area growing, several older residential projects have lately undergone en bloc sales and been redeveloped into new condominiums.
One upcoming project is The Creek @ Bukit, which is likely to be launched soon.
The five-storey development by Chiu Teng sits on the site of the former Green Lodge, sold collectively for $191.9 million in September last year to a then-undisclosed private investor.
The breakeven cost for a new condo built on the 151,075 sq ft site is expected to be about $1,100 per sq ft (psf), according to a Business Times report last September.
Other en bloc sales in the area include Goodluck View, Rainbow Gardens and Kismis Lodge.
Goodluck View was collectively sold to a Hiap Hoe unit and Superbowl Management in June 2007 for $73.3 million and has been redeveloped into the freehold 118-unit condo The Beverly.
Another older project, Rainbow Gardens, was sold en bloc to the LaSalle Asia Opportunity II fund several years ago. It was developed into Terrene at Bukit Timah by UOL, which took a half-stake in the site in October 2009. The 172-unit project is on a 999-year leasehold.
Kismis Lodge, a pair of freehold walk-up apartment blocks, was sold collectively for $84.18 million to a consortium of private investors in March. It is likely to become a mixed strata or conventional landed residential project.
Mr Ong said as a result of limited new supply in the area, interest in new launches there is likely to remain healthy. He noted that properties along Toh Tuck Road enjoy the benefits of being in the Bukit Timah area while being much cheaper than homes along Dunearn Road and Bukit Timah Road, just minutes' drive away.
"The difference in price between the two areas can be as much as 40 per cent and this makes the Toh Tuck enclave popular with the value-for-money buyers who find the properties there more affordable," he said.
However, Colliers Singapore research director Chia Siew Chuin added: "Given the size of the residential estate there, there is limited room for further expansion without causing overcrowding. The lack of public transport might also deter certain home buyers, such as HDB flat upgraders."
MELISSA TAN
HOT SPOT
More bang for your buck at Toh Tuck
Published on Oct 26, 2013
THE Toh Tuck Road enclave, nestled between Bukit Timah and Bukit Batok, has been rejuvenated in recent times by strong demand for homes in the area.
The corridor features condominiums and landed housing estates with low- to medium-rise homes and has been a popular residential area since the 1960s.
Many buyers are drawn to the area because of its proximity to prestigious schools and amenities such as shops and eateries, said Jones Lang LaSalle Singapore research director Ong Teck Hui.
These can be found along Jalan Jurong Kechil, Chun Tin Road, Cheong Chin Nam Road and in shopping malls such as Bukit Timah Plaza, Bukit Timah Shopping Centre and Beauty World Centre.
The upcoming Beauty World MRT station is set to be another boon to the area.
With interest in the area growing, several older residential projects have lately undergone en bloc sales and been redeveloped into new condominiums.
One upcoming project is The Creek @ Bukit, which is likely to be launched soon.
The five-storey development by Chiu Teng sits on the site of the former Green Lodge, sold collectively for $191.9 million in September last year to a then-undisclosed private investor.
The breakeven cost for a new condo built on the 151,075 sq ft site is expected to be about $1,100 per sq ft (psf), according to a Business Times report last September.
Other en bloc sales in the area include Goodluck View, Rainbow Gardens and Kismis Lodge.
Goodluck View was collectively sold to a Hiap Hoe unit and Superbowl Management in June 2007 for $73.3 million and has been redeveloped into the freehold 118-unit condo The Beverly.
Another older project, Rainbow Gardens, was sold en bloc to the LaSalle Asia Opportunity II fund several years ago. It was developed into Terrene at Bukit Timah by UOL, which took a half-stake in the site in October 2009. The 172-unit project is on a 999-year leasehold.
Kismis Lodge, a pair of freehold walk-up apartment blocks, was sold collectively for $84.18 million to a consortium of private investors in March. It is likely to become a mixed strata or conventional landed residential project.
Mr Ong said as a result of limited new supply in the area, interest in new launches there is likely to remain healthy. He noted that properties along Toh Tuck Road enjoy the benefits of being in the Bukit Timah area while being much cheaper than homes along Dunearn Road and Bukit Timah Road, just minutes' drive away.
"The difference in price between the two areas can be as much as 40 per cent and this makes the Toh Tuck enclave popular with the value-for-money buyers who find the properties there more affordable," he said.
However, Colliers Singapore research director Chia Siew Chuin added: "Given the size of the residential estate there, there is limited room for further expansion without causing overcrowding. The lack of public transport might also deter certain home buyers, such as HDB flat upgraders."
MELISSA TAN