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Thread: Mattar Residences Singapore

  1. #1

    Default Mattar Residences Singapore

    Mattar Residences is sitting on a land parcel that was recently released by URA. It is a new residential development, offering a 99-year leasehold tenure. The nearest MRT Station, Mattar Station, is only minutesí walk away. This condo will house about 255 units of 1 to 4 bedroom units and the units here will enjoy an array of recreational facilities like a 50-meter lap pool, tennis court, a full-equipped gym and many more.
    Donít miss! Find out more now. Register your interest now to view the showflat and claim your early bird discount!
    For more new property launches, please visit Singapore Property

  2. #2
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    Quote Originally Posted by catherinepark View Post
    It is a new residential development.
    In a very very old estate where all the primary school and secondary school all closed shop.

  3. #3
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    Default Re: Mattar Residences Singapore

    Mattar Residences is called The Antares @ Mattar Road D14 RCR

    Associated company recently won prized GLS site tender
    In May, the group announced that its 20% owned associated company FSKH
    Development Pte. Ltd beat nine other bidders to win the tender for a residential site
    at Mattar Road at a tender price of S$223.02m (S$1,108.5 psf). The other
    shareholders of FSKH Development are Hock Lian Seng Holdings Limited (45%)
    and Keong Hong Holdings Limited (35%).
    Serviced by Downtown Line with access to Circle, East-West and Northeast
    Lines within four stops. This site is interesting as it is located within 100m of one
    of the entrances to the Mattar MRT station. From Mattar MRT station, the Telok
    Ayer and Downtown stations are six to seven stops away on the less congested
    Downtown Line. Commuters can access the Circle Line by interchanging at
    MacPherson station, which is one stop away. From the Circle Line, the East-West
    Line and the Northeast Line are accessible within three stops from MacPherson.
    A primary school, simple food and groceries shopping within 500m. The site
    is bordered by two churches to the North and West. The Home United Football
    Club is located to its South, with Mattar Station in the East. A small landed and
    private residence enclave and the Canossa Convent Primary School separates the
    site from Aljunied Road where two petrol stations are located within 300m West
    from the site. To the East, other amenities can be accessed via a 500m walk along
    Merpati Road to Circuit Road, where the Circuit Road Food Centre and
    shophouses are located. The key disadvantage of this site is that there is no major
    shopping mall in the vicinity. The nearest mall is probably NEX at Serangoon.

    Few new launches within one km radius. For comparison, we referred to
    transactions at Sims Urban Oasis (expected TOP in 2019), Le Crescendo
    (completed in 2006) and Sennett Estate (completed in 1996). We could not find
    any other non-landed private residential property transactions within the vicinity of
    the site. Transactions at Sims Urban Oasis suggests that prices have picked up
    from about S$1,300 to S$1,400 per sq. ft. (psf) in 2015 to S$1,500 or higher in
    2017. In June 2018, four units were transacted at prices ranging from S$1,573 psf
    for a 1,066 sq. ft. unit to S$1,702 for a 441 sq. ft. unit. Both the Mattar Road site
    and Sims Urban Oasis are on 99-year leases.
    For TA Corp, project to yield S$2m Ė S$3.7m of net development profit before
    construction contract opportunities. Assuming average selling prices of
    S$1,600 to S$1,650 psf, we estimate a gross development value of S$322m to
    S$332m for the project. After deducting for estimated construction and finance
    costs, we expect this project to yield S$9.94m to S$18.56m of net development
    profit. TA Corpís share of this projectís profit will be equivalent to about S$1.99m
    to S$3.71m, excluding contribution from any construction contract awarded.
    In a nutshell, we see the Mattar Road site as a highly sought location that will likely
    sell well at its launch. Being an executive condominium project, buyers will likely
    be first time home owners or upgraders, rather than investors. Hence, the July
    property cooling measures on this project will likely have a lower impact on this
    project as compared to other private condominium properties. Projects like this also
    extend earnings visibility to FY2020 Ė FY2022.
    https://www.nracapital.com/sgxmas/ta%20021018.pdf

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