Betting on The Reserve Residences, the catalyst for Bukit Timah-Beauty World rejuvenation
By Cecilia Chow
/ EdgeProp Singapore |
When URA unveiled the 2019 Master Plan, one of the more exciting sites was the commercial and residential plot at Jalan Anak Bukit integrated with a transport hub: Beauty World MRT Station on the Downtown Line and a new air-conditioned bus interchange. The site was launched for tender under the dual-envelope system based on price and concept in June 2020. In a joint venture with its Hong Kong-based sister company Sino Group, Far East Organization won the site for $1.03 billion.
The new development, The Reserve Residences, will have 732 residential units across eight blocks and 160 serviced apartments. These will sit atop a lifestyle deck and a three-storey mall, Bukit V, with 215,280 sq ft of retail space. The mall will be linked to the new bus interchange on the second level, while there will be an underground link to Beauty World MRT Station.
Scale model of The Reserve Residences is the first mixed-use development integrated with transport hub in the Bukit Timah (Photo: Samuel Isaac Chua/EdgeProp Singapore)
It is poised to be the only commercial and residential development in the Bukit Timah area integrated with a transport hub. The developer says that since the sales gallery of The Reserve Residences opened for public preview on May 12, over 15,500 visitors have walked through its doors. Sales bookings at The Reserve Residences will start on May 27. Prices of the residential units start from $2,300 psf. The developer is only releasing 550 units in the first phase.
In a presentation on the Bukit Timah (Beauty World) Master Plan, Master Class webinar on May 20, Bernard Tong, CEO of EdgeProp Singapore, highlighted some of the significant catalysts for changes in the area.
More green spaces, rezoning to commercial and residential
Comparing the 2014 Master Plan to the 2019 Master Plan, Tong points out that the commercial and residential site at Jalan Anak Bukit was formerly zoned as a medical and healthcare site. There are also more spaces dedicated to parks in the vicinity of Jalan Anak Bukit in the latest Master Plan, he observes.
Bukit Timah Hill and Nature Reserve, the Rifle Range Nature Park, and Bukit Batok Nature Park will appeal to nature lovers and those who enjoy biking and hiking. There is also the 24km Rail Corridor, a green corridor that connects Woodlands to Tanjong Pagar, with Bukit Timah at the heart of it, says Tong.
Another upcoming green space is the Bukit-Timah-Rochor Green Corridor along the Bukit Timah Canal. The first phase of the Bukit Timah-Rochor Green Corridor is an elevated sky park above the Bukit Timah Canal that spans 1km, stretching from the Rail Corridor at Rifle Range Road to Jalan Kampong Chantek, off Dunearn Road. The Bukit Timah-Rochor Green Corridor will be part of the 360km island-wide network of green spaces.
A new 800m stretch of greenery along the Bukit Timah First Diversion Canal — between Holland Green and Holland Plain — opened to the public in 2021 after Singapore’s national water agency PUB completed the Active, Beautiful, Clean Waters (ABC Waters) project (Photo: PUB)
Holland Plain is near King Albert Park MRT Station in the Bukit Timah area. A new 800m stretch of greenery along the Bukit Timah First Diversion Canal — between Holland Green and Holland Plain — opened to the public in 2021 after Singapore’s national water agency PUB completed the Active, Beautiful, Clean Waters (ABC Waters) project. The URA has also earmarked a 34ha site at Holland Plain for 2,500 dwelling units.
The former Bukit Timah Fire Station will be transformed into a community node, announced URA in September 2021. The site will feature an environmentally sustainable lifestyle hub integrating urban farming, wellness, and na- ture-based activities. Besides workshops and nature-based programmes, the site will feature allotment gardens for the public to be part of a larger urban farming community.
Connectivity, accessibility
Besides greater convenience, an integrated transport hub also brings greater connectivity, says Tong. One stop from Beauty World MRT Station on the Downtown Line is King Albert Park Station, an interchange for the Downtown and upcoming Cross Island Lines. The Cross Island Line will bring commuters from Jurong Lake in the west to Changi Airport in the east and a branch to Punggol in the northeast.
Phase 2 of the Cross Island Line — from Jurong Lake District to Bright Hill — is targeted for completion sometime in 2032. This phase includes Clementi, Turf City and King Albert Park Stations. When fully operational by the 2040s, the 58km-long line will replace the East-West Line as the longest on the MRT network with 27 stations.
Besides public transport, The Reserve Residences’ site is well connected to major expressways such as the Bukit Timah Expressway, Kampong Java Expressway and Pan Island Expressway (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Besides public transport, The Reserve Residences’ site is well connected to major expressways such as the Bukit Timah Expressway, Kampong Java Expressway and Pan Island Expressway.
Besides connectivity, another major attraction of The Reserve Residences is its District 21 address and proximity to top schools in the Bukit Timah area. It is within 1km of popular primary schools such as Methodist Girls’ School and Pei Hwa Presbyterian School. It is also near Hwa Chong Institution, Nanyang Primary School, Nanyang Girls’ High School, National Junior College and St Margaret’s Secondary School.
The Bukit Timah area has a high tenant population; hence it appeals to investors, says Tong. According to EdgeProp Landlens, tenants make up 16% of the population in the Bukit Timah planning area, based on the 2020 population census.
No shortage of eateries and malls near The Reserve Residences (Source: EdgeProp Singapore)
Established enclave with amenities
An established enclave, the Bukit Timah area has many shopping and F&B amenities, notes Tong. These include Bukit Timah Market and Food Centre, the eateries along Cheong Chin Nam Road, Bukit Timah Plaza shopping mall, Bukit Timah Shopping Centre, Beauty World Plaza, Beauty World Centre, and KAP Mall.
In the future, Bukit Timah will have a new one-stop integrated facility with a community club and redeveloped market and hawker centre at the doorstep of Beauty World MRT Station. The community club will have new amenities, such as an indoor sports hall, a community library, and an elderly facility.
The 140-unit, freehold Jardin developed by Far East Organization, launched in 2007 and completed in 2012 (Photo: The Edge Singapore)
The Reserve Residences is a catalyst for the Beauty World neighbourhood as most of the developments in its vicinity were built at least a decade ago, says Tong. For instance, the 269-unit Sherwood Towers was built in 1980 and is part of a mixed-use complex that includes the Bukit Timah Plaza shopping centre. Both developments have 99-year leases from 1976.
On the opposite side of Jalan Anak Bukit, off Dunearn Road, are three completed developments: the 72-unit apartment block at 2 Jalan Anak Bukit, the 999-year leasehold Suites de Laurel by Sustained Land, launched in 2010 and completed in 2012; the 318-unit, 99-year leasehold condo GardenVista, that was launched in 2003 and completed in 2006; and the 140-unit, freehold Jardin, launched in 2007 and completed in 2012. Far East Organization developed both Jardin and GardenVista.
The Ling@Beauty World, a mixed-use development with 120 apartments and 53 commercial units will be linked underground to the Beauty World MRT station. The apartments are fully sold (Photo: Samuel Isaac Chua/EdgeProp Singapore)
New developments 100% sold
Other new residential developments in District 21 launched recently — from 2018 to 2020 — have been entirely sold to date. They include the 327-unit Daintree Residences by SP Setia, the 215-unit Mayfair Gardens and the 171-unit Mayfair Modern by Oxley Holdings, the 633-unit Forett Residences by Qingjian Realty and Perennial Holdings, and the 258-unit Verdale by CSC Group.
The Linq @ Beauty World, a mixed-use development with 120 residential and 53 commercial units on the first two levels of a five-storey podium, saw equally strong demand. About 96% of the residential units at The Linq found buyers on the first day of launch in 2020, at an average price of $2,162 psf. The latest sub-sale was for a unit that changed hands for $2,741 psf in late March 2023, according to a caveat lodged then. The latest transacted price is 17% above the original purchase price.
A freehold development, The Linq is a redevelopment of the former Goh & Goh Building. It will be linked underground to Beauty World MRT Station.
The latest sub-sale was for a unit that changed hands for $2,741 psf in late March 2023, according to a caveat lodged then. The latest transacted price is 17% above the original purchase price (Source: EdgeProp Landlens)
Next door to The Linq is Bukit Sembawang Estates’ upcoming condo at Bukit Timah Link. Bukit Sembawang Estates paid $200 million or $1,343 psf per plot ratio for the 99-year leasehold residential site at Bukit Timah Link in November 2022. The new 160-unit condo is scheduled for launch towards the end of this year, and the selling price is expected to be from $2,600 psf.
Older mixed-use developments in the vicinity, such as Beauty World Centre and Bukit Timah Plaza, have commercial-and-residential zoning with a plot ratio of 3.0 under the 2019 Master Plan — similar to The Reserve Residences plot ratio. However, the redevelopment of these two sites will depend on the success of their collective sales.
The 296-unit One Holland Village Residences, launched in November 2019, is over 94% sold at an average price of $2,800 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Strong take-up
The take-up rate at mixed-use developments, especially those within a short walk or with a direct link to an MRT station, has been strong, notes Tong. For instance, the 296-unit One Holland Village Residences, launched in November 2019, is over 94% sold at an average price of $2,800 psf. The mixed-use development has offices, retail components, serviced apartments, and residences and is within a three- to four-minute walk to Holland Village MRT Station on the Circle Line.
The 268-unit Sceneca Residence, which will have a 21,528 sq ft mall and a direct link to Tanah Merah MRT Station, has sold 165 units (62%) at an average price of $2,082 psf since its launch in January 2023.
The 268-unit Sceneca Residence sits on top of a 21,528 sq ft mall and has a direct link to the Tanah Merah MRT Station (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Meanwhile, the 407-unit Piccadilly Grand, which will be linked underground to Farrer Park MRT Station and City Square Mall, has been 93% sold since its launch in May 2022. The average transacted price of units sold is $2,121 psf.
The 605-unit Lentor Modern, directly linked to Lentor MRT Station, has been 89% sold since its launch last September. The average price of units sold is $2,102 psf.
Given the many attractive attributes of The Reserve Residences, all eyes are expected to be on its upcoming launch on May 27
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