This review will be a work in progress for the current site which is up for tender at Jalan Anak Bukit. With more information being released for this site, more information will be updated here such as the Project name, price, development size, and other details.
At present, we can analyze the current site to what it can offer the prospective buyer.
UPDATE: While waiting for news in regards to the Jalan Anak Bukit tender site, don't miss out on other exciting new launches within the area. I have written reviews for review Verdale at De Souza Avenue and also Daintree Residence at Toh Tuck Road! Do check them out and share with me your thoughts in the comments below!
UPDATE (15 September 2021): The tender for this mixed commercial and residential development has been awarded to Far East Organization and Sino Group. Based on the price of their winning bid, there will be no change to my initial of $2000-$2200 launch psf.
Confused over which new launch is suitable for you? Click here.
Intended to be a mixed-used development, this tender site comprises of three zones are being demarcated clearly for residential and commercial use.
With a proposed yield of 265 units, we believe that most of the units will be located within this High-Rise Zone (~20 residential floors) and Mid-Rise Zone (commercial units or potential cluster housing?). This is an interesting layout that is seen most commonly in other modern new launches like One Holland Village Residences and Stars of Kovan. This presents a unique architectural landscape from the standard rows of high-rise apartments and landed housing.
The tender site will be located on elevated land, and the development might be overlooking Bukit Timah Nature Reserve, and this can provide a fantastic view. This will also contribute to the future skyline profile of Beauty World, and be a potential milestone in regards to the ongoing development of Beauty World.
The surrounding attractions are also aimed towards providing a green urban village, and this is contributed by Bukit Timah’s natural attractions such as the soon to be completed Coast-to-Coast trail, Rail Corridor and Rifle Range Nature Park. In addition, there are ongoing urban projects like Bukit Timah Community Building and The Linq @ Beauty World.
Located at the end of Bukit Timah Road, the upcoming development at the Jalan Anak Bukit land parcel provides excellent connectivity. It lies in the heart of the Pan Island Expressway road network and is supported by Dunearn Road-Bukit Timah Road, Clementi Road and Upper Bukit Timah Road.
In regards to gross traveling time, it takes 15 minutes to drive down to the heart of Orchard, and 17 minutes to Woodlands. Although not within 10 minutes, this is still considered fast as the distance traveled is more than 10 kilometers.
If you do not drive, Beauty World Downtown Line MRT station will most likely be linked via underpass for the Jalan Anak Bukit mixed development. The Downtown Line MRT station connects Singapore’s Central Core Region (CCR) seamlessly. Areas like Botanic Gardens, the Orchard Road shopping belt, Bugis, Little India, Chinatown, and Marina Bay are easily accessible by the Downtown Line MRT.
Schools like Ngee Ann Polytechnic (Tertiary Institution), and Pei Hwa Primary School are within walking distance (< 18 minutes), whereas Nanyang Girls' High School, National Junior College, and Hwa Chong Institution are 2-3 stations by MRT. This makes it very convenient for schooling children by reducing their traveling time and making their day more productive overall.
Dual Envelope Tender for Jalan Anak Bukit Land Parcel
This is similar to the Hillview Rise GLS Site, where a dual envelope tender was offered. For this project, an anticipated 6-10 proposals will be submitted for this land parcel.
A dual envelope tender, which is also called a Concept & Price Revenue tender system, provides a unique twist outside of the usual tender submission. This is because it will be submitted in two envelopes.
The first envelope will consist of the following criteria;
Quality of Design Concept
Quality of Public Realm
Track Record
The Concept Evaluation Committee (CEC) will review the concept proposal against the above evaluation criteria. Should the evaluation be successful, these tenderers will be invited to the second tender for bidding. The highest bidder will be granted the project.
What Does This Mean for You?
With the above set of criteria set in place for the first envelope, you can rest assured that the concept proposal will be thoroughly screened. This avoids cases where the project is assigned to a developer with a poor track record and concept idea.
Average Price Launch and Pricing Development
Based on past transactions for leasehold condominium units located around Beauty World MRT, it is going for an average of $1658 PSF in 2020. The spike that you see in 2018 is in regard to a new supply of condominiums such as Mayfair Gardens ($1924 PSF) Mayfair Modern ($2002 PSF), Daintree Residence ($1,673 PSF) and View at Kismis ($1,688 PSF).
“We expect buoyant interest, with at least seven to 10 concept proposals, and land bids to be $1.1 to 1.3 billion or $1,050 to $1,250 per square foot (PSF) per plot ratio,”
Based on this comment from Tricia Song, head of research for Singapore at Colliers International, I believe that launch price for buyers will remain competitive to Mayfair Gardens/Mayfair Modern, at around $2000-$2200 PSF.
My opinion is that this tender site will be highly desirable, and a premium might be placed on its pricing in comparison to the other residing developing properties. This is not a bad point however, as this proposed project will be provided with excellent connectivity via a Future Underground Pedestrian Link to the Beauty World MRT. Furthermore, since this will be a mixed development, a plethora of amenities and shops will be right at the homeowner’s doorsteps.
Projects like Daintree Residences and View at Kismis are located closer to the Residential enclave and therefore launched at a lower price of $1.6k PSF.
Mayfair Modern and Mayfair Gardens demand a slightly higher price of $1.9-$2.0k PSF, however, they are located closer to King Albert Park MRT.
If priced correctly, the future project located at Jalan Anak Bukit tender site will give the competition a run for their money.
My next reservation will be the launch of The Linq @ Beauty world, which will be a mixed development residing beside this future project. It will be a freehold launch, however, and will be in a different class.
In regards to The Linq @ Beauty World pricing, nothing is confirmed but prices are rumored to be around $2.0-$2.1k PSF similarly. To me, it simply does not make sense since the total sale is estimated to be around $1460 PSF. Still, it might be possible with low rebuilding costs.
Nevertheless, I am seeing a general shift of preference to leasehold properties as compared to freehold properties due to the lesser premium paid.
Conclusion
As more information in regards to the tender is released, I will be updating this review here so that you will be informed. This includes information on the successful tenderer, site plans, floor plans, pricing, and estimated Temporary Occupation Date (TOP).
The dual envelope tender for the Jalan Anak Bukit Tender site will be hotly contested, due to the numerous advantages that the project can bring to Beauty World MRT.
The project has plenty of key strengths rooting for it and might be a potentially lucrative investment for investors in the future. However, as the freehold development, Linq @ Beauty World pricing has not been released yet and might result in a price war between the two developments.
Confused over which new launch is suitable for you? Click here.
If you are interested in the Jalan Anak Bukit tender site, feel free to contact me at +6596329840 or Joshua.loo@orangetee.com. I will provide for your floor plans, pricelist, and reserve you a VVIP preview when it is available!
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