A highly prized rarity on the local property scene – the first new project with sea views to be built along East Coast Parkway (ECP) in 15 years – is going on sale soon.
Frasers Centrepoint Singapore is launching the 843-unit Seaside Residences condominium at the end of April.
The East Coast plot housing the project was the first government land sale site along the ECP since 2001. It is next to Victoria School.
Frasers had led a consortium to win the hotly contested tender for the 207,847 sf plot for $624.18 million in January last year.
True to its name, the developer said the units at Seaside Residences are being designed to maximise the sea views, with 70 per cent of units orientated towards the sea.
Based on what we see historically, demand for developments in these mature estates tends to be very high.
” DR LEE NAI JIA, head of South-East Asia research at Edmund Tie and Co.
The project will have four 27-storey blocks. The units range from one- to five-bedroom types and penthouses, with floor areas between 424 sq ft and 2,690 sq ft.
The developer told The Straits Times yesterday that the condo will have a 115m-long infinity pool and a sky terrace – boasting a three storey-high ceiling – between the 14th and 16th floors.
Frasers Centrepoint Singapore chief executive Christopher Tang called the project “a unique development that will cater to home buyers seeking a seaside home outside the bustling city centre”.
Analysts expect strong demand for the units, given the rarity and attractive attributes of the site. It is less than 1km from East Coast Park and just a three-minute walk to the future Siglap MRT station.
Dr Lee Nai Jia, head of South-east Asia research at Edmund Tie and Co, expects strong buyer interest as there have been no new sites on the East Coast since 2001.
The last government land sale site in the area was also won by Frasers Centrepoint, in 2001 , and developed into the 612-unit Cote d’Azur condominium.
Dr Lee said: “Based on what we see historically, demand for developments in these mature estates tends to be very high. One example is Gem Residences (in Toa Payoh), which sold about half its units in a day before the public launch.”
He added that the Seaside Residences site had a rare combination of sea views and proximity to the future Siglap MRT station on the Thomson-East Coast Line, which runs through the city and is set for completion in 2023.
Ms Christine Li, director of research at Cushman and Wakefield, is equally bullish over the project’s prospects, tipping a 50 per cent take-up rate of units within six months of the launch.
She expects the project to be launched at a price of between $1,550 and $1,650 per sq ft.
“Competition is not as intense due to the lack of supply pipeline in the vicinity,” she said, adding that the area was unlikely to see successful collective sales and did not host any site under the Government Land Sales programme in the last year.
“Thus, investors looking to purchase new developments would have limited choices such as Marine Blue and Amber Skye, both of which are priced at $1,700 to $1,800 psf,” she noted.