Buying interest in Pasir Panjang, West Coast

A 1,302 sq ft, three-bedroom unit on the second floor of Le Hill changed hands at $1.48 million, or $1,136 psf

A 1,873 sq ft penthouse unit on the fifth floor of The Grandhill was sold for

$2.43 million, or $1,297 psf

A 1,109 sq ft unit on the first floor of Village at Pasir Panjang was sold by the developer for

$1.49 million, or $1,344 ps

THE EDGE SINGAPORE JULY 29, 2013

|BY ADELE TEO|

Based on caveats lodged over the week of July 5 to 12, it looks like there is keen interest in property buys in the West Coast. There were two transactions at Pasir Panjang Hill, one each at  The Grandhill and Le Hill Condominium. A 1,302 sq ft, three-bedroom unit on the second floor of Le Hill changed hands at $1.48 million, or $1,136 psf. Developed by Le Hill Development Pte Ltd, the freehold project was completed in 1998, stands four-storeys tall and comprises 97 units. The last transaction for the unit was in May 1999, when it was purchased from the developer.  The owner had purchased it for $783,500 ($602 psf), representing a capital upside of 88.7% in 14 years.

At The Grandhill, a 1,873 sq ft penthouse unit on the fifth floor was sold for $2.43 million, or $1,297 psf. The freehold project was developed by Straits Construction Co and was completed in 2007.  It houses 53 units in five-storey blocks. Both projects are minutes’  walk to the Haw Par Villa MRT Station and a short drive to one-north, National University Hospital, National University of Singapore (NUS) and Singapore Science Park. Hence, they are popular with expatriates working in those areas. Rental yields are said to be in the 2% to 2.5% range, according to Nicholas Mak of SLP International.

The area has a few attractive points, adds Mak. Firstly, it is a purely private residential enclave, and therefore relatively exclusive. Being situated on the south-western part of Singapore, it is also near the central region. In the past, that area was inaccessible via public transport, but now, there is the Haw Par Villa MRT station nearby.

The area is also popular with Singaporeans working in the western region who want to live closer to their workplaces. One of the  drawbacks of that area is the height restriction, which means that sea views for most apartments in the area are limited, says Mak.

At the nearby Village at Pasir Panjang, a 1,109 sq ft unit on the first floor was sold by SDB Asia for $1.49 million, or $1,344 psf. SDB Asia is the property arm of Malaysian-listed Selangor Dredging Bhd. The freehold project has 148 units and was launched last year. As at end-June, 91 units were sold, with the latest median price at $1,344 psf. The project should be completed by 2016.

There were also a few other transactions in the West Coast area. At Westcove Condominium, a 1,249 sq ft, three-bedroom unit on the third floor changed hands for $1.2 million, or $961 psf. The previous transaction for the unit was in May 2010, when it changed hands for $850,000 ($681 psf). Hence, the price has appreciated by 41% over the three last years. Developed by Far East Organization, the 99-year leasehold project was completed in 2000, and contains 234 units in seven-storey blocks.

Next to Westcove is West Bay Condominium, where a 1,475 sq ft unit on the third floor changed hands at $1.38 million, or $939 psf. The last transaction for the unit was in July 2008, when it was sold for $852,000 ($578 psf). This represents a capital upside of 62.5% in five years. The 99-year leasehold development was completed in 1994, and has 318 units.

At one-north, a 1,033 sq ft unit in One North Residences was sold for $1.7 million, or $1,645 psf. The development by UOL and Kheng Leong was the first private condo project to be launched in one-north, a master-planned work-live-play site by JTC Corp. When the 99-year leasehold condo was first launched in the middle of 2006, units were priced at an average of $900 psf, and fully sold in less than three months. The 405-unit development was completed in 2009, and is just a short walk from the one-north MRT station, graduate business school Insead, the research and development complex Fusionopolis, bio-tech cluster Biopolis and the Star Vista mall.