Avenue South Residence – Prestige & Luxury in new southern gateway
Avenue South Residence, a prestige and luxury icon rises near the new greater southern waterfront. In this review, I will show you some facts and analysis. Please follow Quick Links or feel free to contact us for latest movement or register your interest.
Avenue South Residence is expected to launch for preview in Apr 2019.
AVENUE SOUTH RESIDENCE
Avenue South Residence Overview
A forgotten part of District 3 is set to come alive with a brand new condo launch. Renowned local developer UOL will launch one of its only two new projects in 2019 – Avenue South Residence. Once completed, this twin 56-storey condo development will be one of Singapore’s tallest residential buildings at 200m and a never before seen landmark in Kampong Bahru.
Reasons why you should consider Avenue South Residence
1. UOL has a track record of designing masterpiece projects at affordable pricing, more so for this project due to first mover advantage.
2. Standing at 56-storeys, Avenue South Residence is the only and tallest building in Kampong Bahru that offers unrivalled breathtaking views of both Singapore skyline and sea view. Residents can even see as far as Johor and Riau Islands on a clear day.
3. Its Central Region location means great accessibility to Tanjong Pagar, Downtown Core, HarbourFront and the future Greater Southern Waterfront; with the upcoming Rail Corridor right at the doorstep.
4. Public transportation is aplenty with Kampong Bahru Bus Terminal opposite and 2 MRT stations nearby: Outram Park Interchange (NEL/EWL/upcoming TEL) and upcoming Cantonment CCL.
District 3 falls under Rest of Central Region (RCR) in Singapore’s Central Region. This gives residents living in Avenue South Residence superb accessibility to major parts of central Singapore but without the high cost of living in Core Central Region (CCR).
Technically, the area surrounding Avenue South Residence is known as Kampong Silat and Kampong Bahru is actually right opposite at Spooner Road. Over the years, urban planners expanded Kampong Bahru into an estate that incorporates Kampong Silat, Bukit Purmei and Bukit Teresa.
Kampong Silat has its name derived from the Malay word “selat”, meaning “straits” in English, as the area was once near the Singapore Straits prior to land reclamation. The surrounding area soon became known as the train yard of the nearby Tanjong Pagar Railway Station when it opened in 1932.
Post-World War 2, Singapore Improvement Trust (SIT) (HDB predecessor) began constructing public housing and shops from 1948-1952. The completion of Kampong Bahru Estate makes it the second oldest public housing estate after Tiong Bahru.
Subsequently, these originally 31 buildings began to make way for taller HDB flats in the vicinity and the remaining 13 flats at the site of Avenue South Residence were chosen for HDB SERS in 2007. As of today, only 5 blocks are conserved by URA in 2014 and they will form part of the new development.
Avenue South Residence is a 245,972 sq ft brand new Government Land Sales (GLS) development. Silat Avenue is a minor road leading to Kampong Bahru Road, which can be reached via Chinatown/Outram Park eastwards or Telok Blangah/HarbourFront westwards.
A brand new Kampong Bahru Bus Terminal has just opened in March 2019, following the closure of New Bridge Road Bus Terminal in SGH. A total of 12 bus services connect residents to not only nearby Chinatown and Shenton Way but also other parts of Singapore as far as Boon Lay and Pasir Ris.
Along Kampong Bahru Road, 4 bus services are available to take commuters to Outram Park MRT in 3 minutes and HarbourFront MRT/VivoCity in under 10 minutes.
Come 2025, the new Cantonment CCL station will also serve residents nearby, via the green Rail Corridor by foot in 8-10min.
Shopping and Dinning
As mentioned earlier, travelling to major shopping and dining enclaves take around 10 minutes, at most 15.
VivoCity, Singapore’s largest shopping mall at over 1 million sq ft, is located southwards of this project. From there, Sentosa is connected via cable car, monorail or by foot.
Travelling northwards will lead to Tiong Bahru, Chinatown, Tanjong Pagar/Duxton Hill.
Tiong Bahru, site of the oldest public housing in Singapore, has evolved into a hipster joint with many F&B outlets and boutique hotels taking over the conserved SIT flats. Tourist haunt Tiong Bahru Market is a place where one of the best Singapore hawker fares can be found.
Chinatown, with its rich history and Chinese culture, filled not only with shopping and dining options but also many conserved shophouses to explore.
Tanjong Pagar, a place mixed with old and new buildings, features Singapore’s tallest HDB flats at 50 storeys, The Pinnacle@Duxton In Duxton Hill. The famous ang ku kuehs from Everton Park, is also within Tanjong Pagar.
Not forgetting the world famous Orchard Road, mentioned earlier in the review.
Avenue South Residence is within 1km to CHIJ (Kellock), CHIJ (St Teresa’s Convent) and Radin Mas Primary in Bukit Purmei/Bukit Teresa neighbourhood. Expanding the radius to over 1km sees 3 more primary schools: Gan Eng Seng Primary in Bukit Merah, Zhangde Primary in Tiong Bahru and Cantonment Primary in Cantonment neighbourhood.
The biggest draw for staying in Avenue South Residence is definitely the abundance of nature exploration.
Right at the doorstep is the Rail Corridor. Formerly the railway tracks of Malayan Railway (KTM) until July 2011, the 24km route linking Tanjong Pagar Railway Station and Woodlands will reopen by 2021 as a “green corridor”, a nature and heritage trail linking 1 million people within 1km radius. An access park in front of Avenue South Residence will lead residents and the public to the Rail Corridor by 2023.
Mount Faber is a 8-minute drive from the project, but will be complemented by funicular service from foothills to the hilltop by 2023. Standing at 106m, Mount Faber has panoramic views of HarbourFront and the future Greater Southern Waterfront, currently occupied by PSA terminals. Visitors also can also dine, shop or take a cable car ride to Sentosa. For the more adventurous, Mount Faber is also the starting point of the 10km Southern Ridges trail connecting Telok Blangah Hill, HortPark, Labrador Park and Kent Ridge Park. The whole hiking trail takes between 3-5 hours to complete.
Beyond 2030, once all the PSA ports and terminals are relocated to the Tuas Mega Port, a new 1,000 hectares Greater Southern Waterfront, 2.5 times of Marina Bay, stretching from Pasir Panjang to Marina East, will transform the area into the southern gateway of Asia.
Under the recently announced URA Draft Masterplan 2019, a new Pasir Panjang Linear Park will link West Coast Park and Labrador Park, giving hikers another hiking experience beyond the Southern Ridges trail. Plans are also in the works to make the Greater Southern Waterfront car-lite and walkable from various points.
The RCR location of Avenue South Residence enables residents travelling to work in no more than 10 minutes. These areas include Downtown Core/Marina Bay, Tanjong Pagar and Orchard.
Even the furthest parts of central region, Mapletree Business City, Henderson Industrial Park, Bras Basah/Bugis and Suntec City take no more than 15 minutes of driving.
At 245,972 sq ft, Avenue South Residence is a rare large-scale site for housing projects, as land parcels put up for GLS are relatively smaller nowadays. A total of 1,074 residential units spreading across 56-storey twin towers of 200m height will rise above the former SIT Kampong Silat Estate. This project will also house 8 commercial units, a Childcare and a public access park linking the Rail Corridor.
As part of the URA conservation guideline, Avenue South Residence is also made up of 5 conserved 4-storey flats built by SIT. These flats, designed by SIT chief architect, S.C. Woolmer, features Art Deco facades and continuous curved concrete shades that shield rain and sunlight, a thoughtful consideration of Singapore’s climate. These conserved buildings will be converted to (something not known yet) upon completion.
|Project Details||Avenue South Residence|
|Location||Silat ave, Singapore|
|Site Area||22,852 sqm / 245,975 sqft|
|No. of Blocks||Twin Towers|
|No. of Storeys||56 storeys|
|Payment Scheme||Normal Progressive|
|Site Use||Residential Flat Developement|
|Tenure||99 years Leasehold|
|Total No. of Units||1074 Units|
|No. of Car Park Lots||TBC|
|Expected Date of TOP||Est. 2023|
|Expected Date of Legal Completion||Est. 2026|
|Security||24 Hours Security Guard|
Avenue South Residence Price, Unit Types, Sizes
*Estimated. Subject to change.
|Bedroom Type||No of Units||Size||Price|
Avenue South Residence Floor Plan
To be updated.
Avenue South Residence Price Comparison
Price comparison will be made against other nearby projects within District 3 and neighbouring Districts 2 within 1km radius.
Looking at the table, price for the nearby newly TOP projects are ranging above $2,000 psf., with 2 bedroom asking price from $1.32M to $2.5M.
We believe Avenue South Residence will be able to find its sweet spot if launching price is around $1,800psf and keep the 2bedroom quantum below $1.3M. If the project do launch at this price range, UOL shoul be able to achieve a reasonable profit margin of 20% based on its land bid price of $1,137 psf.
Avenue South Residence Rental Estimate/Comparison
The nearest similar scale condo is Highline Residence at Tiong Bahru. It's current average rental rate is 5.9 psf for 2 bedder.
If we take that as rough gauge, and considering the fact that Avenue South Residence location may be less favorable due to lack of major shopping malls and MRT at the moment, a fair rental price here might be 5 psf with 15% discounted price. With that, the rental yield for this project would still reach a healthy 3.3% p.a.
Some thoughts on Avenue South Residences
1. Being the first condo launch in Kampong Bahru, it is not easy to gauge how popular this area will be for potential buyers/investors. However, interest may grow in the next decade once more details on the development of Greater Southern Waterfront is announced.
2. The development sits in a matured HDB estate, which provides good range of shops including Salon, Laundry, banks, food courts and supermarkets within immediate neighbourhood. However, for some people, they may find the location not so exclusive.
3. The unit mix for Avenue Source Residence is skewed towards 1- and 2-bedrooms at 70%. Such unit types are smaller and better catered for singles, couples without kids and rental investments.
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