New residential properties on the rise in the CBD

Singapore’s central business district (CBD) is evolving from a traditionally corporate location, with more buyers looking for prime residential properties in the area.

According to Savills Singapore, more than 4,600 new homes will likely be completed in the district by end-2015. A number of these homes will be located in Shenton Way, Robinson Road and Tanjong Pagar. This is expected to boost the population of the CBD by 14 times since 2007, according to Alan Cheong, Research Head at Savills.

Meanwhile, various upcoming projects are seeing strong interest from buyers despite the high prices.

For instance, Far East Organization’s The Clift (pictured) has sold 250 out of the 312 units available, with the smallest unit going for around S$2 million.

The condo development along McCallum Street offers one- to two-bedroom units priced at S$2,579 psf on average. At the same time, the 62-storey Altez condo in Tanjong Pagar has sold 213 of the 280 units on offer at an average price of S$2,206 psf.

Over at 70 Shenton Way, the upcoming mixed development Eon Shenton has sold 95 units of the total 132 at a median price of S$2,400 psf. The 99-year project is jointly developed by Fission Group, Macly Group, Roxy-Pacific Holdings, Pinnacle Assets and architect-turned-developer Chee Hsian Sing.

Other notable projects such as Robinson Suites, the mixed-use Oxley Tower and Skysuites @ Anson will complement earlier developments such as Marina Bay Residences, The Lumiere and Icon.

The new projects will draw in the crowds even after office hours, in line with the government’s plan to transform the CBD into a place to work, live and play.

“The city is finally a hip place to be seen and live and no longer just a place for a quick beer after work,” said Sulian Tan-Wijaya, Senior Director for Retail and Lifestyle at Savills Singapore.

Dr Chua Yang Liang, Research Head at Jones Lang LaSalle South-east Asia, noted that downtown living could be popular, specifically with younger professionals.

“In other mature cities like New York, downtown living is part of the city fabric. In fact, in some cities in the US, the silver population will move back into the city because of the amenities.”

Source : PropertyGuru – 21 May 2012

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