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REPORT

Report on Mixed Development Projects (2014)

Table of Contents

Definition and Regulations ............................................................................. 2

Increasing Popularity ..................................................................................... 2

Pros and Cons ................................................................................................ 3

Recent Market Changes ................................................................................. 3

List of Mixed Development Projects ............................................................... 5

City Gate ........................................................................................................ 8

General Information ........................................................................................................................... 8

Selling Prices ....................................................................................................................................... 9

Location Map .................................................................................................................................... 10

Comments ......................................................................................................................................... 10

The Citron Residences .................................................................................. 14

General Information ......................................................................................................................... 14

Selling Prices ..................................................................................................................................... 15

Location Map .................................................................................................................................... 15

Comments ......................................................................................................................................... 16

Property Club Singapore



Definition and Regulations

According to URA (Urban Redevelopment Authority), mixed development are areas used

mainly for mixed residential and commercial purposes, including shopping, office and

residential.

Building of hotels may be allowed but is subjected to evaluation. Two examples are Dorsett

Residences and Duo Residences.

There are rules from URA governing mixed development areas:

1. Commercial areas shall not be located above residential areas.

2. The minimum quantum for commercial and related uses shall be determined by the

competent authority with regard to the locality concerned.

3. The commercial quantum shall not, unless otherwise allowed by the competent

authority, exceed 40 percent of the maximum allowable floor area.

Increasing Popularity

Square Foot Research mentions in an earlier report that there is a pick-up of interest in the

commercial units in mixed development projects. A constant supply of patrons from the

residential units in the same complex promises good rental for highly-sought after tenants

such as supermarkets, restaurants and franchise chains.

In the past, mixed-use residential properties were not very popular among home buyers.

Traditionally, Singaporeans prefer to buy private homes in developments purely reserved for

residential use. Buyers with budget like to look for exclusivity in condominiums.

However, buyers are becoming more receptive of mixed-development residential projects for

the convenience of shopping for everything under one roof. A common design can be one or

a few residential blocks built on top of a single-level or multi-storey shopping mall.

In fact, some mixed developments have gained their prestige by positioning themselves as

the icon of a prime district, especially when they are big projects comprising residential units,

commercial shops, A-class offices and hotels. Duo Residences, Clermont Residences and

Marina One Residences are good examples.



Pros and Cons

Pros

• Convenience of access to daily necessities

• Shortening of travel time and distance to shops and eateries

• Ideal for tenants who are non-drivers looking for easy access to amenities

• A plus for public transport commuters, especially if the project is built above a train station

or a bus interchange

Cons

• Loss of sense of exclusivity perceived in upscale residential projects

• Heavy traffic especially during weekends and festive seasons

• Increased security concerns when commercial and residential units are sharing the same or

a nearby entrance or lift

• Difficulty in obtaining majority consensus in a collective sale since shop owners have more

shares in a mixed development

Recent Market Changes

Mixed development projects were selling like hot cakes between 2011 and 2013. Below are

some successful cases:

1. Residential units in Vibes at East Coast were sold out in four months’ time in mid-2011

even after adjusting the selling prices upwards.

2. Seventy percent of units at Katong Regency were reserved when the project was launched

in April 2012. The developer UOL enjoyed a healthy pre-tax margin of 40 percent.

3. In June 2013, 142 units of KAP Residences at King Albert Park were sold out in two weeks’

time at an average price of $1,705 psf.

4. In October 2013, 124 of 146 strata retail units in Junction Nine were sold during the first

month of launch.

5. A long queue of eager buyers at the sales gallery snapped up 470 of 660 units in Duo

Residences within three days of launch in November 2013.



However, there is a reversal of fate for mixed development projects since 2014 when the

impacts of TDSR and other cooling measures are fully felt in the market.

1. Sales in projects like City Gate, Clermont, Hillion and The Venue are slow.

2. Many projects only managed to move one to three units (or even none) in the whole

month of July 2014, despite offering discounts or cash rebates to buyers.

3. Developers of new projects like One Marina Residences and South Beach keep bidding

time to find a better time to launch their mixed development project.



List of Mixed Development Projects

The table below shows a total of 28 mixed development projects launched in recent years and are ready for occupation in the next five years.

Table: Mixed development projects ready for occupation in 2015 to 2019

Project Name Street Name Developer Former

Building Locality District Tenure

No. of

Storeys

Site Area

(sq ft)

Commercial

Units

Residential

Units

Residential

Launch

Price ($psf)

Launch

Date

Expected

TOP

Ascent @ 456 456 Balestier Road Quest Homes Pte Ltd

(Tong Aik) n.a. RCR 12 FH 12

11,668 19 28

1,470 Mar 2014 Dec 2017

City Gate 371 Beach Road

Bayfront Ventures Pte

Ltd (Fragrance Group

and World Class Land)

Keypoint RCR 7 99-year 30

78,242 188 311

1,800 Jul 2014 Oct 2019

Clermont

Residence 3 Wallich Street

Belmeth Pte Ltd/Guston

Pte Ltd/Perfect Eagle

Pte Ltd (GuocoLand Ltd)

n.a. CCR 1 99-year 26

161,709 n.a. 181

3,050 Dec 2013 2016

Dorsett

Residences

333 New Bridge

Road Tang Suites Pte Ltd n.a. RCR 2 99-year 6

46,737 n.a. 68

1,800 Aug 2010 Q3 2013

Duo

Residences 1, 3 Fraser Street

Ophir-Rochor

Residential Pte Ltd

(Malyasian Khazanah

and Singapore Temasek

Holdings)


287,270 28 660

2,000 Nov 2013 Dec 2017

Floraview Ang Mo Kio Street

66 Oxley YCK Pte Ltd n.a. OCR 28 FH 4

61,671 28 90

1,300 Jun 2014 Dec 2018

Hillion

Residences

8, 10, 12 Jelebu

Road

Sim Lian JV (BP Retail)

Pte Ltd/Sim Lian JV (BP)

Pte Ltd

n.a. OCR 23 99-year 23

204,000 > 100 546

1,300 Mar 2013 Sep 2018





No. of

Storeys

Site Area

(sq ft)

Commercial

Units

Residential

Units

Residential

Launch

Price ($psf)

Launch

Date

Expected

TOP

Kallang

Riverside 51 Kampong Bugis

Singapore Johore

Express Pte Ltd

Singapore

Johore

Factories

Building

RCR 12 FH 30

74,523 7 212 2,130 Jun 2014 Dec 2019

Kap

Residences

9, 11 King Albert

Park Oxley Sanctuary Pte Ltd

King

Albert

Park

RCR 21 FH 7

59,576 107 142

1,700 May 2013 Dec 2018

Katong

Regency

13, 15, 17 Tanjong

Katong Road

UOL Property

Investments Pte

Ltd/UOL Residential

Development Pte Ltd

Lion City

Hotel RCR 14 FH 16

153,697 n.a. 244

1,660 Apr 2012 Dec 2015

Kensington

Square 2 Jalan Lokam

Kensington Village Pte

Ltd (Fragrance Group

and World Class Land)

Tai Keng

Court OCR 19 FH 5

103,799 57 141

1,400 Sep 2013

Nov

2017

Marina One

Residences 21, 23 Marina Way

M+S Pte Ltd (Malyasian

Khazanah and

Singapore Temasek

Holdings)


282,490 n.a. 1042

2,600 Sep 2014

Aug

2018

Midtown

Residences

1187 Upper

Serangoon Road Oxley-Lian Beng Pte Ltd

Hougang

Plaza OCR 19 99-year 12

57,047 107 160

1,400 May 2013 Dec 2018

NeWest 1 West Coast Drive Oxley Viva Pte Ltd

Hong

Leong

Garden

Shopping

Centre

RCR 5 956-

year 12

165,000 141 136

1,350 May 2013 Dec 2018

Nine

Residences 18 Yishun Avenue 9

CEL-Yishun

(Commercial) Pte

Ltd/CEL-Yishun

(Residential) Pte Ltd


95,351 146 186

1,070 Oct 2013 Jun 2017

North Park

Residences Yishun Central 1

North Gem

Development Pte

Ltd/FC North Gem

Trustee Pte Ltd (Fraser

Centerpoint Ltd)


442,234 500 920 TBC TBC

mid-

2018

Novena

Regency

275, 277, 279

Thomson Road

Fragrance Realty Pte Ltd

(Fragrance Group Ltd)

Novena

Ville CCR 11 FH 5

52,675 45 55

2,300 Apr 2013

Aug

2017





No. of

Storeys

Site Area

(sq ft)

Commercial

Units

Residential

Units

Residential

Launch

Price ($psf)

Launch

Date

Expected

TOP

OKIO

Residences 262 Balestier Road Tiara Land Pte Ltd n.a. RCR 12 FH 18

22,285 10 104

1,650 Sep 2011

Nov

2015

One Dusun

Residences 1 Jalan Dusun

LVND Homes Pte Ltd

(Nobel Design Holdings,

2E Capital and Lian Huat

Group)

n.a. RCR 12 FH 29

34,227 76 154

1,540 Aug 2012 Dec 2017

Onze @

Tanjong

Pagar

11 Kee Seng Street Heeton Holdings Ltd n.a. RCR 2 FH 18

14,781 13 56

2,400 Sep 2013

Mar

2018

Pavilion

Square 345 Geylang Road

Pollux Treasures Pte.

Ltd. n.a. RCR 14 FH 5

7,430 93 42

1,500 Apr 2013

Mar

2016

South Beach

Residences 38 Beach Road

South Beach

Consortium Pte Ltd

(City Developments Ltd

and IOI Group)


34,959 n.a. 190

3,000 TBC

2015/20

16

The Citron

Residences 1 Marne Road

Goodland Assets Pte Ltd

(The Goodland Group) n.a. RCR 8 FH 6

18,303 36 54

1,500 Aug 2014 Dec 2019

The Rise @

Oxley -

Residences

71, 73 Oxley Rise Oxley Rise Pte Ltd n.a. CCR 9 FH 10

25,630 29 120

2,400 Jun 2014 Dec 2019

The Venue

Residences Tai Thong Crescent

Crescent View

Developments Pte Ltd

(City Development

Limited and Hong Leong

Holdings)

n.a. RCR 13 99-year 18

88,268 28 266

1,450 Oct 2013 Sep 2017

Vibes @ East

Coast

308 Telok Kurau

Road Oxley Module Pte Ltd n.a. RCR 15 FH 5

25,972 28 117

1,340 May 2011 Dec 2015

Viio @

Balestier 520 Balestier Road

Techkon Commercial

Pte Ltd

Leong On

Building RCR 12 FH 12

22,062 30 48

1,600 Jul 2014 Dec 2017

Watertown Punggol Central

Emerald Star Pte Ltd/FC

Retail Trustee Pte Ltd

(Far East, Frasers

Centrepoint and Sekisui

House)


332,912 n.a. 992

1,180 Feb 2012 Dec 2017



City Gate

General Information

Location : 371 Beach Road

District : 07 (Rest of Central Region)

Developer : Bayfront Ventures Pte Ltd (Fragrance Group and World Class Land)

Tenure : 99-year Leasehold from 25 Apr 2014

Expected TOP : 31 Oct 2019

Launch Date : Jul 2014

Launch Price : S$1,800 psf

Units : Two 30-storey blocks with 181 shops and 311 residential units

Unit Type No. of Units Area (sq ft)

1-bedroom 43 431 - 452

2-bedroom 42 560 – 570

2-bedroom dual-key 174 678 – 807

3-bedroom dual-key 44 904 - 915

1-bedroom penthouse 1 484

2-bedroom penthouse 4 807 – 1,464

3-bedroom penthouse 3 1,604 – 1,819



Selling Prices

Below are the recent caveats lodged published by URA:

Price ($) Area (Sqft)

Floor

Level

Price

($ psf) Date

798,000 431 11 to 15 1,853 Aug-14

810,000 431 11 to 15 1,881 Aug-14

786,000 431 06 to 10 1,826 Aug-14

828,000 431 16 to 20 1,923 Aug-14

826,500 452 11 to 15 1,828 Aug-14

889,500 452 16 to 20 1,968 Aug-14

903,000 452 21 to 25 1,997 Aug-14

1,011,000 560 11 to 15 1,806 Aug-14

1,046,250 560 16 to 20 1,869 Aug-14

1,103,250 570 21 to 25 1,934 Aug-14

984,000 570 06 to 10 1,725 Aug-14

1,179,000 678 06 to 10 1,739 Aug-14

1,211,250 678 11 to 15 1,786 Aug-14

1,203,000 678 11 to 15 1,774 Aug-14

1,214,250 689 11 to 15 1,763 Aug-14

1,182,000 689 06 to 10 1,716 Jul-14

1,219,500 700 06 to 10 1,743 Aug-14

1,235,250 700 06 to 10 1,766 Aug-14

1,355,250 700 21 to 25 1,937 Aug-14

1,302,000 710 11 to 15 1,833 Aug-14

1,555,500 904 11 to 15 1,720 Aug-14

1,659,000 915 16 to 20 1,813 Aug-14

1,560,000 915 06 to 10 1,705 Aug-14

1,650,000 915 11 to 15 1,803 Aug-14

Average Price psf

1,821



Below are the prices quoted by the marketing agent at the sales gallery on August 27, 2014:

Type Unit No. Price ($)

Area

(Sqft)

Price

($psf)

1BR #15-01

822,000 431

1,907.19

1BR #26-08

917,250 452

2,029.31

2DK #18-09

1,262,000 689

1,831.64

2DK #11-04

1,251,000 700

1,787.14

3DK #10-03

1,614,000 915

1,763.93

Location Map

Comments

City Gate is conveniently connected to the Nicoll Highway MRT station through an overhead

bridge. It is surrounded by conservation shophouses, Sultan Plaza, Textile Centre, The

Concourse and Golden Mile.

While Duo Residences was launched at an average selling price of $2,000 psf in November

last year, units at City Gate are deliberately priced lower at $1,800 psf to attract buyers.



The 188 shops located on B1, 1st and 2nd storey are marketing between $3,600 to $4,200

psf. The foodcourt was bought by a party from China at $18 million. Carpark is built on 3rd

to 6th storey.

There are 311 residential units between 7th and 30th storey marketing between $1,700 to

$2,00 psf. The onsite marketing agent claimed that half of the units have been sold by the

end of August.

1. Site Plan

The best facing units are 03 and 04. If buyers don’t mind the traffic at Nicoll Highway, the

southeast facing balconies will enjoy an open view of Kallang Basin and Tanjong Rhu.

For unit 05 and 06, depending on the level, the view of the units may be blocked by the

Concourse and high-rise condominium Skyline.



Unit 07, 08, 09, 10 and 11 will oversee rows of low-rise shophouses and have a nice city

view. However, the units have west sun.

Avoid unit 12 since the whole stack of units face a mosque and the master bedrooms are

too close to the two old buildings Sultan Plaza and Textile Centre.

2. The layout

City Gate offers four types of layout: 1-bedroom, 2-bedroom, 2-bedroom dual-key and 3-

bedroom dual-key units. The estimated maintenance fees for 1, 2 and 3 bedroom units are

estimated to be $270, $345 and $420 respectively.

Developers like to say that the selling point of

dual-key units is the ability of buyers to own

‘two units’ while paying only ‘one stamp duty’.

This is based on the assumption that the

owners will rent the unit out to two tenants,

with each holding the key to their own sub-unit.

The marketing agent claimed that the 2-

bedroom dual-key units can fetch a total rent of

$4,000 (with $2,000 from each tenant) while

the 3-bedroom dual-key units can be tenanted

at a total of $6,000 ($4,000 from the 2-

bedroom and $2,000 from the studio).

The studio unit in the 2-bedroom and 3-

bedroom dual-key unit is a long narrow

shape with a big balcony. The usable area

of the studio looks no more than 200 sq ft

which is less than half the size of a hotel

room.

Furniture need to be either built-in or

customized by an interior designer and

contractor. After putting a double bed in

the bedroom, there is no space left. It is

difficult to imagine how a Caucasian

tenant can move around in this tiny cell.



3. The finishing

One bedroom units will come with all parquet flooring and a hotel-style mini fridge in the

open kitchen. For two and three bedroom units, buyers will find 3 x 1 marble flooring for the

halls and parquet flooring for the bedrooms.

The units has a high ceiling height of 3.3-metre for the developer

to build a ‘furniture deck’ (optional) for one of the bedrooms.

This is basically a loft concept with a flight of wooden staircases

going up to the upper deck. A mattress can be placed on top to

be used as a bed while the lower deck can be a study area or a

wardrobe. Young children may find this fun but most adults may

rather sleeping in a normal bed.



The Citron Residences

General Information

Location : 1 Marne Road

District : 08 (Rest of Central Region)

Developer : Goodland Assets Pte Ltd (The Goodland Group)

Tenure : Freehold

Expected TOP : 31 Dec 2019

Launch Date : Aug 2014

Launch Price : S$1,500 psf

Units : 6-storey block with 36 shops and 54 residential units

Unit Type No. of Units Area (sq ft)

1-bedroom 8 388/431

2-bedroom 26 646 – 743

2-bedroom dual-key 14 721/731/829

3-bedroom 6 818/915/1119

Shop 36 431 - 657



Selling Prices

Below are the recent caveats lodged published by URA:

Price ($) Area (Sqft)

Floor

Level

Price

($psf) Date

755,700 431 01 to 05 1,755 Aug-14

1,027,600 657 01 to 05 1,565 Aug-14

1,037,800 667 01 to 05 1,555 Aug-14

The developer has chosen a few ‘star buy’ units for buyers visiting the sales gallery. Below

are the prices of these units quoted by the onsite marketing agent on September 3, 2014:

Type Unit No. Price ($)

Area

(Sqft)

Price

($psf)

2-BR #02-01

1,031,100 667 1,546

2-BR #04-01

1,044,500 667 1,566

2-BR #02-04

1,104,600 732 1,509

2-DK #03-11

1,150,300 721 1,595

Location Map



Comments

Located in Little India, the Citron Residences is only 3 minutes’ walk to Farrer Park MRT. It is

also a stone's throw away from City Square Mall and Mustafa Centre.

City Square Mall is a quiet shopping mall, especially on weekdays, due to the lack of HDB

estates and offices in the surrounding areas. However, City Square Residences are popular

with tenants, especially single expatriates. A 560-sqft studio can be rented out at $3,400 per

month. Its proximity to town, an MRT station and a shopping mall are the plus points.

The Citron is a 90-unit building comprising of 36 shops on the ground floor and 54

apartments from 2nd to 6th storey. Shops are marketing at $2,000 to $2,400 psf while

residential units are selling at an average price of $1,500 to $1,600 psf. All 1-bedrooms have

been sold out.

For security, residents can use their access cards to go up to their units using the two

resident lifts. However, residents and shoppers driving are using the same entrance. There

are only 60 carpark lots and 2 handicap carpark lots. Visitors must be prepared to park on

the roadside or at the nearby City Square Mall.

1. Site Plan



The Citron Residences is a low-rise 6-storey building. Except the bedrooms in units 10 and

11 facing Petain Road may be blocked by the taller blocks of Kerrisdale, all units are

surrounded by low-rise developments in the area.

Unit 01, 02, 05, 06, 07 and 11 can enjoy a more open view, with a southeast facing to avoid

the west sun.

2. The layout

The Citron Residences offer four types of layout: 1-

bedroom, 2-bedroom, 2-bedroom dual-key and 3-

bedroom units. In a smaller development, maintenance

fees are expected to be higher with 2-bedroom units

charging at around $400 per month.

All layout plans of the residential units are squarish in

shape. With the absence of balcony, bay window or

planted box, it maximizes the usable area of the

apartments.

Similar to other new condominium projects, the long

shape of the combined living and dining area means

that only a squarish or rectangular-shaped dining table

(not a round one) is possible in the dining room.

One and two-bedroom units have open kitchens. For the more spacious 3-bedroom units

(818 sq ft or 915 sq ft with no PES), there is an enclosed kitchen. There is also a master

bedroom with decent size for the owner to put a king-size bed there.

3. The finishing

There is no sales brochure for visitors at the sales gallery. It is difficult for potential buyers to

get the details of all the building materials, fixtures, etc. for the project. Buyers can only

hope that what-you-see-is-what-you-get at the showflat. And hopefully upon TOP, there will

be similar compressed marble flooring for the halls and timber strip flooring for the

bedrooms upon as shown in the showflat.

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