The recession we are in may be the worst recession since independence, but house prices in Singapore have been counteracting the trend and rising. The overall price index of private residential properties rose 0.8%, faster than the 0.3% increase in the second quarter. To mitigate demand, the Urban Redevelopment Authority (URA) halted the practice of re-editing options for buying private homes. Many believe that these practices helped fuel the demand for new releases and therefore contributed to the rising price of the property that defies the recession. The Landmark is one of the first projects to be launched after the implementation of the new ruling and it would be interesting to see how this affects buying behavior.
The Landmark is a 99 year old real estate development consisting of a 39 storey block with 396 units and an underground car park. The development will be developed jointly by a consortium called Landmark JV, which consists of SSLE Development Pte Ltd, MCC Land (Singapore) Pte Ltd and ZACD Group Ltd. years after his first failed attempt. Finally, the 139-unit Landmark tower was sold to a Landmark JV joint venture for $ 286 million. The 60,821 square foot unit is zoned for residential use with a plot ratio of 4.0. This translates into a selling price of SGD $ 1,406 per square foot per plot (psf ppr), which is less than the SGP $ 1,515 psf ppr that CapitaLand paid for Pearl Bank Apartments. Landmark Tower owners received gross revenue of between SGD 1.6 million and SGD 4.9 million from the collective sale. The resulting development, The Landmark, is expected to be completed in 2025.
Here is the combination of units from The Landmark:
1 bedroom: 144 units, 495 to 517 square feet
2 bedrooms: 180 units, 678 to 764 square feet
3 bedrooms: 72 units, from 1076 to 1141 square feet
Where is the development?
The landmark is at 173 Chin Swee Road, right next to Pearl’s Hill City Park. It is within walking distance of Chinatown MRT Station and Outram Park MRT Station.
According to Google Maps, the walk to the Outram MRT station will take about 16 or 17 minutes depending on the route chosen. The distance traveled is approximately 1.2 to 1.4 kilometers. This route is relatively free.
According to Google Maps, the walk to Chinatown MRT Station will take about 7 minutes and take about 550 meters. This is the nearest train station to The Landmark and the promenade is relatively protected once you navigate to Pearl’s Hill Road.
The train ride from Outram Park MRT Station to Raffles Place MRT Station will take approximately 5 minutes at 2 MRT stations and will cost $ 0.92. Raffles Place MRT Station is also on the Green MRT Line.
The train ride from Outram Park MRT Station to Orchard MRT Station will take approximately 10 minutes at five MRT stations and will cost $ 1.12. You will need to make a transfer to the red MRT line at Dhoby Ghaut MRh station.
The train ride from Chinatown MRT Station to Raffles Place MRT Station will take approximately 6 minutes at 3 MRT stations and will cost $ 0.92. You will need to make the transfer to the green MRT line. However, Raffles Place is very close to Chinatown MRT Station. I think travelers could walk to their place of work if they sailed to Chinatown MRT station from The Landmark.
The train ride from Chinatown MRT Station to Orchard MRT Station will take approximately 9 minutes at 4 MRT stations and will cost $ 1.02. You will need to change to the red MRT line at Dhoby Ghaut MRT station.
The drive from The Landmark to Raffles Place will take 5 minutes and cover a distance of about 3.1 kilometers. That said, The Landmark is located on the edge of the Central Business District (CBD) and, if residents worked at Raffles Place, they would think they could take public transportation to work.
The journey from The Landmark to Orchard Road will take about 6 minutes and cover about 3.4 kilometers. Note that this Google Maps query was done around midnight, so road conditions were optimal. Please note the usual regular hourly traffic in addition to the time shown in this Google Maps query.
The selling points of development
The location. Recent releases have worked pretty well, but instead of attributing it solely to a resilient real estate market, I would also attribute a large portion to the good location qualities of recent releases. The Landmark is located on the edge of Singapore’s CBD. Demand from tenants working at the CBD should be healthy and, if this development is properly priced, could prove to be an attractive investment proposition for investors.
The availability of facilities in the heart of the city is another huge advantage. Typically, with urbanizations in the city, they are not expected to have flourishes such as cafes and convenience stores. However, The Landmark is surrounded by HDB floors. There are cafes and convenience stores nearby and there is even a Sheng Shiong supermarket on Blk 52 Upper Cross Street. This is a great advantage for families who want to buy for their own stay or for tenants.
I think the proximity to Pearl’s Hill City Park is a big plus. Singapore is a well-built city and can sometimes look like a concrete jungle, but when you have a huge park next to the city and a flat next door, I think it’s a great attraction.
The area around the Outram MRT station is an area that I think will develop a lot. We have the Greater Southern Waterfront, where the Singapore CBD will extend. In addition, the 20-year master plan for the Singapore General Hospital campus should translate into increased demand for surrounding properties.
Possible bad points of development
It is not exactly next to Outram MRT Station or Chinatown MRT Station. You should walk a bit to get to any of the train stations. Also, there should be some road noise from the Central Expressway (CTE) and Chin Swee Road.
My thoughts on development
I have reiterated this on several occasions. Location is key to renting and reselling. I’m looking forward to the Greater Southern Waterfront taking shape and I had previously recommended One Pearl Bank. It is unique and rare to have an interchange with 3 MRT train lines. With the Thomson East Coast Line passing through Outram MRT Station, 3 MRT train lines will run at Outram MRT Station.
The point of reference
At the time of writing, the prices had not yet been published.
Location 4.5 / 5
This is on the brink of Singapore’s CBD. It is a short walk from Outram MRT Station and Chinatown MRT Station. Demand for property in this area should remain strong. In recent times, we have seen some high profile companies set up in the Singapore CBD. I hope this trend persists as Singapore aims to be a fund management center.
Developers are not unknown. MCC Land had previously developed developments such as The Poiz Residences, The Santorini and The Nautical among many others.
ps Disclaimer: I am a licensed real estate seller at the time of writing this review. My real estate agency is The Landmark marketing agency. Buyers can contact me to purchase a unit at The Landmark and I will earn a developer commission. My reason for writing this review is to share my personal opinion on developments not as a real estate seller, but in the neutral context of a buyer, and hopefully I share some ideas to help buyers make a decision. more informed purchase.
My other property reviews in Singapore
My review of Normanton Park by Kingsford Development
My Penrose review from CDL and Hong Leong Holdings
My review of Forett in Bukit Timah by Qingjian Realty
My Clavon review by UOL Group
My review of The M from Wingtai Asia
My review of Kopar to Newton by CEL Development
My review on The Future of Hong Leong Holdings and GuocoLand
My review of One Holland Village Residences by the Far East Organization
My review of Snow in Novena and Fyve Derbyshire by Roxy Pacific Holdings
My Midwood Review by Hong Leong Holdings
My review of Royalgreen and Juniper Hill by Allgreen Properties
My review of Sky Everton from Sustained Land
My review of Sengkang Grand Residences by Capitaland and City Developments Limited
My One Pearl Bank review by Capitaland
My review of The Antares by FSKH Development
My review of SingHaiyi Group’s Clematis Park
My review of Piermont Grand by City Developments Limited
My review of Komo Park for the development of CEL
My review of Riviere by Frasers Property
My review on Avenue South Residence
My 1953 review by Oxley Holdings
My review on Uptown @ Farrer
My review of The Florence Residences
My review of Treasure at Tampines
My review of the Fourth Avenue residences
My review of The Woodleigh Residences
My review of Kent Ridge Hill Residences
My review on Arena Residences
My review of Whistler Grand and Twin Vew
My review of Mayfair Gardens and Daintree Residence
My review of the Esta Park
My review of Jui Residences
My review of The Jovell
My review of JadeScape
My review on Stirling Residences and Margaret Ville
My review of The Tre Ver and Riverfront Residences
My review of Park Colonial
My review on Affinity at Serangoon and The Garden Residences
Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission.