Seaside Residences is the next latest private housing to be launch at Siglap Road. This new siglap condo site was launched for public tender on 26 November 2015. Tender for the site was closed on 14 January 2016 and a total of 8 bids was received. A Consortium comprising Fraser Centrepoint’s FCL Topaz, Sekisui House and KH Capital submitted the highest bid in the tender for the site. The price of S$624.18 million for the piece of land was translated to S$858.02 per sqf per plot ratio. This bid was just 4% above the second highest offer of $825 psf ppr from a tie-up involving units of Hong Leong Holdings, City Developments and TID Residential. The lowest bid comes from Allergen Properties with a bid of S$477 million or about S$656 psf ppr.
The 99-year leasehold site was released from the Confirmed List of the Government Land Sales (GLS) programme for the second half of 2015. The land size is about 207,847sqf and has a plot ratio of 3.5, giving it a maximum permissible gross floor area of 727,467sqf that can yield an estimated 800 to 900 housing units. Estimated breakeven for the development is about S$1,370 per sqf to S$1,480 per sqf, with selling prices around S$1,650 per sqf.
Seaside Residences will offer the residents views of the sea and East Coast Park. Furthermore, there is almost no new private condo development in the vicinity, therefore, the project at this site will not have to face keen competition. Siglap residential area comprises mainly landed property and condominiums, many of which overlook the sea. Siglap is lined with cafes, pubs and coffee shops that make it a popular place amongst those residents who stay in the East.
DEVELOPER – FRASERS CENTREPOINT (FCL)
Frasers Centrepoint Limited (FCL), the developer of Seaside Residences, is an international Real Estate Company with a portfolio that spans Residential, Commercial, Hospitality and Industrial in Singapore and many Countries such as Australia and China. It is one of the TOP Residential Developers and Largest Mall Owners in Singapore. Some of the development by FCL are eCO, Holland Park (Exclusive Good Class Bungalow), North Park Residences (Mixed Residential/Commercial), Palm Isles (Cluster Houses) and Parc Life EC (Executive Condo).
This Siglap New Launch Condo is just opposite Mandarin Gardens, and next to Victoria School. Siglap MRT station, on the Thomson-East Coast Line (TEL), which is under construction now is about 5 minutes to 8 minutes walk. TEL will be the sixth Mass Rapid Transit (MRT) and the fourth fully automated and driverless system line. This Line is estimated to costs S$18 billion and will be fully underground. The Line will open in five stages from 2019 onwards.
East Coast Park, the largest Park in Singapore is less than 5 minutes drive away. This Park is a popular place for many people to relax and unwind. This Park has many recreational facilities and amenities such as Barbecue Pits, Chalets, Food Centre, fast food restaurants and many more. There is a Bedok Jetty where you can see a lot of people fishing during the night and weekend. Various location along the coast for different type of water sport. A cycling and inline skating track run along the perimeter of the Park.
Future residents of Seaside Residence will have easy access to East Coast Parkway (ECP). It is only 10 minutes drive to Changi Airport and about 15 minutes to town/city. There are many Prestigious Schools around the area, such as Tao Nan School, Victoria School, East Coast Primary School, Ngee Ann Primary School, Telok Kurau Primary School, Opera Estate Primary School, Victoria Junior College and Temasek Junior College.
Launch date, Price and Floor Plan will be release in January 2017. Register now for Floor Plan to be email to you.