Hot Spot : Newton Circus

Source: The Sunday Times, 17 June 2007

Cairnhill

Constantly evolving landscape

In the Cairnhill area, the old is juxtaposed against the new, with the latest Cairnhill Crest just across the road from a much older The Cairnhill.

But this picture is far from complete. The area is fast evolving with developments such as Hilltops Apartments still under construction, older boutique condominiums like Silver Towers about to be redeveloped and properties like Orchard Scotts completed recently.

The theme of the area is one of constant change, reinforced by the frequent heavy traffic in the surrounding areas.

The attrition, development and movement are all set against the backdrop of the bustling main shopping belt of Orchard Road.

The area also presents interesting contradictions in the form of high-end, trendy apartments such as The Light contrasting with the smaller one- and two-bedroom units of the Vida along Peck Hay Road.

Freehold units at Scotts 28 and The Light have been commanding prices of $1,978 per sq ft (psf) and $1,700 psf respectively on average, according to Savills Singapore.

Mr Ku Swee Yong, Savills Singapore marketing and business development director, said that the benchmark had been set by Helios Residences, located next to The Light at Cairnhill Circle, which had been priced at between $2,500 psf and $3,000 psf.

‘The Edge has been going for up to $1,500 psf as well, which was pulled up when The Light sold well.’

Rumour has it that there will be a hotel-branded residence coming up along Cairnhill Road.

And while negotiations with a five-star hotel are understood to be ongoing, the development is widely expected to push up prices when it comes on line, said Mr Ku.

Meanwhile, the flagging sales of the one- and two-bedroom units of the Vida on Peck Hay Road have been attributed to the lack of interest in small units in the area.

Balmoral

Scenic spot with bungalows, condos

The Goodwood Hill loop at Balmoral offers a glimpse back in time.

Large colonial bungalows painted simply in monotones are nestled in lush greenery, giving the area a peaceful, nostalgic feel, with a tinge of faded grandeur.

Beyond the bungalows, low-rise condominium developments such as Casa Rosita and Balmoral Heights are also a defining feature, adding much needed variety to the area.

According to Savills, the average price per sq ft (psf) in the area is $1,460, with average asking rentals for two- to three-bedrooms ranging between $6,000 and $8,000.

City Developments’ The Solitaire, a 59-unit freehold development priced at $1,950 psf, sold out after it was launched in April.

Other recent benchmarks in the area include Eden Spring in Balmoral Road which sold at $1,004 psf per plot ratio (ppr) last month to TG Development, and One Balmoral - sold to Hong Leong Group in March for $1,188 psf ppr.

Savills Singapore director of marketing and business development Ku Swee Yong highlighted Belmond Green as a property to look out for.

‘It’s a large piece of land overlooking nice landed properties at the back.

‘When Naga Court and Casa Rosita along Bukit Timah Road launch at an expected $2,000 psf, this will see prices along Balmoral going up as well,’ he said.

Casa Rosita was acquired by GuocoLand in a collective sale acquisition in April last year for $280 million.

And Mr Ku believes that it is another development buyers looking for a scenic home could consider.

‘It actually overlooks the bungalows on Goodwood Hill and we understand that it will be developed with a small footprint and large grounds.’

No indication has been given as to when it will be launched.

Cavenage

Peaceful cloister in heart of town

Aptly named Monk’s Hill for its serenity and quietude, this area is almost a temple of peace next to busy Newton Circus with its throng of diners and downtown traffic.

The tranquillity is further enhanced - except perhaps when school’s out - by Monk’s Hill Secondary School and a madrasah (religious school) nearby.

The apartments and terrace houses, a mainstay at Monk’s Hill, are gnarled with age, but the rustic charm of old-school architecture and a monochrome palette give the area a soothing appeal.

Also a lure is the great food at the famed Newton Hawker Centre a stone’s throw away.

However, having the Istana close by on the other side of Cavenagh Road has limited the possibilities for developments in the vicinity.

For example, condominiums lining that stretch of road, such as Cavenagh Court and the Townhouse Apartments, have height restrictions and are also prevented from having clear windows on the side facing the Istana. As a result, the area has not proved to be as attractive as might be expected, though it is located next to the prime Orchard Road district.

Of note is the collective sale potential of the 99-year-old Townhouse Apartments, which has seen its average price per sq ft hovering at $420, said Savills.

An interesting characteristic of the area is the presence of several black-and-white bungalows around Monk’s Hill Road, which have made it a hit with expatriates.

But hardly any transactions of these Premas-run units have been recorded because of their conservation status.

Chancery

Mature estate on verge of change

Take a cheerful mix of bungalows, boutique apartments and yet-to-be-built condominiums such as Newton One, and you have Gilstead, a mature residential area hinting at changes to come.

Newer gems such as Newton 18 and Gilstead 38 sprinkle the area, but the larger, slightly older developments such as Chancery Court and Jade Gardens define the location.

Clusters of bungalows and semi-detached houses are also popular, although these tend to be older.

The Residences @ Evelyn has set the tone for the area with its $1,418 per sq ft (psf) average price and largest number of transactions, said Savills Singapore director of marketing and business development Ku Swee Yong.

Most of the developments are upmarket so he believes the best buys are condominiums with better facilities such as sizeable swimming pools.

‘These include Residences @ Evelyn, Park Infinia and Amaryllis Ville,’ Mr Ku said.

He added that the average psf price in the area was $1,250, with average asking rents for two- to three-bedroom units ranging from $6,000 to $8,000.

One of the higher-end developments is the freehold Setia Residences, which was launched four years ago.

With an average price of $1,654 psf, a standard 3,348 sq ft unit in the project commands upwards of $5.4 million, with the asking rental ranging between $15,000 and $18,000.

Some of the new launches include Newton Suites and Buckley 18, both freehold projects. They have recorded average prices of $1,203 psf and $1,420 psf respectively this year.

Mr Ku noted that the Gilstead Road condos further away from Dunearn Road offered a peaceful environment coupled with the convenience of being a stone’s throw from the Newton MRT Station