Seaside Residences Price

Seaside Residences Price | Seaside Residences Pricing

The Urban Redevelopment Authority (URA) released this plum Siglap site for sale by public tender on 26 November 2015. The tender closed on 14 January 2016.

It drew bids from 8 developers in a tightly fought contest that included some of the biggest names, like Guocoland, UOL, City Developments, and a Frasers Centrepoint consortium – testimony to the site’s various merits.

The FCL-led consortium of Frasers’ unit FCL Topaz, Sekisui House & KH Capital lodged the highest offer of $624.18 million, roughly $858 per sq ft per plot ratio, for the land.

FCL’s winning bid of SGD$624.2m was just 4% higher than the next highest bid by CDL, and barely 7% above the median price across all 8 bids. In fact, the top 4 bids were all above $800 PSF/PPR. This very tight margin probably reflects the value that developers see in the site, and their bullishness on it.

Seaside Residences Price Ranges

Analysts point to the site’s attributes, like its unblocked sea views, proximity to East Coast Park and Katong and an upcoming MRT station, and to East Coast eateries and the city.

There are also no new projects of this kind of size in the neighbourhood. The last time a similar site was sold nearby, was in 2001, that became the Cote D’Azur condominium.

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Seaside Residences Price Projection · Seaside Residences Pricing Analysis

Given the land cost of $858 per square foot per plot ratio, Mr Nicholas Mak, head of research & consultancy at SLP International Property Consultants, estimates breakeven at S$1,370 per sqf to S$1,480 per sq ft (PSF). Other analysts have estimated a break-even of about $1,320 to $1,350 PSF.

This could work out to an average price of around $1,550 to $1,650 PSF. But expect quite a large difference between pricing of sea-facing units, vs those without sea views.

Note: The published average pricing of a project typically refers to pricing of its mid-floor & mid-size units, like 3 and 4 bedders. Average prices of 1 and 2 bedders would be higher than the average stated PSF of the project.

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Seaside Residences Price Range · Market Analysis

Analysts point to Costa del Sol as the most comparable to Seaside Residences, among existing projects, in terms of site attributes and location. In the last 3 months of 2016, resale units there transacted at between $1,196 to $1,268 PSF.

However Costa del Sol completed in 2004, and its site has a balance of 81 years on its lease. If we extrapolate based on a full site lease, and taking into account the cost of renovations to achieve the same “new building” standard, then the price levels would be very similar.

So although the projected pricing is higher than for surrounding older condominiums, sales is likely to be boosted by its combination of unique attributes. Another strong point that will boost sales is that there is no “supply fatigue” in this area. Unlike other locations that has seen a string of sites launched in the last 5 years, this site is a rarity in the vicinity.

See this report for a news article on the sale of this site (opens in new window).

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SEASIDE RESIDENCE PRICE · SHOWFLAT VIEWING · VIP PREVIEW

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Seaside Residences | Siglap MRT Station

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The Seaside Residences has truly one of the most attractive condominium locations in Singapore. It possesses a rare combination of attributes that should excite lots of interest when it launches for sale in early 2017.

For a start, it has a wide sea-view frontage, directly facing East Coast Park and completely unblocked. It is also just 250m or 3 minutes walk to the future Siglap MRT Station.

The Seaside Residence Site @ East Coast Park . Unblocked Panoramic Sea ViewsThe Seaside Residences East Coast Park View

Artist’s Impression . Seaside Residence at East Coast ParkwaySeaside Residence Condo at East Coast Beach

In addition, Seaside Residence will be the first new condominium with full sea views to be built along the East Coast in the last 15 years. Analysts expect a strong take-up rate, as there is hardly any competition due to the lack of supply pipeline here.

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The Seaside Residences · Key Points

A consortium led by top developer Frasers Centrepoint will develop Seaside Residences. This JV comprises Frasers unit FCL Topaz, with Sekisui House and Keong Hong Holdings unit KH Capital.

The Frasers-Sekisui House partnership has developed some nice projects in the past, like eCo @ Tanah Merah, Boathouse Residences and Watertown. Frasers is known for quality design and functional layouts. Keong Hong, a home-grown contractor with a track record of quality work, will undertake the construction.

The Seaside Residence will stand tall, 27 storeys high, in 2 residential towers. Many of its 843 units will enjoy sweeping sea views.

Its location at Siglap Link in the heart of East Coast is between 2 major towns, Bedok and Marine Parade, with malls like I12 Katong & Parkway Parade. And lining the roads from Siglap to Katong is a string of shophouses, dining outlets, bistros & hipster cafes that give this place a vibe & charm of its own, similar to that of Holland Village.

Do arrange to view the showflat if you might want to live or invest here.

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The Seaside Residences · Attributes of the Project

The Seaside Residence Location Plan URAThe Seaside Residences Location Plan @ Siglap Link | URA | Click to Enlarge

Highlights in owning a condominium unit at the Seaside Residence:

  1. A home in a private residential enclave, in one of the most desirable parts of Singapore, not too far from the city centre. Via East Coast Parkway (ECP) it is a short drive to Raffles Place and the Marina Bay Financial District, and to Changi Airport.
  2. South-facing units get unblocked sea views and East Coast Park views, a rarity in Singapore. It is hard enough to get unblocked views without facing another building, let alone panoramic views of the sea and beach like this.
  3. The north of the site is relatively unblocked too. It borders the Victoria school site, half of which is open field, and the other half the mid-rise school building. So both sides are pretty much open. Very good for wind flow.
  4. Residents will have the joys of living by the beach. East Coast Beach is just across the road from Seaside Residences, accessible directly & safely via an underpass. Go for a swim, take a run along the beach, or just relax and listen to the waves.
  5. Seaside Residences is in a mature estate, well supported by amenities & one of the highest concentrations of top educational institutions. So a beachfront lifestyle does not mean having to forego the conveniences. Siglap Centre, Siglap Shopping Centre and Siglap V (with a Cold Storage supermarket), are 650m up Siglap Road.
  6. The Katong / Siglap / East Coast area is home to some of the most well known eateries and food joints. And for seafood lovers, the East Coast Seafood Centre at East Coast Park is across the road, by the beach.
  7. And of course, come 2023 when the Thomson-East-Coast MRT Line completes, there is the sheer convenience of having Siglap MRT Station just 250m, or 3 minutes walk away.

Boathouse Residences Lounge . By Frasers + Sekisui House . Developer for Seaside ResidencesBoathouse Residences . Developed by Frasers . Developer for Seaside Residences

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The Seaside Residence · Showflat Viewing · VIP Preview

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