Here is my review on Wilshire Residences, a freehold development located at 30 Farrer Rd (Former The Wilshire) Singapore 268828. Developer price is available upon request. Wilshire Residences Showflat location is off-site in Cluny Park.
Wilshire Residences – A 85-unit freehold development with 12 storeys and 2 lift lobbies. Each lift landing spreads out 4 units of apartments in all direction so there are a variety of views available. East towards Botanic Gardens, South East towards Dempsey Hill, West towards Holland Village and North towards Victoria Park landed houses. Wilshire Residences is the result of the collective sale of former The Wilshire, a joint-venture between Singapore-listed property group, Roxy-Pacific Holdings and Tong Eng group for $98.8 million. The purchase price translates to a land rate of S$1,536 psf ppr (per plot ratio). The land rate would be reduced to $1,455 psf ppr after allowing a development charge of $4.1 million for the 10% bonus GFA balcony space, according to Suzie Mok, Savills Singapore senior director of investment sales who brokered the deal.
Location and Surroundings:
Wilshire Residences is a short walk (10 minutes) to the Farrer Road MRT station and few minutes’ drive to the Ayer Rajah and Pan Island Expressways. It is also near the Orchard Road shopping belt, the Botanic Gardens as well as the eateries and shopping amenities within the Dempsey Hill and Holland Village enclave. Next to Farrer Road MRT station is Empress Market. Local food, fresh produce and groceries are abundant and available here.
Here are some considerations when it comes to the location of Wilshire Residences:
Reputable Schools Nearby – There are several good schools nearby including Nanyang Primary school which is within 1km of Wilshire Residences. Other elite schools within 2km include St.Margerets Secondary School, Anglo-Chinese School Independent (ACSI), Raffles Girls Primary School.
“How does proximity to schools affect house prices ?”
I think this is a huge upside for both families with students and property investors. Statistics have shown, homes located within a 2km radius of popular primary schools command large price premiums.
Holland Village Expansion- Property developer giant, Far East Organisation and their partners, Sekisui House and Sino Group joined to form a consortium to take up the Holland road site for expansion of Holland Village. The Holland Road site, which sits near Holland Village’s F&B outlets, can have a maximum gross floor area (GFA) of 59,715 sqm (642,766 sq ft). Up to 13,500 sqm of that can be used for retail.
Far East’s proposed scheme will have two towers of 33 storeys and 25 storeys housing the 400-plus apartments for sale, a 10-storey serviced apartment tower and five levels of office space above the retail/F&B space. There will also be a dual office/residential units as a component of the office space.
I believe it will take several years for this massive development to be fully completed and leased out to vendors. This construction and waiting time is aligned with Wilshire Residences, owners of this property stand a chance to have the privilege to be the first to enjoy the amenities. I think this will help with future capital appreciation and rentability.
Price and Comparisons:
The following is the prices for recently completed projects surrounding Wilshire Residences:
Wilshire Residences is priced approximately $2,600 to $2,700 psf. In comparison with existing newer resale prices around the area, this is quite close to it.
Developer’s Track Record:
Roxy-Pacific – listed in the Singapore Exchange since 2008, is a real estate and hospitality group. With a history dating from 1967, the main business activities of Roxy-Pacific are the development of both residential and commercial properties and hotel ownership in the region of Asia-Pacific region. Some of their recent new launches include RV altitude, Fyve Derbyshire, Arena Residences.
Tong Eng Group – The Group is constantly active in the Singapore property market in the development of residential and commercial projects in Singapore, striving towards developing avant-garde and high-quality properties through the implementation new technologies in the market and meticulous planning.
Overall, I think Wilshire Residences is one of the better District 10 new launches in 2019. The price point is reasonable considering existing newer resale condominium prices are only slightly lower. I like that there is a foreseeable growth in that area with the expansion of Holland Village to twice its current size. Holland Village has always been a choice area for expats to rent as there is a strong community for them there, and it will be even more so in future when the expansion is complete.
Value for money: ⭐⭐⭐⭐ 4/5
Future appreciation:⭐⭐⭐⭐⭐5 /5
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This review will be undergoing updates stay tuned for the latest updates!