This is my review for the upcoming project 1953 by Oxley located in Tessensohn Road. Location of the showflat is along Pegu Road. Developer’s price is available upon request, feel free to drop us a text and we will get back to you.
1953 – A mixed development of 58 freehold apartments and 14 retail shops located in 1 Tessensohn Road, Singapore 217701. The reason for the name 1953 is because of the retail shop frontage, at the ground level. It merges 7 conservation shophouses dating from 1953 with 6-storey residential block. 1953 @ Tessensohn features the Art Deco architectural style similar to the industrial era in the 1920s. Walking distance to Farrer MRT station is approximately 6 minutes.
Location and Surroundings:
The nearest entrance to Farrer Park MRT station is approximately 450 metres, or 6 minutes walk along Tessensohn or Race Course road. City Square Mall is conveniently accessible from the station. I feel this location is very underrated considering the abundance of amenities in close proximity, as well as the relatively short driving distance to CBD and Orchard Area.
Here are some factors which I think is important to when considering 1953 condo:
Close to retail shops and malls – There are many retail options and shopping malls along Serangoon road, all within short driving distance away. It is however quite crowded during weekends, as there are many tourists in this area.
Centrium Square – Formerly known as Serangoon Plaza, Centrium Square is an exciting upcoming mixed-use commercial development. The 19-storey mixed-use commercial development will comprise 143 office units, 39 medical suites and 49 retail shops.
Tekka Place – New mixed development which used to be The Verge mall comprises a 10-storey main block and seven-storey annex, and is on schedule to open by the end of 2019. Tekka Place will include 320 serviced apartments and 70,000 sq ft of retail concepts with 80 shops.
URA identifies the growth of Beach Road/Ophir-Rochor road Corridor – The Ophir-Rochor corridor is planned to be a mixed-use district featuring offices, hotels and residences, connecting the established commercial node at Marina Centre to future developments along Rochor Canal and Bukit Timah Canal. New developments and upgrades along beach road include:
Connexion – Singapore’s first truly integrated healthcare and hospitality complex. Healthcare, hospitality, preventive medicine, medical training and education disciplines are put under one roof. It is the combination of Farrer Park Hospital, Farrer Park Medical Centre, One Farrer Hotel & Spa and Owen Link (Commercial Retail Shops), all situated within the same complex and connected.
Prices and Comparisons:
There is multiple freehold resale condo along Rangoon and Sing Joo which are also small scale boutique condominiums.
Based on The Citron Residences (completed 2017) past sales transactions, there is a significant difference in psf when it is a 1-bedroom vs. 2-bedroom.
2-bedrooms units transacted at around S$1300-1400 psf
1-bedroom units transacted at around S$1700-1800 psf
The rental yield is quite good at an average of 3.3-3.4% based on surrounding nearby apartments.
Recent new launch Uptown@farrer is expected to be priced around the same with the exception that it is 99-year leasehold. If freehold and 99-year is same priced,
“Wouldn’t it be better to get freehold compared to 99-year ?”
As a general rule of thumb, the value of freehold vs 99-years has little difference up till 78th-year lease remaining mark. In other words, for the first 21 years of a 99-year leasehold property, prices will not have any significant difference compared with a freehold property with similar attributes.
It is only after the 21 years then you will notice the value start to depreciate compared to freehold. This is why generally, 99-years leasehold projects have higher rental yields as freehold projects cost 10-15% more. I believe the fundamentals of property investment such as the location, price and timing is more crucial than the tenure.
Uptown@Farrer is located only 130 metres away from Farrer Park MRT and City Square Mall. This means if I were a tenant, I would be clearly inclined to take up Uptown as compared to 1953. Nonetheless, freehold is always the prioritized pre-requisite to most buyers which is why even if the location is not as convenient, buyers will still consider freehold like it is a rare commodity.
Developer’s Track Record:
Oxley Holdings Limited – is an international home-grown Singaporean property developer. Oxley specialises in the development of quality residential, commercial, industrial and hospitality projects. The developments are typically located in choice areas that are easily accessible, and most of its projects incorporate retail elements, and lifestyle features and facilities. Some of their more notable recent developments include Kent Ridge Hill Residences, Mayfair Gardens, Riverfront Residences, Affinity at Serangoon and The Flow
1953 by Oxley is a highly rentable condominium located close to many amenities and in walking distance to Farrer Park MRT station. However, I find difficulty accepting the price considering the other nearby freehold resale condominiums prices which is significantly lower. There are boutique condominiums along Rangoon and Sing Joo which are closer to Farrer Park MRT, so tenants are more likely to rent there. I am not a fan of odd-shaped layouts and based on my experience, it is not acceptable by the general public.
I feel that the only silver lining for 1953 is that it is freehold. Long-term investors who are looking for not just rental yield but capital appreciation can consider this as an investment option.
Value for money: ⭐⭐2/5
Interested to find out what Daryl lum thinks of 1953 by Oxley?
Find out more: https://daryllum.com/my-review-of-1953-by-oxley-holdings/