For most parts of my life, I have lived in the Pasir Panjang area, so I am quite excited to review Kent Ridge Hill Residences.
Kent Ridge Hill Residences – a 99-year leasehold new launch by Oxley Holdings comprised of 525 apartments & 68 units of Strata Landed house on a large site. Kent Ridge Hill Residences is the result of collective sale of Vista Park in South Buona Vista Road has at S$418 million, which works out to about S$1,096 per square foot per plot ratio (psf ppr), inclusive of an estimated S$72 million payable to the state to top up the site’s lease to 99 years.
Location and amenities:
Kent Ridge Hill Residences is about 600m to Pasir Panjang MRT and Kent Ridge MRT which takes about 8mins to walk. There are retail shops at Icon @ Pasir Panjang and West Coast Plaza is also just a few bus stops away.
“Is it hard to find future tenants?”
I don’t think it is hard to get tenants as Mapletree Business City is quite close and Science Park II and one-north only a few minutes further. The CBD is also easily reachable courtesy of the West Coast Highway and AYE. Kent Ridge Hill Residences anchors as the only new development around the area with many condo facilities. It also has its own private stairway straight into Kent Ridge Park, you are instantly transported into one of the most dramatic and beautiful parts of the island. The Southern Ridges, with the magnificent Henderson Waves, the manicured Hort Park and splendour of Mount Faber are literally on your doorstep.
KRH location map
Exclusive walkway to Kent Ridge Park. Great for Nature lovers
Future growth and potential:
The major factor which would contribute to the success of Kent Ridge Hill Residences would be the fruition of URA’s Plan – Greater Southern Waterfront
Greater Southern waterfront.
The plans involve the consolidation of operations at the City Terminals (Tanjong Pagar, Keppel) and Pasir Panjang port terminals to Tuas, the transformation of the area currently used by Keppel Golf Links and possibly Harbourfront Centre and some parts of the Pasir Panjang neighbourhood.
“It may take 10-15 years, but usually if it’s in URA’s plan, we will get there”
Tanjong Pagar terminal has been relocated
ahead of schedule. With the relocation of 500 staff from the older Tanjong Pagar Terminal to the newer Pasir Panjang Terminal, URA can start making measurements and drawing up plans for this part of the Greater Southern Waterfront. With the freed up space, the government has a blank slate to design and execute their plans for the Great Southern Waterfront. This transformation will be massive for Kent Ridge Hill Residences
as the planned relocation of the City Terminals and Pasir Panjang Terminals will free up 325 and 600 hectares of waterfront land respectively.
URA Masterplan 2014. Yellow zoning is for reserved land
Pricing and comparisons:
The first thing that most buyers will ask is “99-years or freehold?” Yes, Kent Ridge Hill Residences
is 99-year leasehold which is unlike most of the other nearby freehold projects. However, it is the only recent project in the area besides Viva vista so it is tough to make any comparison.
Competitive Market Comparison.
110 units out of 250 released
were sold at Kent Ridge Hill Residences on Nov 10, the first day of launch by balloting. The average price achieved for the units sold was S$1,714 psf. This indicates developer is responding to buyer’s expectations by pricing at a sweet spot considering their land acquisition cost is at S$1,096 psf ppr. In comparison to Woodleigh Residences
launch which was less than stellar at only 30 of the 100units
which were released.
The balloting tent of Kent Ridge Hill Residences on Nov 10
Singapore Press Holdings (SPH) and Japanese property developer Kajima Development Land acquired the plot of land for Woodleigh Residences
at S$1,181 psf ppr. This partnership on paper looks promising as on one hand, you have a giant property developer Kajima, who notably developed several landmarks in Singapore such as Woodlands checkpoint, Resorts World Sentosa and Marina bay financial centre and on the other, you have the no.1 newspaper and radio media company in Singapore to hype up the product. Unfortunately, the proof is in the pudding
shown by the lack of sales on launch day.
A representative from Kajima Development leading the ballot pick. Looks rather disappointed at lackluster turnout
“I believe this has to do with the whopping above S$2000psf price tag”
In current market conditions, developers need to strike a balance of indulging in profits and satisfying buyer’s expectation to which in the case of Kent Ridge Hill Residences, I observed this.
Singapore listed developer – Oxley Holdings:
Oxley Holdings is a home-grown Singaporean property developer, they developed many local projects that such as Devonshire Residences, The Flow at Marine Parade, Loft @ Holland, Newest and Robinson Square, and recently launched ones like Riverfront Residences
and Verandah Residences
“Developer has to built bigger unit sizes with a smaller balcony. Quantum may increase by then“
This is actually good for Kent Ridge Hill Residences
. Future developers in Pasir Panjang Area will be forced to increase the price in their entry level unit, what means the price for the 1-bedroom units in future would definitely have to cost more, as the sizes have to be big enough to meet URA’s regulation.
1 Bedroom Type A1
Stata House Type T1
Penthouse Type D
3 Bedroom Type C2
2 Bedroom Type B2
If you can overlook the fact that this is a 99-year leasehold project, I am inclined to believe the price for entry-level units such as 1-bedroom and 2-bedroom is somewhat attractive (from s$778,000 and s$1,082,000 respectively) to investor buyers banking on the future prospects of Singapore’s transformation and decent rental yield at 3.6% (based on Viva Vista)
Value for money: ⭐⭐⭐⭐4/5
Here is another review of Kent Ridge Hill Residences: