A luxurious, spacious and unique development in one of, if not the most exclusive, relaxed and family friendly enclaves in Singapore. Located on the last major land parcel that will be available in this area, it gives buyers a very real opportunity to embrace a lifestyle that most can only dream of.
Source: Far East
Project Name: Greenwood Mews
Address: 271 Greenwood Avenue
Type: 2 storey cluster homes with basement and private roof terrace
Site area: Approx. 113,734 sqft
Tenure:103 years leasehold
District: 11
Configuration: 62 units
Unit types: 40 x 4 bedroom type A units (3,003 – 3,272 sqft)
22 x 4 bedroom type B units (3,100 – 3,369 sqft)
Parking lots:100% basement parking, 2 spaces per unit
Expected completion: Third quarter 2016
The street names of this exclusive part of Bukit Timah are for once perfectly in keeping with the environs. Sunset Avenue, Cassia Drive, Greenwood, Greenmead and Greenpark Avenues, all interconnect and wind around this well established, tranquil and sophisticated neighbourhood.
Source: Far East
Strolling through the streets, it is hard to imagine a better place to bring up a family. Despite giving the impression that it is cocooned in its own private bubble of residential and domestic bliss, that is far from the truth. Living here, you not only have some of the best schools in Singapore on your doorstep, there are plenty of other distractions too. There are plenty of reputable and popular restaurants and bars a short stroll away, as well as two high-quality golf courses.
Another unique feature this location can boast is that it is low rise – by government decree so that sunset from Sunset Avenue is never going to be obscured by skyscrapers and condos.
There is little surprise that this area is home to the rich and famous, and why the president himself chose to live here. By buying a unit in Greenwood Mews, you aren’t just buying a piece of real estate, but a particular type of lifestyle for you and your family.
Getting There and Away
Let’s be honest, those living at Greenwood Mews will be arriving and leaving in their own vehicle the vast majority of time, and the development’s location sandwiched between Bukit Timah Road and the PIE means that access to any part of the island is quick and easy.
Tan Kah Kee MRT station
For those times when you want the train to take the strain, Sixth Avenue and Tan Kah Kee MRT stations are both on the Downtown Line and are a pleasant 15-minute walk away.
The Area
Regardless of the development itself – and that is impressive enough – it is the area that makes this residence so attractive. It is in one of the most desirable postcodes on the whole island, and the area manages to successfully combine a relaxed family friendly environment with an upmarket sophistication. And unlike many other areas that try to make such claims, there are no downsides, or compromises such as isolation, lack of connectivity or amenities.
And unlike many other areas that try to make such claims, there are no downsides, or compromises such as isolation, lack of connectivity or amenities.
Nearby eateries
A five-minute walk from the development is a row of bars and restaurants that offer a choice of cuisines from all over the world. Slightly further away, The Grandstand, Coronation Road and Sixth Avenue all offer many more choices of both Asian and Western fare, while Holland Village and Dempsey Hill are only a short drive away.
Grocery shopping wise, there is a small Cold Storage, and butchers at a five-minute walk away, with a Fairprice and Organic supermarket a short drive or 15-minutes’ walk next to the Coronation Shopping Plaza.
National Junior College
In terms of world class education facilities, this area is hard to beat. The nearby schools including Raffles Girls Primary, Nanyang Girls’ High, Hwa Chong Institution and National Junior College all come with a reputation second to none.
The area also caters for those of a slightly more sporting bent. The Bukit Timah Saddle Club is a quick canter from the development, while the Green Fairways and Sime Golf Courses are just a well struck 3 iron away. Turf City is host to the new high tech go-kart track and for those wanting a more relaxed pace, the nearby MacRitchie
Turf City is host to the new high tech go-kart track, and for those wanting a more relaxed pace, the nearby MacRitchie Reservoir and UNESCO awarded Botanic Gardens are both glorious settings for a walk or a picnic.
Greenwood Mews consists of 62 two-storey units, each with 4 bedrooms, a roof terrace, and basement which includes a well-equipped maid’s room and bathroom, plus private access to 2 private car park lots.
The layout and design of the units allow for a fair level of flexibility. Every home can easily be set up to allow for five bedrooms, four bedrooms plus a study or lounge/play area or three bedrooms plus a study and lounge/play area.
Every unit comes in at more than 3,000 sqft, meaning no matter what the size of your family this will never feel cramped, especially as it is effectively split over four floors. The build is of an incredibly high standard, and the whole development smacks of both sturdiness and class.
Source: Far East
The roof terrace comes with its own private outdoor Jacuzzi and BBQ area, and every unit has direct access to the swimming pool.
The two different types of unit available differ in just two aspects. First of all the second-floor bathroom is either accessed via a communal landing or directly from the second and third bedrooms. The other difference is in the layout of the kitchen. Type A units have a large enclosed kitchen, whereas Type B units have an open plan kitchen leading into the dining and living room areas.
Construction is nearing finished and completion is expected in quarter three 2016. It is only on sale to Singaporean’s and would provide a fantastic location and home for local families wishing to buy, and ex-pats looking to rent a dream home.
Facilities
Large enclosed kitchen featured in type A units is ideal for Asian and local habits and requirements whereas type B units have a large open plan kitchen, designed with rentals to ex-pats in mind.
Enclosed kitchen
Type B large, open kitchen
All units have direct access to either the lap pool (pictured) or lounge pool, depending on location.
Lap pool
The spacious and airy dining area looks out onto the pool, and can easily accommodate a table large enough for the whole family and guests.
Dining area
As does the lounge area.
Living area
A bedroom on the first floor is perfect for elder members of the family who are not comfortable with the stairs, but can also be made into an extra family area, study or play room.
Master bedroom
The impressively sized master bedroom can accommodate a double, queen or king size bed and is linked to its en suite via a private corridor giving an enhanced feeling of size and space.
The en suite bathroom comes with separate bath and shower, as well as distinct wet and dry areas.
Master bathroom
The second and third bedrooms on the third floor are easily big enough to allow flexibility depending on the size and age of your family.
Common bedroom
The other common bedroom
The spacious roof terrace offers an extra dining area and comes with a solid cabinet and sink for maximum convenience.
Roof terrace
It also houses your own private Jacuzzi.
At the time of writing (September 2016) there have been four caveated transactions. This is as expected, as the buyers are likely to purchase when they are ready to move in as opposed to being subjected to second home stamp duty.
Though with this type of property and this project, in particular, the price is less important than the actual location and the homes themselves, it is still a very worthwhile exercise to look at the current and potential future market for this development.
Of the four transactions, three have been for 3,100 sqft units and the other for a 3,175 sqft unit. The median caveated prices were $1,167 and $1,139 psf respectively, making the overall median price $1,167.
Finding a comparison is difficult, as there are very few if any developments that do compare with Greenwood Mews in terms of location, build and facilities, but The Greenwood is perhaps the closest certainly in terms of its proximity. The best like for like figures (from 2010/2011) for The Greenwood relate to 3,068 sqft units with a median transacted price of $955 psf and 3,175 sqft units at $938 psf.
Future Rental Potential
To understand what rental prices will be like for Greenwood Mews, it is more realistic to look at those in District 10. The current median rental price for projects in District 10 is $3.90 sqft per month at the time of writing, based on rental transactions for the past 4 quarters.
At these rates, a 3,100 sqft unit would go for around $14,500 a month, after factoring in a 20% new build premium. With the median price for the unit being around $3.617M, the annual gross rental yield at the current rate comes in at an impressive 4.8%.
Greenwood Mews represents a rare opportunity to buy a new cluster home in this exquisite part of Singapore. As well as world class design, facilities and amenities it is not just a home for sale but a whole lifestyle.
View from roof terrace
The location and clever choice of design options mean that it is equally attractive to both locals wishing to buy and ex-pats looking for a rental property. The fact it is the last remaining parcel of land in this area adds to its investment potential. Putting money aside, it is simply a stunning place to bring up your family.
Far East Organization is the largest private property developer in Singapore, and since its establishment in 1960 it has never stopped having a very real and positive impact on the island’s urban landscape. 1 in every 6 private homes in Singapore exist due to the skills, expertise and integrity of the Far East Organization. A Christian enterprise, it develops all its projects with the same focus and intention that it runs its business – with love, grace, integrity and honesty.
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