Luxus Hills is a landed project comprising a total of over 900 landed homes. The latest Phase 7 consists of 24 intermediate terrace, 4 corner terrace and 4 semi-detached homes.
Continue Reading ⋅ 13 May 2016
Victoria Park Villas Review
Contents
An extremely rare opportunity to buy landed property in an exquisite District 10 location doesn’t even tell half the story. This unique, innovative and simply stunning development is truly in a class of its own when it comes to modern, multi-generational living.
Victoria Park Villas
Project Name: Victoria Park Villas
Address: 1 Victoria Park Grove
Type: 109 luxury landed homes
Site area: 403,000 sqft
Tenure: 99 years leasehold
District: 10 Configuration: 109 units
Unit types: 100 x Semi Detached Garden Villas (4,166 – 5,285 sqft)
6 x Semi Detached Pool Villas (6,082 – 6,943 sqft)
3 x Detached Bungalows (10,904 – 11,539 sqft)
TOP: 31st December 2018
Location
The maxim for buying and selling property is location, location, location. With the Victoria Park Villas, however, that almost becomes an irrelevance, as the focus is so much on the development itself.
Plenty of planning, effort and design have been thrown into the project as a whole, and the individual properties themselves, that it is easy to forget that they are located in one of, if not the most, prestigious postcodes on the whole island.
Victoria Park Villas 3D model
The height restrictions for the area (two stories plus attic) adds to the locales uniqueness and gives the whole area an added feeling of space and freedom.
Situated on elevated land in a Good Class Bungalow (GCB) neighbourhood, the area oozes quiet sophistication, while still benefitting from the unrivalled shopping, dining, and transport that are hallmarks of District 10. On top of that, the area is home to some the best schools in Singapore.
Getting There and Away
The area is well located in terms of the road network, with easy and quick access to Bukit Timah Road and the PIE.
Tan Kah Kee MRT station
In terms of public transport, the Villas are also well-connected, with Tan Kah Kee and Farrer Road MRT stations on the Downtown and Circle lines respectively, both a 10-minute walk away.
The Area
The fact that there is nothing on the doorstep is an advantage, as in this instance it adds to the aura of exclusivity. Besides, residents will not have to go far to find a dining, leisure or retail options. Food wise, they are spoiled for choice, with numerous bars and eateries in the proximity of Sixth Avenue and Tan Kah Kee stations.
For more upmarket fare there is Dempsey Hill and Holland Village, while the delights of Orchard Road are only 10-minutes away by car.
Nearby eateries
For such a family-focused project, schools are pivotal, and once again the area nails it. Some of the most highly regarded primary, secondary and tertiary institutions are within walking distance of the villas.
On top of all that, the UNESCO awarded Botanic gardens are just down the road, with the MacRitchie Reservoir only slightly further away, giving the convenient option to spend a day outdoors.
Project Details
Right from the start CapitaLand – the developers – wanted this to be no ordinary project, and that is something that comes through in practically every aspect of the site and the properties themselves.
This is never more evident than with the ingenious way they have tackled the one issue that almost all landed properties suffer from – the fact that the living area overlooks the parking space. Despite being limited by the height restrictions of the neighbourhood, the designers scooped out the already elevated earth, creating in effect an open basement area.
This gives each property three distinct advantages. Firstly the car parking area is taken out of the eye line of the dining and living rooms. Instead, they overlook their own garden space (and pool for the pool villas). Secondly, the basement acts like a first floor, so driving into the property is easy, and is done directly from the street.
Basement car park
The third advantage is that the basement area still receives plenty of natural light, and hence the rooms located there are able to be used for so much more than what is usually the case.
Secondly, the basement acts like a first floor, so driving into the property is easy, and is done directly from the street. The third advantage is that the basement area still receives plenty of natural light, and hence the rooms located there are able to be used for so much more than what is usually the case.
Another way that Victoria Park Villas stands above its peers is that as well as an overall architect – award winning Mok Wei Wei -, they deliberately went with three other separate architects. This has resulted in three completely different types of unit, not just in layout and function but in appearance as well. This, added to the fact that the whole area is on a natural slope gives the development a more varied and interconnectedness akin to a closely-knit village of unique styles rather than a typical and homogeneous real estate project.
The three types of unit are the pool villas, garden villas (both semi-detached) and the detached bungalows. As the name suggests, the pool villas come with their own private swimming pool.
Private swimming pool
Within the two types of semi-detached units, there are the options of having one continuous living space or having the dining room and living room split by the stairs. There is also the option of having a higher ceilinged living room (3.6m as opposed to 2.8m).
The target buyers for this property are those with three or more generations. Properties that claim to offer that, often force the grandparents (or anyone with mobility issues) to live and stay on the first floor.
High ceiling living
Not here though as lifts are fitted into every unit to give that extra flexibility while allowing every member of the household to have free run of the whole property.
Another innovative feature of these units is the ABB Smart Home System. This gives the residents the ability to turn on and off all lights and air con not only from the control pad on the wall but also remotely via their smartphone or tablet.
The system also enables them to lock and unlock doors and gates, view visitors through the CCTV and monitor as well as check energy and water consumption.
A generous wet kitchen
All units come with separate wet and dry kitchens. The wet kitchens feature:
- Homogenous and/or ceramic floor tiles
- Quartz stone worktops
- Ernestomeda patented breathable cabinets, specifically designed for the Singapore climate
- Stainless steel sink with Gessi mixer tap
- Miele gas hob, electric oven and integrated refrigerator
- Alkaline water filter system
Dry kitchen
While the dry kitchens feature:
- Marble flooring with painted timber skirting
- Ducted air conditioner
- Quartz stone worktops
- Ernestomeda patented breathable cabinets, specifically designed for the Singapore climate
- Stainless steel sink with Gessi mixer tap
- Miele microwave oven, steam oven, integrated refrigerator and wine chiller
Living and dining
The shared living/dining area is easily large enough to accommodate both functions while providing an unbroken line of sight out to the private garden area.
Private garden
The clever layout of the basement with natural light gives the option for an additional living area, games room or bedroom.
The master bedroom is located on the second floor, and you really do get a sense of the size of the unit. The beautiful en-suite features high-quality Duravit fittings, like all the bathrooms on the complex.
Master bedroom
The two other second floor bedrooms are also very generously proportioned
The multi-generation concept still allows for a high level of privacy if required, and the attic is ideal for a newly married couple, who can have their own space. As well as a separate lounge (complete with sink and refrigerator)…
Spacious common bedroom
… there is a private roof terrace.
Private roof terrace
A very noticeable feature of these units is that despite it only being a two storey plus attic development, the fact that the property is on a slope, and the low rise nature of the neighbourhood means that you very much get a feeling of height. The views are something you would be lucky to get from a high rise condominium.
Master bathroom
All photos are from the Pool Villa and Garden Villa (type B3).
Analysis
There have been eight caveat transactions at the time of writing (September 2016). This is a result of a soft launch a little over a month ago, and the official launch at the beginning of this month. All 8 have been for the semi-detached houses and have been between $4,347,000 and $5,135,000.
The median caveated price for these purchases is $2,005 psf.
Due to the unique nature of the development, it is very hard to draw comparisons with like for like properties.
In terms of proximity, Coronation Village on Coronation Road can give us some useful tips to the relative value of Victoria Park Villas. Since 2003 there have been seven sales (admittedly resales), and if the figures show us anything, it’s that they can be very unpredictable. Sales have ranged from $1.23M to $5.15M, but most notably, the same size unit sold in 2003 for $638 psf was sold in 2016 at $2,595 psf in 2016.
Leasehold semi-detached landed units along King’s Drive have sold at between $3.45M and $3.85M in the last two years, with a psf figure ranging from $1,323 to $1,395.
Freehold properties along the same road and nearby ones have gone in the same period at between $4.85M and $6.5M, the psf value being between $1,747 and 2,213.
All of these figures indicate that the sales price of the Victoria Park properties represents extremely good value. As a rule of thumb you would add $2M to the price of a resold property to refurbish it to the standard that would be comparable to a brand new house, so even the cheapest of those sold in recent years is on a par with Victoria Park.
Added to that, the rarity of such properties for sale, not just in such a sought after area but on the island in general, and it looks more and more of a good deal. The initial launch was delayed due to the soft housing market, and the sales price today is considerably lower than the developer would have hoped for when they began the project.
All in all, you would be very hard-pressed to find a better opportunity to buy a landed property – and a magnificent one at that – in such a prestigious area for a little over $4.5M.
Future Rental Potential
As alluded to earlier, it is difficult to determine exactly what possible rental prices will be like for these properties. If we look at the average rentals over the last four quarters for landed property in District 10 it is $2.77 sqft per month at the time of writing.
This means that a 5,285 sqft semi-detached house would fetch just over $17,500 a month when we factor in the 20% new build premium. Taking the price for the unit of at an even $5M, the annual gross rental yield would be a healthy 4.2%.
Taking the price for the unit of at an even $5M, the annual gross rental yield would be a healthy 4.2%.
Summary
Properties like Victoria Villas, or indeed opportunities to buy such properties do not come round very often. Even ignoring the excellent location and the very good value, the properties themselves have to be some of the very best in the whole of Singapore.
Living room
In designing and building this project, the developers threw the rule book away, and in doing so have created not only some incredible but also unique residences.
There are many clever attributes and design features, but one thing that the architects and developers have never strayed away from is the fact that they have created a perfect home for the modern Singaporean – and ex-pat – family.
With its global headquarters in Singapore, CapitaLand is one of the largest and most respected real estate companies in Asia. Focussing on high-end, high-quality developments the multi-award winning company has been responsible for many prestigious and iconic developments across both China and Singapore. One feature of CapitaLand’s business is its diversified portfolio, with a successful track record for building not just homes, but serviced residences, integrated developments, offices and shopping malls.
Master planner for the development was Mok Wei Wei, the managing director at W Architects Pte Ltd. Director at Urban Redevelopment Authority and director of Singapore Land Authority. Mr Wok, the recipient of Designer of the Year and the President’s Design Award, was behind the refurbishment of the National Museum of Singapore, the Victoria Theatre and Concert Hall, as well as several residential developments.
