The Reserve Residences, the first mixed-use building with integrated transportation in Bukit Timah

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Altura in Bukit Batok West Ave 8

Joint venture with its partners as well as sister firms Far East Organization and Sino Group will unveil the Reserve Residences at Jalan Anak Bukit off Bukit Timah on the 12th of May and will officially launch the project one week after on the 27th of May.

Altura in Bukit Batok West Ave 8 at the heart of Bukit Batok Town and sits on a 12,4449.3 sq m site with a maximum Gross Floor Area (GFA) of 37,348 sq m.

“As this will be the first integrated mixed-use development that includes a transport hub located in the middle of Bukit Timah, there will be an advantage over District 21-related developments,” says Shaw Lay See as the COO of Far East Organization. leasing and sales division of the Far East Organization. “However we are aware that we must give our customers value. Therefore, we price our products very competitively and that is in line with the market.”

Shaw states that prices will begin at $2,300 per square foot. One-bedroom apartments with 441 square feet will cost $1.11 million ($2,517 per square foot) and two-bedroom units will start from $1.45 million. Three-bedroom units will begin at $2.2 million, while four-bedroom units will cost more than $3 million.

The mixed-use development is planned to be merged with a transportation hub that will have direct access the Beauty World MRT Station via an underground link as well as an air-conditioned bus interchange located on the second level of the mall that is set to be three stories high. Bukit V.

The design was created by Singapore’s acclaimed architect company WOHA Architects, the mixed-use development covers an expansive 32,185 square meters (346,439 sq feet) site. It is comprised of eight residential blocks that have 732 units as well as apartments that are serviced that have 160 units.

WOHA developed It was designed by WOHA Reserve Residences as a collection of low-, mid and high-rise blocks that range from up to 32 storeys. There are four collection options across the eight blocks of residential housing The Reserve Residences, with 502 units ranging from one to three bedrooms; Horizon Collection, with 167 units that have three and four-bedrooms that offer breathtaking perspectives; Creekside Collection, with 48 exclusive units that range from three- and four-bedrooms (levels 6 to 11) as well as Treetops Collection, with 15 superior units that include five and four-bedrooms, penthouses and duplexes that have view of Bukit Timah Nature Reserve. Bukit Timah Natural Reserve, or panorama perspectives from the Bukit Timah region.

There are only five penthouses at the top in the Treetops Collection (Level 32) and range in size between 231 square meters (2,486 sq feet) and 261 sqm (2,809 sq feet).

The complex has more than 70 amenities spread over seven levels in The Reserve Residences. The facilities vary from a 50m lap pool, an aqua gym that has a spa as well as a jogging path of 600m along with a dog run, with dining and relaxation pavilions at level 33. They have panoramic views over The Bukit Timah Nature Reserve as well as its surroundings.

Workpods in the Level 17 Sky Garden provide open views of the neighbourhood. Alongside the communal facilities located on level 4 and 5, there’s further facilities in levels 12th level, the 17th and the 33rd levels.

Far East Organization and Sino Group China Group and Far East Organization won The Reserve Residences’ site which is leasehold for 99 years site situated at Jalan Anak Bukit, with the bid in the amount of $1.03 billion on August 20, 2021. The auction was a two-envelope method that was based on the concept and price. Five bids were submitted by the 50:50 partners. they received and were designed from different architects.

“This development is a follow-up to our success in launching One Holland Village, another large-scale mixed-use community that demonstrates the capabilities of Far East Organization to rejuvenate and transform space into vibrant communities loved by both residents and the people who visit,” says Shaw.

The 296-unit One Holland Village Residences is currently 93% sold and is scheduled to be completed in the coming year. The project reached a price per square foot highest of $3,426 after a 27th-floor 4,088 sq ft unit sold for $7.155 million in August. The second highest price per square foot of $3,391 was recorded in February, when the 1,238 square feet three-bedder located on the 26th floor. It which was bought to a buyer for $4.198 million.

Reserve Residences Reserve Residences is not the first mixed-use project that has transportation hub developed by the Far East Organization has developed. The second one is Watertown located in Punggol Central, which opened at the end of 2012, and finished in. The 992-unit Watertown condominium is located on the four-storey mall Waterway Point. It is directly connected via Waterway Point, which is connected to the MRT, LRT station, and bus interchange.

The benefits of a mixed-use integrated development
The ease of access and convenience offered by the mixed-use development that is integrated with the transport hub can’t be overstated, claims Propnex Chief Executive Officer Ismail Gafoor. If we assume that the initial price of $2300 psf for The Reserve Residences can be considered to represent an average of 15% over the cost of a separate condominium, that’s a cost of $2,070 per sq ft Gafoor says. “That’s comparable to the price of a new suburban condominium located in The Outside Central Region (OCR) in the present,” he adds. “But the Reserve Residences is located in the city’s fringe as well as the Rest of Central Region (RCR).”

Gafoor anticipates The Reserve Residences to achieve sales of “40% to 50%” due to the fact that more than 50% apartments are two- and one-bedders which are sure to draw the attention of investors. “Being an integrated project located within the Bukit Timah belt in District 21 is an advantage.”

Based on the launch costs of certain mixed-use developed developments that are integrated, PropNex’s analysis indicates that these developments could have price increases that range from 14.7% to 29.3% when compared with the nearby residential developments.

In terms of rent prices, the distinction is even more striking when it comes to mixed-use integrated developments offering rents that range between 21.1% to 61.5% as per Gafoor.

“The Reserve Residences will be the first and only release of a mixed use project that is integrated with a transportation hub by 2023,” declares Huttons President Mark Yip. All across Singapore there are just 9 integrated transportation hubs (ITHs). According to the Land Transport Authority (LTA) describes them as air-conditioned bus stations that are connected to MRT stations, and adjacent commercial developments such as shopping malls. Six are completed, and Three are under construction and include The Reserve Residences. “Buyers prefer developments that are connected to hubs of integrated transportation for their ease of use and the rarity, capital appreciation, and rentability” Yip adds Yip.

Although prices for The Reserve Residences may start at $2,300 per square foot however, the range of prices will be quite wide due to the fact that units are available at the fourth level and go up through the 32nd level, and the range of types of apartments with different views, according to SRI the managing partner Ken Low.

“Melting pot made of Bukit Timah’
Right across Jalan Jurong Kechil are two other developments: the freehold 120-unit the Linq @ Beauty World by BBR Holdings and the upcoming 99-year leasehold condominium in Bukit Timah Link, which is owned by Bukit Sembawang Estates.

In November of last year, Bukit Sembawang paid $200 million ($1,343 psf/plot percentage) in exchange for 99 years leasehold, 49633 sq feet site as part of a land tender. The site could potentially yield 160 housing units. The project is scheduled to completion before the end of this year.

Since the site located at Bukit Timah Link lies in near the Beauty World MRT Station exit The SRI’s Low hopes for the developer to market the construction in the range of “no less than $2,600 per sq ft”.

Linq @ Beauty Linq @ Beauty will be a revamp of the previously-owned Goh & Goh Building by BBR Holdings. It will comprise homes, retail and commercial space. It will also be connected by underground access to Beauty World MRT Station. The first day of the launch in November 2020 the first day of launch, 120 apartments (96%) of the 120 units sold for an average of $2,165 per square foot, based upon caveats that were lodged. The final unit was sold for $2,378 per sq ft in December 2021.

In March of this year the 431 square foot one-bedroom unit in The Linq was sold through a sub-sale of $1.18 million ($2,741 per square foot). The buyer bought the unit at $1.007 million ($2,339 per square foot) which was the capital gain that was 17.2% in just over two years and four months.

The Reserve Residences and these new developments will bring a new energy to the area after completion as per Low. A further renewal is possible in the event that the strata-titled owners of old mixed-use developments, such as Bukit Timah Plaza (completed in the year 1976) or Beauty World Plaza (completed in the year 1982) have success in their collective sales.

In the 1Q2028 timeframe, it is planned to be finished It is expected to be completed by 1Q2028. Reserve Residences are expected to become “the melting point for The Bukit Timah” says Low. “There aren’t any major shopping centers in the area at present,” he says. “In the near future you’ll get the most desirable of both worldswhich is a mixture of the traditional and the brand new.” The new Bukit V will include more than 20000 sqm (215,280 square feet) that will be retail spaces along with the Cold Storage supermarket, F&B services, educational centers as well as medical facilities. Bukit Timah Market and Food Centre, Beauty World Centre (a mall constructed by the government in 1984) and Bukit Timah Plaza will be in walking distance.

Locals to fuel demand
Based on the profiles of buyers in new projects launched at both the OCR and RCR in the last three years, it appears that at least 90% of buyers were Singapore citizens, according to Eugene Lim, key executive officer and director of market research and intelligence at ERA Realty Network. Lim adds the fact that Singapore permanent residents (PRs) represented five% up to 7.5% of buyers, foreigners had a tiny proportion of less than five%.

“We believe that locals will be the primary driver of demand in the Reserve Residences,” says Lim. “Given that the latest cooling measures primarily impact foreign investors, it’s unlikely to affect the selling for The Reserve Residences.”

The reserve Residences is located within a mile of popular schools like Methodist Girls’ School and Pei Hwa Presbyterian Primary School. Highly regarded schools like Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution, Anglo-Chinese School (Independent), National Junior College and the National University of Singapore are only a short distance away.

“Given it is close to many high-quality schools within the Bukit Timah belt area, lots of families will find this project appealing,” says Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.

Apart from households, Sun expects units at The Reserve Residences to attract investors who are looking to secure the possibility of a long-term rent income. “Such connected developments draw tenants because they can travel conveniently to other parts of Singapore as the development is connected to the major transportation hubs such as an MRT station as well as an interchange for buses.”

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