Yahoo Finance After 10-year void, Sky Eden@Bedok to test $2,000 psf threshold
The first weekend preview of the 158-unit Sky Eden@Bedok attracted a crowd of about 4,000 (Photo: Frasers Property)
SINGAPORE (EDGEPROP) - The weekend preview of Singapore-listed Frasers Property’s Sky Eden@Bedok on Aug 27-28 drew a crowd of over 4,000. The upcoming development has 158 residential units across two 16-storey towers linked by “sky bridges”. The residential towers are on top of a retail podium with 12 shops fronting the street. The project is located just a three-minute walk to the Bedok MRT Station on the East-West Line.
In Bedok, like most HDB estates, the main hub of activity is at the town centre. In this case, it’s Bedok Town Centre or Bedok Central. It’s where the first full-fledged shopping mall, Bedok Mall, with over 200 shops and the FairPrice Finest supermarket, opened in 2013. Bedok Mall is linked directly to the Bedok MRT Station, a bus interchange as well as a hawker centre. (Find HDB flats for rent or sale with our Singapore HDB directory)
Sky Eden@Bedok at 1 Bedok Central is right in the heart of the town centre. Just two blocks from Sky Eden@Bedok is the Heartbeat @ Bedok community hub with a public library, Bedok Swimming Complex, Kampong Chai Chee Community Centre, a wet market and a hawker centre. In Bedok Central, there are two 24-hour supermarkets, FairPrice supermarket and Sheng Siong. There is also a third supermarket there, Scarlett. Behind the bus interchange is Djitsun Mall, a redevelopment of the former Princess Theatre. Opened in 2018, it is a mall with F&B outlets and a Golden Village cinema.
Scale model of the 158-unit Sky Eden@Bedok, which has two 16-storey towers sitting on top of a retail podium with 12 shop units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Second reincarnation
Sky Eden@Bedok is a redevelopment of the former four-storey mall, Bedok Point, which opened on Dec 16, 2010. Frasers Property had purchased Bedok Point from its retail mall REIT, Frasers Centrepoint Trust (FCT), for $108 million in September 2020, with the intention of redeveloping it.
Bedok Point was in turn a redevelopment of the neighbouring Bedok and Changi theatres, which Frasers Property had purchased in November 2006 for $40.8 million. It had redeveloped the amalgamated sites into Bedok Point. When the mall had stabilised, it was injected into FCT’s portfolio.
“As the area is already well-served by retail malls, we applied for a change of use into a mixed-use residential development,” says Elson Poo, Frasers Property Singapore senior vice president, sales & marketing, residential.
Another developer that has done the same is CapitaLand Development, the development arm of CapitaLand Group. It announced in January that it is acquiring JCube, Singapore’s first mall with an Olympic-sized ice-skating rink, from CapitaLand Integrated Commercial Trust for $340 million. CapitaLand Development intends to redevelop it into a new mixed-use residential project. JCube is located in Jurong East, where the last new condominium launch was JGateway, in 2013.
Sky Eden@Bedok is within a three-minute walk of the Bedok MRT station on the East West Line (Photo: Albert Chua/EdgeProp Singapore)
Last new project launch in December 2011
In Bedok Central, the last new private residential project launch was the 583-unit Bedok Residences in December 2011. Over 75% of the units were sold within the first month of its launch at an average price of $1,334 psf. Bedok Residences sits on top of Bedok Mall and is linked to the integrated transport hub, which includes the Bedok MRT Station and bus interchange. Completed in 2015, units have changed hands this year at prices ranging from $1,080 psf for a fourth-floor unit to $1,694 psf for an 11th-floor unit, or averaging $1,471 psf, according to caveats lodged to date.
Sky Eden@Bedok is “the first residential launch in Bedok Town Centre in 10 years”, according to Frasers Property in a media statement on Aug 25. Residential units in the development range from two- to four-bedroom with sizes from 657 to 1,302 sq ft. Prices start from $1.31 million ($1,994 psf) for a 657 sq ft, two-bedroom unit; $1.73 million ($1,937 psf) for an 893 sq ft, three-bedroom unit; and $2.6 million ($1,997 psf) for a 1,302 sq ft, four-bedroom unit. Sales booking is expected to start from Saturday, Sept 10.
Lee Sze Teck, Huttons Asia senior director of research, sees interest coming predominantly from upgraders in the area. After all, Bedok has the highest number of residents of any planning area in Singapore. Based on the Singapore 2020 Census, it has a population of 276,990 Singapore residents.
Sky Eden@Bedok is located at Bedok Central, within walking distance of Bedok Mall, Djitsun Mall and Heartbeat@Bedok (Source: EdgeProp Landlens)
Besides the Bedok area, home-buyer interest is expected to come from elsewhere in the eastern region, the likes of Tampines, Pasir Ris and Changi. “Sky Eden@Bedok will appeal to them, especially if they still want to live in the east but want to be closer to the city area. Bedok Central is a sweet spot,” says Frasers Property’s Poo.
The 12 strata retail shops at Sky Eden@Bedok have all been approved for F&B use. The shop units are not offered for sale in this current phase.
In addition to amenities such as public transport, malls and eateries, there are a number of primary schools nearby such as Red Swastika and Yu Neng Primary School, which are within 1km range. Temasek Junior College, St Stephen’s School and Anglican High School are also nearby. Further east are Temasek Polytechnic and Singapore University of Technology and Design.
Dining table at the two-bedroom can double as a workspace (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Catering to work-from-home lifestyle
Sky Eden@Bedok sits on a 99-year leasehold site of 44,526 sq ft. ADDP Architects is the design architect for the project, with Tinderbox as the landscape consultant. The amenities such as the swimming pool, clubhouse and function rooms are located in front, while the two residential blocks are located at the rear end of the site. “The amenities provide both a sound and visual buffer for the residents,” says Tang Kok Thye, associate partner of ADDP Architects.
To cater to those who work from home, the developer is providing a “co-working sanctuary” with a co-working space for residents’ use, workpods for those who need to make video conference calls and meeting rooms for discussions. The “co-working sanctuary” is located in a quiet corner on the same level as the other amenities, but away from the swimming pool and function rooms.
“Even though there are just 158 units within the development, we are providing full condominium facilities,” says Poo. “For those who want to play tennis, the tennis centre at Heartbeat @ Bedok is nearby.”
Two-bedroom units at Sky Eden@Bedok range from 653 to 743 sq ft and have a dumbbell layout. They make up 40% of the units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Another point of difference at Sky Eden@Bedok is the sky bridges that connect every floor of the two towers. “Most condominiums have only one or two sky bridges linking the residential blocks,” Poo points out. “But we have a sky bridge on every floor which allows you to use the space as an extension of your apartment — you can do yoga, bond with your neighbours, and enjoy the view and the greenery,” he says.
For the landscaping, plants that attract butterflies are selected. “The sky bridges are designed as eco-links, to attract butterflies and birds,” says ADDP’s Tang. “We want to introduce more greenery into the Bedok Central area.” For its biophilic design, Sky Eden@Bedok was awarded BCA Green Mark Gold certification for sustainability.
Each tower contains five units per floor. All the units on the penthouse level come with a double-volume ceiling height of 4.8m. This allows residents to enjoy a high ceiling, where they have the option of adding a 5 sq m (53.8 sq ft) mezzanine deck to create a space for displays, a hobby area or small study on the upper level if they wish to have more space.
Concealed storage space is also provided, especially in corners, for instance the kitchen area near the main entrance and the wardrobe area. Common bedrooms are designed to accommodate a queen-sized bed, while the master bedrooms can fit a king-sized bed.
Showflat of a three-bedroom penthouse unit with 4.8m ceiling (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Well-subscribed’
Huttons’ Lee is confident that the units at Sky Eden@Bedok will be well-subscribed. “Bedok is a mature estate, where you have amenities such as schools, hawker centres, supermarkets, coffee shops, retail malls, MRT station and bus interchange,” he says. “It will appeal to those who want to be in a convenient location where all the amenities are within a short walking distance.”
In fact, Ismail Gafoor, CEO of PropNex, reckons that Sky Eden@Bedok will achieve the level of sales seen at projects such as Piccadilly Grand at Farrer Park and Liv @ MB in Mountbatten. The two projects were launched in May, and achieved sales of at least 75%. “Besides Sky Eden@Bedok’s proximity to an MRT station and location within a mature estate, the area hasn’t seen a new residential project launch in over 10 years,” says Gafoor.
He expects the average price at Sky Eden @ Bedok to be “in the range of $2,000 to $2,100 psf”. While demand for the three-bedroom and larger units will be driven by owner-occupiers, Gafoor foresees a group of investors who would be interested in the two-bedroom units in the project, given its location.
Sky Eden@Bedok is located in the Outside Central Region, where there is currently low unsold inventory, notes Gafoor. As such, he expects Sky Eden @ Bedok “to sell exceptionally well”.
Check out the latest listings near Sky Eden@Bedok, Bedok Residences, Piccadilly Grand, Liv @ MB, Bedok MRT Station, Red Swastika, Yu Neng Primary School, Temasek Junior College, St Stephen’s School, Anglican High School, Temasek Polytechnic, Singapore University of Technology and Design
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