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Seaside Residences — catalyst for change in the East Coast

cheeyuen.tan@bizedge.com

For years, many of those driving along the East Coast Parkway (ECP) never noticed the parcel of land located at the junction of Siglap Road and Siglap Link, directly behind Victoria School. Not until January 2016, that is. That was when Frasers Centre point, together with partners Japanese property developer Sekisui House and construction company Keong Hong Holdings, topped eight bids and won the 99- year leasehold site in a government land tender with a bid of $624.18 million, or $858 psf per plot ratio.

Some industry observers claimed that the bid was “optimistic”. However, property consultants, such as Desmond Sim, CBRE head of research for Singapore and Southeast Asia, were not surprised by the results. The last time the government launched a residential site with sea views in the East Coast was in February 2001.

The 2.6ha, 99-year leasehold plot on Marine Parade Road was awarded to Frasers Centrepoint, which put in the winning bid. The project previewed as the 612-unit Cote D’Azur in April 2002 and units sold averaged $597 psf initially. Completed in 2004, units at Cote D’Azur have been changing hands at prices ranging from $1,112 to $1,363 psf, based on caveats lodged with URA Realis between May and July this year.

 

Source: Frasers Centrepoint

About 70% of the units at Seaside Residences are sea-facing

 

More than 15 years on, Frasers Centrepoint was confident of its success when it won the 207,838 sq ft site on Siglap Link. It fronts the sea and is adjacent to the upcoming Siglap MRT station on the Thomson- East Coast Line. The project is also a short walk to the underpass that leads pedestrians and cyclists to East Coast Park and the beach.

 

Sense of renewal

With ADDP Architects as the design architect, the new development, named Seaside Residences, will comprise four 27-storey blocks with a total of 841 condominium units and two commercial units. About 70% of the units are sea-facing. The project contains a mix of one- to four-bedroom units as well as five-bedroom penthouses. It is therefore designed to cater to both owner- occupiers and investors.

When Seaside Residences previewed in early April, about 419 units (50%) were sold within the first month at a median price of $1,736 psf. Three of the one-bedroom units on the 24th to 26th floors saw prices cross $2,000 psf. Two of the three penthouses have also been sold: One fetched $5.9 million ($1,791 psf) in June, while the other was sold for $5.7 million ($1,738 psf), according to caveats lodged with URA Realis.

 

The 841-unit Seaside Residences achieved 50% sales within the first month of its launch

 

Beyond the sea views, and proximity to East Coast Park and the Siglap MRT station, there is also a sense of renewal taking place in the neighbourhood. For those seeking new condos with sea views, there are few options in the area apart from Seaside Residences, which is scheduled for completion in 2021. Hence, it is no surprise that the project is setting a benchmark in terms of product and pricing.

Seaside Residences is likely to be the catalyst for renewal in the neighbourhood. At 27 storeys, it will also be one of the tallest projects in the area. On one side of Seaside Residences is Mandarin Gardens, a 99- year leasehold condo with 1,000 units completed in 1986. On the other side is Laguna Park, a 527- unit privatised HUDC estate completed in 1978.

Other condos in the area were built more than 30 years ago. They include the 751-unit Neptune Court (1975), which is still held under the Ministry of Finance portfolio; the 480-unit Lagoon View (1977), also held by the ministry; and the 1,093-unit Bayshore Park, which was completed in 1986.

 

East Coast Park revamp

One of the main attractions of living in the Marine Parade-Siglap neighbourhood is its proximity to the 185ha East Coast Park, which has a 7.5km beachfront. Built entirely on reclaimed land, the park has a 15km coastline stretching from the Eastern Coastal Loop park connector to Changi Beach Park. There are 10 underpasses linking East Coast Park to the other side of the ECP expressway. Two of these underpasses are a four- to five-minute walk from Seaside Residences.

East Coast Park, built in the 1970s, is divided into eight areas, comprising barbecue pits; cycling and jogging trails; fishing spots; bicycle and skate rental kiosks; F&B outlets; a watersport centre; tennis courts; and chalets and camp sites. On July 29, the National Parks Board announced that East Coast Park will be upgraded by end-2019, with more open spaces and viewing corridors for visitors to enjoy views of the sea.

 

One of the main attractions of living in the Marine Parade-Siglap neighbourhood is its proximity to East Coast Park, a 185ha park with a 7.5km beachfront

 

The site of the former Goldkist Chalets located within the park will be redeveloped into a cyclist park on Singapore’s 150km Round Island Route. The cyclist park will also be a one-stop hub for cyclists and park users alike, with cycle-through F&B offerings, bicycle repair workshops and cycling circuits.

Meanwhile, Big Splash, which closed in 2006, will be revived as a new water-themed activity node. Part of the former park’s structures will be retained and converted into a playground that will be complemented by water-play features. There will also be lawns that can be used for various events and activities.

At Raintree Cove, an F&B cluster at East Coast Park, the site of the former Long Beach Seafood Restaurant will converted into a large lawn with a series of gardens. It will offer respite from the hustle and bustle of the adjacent Marine Cove, which has F&B outlets and a 3,500 sq m playground for children.

For foodies, East Coast Seafood Centre, which houses renowned restaurant such as Jumbo Seafood and Long Beach Seafood Restaurant, is located within 500m of Seaside Residences. The East Coast Lagoon Food Village is also close by.

 

Activities that can be enjoyed at East Coast Park include cycling, skating and watersports

 

Strong demand for all unit types

With all the new amenities to look forward to at East Coast Park, Seaside Residences has seen strong demand for all unit types from both owner-occupiers and investors. Frasers Centre point and its partners are looking at releasing more units for sale in 4Q2017, says Jenny Ho, senior marketing manager at Frasers Centrepoint.

For now, there are no other available land parcels in the area, notes Ho. Any new sale of sites in the future will come from collective sales. “The main draw of Seaside Residences is scarcity of land and the rarity of units with sea views [in the area],” says Ho.

 

This article appeared in The Edge Property Pullout, Issue 792 (August 14, 2017) of The Edge Singapore.

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