Park Nova is a luxury development located in District 10. Aside from its freehold status, the development also offers super spacious units and easy access to MRT stations and nearby amenities.
Continue Reading ⋅ 15 June 2021
Tuan Sing Holdings Limited is primarily an investment holding company with interests in multiple industries, particularly in the areas of property development, property investment and hotels investment. Headquartered in Singapore, the Group has over 60 subsidiaries and a portfolio of residential, commercial and industrial properties in Singapore and China.
Project Name: Cluny Park Residence
Address: Cluny Park Road
Site area: Approx. 48,912 sqft
Tenure: Freehold
District: 10
Configuration: 52 units
Unit types:
16 2-bedroom units (754 – 840 sqft)
9 2-bedroom PES w private pool units (883 – 1,217 sqft)
8 4-bedroom units (1,594 – 1,787 sqft)
4 4-bedroom PES w private pool units (1,960 – 2,347 sqft)
3 2-bedroom penthouse units (1,249 sqft)
1 2-bedroom + family penthouse unit (1,421 sqft)
4 4-bedroom penthouse units (1,507 – 1,647 sqft)
3 4-bedroom + family penthouse units (2,842 sqft)
Maintenance fees: TBA
Parking lots: TBA
Expected TOP: September 2016
Expected legal completion: September 2019
Project Details
Cluny Park Residence is a 52-unit development located along Cluny Park Road. At time of writing (Feb 2016), 19 out of the 52 units have been sold.
Units come in 2- and 4-bedroom configurations and include penthouse units as well. The lowest-priced unit on PropertyGuru is a 754 sqft 2-bedroom unit going for $2,000,000, which translates to around $2,653 psf. A 2,842 sqft 4-bedroom penthouse unit is going for $9,600,000 and this is an estimated $3,378 psf.
For interested buyers, the show flat is not on site, but at Dempsey Road instead.
Construction for the project is well underway and the block is already standing. The project is a low-rise one, and designers SCDA Architects will ensure premium quality.
Source: Developer’s brochure
All units will be equipped with a private lift and the ground floor units will each have a private pool to themselves.
Source: Developer’s brochure
Facilities include a rooftop infinity pool, an outdoor grill and lounge and a gymnasium.
Presently, only the show flat for the 4-bedroom unit is available and photos in this review are from that unit.
Specifications:
Flooring
- selected stone for foyer, living, dining, and master bathroom
- selected stone and/or homogenous/porcelain/ceramic tiles for common bathrooms
- timber flooring for exposed areas of bedrooms
- homogenous/porcelain/ceramic tiles for utility and store
- homogenous/porcelain/ceramic/selected stone for kitchen
- timber flooring for private internal stairs
- timber deck for balconies, private enclosed space (PES) and outdoor terrace
Doors
- approved fire-rated timber door for entrance
- swing and/or sliding and/or pocket timber doors for bedrooms, bathrooms and kitchen
- pivot and/or sliding and/or pocket timber doors for living, dining, family, kitchen and corridor area
- aluminium-framed glass doors for balcony, PES, outdoor terrace and AC ledge
- PVC bi-fold and/or aluminium-framed acrylic door for water closet
- timber swing door in paint finish for utility
Sanitary fittings
- wash basin and mixer, shower area with shower set, 2 robe hooks, water closet, paper holder and mirror for all bathrooms
- bath tub with bath and shower mixer set for master bathroom
- water closet, wash basin and paper holder for powder room
- water closet, wash basin, shower set and paper holder for water closet
Additional items
- built-in wardrobes for all bedrooms
- wall-mounted air-con for living, dining and all bedrooms
First and foremost, the private lift which opens into the living room.
Cabinets with solid surface countertops and a sink come with the kitchen. Appliances provided include a built-in oven, a gas cooker hob and hood and refrigerator. Fittings and appliances are from Gaggenau and Zuchetti. Two people can move around comfortably at any one time.
The kitchen connects to the utility and water closet on the right. The space is ideal for your helper, should you have one.
The living room extends to the PES and swimming pool. You get pretty high ceilings and the space allows for segregation of the living and dining areas. The space in the back near the sofa is actually meant for another bedroom, so the living area is actually not as long in the actual unit.
The dining area is right in front of the kitchen.
The PES and swimming pool area is perfect for evening or nighttime lounging.
The common bedrooms are quite spacious compared to other projects. You can fit a queen-sized bed and still have more than enough maneuvering space.
Among the three common bedrooms, one is slightly smaller. With this one, going with a single bed may be better.
Bathrooms have a wet and dry area as per usual and fittings are from Duravit and Zuchetti. The wall-mounted water closet is from Geberit. The shower stall comes with a rain shower, which some of you may be looking out for.
The master bedroom can easily accommodate a king-sized bed and a TV sideboard with enough walking space in between and around.
The walkway to the master bathroom.
The master bathroom comes with a bathtub.
Buyers of Cluny Park Residence are likely to be owner-occupiers who like the surrounding private residential enclave. An estimated 70% of buyers are Singaporeans and about 15% appear to be HDB upgraders.
Location
Etymology: Bukit Timah is a residential estate situated in the Central Region of Singapore, with one of the highest densities of private housing out of any other planning area in the country.
The estate is named after Singapore’s highest elevation point, Bukit Timah Hill. Bukit Timah which translates to ‘tin hill’ in Malay, was already identified as such in the early 19th century. Since the island had not been thoroughly discovered at that point, the name is thought to have been provided by the Malay community.
Home to farms and plantations in the early 20th century, Bukit Timah upgraded to having industrial buildings and high-rise flats by the 1960s and 1970s. Today, the area is known for its luxury bungalows and condominiums.
The estate is currently home to an estimated 75,000 residents.
Source: streetdirectory.com
Getting there: Cluny Park Residence is located along Cluny Park Road, which is just next to Botanic Gardens MRT. Cluny Park Road runs the edge of part of the Botanic Gardens and links up with the arterial Bukit Timah Road. For early-morning commuters, Raffles Place will be a 23-minute MRT ride away and City Hall, a 27-minute ride.
Turning left from Cluny Park Road onto Bukit Timah Road will bring you to Adam Road and the Pan-Island Expressway (PIE) exit further down. The CBD area is a 15-minute drive away via the PIE.
Botanic Gardens MRT is about a 2-minute walk away. From there, two stations down is Holland Village. Three stations down, and you’ll be at Bishan Interchange.
The estate: Cluny Park Residence, with its name alone, gives us an idea of its locale. It is situated in the Cluny Park Good Class Bungalow enclave and the Singapore Botanic Gardens is literally right out the front gate.
With the Botanic Gardens being right next door, residents won’t need to look for the perfect picnic location or even a jogging route for the mornings or during the weekends.
The nearest bus stop is just next to the MRT exit. Between them, the services will bring you to Bedok, Holland Village, Marine Parade, Upper Changi, Jurong East, Bukit Timah Road, Serangoon, Choa Chu Kang, Tampines, Kallang, Clementi, Hougang, Toa Payoh, Kovan, Boon Lay, Bishan, Sengkang, Thomson, Woodlands, Yishun, Bukit Panjang, and even to town.
Source: Developer’s brochure
As for school options, there are a few reputable ones nearby.
International Schools:
- UBS Business University
- Nexus International School
- United World College of South East Asia (UWCSEA)
- Blue House International School
- Chinese International School
Source: Developer’s brochure
Granted, there are no major shopping malls within walking distance of the development. However, residents can walk out their front door into an established neighbourhood with amenities like a supermarket, banks, specialty stores, clinics, cafes, bars and gourmet eateries.
The row of shophouses along Bukit Timah Road, just next to Cluny Park Residence, makes it quite convenient for residents.
Just beyond the shophouses, you have Serene Centre, which has been around since 1985. The 30 or so retailers collectively cater to the residents from the neighbourhood.
Source: Google Images
Coronation Plaza is about an 8-minute walk away. Though old, the mall has some very loyal, regular customers. The 111 shops consist mostly of tuition centres, maid agencies and F&B outlets. Residents can get their coffee fix at Starbucks and their daily groceries at FairPrice supermarket.
Holland Village is about a 5-minute drive away. Home to bars and cafes, the place is frequented by expats and locals alike. The rows of shops along Lorong Mambong and Jalan Merah feature some of Singapore’s most famous pubs and restaurants, many of which are fully booked during the weekends.
Source: Google Images
For some local hawker fare, residents can head over to Adam Food Centre, a 5-minute walk away.
Source: Google Images
SAFRA Mount Faber is roughly an 8-minute drive away. Kids will enjoy the swimming and bowling facilities at the site. There are a few dining options there too.
For golfers, Tanglin Golf Course is a 5-minute drive away from Cluny Park Residence.
As for the healthcare needs of residents, there are a number of general and specialist clinics at Serene Centre itself. Tan Tock Seng Hospital is a 5-minute drive away making it very convenient for residents requiring specialized treatment or in case of an emergency.
Analysis
Caveated transactions for Cluny Park Residence at time of writing (Mar 2016) stands at 19. Recorded transaction prices range from $1.92M to $8M, with an estimated 53 percent of the transactions coming in at $3M or below (see Chart 1).
Sales Transactions
Source: PropertyGuru, URA
Source: URA
Cluny Park Residence’s closest competitor would be The Siena, located 300 metres away along Tan Kim Cheng Road. Its current median price is $2,178 psf to Cluny Park Residence’s $2,936 psf. Median prices over the past four quarters are $1,838 psf and $2,620 psf respectively. The price differential is likely due to the precise location of Cluny Park Residence vis a vis The Siena.
Residents at Cluny Park Residence are more likely to be home buyers eyeing a Cluny Park address, and who like the convenience of having an MRT station right next door.
Units at Cluny Park Residence come in 2- and 4-bedroom configurations and include penthouse units while The Siena consists of 1- and 2- bedroom units. We will be looking at 2-bedroom units in particular, across both developments. According to caveats, Cluny Park Residence’s 2-bedroom units have a median price of $2,835 psf while The Siena’s is $2,285 psf. Transactions for the units at Cluny Park Residence range from $1.92M to $2.67M, and from $1.59M to $1.758M at The Siena.
Before deciding based on these numbers alone, we should look at unit sizing as well. By comparison, 2-bedroom units at Cluny Park Residence have more generous proportions and are between 753 sqft and 840 sqft. At The Siena, they are 753 sqft.
Touted as the only condominium development within a quiet Good Class Bungalow estate, overlooking the Singapore Botanic Gardens, the price for Cluny Park Residence is to be expected.
Future Rental Potential
To gauge what rental prices for Cluny Park Residence may be like, we need to look at rental prices for other projects in the area.
The current median rental price for projects in District 10 (Bukit Timah / Holland Road / Tanglin) is around $3.8 psf per month at time of writing, based on rental transactions for the past 4 quarters. However, the rates for a Cluny Park address could be much higher – at least $4.5 psf per month. Based on this, a 2-bedroom unit around 840 sqft at Cluny Park Residence would go for around $4,500 to $4,700 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $2.38M, the annual gross rental yield at the current rate would be an estimated 2.3%.
The median unit size of a 2-bedroom at The Siena, on the other hand, would probably fetch around $3,600 a month at today’s rental rates. This translates to around 2.5% in annual gross rental yield.
According to the estimated figures, rental yield for both projects are quite similar. The choice of nearby amenities however, differs slightly with Cluny Park Residence being right next to Botanic Gardens MRT. Unit sizing also differs with units at Cluny Park Residence being a bit larger.
Summary
Cluny Park Residence seems to promise two things – calm, idyllic living and quality. Quality in terms of the interiors and fittings. Residents will like the custom-designed kitchen cabinets and wardrobes by Poliform, fittings elsewhere by Zuchetti, the high ceilings and the private entrance foyers for each unit.
They will appreciate the easy access to major expressways like the PIE and CTE as well as the proximity to nearby places like The Orchard Shopping Belt, Dempsey Hill and Holland Village. For families with children, the reputable schools nearby are another plus.
Botanic Gardens MRT and bus stops are right out your front gate, so it should not be too hard getting around the island if you were to take public transport.
Investment potential is high with the project being located in prime district 10 and within short driving distance of the town and CBD areas.
If you’re looking for a premium space in a distinguished neighbourhood, then Cluny Park Residence could be the place for you. The unit mix is also pretty varied thus catering to a spectrum of potential buyers.
