d'Nest Review



  • Christopher Chitty
  • 23 May 2016

 

City Developments Limited (CDL) has long held a foothold in the property industry since 1963. It has developed more than 36,000 luxurious homes and owns close to 7.2 million square feet of commercial, retail, residential and hotel space locally and globally.

Project Name: d’Nest

Address: Pasir Ris Grove

Type: Condominium

Site area: Approx. 444,284 sqft

Tenure: 99 years w.e.f Oct 2010

District: 18

Configuration: 912 units in 12 blocks of 11/12/13 storeys

Unit types: 158, 1BR units (484 – 570 sqft)

224, 2BR units (753 – 1,012 sqft)

218, 3BR compact (936 – 1,270 sqft)

79, 3BR units (1,130 – 1,496 sqft)

83, 4BR compact (1,270 – 1,636 sqft)

120, 4BR units (1,410 – 1,798 sqft)

20, 5BR DK units (1,755 – 2,379 sqft)

10, 5BR Penthouse / 6BR DK (2,753 – 3,455 sqft)

Parking lots: 912 (incl. 43 family lots) + 13 handicap + 3 electric car lots + 6 washing bays

Expected TOP: 2017

Expected legal Completion: 2020

Project Details

The overall size of d’Nest is slightly smaller than Coco Palms and as a result, d’Nest has also fewer units and less choices. This isn’t a bad thing as it means more focused choices for people with specific preferences. It also helps, when compared to Coco Palms, with some unit sizes. For example, the 4BR units from d’Nest are already bigger than their 4BR equivalent in Coco Palms. The 4BR compact however in d’Nest starts bigger but falls a little short with the larger Coco Palms unit in that variant.

The regular 4BR units on the other hand, are bigger than both the 4BR suites and 4BR proper from Coco Palms. They are also bigger than the 4BR DK units that Coco Palms offer.

4BR floorplan

4BR floorplan

There are strong layout similarities between Coco Palms and d’Nest, especially with the bigger units, including the space-eating bay windows planters. The floor storage that were touted as a unique addition to Coco Palms are also part of the units in d’Nest.

This makes the look of the units – from the floorplan – almost indistinguishable from one another. The 4BR unit shows bedrooms that are big enough for a queen size bed, even with the bay windows. The living space is more than decent, with a spacious living room despite the planter and two AC ledges.

But the units are certainly liveable even with the ridiculous number of planters and AC ledges all over the place. If you love having greenery around you then this works otherwise it’s paying for extra space that you can’t use. If the planters are part of the façade then there’s no getting rid of them. If they prove to be structural, then owners may be able to repurpose them through their own renovation to be something useful.

Source: d'Nest brochure

Source: d’Nest brochure

The aesthetics of d’Nest look better than Coco Palms also but this is highly subjective. The uniformed grey scale makes it appear modern, and the green walls, water fountains and photo voltaic solar panels asserts its modern and environmental friendly status.

The units are as expected, minus the legacy issues of bay windows and planters. They’re conventional but sufficient. The floor storage would have been more impressive if they weren’t built in to minimize the loss of space to those issues mentioned above but likely were added in to course-correct. And that, is a plus point.

The biggest selling point for d’Nest would be that it is within walking distance to the MRT station/Bus Interchange/Shopping Mall.

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Location

Pasir Ris Grove is the center of change and it is all because of the coalition of City Developments Ltd (CDL) and Hong Realty & Hong Leong Holdings.

Coco Palms, Livia, NV Residences, The Palette and d’Nest are being developed by the same developer in the same area. The entire Pasir Ris Grove with all the properties are expected to inject a new population of over 4,000 people into Pasir Ris, bringing that many people and more within walking distance to the Pasir Ris MRT station and White Sands shopping mall.

Short cut to and from White Sands

Short cut to and from White Sands

d’Nest is located after Coco Palms and the quickest path there is along Pasir Ris Dr 8. Coco Palms and d’Nest are separated by two zebra crossings. Coco Palms is the closer of the two to Pasir Ris MRT station currently but the TPE is closer to d’Nest, although drivers will still need to make a U-turn to get onto the TPE.

The condo is however along the return route from the TPE so turning in to Pasir Ris Grove on your way back will be slightly more convenient.

Livia and NV Residences

Toward Livia and NV Residences

Once the other developments are completed however, the single point of ingress may see congestion during peak hours as the inner road leading to NV Residences and Livia is narrow and policed by a zebra crossing instead of a traffic light.

Residents of d’Nest are also closer to Sheng Siong supermarket located in the HDB estate – Costa Ris- across the road, although the traffic junctions are nearer to Coco Palms. Ultimately, the slight differences do not really account for anything since both properties are along the same road and are within walking distance to the supermarket and the MRT station. Coco Palm residents may be slightly closer but the walk out from d’Nest to the traffic junction is about a minute.

White Sands shopping mall is the lifeline of Pasir Ris Central and all the interlocking roads including Pasir Ris Grove. It has the essentials from restaurants to some shopping but the nearest cinema is located at Downtown East along Pasir Ris Drive 3. That is roughly a 15 minute drive down along Pasir Ris Drive 8 to Pasir Ris Central and then a right turn to Pasir Ris Drive 3.

Downtown East and Hai Sing School on the left

Downtown East and Hai Sing School on the left

There are two bus stops along Pasir Ris Dr 1 which borders Coco Palms. There, you will find buses 403 (Pasir Ris Interchange), 53 (Bishan Interchange), 518 (Pasir Ris Interchange), 89 (Hougang Central Interchange), 81 (Tampines Interchange), 109 (Serangoon Interchange), 3 (Punggol Temp Interchange) and 39 (Yishun Interchange).

Bus stop along Coco Palms Pasir Ris Dr 1

Bus stop along Coco Palms Pasir Ris Dr 1

Across the road via the overhead bridge and in front of HDB block 571 are buses 518 (Pasir Ris Interchange/Tampines JC), 53 (Bishan Interchange), 81 (Tampines Interchange), 3 (Tampines Interchange), 89 (Hougang Central Interchange), 39 (Tampines Interchange), 109 (Changi Village Terrace), 15 (Pasir Ris Interchange), 403 (Pasir Ris Interchange), 518A (Opposite Marina Bay Sands MICE) and 538 (Fullerton Square).

Many of these buses are round trips with two buses – nos. 3 and 89 – that go toward Downtown East with travel time also around 15 minutes, maybe less if the road is clear.

The proximity to the bus interchange integrated with Pasir Ris MRT station adds another layer of convenience when travelling. From the interchange, there are more buses that bring you elsewhere. Be aware however that many of those buses may take the small, inner roads that meander all around Pasir Ris before they exit so what may seem like a 20 minute journey may stretch past the 40 minute mark. One example is bus 15 which goes toward Marine Parade. This one prowls all the inner roads leading up to Marine Parade making the journey extremely long. In such cases, taking the train to Paya Lebar and then a bus after may be a more pleasant affair.

Other than that, the Pasir Ris Sports Centre is just after the interchange and is where you’ll find a Clubfit gym and amusingly, a McDonald’s.

Pasir Ris Sports Centre and MacDonald's

Pasir Ris Sports Centre and McDonald’s

Pasir Ris bus interchange is also an important place for recently enlisted NSF recruits (National Service recruits). As the site of arrival and departure to and from Pulau Tekong, residents of d’Nest (and the other developments) with sons that will be serving the country after the property TOPs, will benefit from the close distance for at least three months of their Basic Military Training tenure.

As a result of all these conveniences, it is easy to see why the majority of units in d’Nest have been sold out. Pasir Ris is being primed to be the next hotspot in the north-east and while its location means getting to the central and eastern parts of the island (such as Marine Parade/Siglap) may take much longer than preferred, it more than makes up for this by showering newcomers to the area with numerous public transport options accessibly located about a 10 minute walk from the property.

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Analysis

The location is without a doubt, a major pull factor. Out of 912 units, 844 have been sold and all units, except the 4BR and 4BR compact are sold out. These units have an average starting quantum of $1.2m and so far, 69 out of the 83 available have been transacted.

Source: PropertyGuru, URA

Source: PropertyGuru, URA

The high volume of transactions began in 2013 with the largest sales happening then. In 2016, only 13 have been sold. PSFs for d’Nest are also slightly lower than Coco Palms, largely because of the extra few minutes of walk to the MRT station. Ultimately, these things are negligible to the buyer and therefore, d’Nest feels like a better buy.

The PSFs for d’Nest are as follows:

Source: PropertyGuru, URA

Source: PropertyGuru, URA

Sales for d’Nest began in March 2013 but the prices are significantly lower than Coco Palms which began selling sometime in May 2014. Actual quantums for the smaller units favour Coco Palms with transactions beginning as low as $480K while d’Nest starts at $550K. This disparity is due to the heavily discounted units at Coco Palms made to incentivise interested buyers that were wary of the 88 year lease hold as a result of the long wait to build something on the acquired land.

However, the PSF shows that d’Nest units are far lower in quantum than Coco Palms even if the actual transactions show otherwise. The PSF for Coco Palms are as follows:

Source: PropertyGuru, URA

Source: PropertyGuru, URA

This implies that the discounts implemented to move Coco Palms in the beginning were indeed substantial as the quantums now are more or less similar with d’Nest being the more logical buy. A 1,765 sqft unit in d’Nest was transacted at about $1.66m while a 1,745 sqft unit in Coco Palms was at $1.67m, lowest.

The higher price point for Coco Palms could be a result of its estimated closer distance to the MRT station. Buyers however need to realize that the actual distance when comparing Coco Palms and d’Nest is utterly negligible and should be ignored as a factor when deciding between the two. At this point, d’Nest feels like a better buy but its options are limited so interested parties looking for 4BR units should make inroads toward a purchase now before they’re fully sold.

Rental

With so many large condominiums in one area, buying to specifically rent means having to contend and participate with a potential price war. In Pasir Ris Grove, it is possible that supply will exceed demand and with the already low 2.8% rental yield (according to URA), aspiring landlords may find their hands tied when attempting to price competitively.

However, as landlords from Coco Palms may opt to rent higher since they are technically closer to the MRT station, d’Nest landlords may actually benefit from having a lower rental quantum without there being an actual difference in walk time to the station between the two.

Those who have already purchased the 1BR units for investment purposes may indeed have capitalized smartly. As the units were bought at a much lower quantum, it is almost a certainty that they can be sold for a significant profit in a few years after TOP. When a development is close to an MRT station, prices increase and for a development that is close to an MRT station, bus interchange and shopping mall, the price increase should favour the investor.

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Summary

Sometimes, the sum of its parts is greater than the whole, like a blockbuster movie bursting at the seams with interesting ideas and visuals but never fully coming together due to gaps in logic. CDL’s d’Nest is the opposite. The sum of its parts contribute to a more cohesive and much better complete package. The negatives (planters, bay windows, big/long AC ledges), are smoothed out and at times completely mitigated by development foresight and most importantly, the sheer viability of Pasir Ris Grove.

So while it’s hard to advocate purchasing a unit here strictly for renting out, it’s a decent place to live in and raise a family. Obviously for the latter, you will need a bigger unit and despite the architectural issues, they’re still sufficient. The location will be the primary reason driving interest. Although located behind Coco Palms and therefore slightly further from the MRT station, the actual distance is a non-issue. Interested parties should ignore that if it is ever brought up since in time, even Coco Palms will no longer be the closest to the MRT station.

Source: d'Nest brochure

Source: d’Nest brochure

With the land across the road slated for residential development, it’s possible the unblocked view leading to the MRT station will also disappear. So potential buyers should focus more on the price they are to pay.

There is investment potential and resale value should increase, even with surplus of developments in the area. Ultimately, the MRT station is the difference maker and since it is within walking distance, d’Nest will be an attractive spot for homebuyers and investors alike.

Pasir Ris Grove is a convenient location albeit far from the city centre. By train, it would take about 30 odd minutes to reach City Hall. While overcrowding is expected to happen now with this deluge of new properties, the fact that Pasir Ris is the last station this side of the east-west line means there’s a better chance of getting onto the train during peak hours then the individuals who live several stations down. It is likely that people in Bedok and Kembangan would feel the overcrowding more acutely than the new residents of Pasir Ris.

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Eric Wong

Christopher Chitty

"I read, I write, I lift. I am content"