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
CEL Development (CEL) is a Singapore-listed property development and investments firm with projects and interests in Singapore, Vietnam and Australia. Its portfolio includes mid-market and high-end prime properties in the residential, commercial and industrial sectors.
Project Name: High Park Residences
Address: Fernvale Road
Type: Condominium
Site area: Approx. 366,176 sqft
Tenure: 99 years
District: 28
Configuration: 1390 units
Unit types:
72 studio units (388 – 389 sqft)
154 1-bedroom + study units (441 – 474 sqft)
212 2-bedroom classic units (560 – 592 sqft)
296 2-bedroom deluxe units (635 – 678 sqft)
86 2-bedroom + study units (699 – 968 sqft)
188 3-bedroom classic units (872 – 904 sqft)
117 3-bedroom deluxe units (947 – 1001 sqft)
68 4-bedroom classic units (1141 – 1151 sqft)
68 4-bedroom deluxe units (1216 – 1281 sqft)
23 4-bedroom Dual Key units (1367 sqft)
46 5-bedroom units (1389 – 1678 sqft)
46 5-bedroom private lift units (1420 – 1818 sqft)
10 semi-detached units (2164 – 2809 sqft)
4 bungalows (2379 – 2799 sqft)
Maintenance fees: Estimated $200 – $300 per unit
Parking lots:
1376 normal lots
28 lots for strata landed units
13 lots for childcare centre
4 lots for commercial units
10 handicapped lots
Expected TOP: 2019
Expected legal completion: 2022
Project Details
High Park Residences is a massive development with 1390 residential units in total and a staggering 118 facilities. Sales have been good, with approximately 165 units left on the market (88% sold). The project made headlines for boosting private home sales and accounted for 73 percent of total developer sales transactions in July.
Unit sizes range from studio units to bungalows. The lowest-priced unit on PropertyGuru is a 388 sqft studio unit going for $350,000, which translates to around $902 psf. A 2,723 sqft bungalow is going for $2,774,766 which means an estimated $1,019 psf.
At time of writing (Sept 2015), studio and 1-bedroom units, as well as the bungalows, have been fully sold. Along with 3-, 4- and a handful of 5-bedroom units, one semi-detached unit and a few penthouse units are still available.
Construction for the development is underway and CEL has been in the news recently for being innovative in battling the property market slump. Their attempts at differentiation include throwing in a boxing ring and flying fox for future residents and evidently their efforts have been paying off.
The showflat location is on site, and interested buyers can drive down from Seletar Mall, along Fernvale Road to get there.
Jointly developed by CEL and Unique Residence, a joint venture between Heeton Homes and Kim Seng Heng Realty, High Park Residences offers residents breathtaking views of the surrounding areas like the Straits of Johor and the park scenery.
The development consists of 6 towers each standing at 25 storeys tall, as well as the four bungalows and 10 semi-detached units. Facilities at the residences add up to a whopping 118.
Beyond the usual trappings of pools, playgrounds and BBQ pits, High Park offers residents indoor and outdoor movie theatres, boxing rings, a 3-metre high swirl and splash water slide, a hammock garden, flying fox and a jamming room for budding musicians.
For the adventurous soul:
- cycling trail
- sunken tennis courts
- gym and aqua gym
- fitness parks and
- uphill trekking
For the romantic ones:
- villas
- jacuzzis
- themed pavilions
- sensory trail
- infinity pool, deck and cove
Other facilities include the beautiful lantern lounge right near the arrival lounge, nature trails, waterfalls, gardens, dining establishments, and rainforest boardwalk. To top it off, the developers are also offering residents a two-year membership to the High Park Club which organizes classes. For the active, there are swimming, yoga, zumba, aerobics, kick-boxing, and swimming and tennis classes. For the musically-inclined, there are violin lessons. Lastly, there are cooking classes for both adults and kids.
There are also 9 retail units comprising a childcare centre and F&B retail units within High Park Residences. You will be happy to note that they contribute to the sinking fund thereby reducing maintenance fees for residents.
Showflat units were available for the 1, 2, 3, 4 and 5-bedroom units. This review uses photos from the 3 and 4-bedroom deluxe units.
Specifications:
Flooring
- homogenous tiles for living, dining, kitchen, balcony, private enclosed space (PES), master bath, common bath, hallway to bedrooms, utility and water closet
- laminated flooring for bedrooms
Doors
- timber doors for entrance, bedrooms, master bath and common bath
- aluminium-framed glass door for balcony, PES
Sanitary fittings
- solid surface vanity top with basin and mixer, shower cubicle with shower mixer set, water closet, mirror with storage cabinet and paper holder for master bath and common bath
- water closet, basin with tap, shower set and paper holder for water closet
Additional items
- wardrobes for all bedrooms
- wall-mounted air-con for living, dining, and all bedrooms
The kitchens come with a refrigerator and upper and lower cabinets for storage. Cooking appliances provided include a gas hob with hood and a built-in oven. A stainless steel sink with mixer and washer cum dryer are also provided. While the photo is of the 4-bedroom unit, both kitchens are relatively spacious, allowing at least 2 people to move around freely.
The kitchen is also connected to the water closet.
The living room is connected to the balcony or the PES, depending on the unit type. The kitchen is at the far back with the dining area directly in front of it. Future residents can play around with the interior design to fit their preferences or possibly even make the unit more spacious.
The living area in the 3-bedroom unit is slightly narrower. With both units, you have the option of removing the utility room, which is the space to the left of the dining area in the above picture. For residents who have no use for it, this greatly increases the space in the living area.
The common bedrooms usually can accommodate a queen-sized bed with little room to spare. If you choose to have a single bed instead, the room becomes much more spacious.
At least one of the common bedrooms however, will not be able to fit a queen-sized bed without occupying the entire space. Going with a single bed in this case, would be ideal.
The master bedroom can fit a king-sized bed with some room for movement. It is also connected to the balcony or PES, depending on the unit type.
Bathrooms have a wet and dry area as per normal. The sliding mirror cabinet may prove to be useful while optimizing space to future residents. Master bathrooms are slightly wider and larger.
The project was launched only in July 2015 and already 88% of the units have been sold. As of now, buyers have been mostly Singaporeans, with permanent residents and foreigners accounting for less than 5% of sales.
The location of High Park Residences and the unit types offered mean that interested buyers are likely to be a good mix of investors and home buyers.
Location
Etymology: Fernvale is the newest neighbourhood of Sengkang New Town, a satellite residential town in north-east Singapore.
Sengkang means ‘prosperous harbour’ in Chinese and the name is derived from a road called Lorong Sengkang off Lorong Buangkok. Previously known as Kangkar (Gang Jiao) or ‘foot of the port’, Sengkang used to be home to fishing villages and rubber, pepper and pineapple plantations.
A design team from HDB started conceptualizing a new town in Sengkang in 1994, and the area was carved into 6 neighbourhoods that will eventually house a total of 95,000 public and private residential units.
Located between Punggol River and Jalan Kayu, Fernvale is also part of the larger Seletar district which is presently undergoing transformation to become one of Singapore’s regional centres with the new S$60-million Seletar Aerospace Park due to open in 2018.
Getting there: High Park Residences is a 2-minute drive from Sengkang West Road, which connects to Yio Chu Kang road and the Central Expressway (CTE) exit. The city is an 18-minute drive away via the CTE, given normal traffic conditions. For early-morning commuters, Raffles Place will be a 32-minute MRT ride away and City Hall, a 30-minute ride.
Source: streetdirectory.com
The Tampines Expressway (TPE) exit on the right further down takes you to Tampines, Pasir Ris and Changi. Taking the Kallang-Paya Lebar Expressway (KPE) exit via TPE will get you to the CBD area. The TPE exit on the left connects to the Seletar Expressway (SLE) and areas in the North of Singapore like Yishun and Sembawang. If you continued further onto the Bukit Timah Expressway (BKE), you’d reach Woodlands.
Off peak travel will get you onto the different expressways relatively quickly. However, traffic during peak hours may not be ideal and public transport to certain locations may be more efficient.
Currently, High Park Residences is accessible via Thanggam LRT (right next to the development) and Bus 85 which connects Punggol and Yishun.
However, there is still undeveloped land opposite the project and in the vicinity. Future projects in the area are likely to bring in more infrastructure such as bus stops and more bus lines. According to the 2014 Master Plan by the Urban Redevelopment Authority (URA), there will be an educational institution opposite High Park and residential projects surrounding it.
The estate: With the HDB’s plan to transform it into a fully mature housing estate, Sengkang is currently undergoing rapid development. Though 4 (Rivervale, Compassvale, Anchorvale & Fernvale) out of the 6 planned neighbourhoods are complete, there is still work to be done and you should expect some construction.
If you ever get overwhelmed, fret not. Places you could visit to take in nature and relax include the nearby Sengkang Riverside Park and slightly further down, Punggol Waterway Park and Punggol Park.
As for school options, Sengkang Green Primary School is nearest to High Park Residences, being just 180m away.
Walking distance:
- Fernvale Primary School
- Pei Hwa Secondary School
Within 2 km:
- Nan Chiau Primary School
- Nan Chiau High School
CHIJ St Joseph’s Convent is a 5-minute drive away. There is however, a noticeable lack of tertiary institutions nearby. Anderson Junior College, Meridian Junior College and Nanyang Polytechnic are all at least a 10 – 15 minute drive away.
Seletar Mall is a stone’s throw away from High Park and it is an ’all-in-one” shopping mall with a cinema to boot. The family-oriented mall has a wide array of food options as well including the popular Din Tai Fung, Swensens, Paradise Inn, Fish & Co, and BALIThai. The usual fast food options and foodcourt are also available.
Source: Google Images
Less than a kilometre away is retail and lifestyle hub Greenwich V. The mall lies within the established landed residential estate of Seletar Hills and features alfresco dining and casual outdoor spaces. This may be a good option for residents looking for a relaxed evening out.
Source: Google Images
The laidback charm of Jalan Kayu and the various eateries there is bound to draw future residents of High Park as well. The 300 metre distance means you can take a leisurely walk there on evenings for dinner or even for breakfast or lunch on weekends.
For some family fun, you can head to Sengkang Sport Centre which is a 5-minute drive away or Punggol Waterway Park, a 6-minute drive away.
As for the healthcare needs of residents, there are various clinics situated in the surrounding neighbourhood. Sengkang Polyclinic is a 5-minute drive away. Sengkang General Hospital is slated to open in 2018 and be fully operational by 2020.
Seletar Aerospace Park is a 5-minute drive away, assuming smooth traffic conditions. For golfers, Seletar Country Club is an 8-minute drive away.
The future Seletar Regional Centre and Sengkang West Industrial Park will drive job and growth opportunities in the area. Investors concerned about potential will not have to worry much.
Analysis
Caveated transactions for High Park Residences at time of writing (Sept 2015) stands at 1,226. Recorded transaction prices range from $373K to $2.48M, with over 99 percent of the transactions coming in at $1.5M or below (see Chart 1). In fact, 84 percent are in the Less than $1M range. Given that the affordable price range for most property buyers lies between $1M to $1.5M, we can conclude that the project is priced to sell, with sales being a clear indication of this.
Sales Transactions
Source: PropertyGuru, URA
Source: URA
High Park Residences’ closest competitor would be H2O Residences, located 600 metres away. Launched in early 2011 by City Developments Limited (CDL), it was priced to sell as well, with its current median price at $958 psf to High Park’s $988 psf. However, its current median price for transactions in the past four quarters is $1036 psf.
Occupants of H2O Residences are likely to be a mix of home buyers and investors. These home buyers probably prefer to be in a fast-developing suburban neighbourhood while the investors hope to capitalize on the appreciating value of their property.
Units at H2O Residences range from 1-4 bedroom units and penthouse units. High Park Residences on the other hand, has a good mix of 1-5 bedroom units in addition to semi-detached units and bungalows. Buyers have snapped up units of all sizes at High Park.
It may be more useful to look at 1-bedroom and 3-bedroom units in particular, across both developments. According to caveats, High Park’s 1-bedroom + study units have a median price of $1,066 psf while H2O’s is $1,106 psf. High Park’s 3-bedroom units have a median price of $916 psf while H2O’s for the past four quarters is $1,021 psf.
Caveated transactions for 1-bedroom + study units at High Park Residences range from $417K to $570K, while H2O Residences’ 1-bedroom units range from $544K to $619K. 3-bedroom classic and 3-bedroom deluxe units at High Park Residences, on the other hand, range from $718K to $1.03M, while H2O Residences’ 3-bedroom and 3-bedroom + study units range from $862K to $1.26M.
Unit sizes are mostly the reason behind this price differential. Units at H2O Residences have more generous proportions with 1-bedroom units around 527 sqft. The same unit type at High Park ranges from 441 sqft to 474 sqft. 3-bedroom units are between 1,076 sqft to 1,227 sqft at H2O Residences, and 872 sqft to 1,001 sqft at High Park.
Keeping in mind that H2O Residences was launched in 2011, pricing for the project could also have been affected by the property cooling measures implemented by the government.
In terms of sale prices alone, High Park Residences presents a more affordable option.
Future Rental Potential
It may be too soon to speculate on future rental potential for High Park Residences. To have a general idea however, we need to look at rental prices for other projects in the area.
The current median rental price for District 28 (Seletar) is around $3 psf per month at time of writing, based on rental transactions for the past 4 quarters. At these rates, a 3-bedroom unit around 950 sqft at High Park would go for around $3,400 to $3,500 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $827K, the annual gross rental yield at the current rate would be an estimated 5%. Assuming that rental prices increase in future with the completion of Seletar Aerospace Park, the same 3-bedroom unit could possibly fetch around $3,800. Gross rental yield then moves up to 5.5%.
For investors holding on to 1-bedroom units, rental price for a 465 sqft unit at the current rates would be an estimated $1,700 to $1,800 a month. With the median price for the unit being around 485K, annual gross rental yield would be around 4.3%.
The median unit size of a 3-bedroom at H2O Residences, on the other hand, would probably fetch around $3,800 a month at today’s rental rates. This translates to around 4.2% in annual gross rental yield. Rental could go up to $4,100 a month with future developments in the surrounding areas. Annual gross rental yield would then be in the 4.5% range.
A 1-bedroom unit at H2O would go for $1,900 per month currently, and rental yield would be 3.9%. In future, it could fetch up to $2,300 a month. Rental yield would then increase to 4.7%
According to the figures, bigger units at High Park Residences seem to have a higher rental yield. Rental yield for its smaller units is pretty decent as well. Key differentiators between High Park and H2O would be the size of the units and the choice of nearby amenities. With the coming bumper crop of shoebox units in 2017 however, landlords will definitely have to price smaller units more competitively.
Summary
The scale of the project and the relatively affordable prices are High Park Residences’ biggest selling points. Proximity to the upcoming Seletar Aerospace Park and the recently completed Seletar Mall are also major pull factors.
Easy access to major expressways brings about convenience and connectivity for residents. Residents already have F&B retail units within their compound but if they are not sufficient, Seletar Mall is at most a 10-minute walk away.
A potential drawback is the lack of a range of educational institutions. Primary and secondary schools are plenty, which fits Sengkang’s profile as a young estate, but there is a distinct lack of tertiary institutes nearby.
Investment potential is high and the fact that there are no more studio or 1-bedroom units left on the market, is testament to this. With Seletar Aerospace Park, the upcoming Sengkang West Industrial Park and Ang Mo Kio Industrial Park all being relatively nearby, there will be demand for private residential units in future.
Overall, purchasing a unit at High Park Residences for investment purposes or as a home buyer, is a good move. Given the size of the development, the facilities offered and the location, you will be getting a pretty sweet deal.
