Rivercove is a 624-unit executive condominium located at Anchorvale Lane and overlooking the Sungei Punggol. It has 3, 4 & 5-room units.
Continue Reading ⋅ 10 April 2018
Sea Horizon is developed by Hao Yuan Development Pte Ltd of MCC Land.
Project Name: Sea Horizon
Address: Pasir Ris Drive 3
Type: Executive Condominium
Site area: approx. 297,732 sqft
Tenure: 99-years leasehold
District: 18
Configuration: 12 blocks of 10/11/12/13 storeys (495 units)
Unit types: 22, 2-bedroom units (775 – 807 sqft)
187, 3-bedroom units (1,033 – 1,335 sqft)
168, 4-bedroom units (1,249 – 1,302 sqft)
5, 4-bedroom garden duplex (1,356 sqft)
92, 5-bedroom units (1,528 – 1,615 sqft)
21, penthouse units (1,389 – 1,722 sqft)
Parking lots: 495
Expected TOP: November 2016
Project Details
Sea Horizon has proven to be extremely popular. As the last executive condominium in Pasir Ris without a resale levy, it capitalises on its location quite well. At the time of this writing, about 98% have been sold, negating the need for a showflat.
Source: Sea Horizon e-brochure
At approximately 297,732 sqft, Sea Horizon is big enough to be its own little town and with a large swimming pool amidst lush greenery, the development mimics beach living in high-rise blocks with the actual Pasir Ris beach in the distance.
Executive condominiums have a tendency to be much larger than their higher-priced counterparts and therefore facilities are as varied as some big scale condominiums. Sea Horizon has 12 blocks totalling 495 units and 26 facilities made up off pools, decks, gardens, gyms and BBQ stations spread throughout.
And unlike neighbouring EC, Watercolours which is blocked by Sea Esta, Sea Horizon has about 60% of its units facing the sea. However, there are many blocks that are east and west facing which means residents will get quite a lot of the afternoon sun if they’re home during those hours.
Source: Sea Horizon e-brochure
But its sea view is a major selling point and is a big reason units were sold out so quickly, despite it having a higher PSF than its competitors. As it is, Pasir Ris Beach is within a ten minute walk from Sea Horizon. Its actual distance depends on which block you’ll be walking from. The other deciding reason is Sea Horizon’s connectivity to amenities.
Interior-wise, the units are standard fare, with the now common marble flooring for the living rooms and timber-looking floors for the bedrooms. Spaciousness depend on the size of the unit but the expectation is almost on par with other mass-marketed ECs with a focus on facilities, landscaping and view instead.
The larger units, especially penthouses provide a sense of that luxurious beach-facing lifestyle, though that comes at a much higher quantum.
This is not to suggest that regular sized units lack in any way, just that at a higher PSF, it’s almost a wasted opportunity not to purchase a high-floor unit that faces the sea. But if all you care about is the proximity to amenities and schools, then it’s difficult to find fault with Sea Horizon.
But based on the existing amenities and upcoming things like the hawker centre and the new university campus in Changi, once Sea Horizon fulfils its 10 year commitment as public housing and is changed to private property, there will be a wider market to tap into.
Location
Sea Horizon, as developed by Hao Yuan Investment Pte Ltd under its HY Realty arm, is situated in Pasir Ris new town and flanked by private houses on one side, and public housing on the other.
It’s less than 10 minutes from Pasir Ris Interchange, not including waiting time. On bus 354, Sea Horizon is the third stop.
Sea Horizon bus stop at Watercrest
The bus will turn left after Downtown East and go toward Watercrest. The bust stop in front of the development is the closest to Sea Horizon. The executive condominium is just down the road, next to several other landed properties.
Other buses from Pasir Ris Interchange that you can take are 3, 5, 6, 17, 661 and NR7. These buses stop opposite Block 479, and the bus stop is near the side gate of Sea Horizon.
Sea Horizon along Pasir Ris Drive 3
It is still three stops though, though instead of turning left after Downtown East, it goes straight.
Several of these buses are also loop services back to Pasir Ris Interchange. Sea Horizon is currently still being built, although it’s very close to completion.
Surroundings: Downtown East is about a five minute walk from the entrance of Sea Horizon. Across the road from the mall is Hai Sing Catholic School. That’s two conveniences within walking distance.
There are several other schools in the area, albeit a short bus ride away. Loyang Primary School is along Pasir Ris Drive 6, after Hai Sing and across the street from White Sands Primary School. Casuarina Primary School is along Pasir Ris Street 41 and Pasir Ris Crest Secondary School is next to it.
Downtown East and Hai Sing School
What’s more, Downtown East has its own cinema and the shopping mall is also connected to the ‘Wild Wild Wet Waterpark’ and the resort chalets.
Further down, and toward the interchange is the Pasir Ris Swimming Complex and Sports Centre amusingly next to fast food chain, MacDonald’s. At the interchange is White Sands Shopping Centre.
Pasir Ris Sports Centre and MacDonald’s
And with the upcoming two-storey hawker centre due in the first half of 2017 being built next to the sports and recreation centre, there will be more affordable and local cuisine next to an already impressive line-up of popular restaurants and cafes.
Suffice to say, residents at Sea Horizon will have want for nothing.
Analysis
Compared to another EC, Watercolours, Sea Horizon’s PSF for 2-bedroom units is higher. 72 sqm (775 sqft) units at Watercolours have a transacted median of $773 psf compared to Sea Horizon’s $782.
This is expected however, as Watercolours is blocked from the sea by neighbouring Sea Esta which like Sea Horizon, is currently under construction at the time of this writing.
Both upcoming projects command a better position and view than Watercolours, although given that they reside within the same area and the only defining thing that sets them apart is the view, is a small matter ultimately.
Watercolours was also completed in 2014 so its potential will be felt before Sea Horizon as it converts to private property first.
Sea Esta’s 818 sqft 2-bedroom premium has a median transacted price of $886 psf, which as a condominium and a beach front one at that, guarantees that it will see a higher quantum than its EC neighbours.
But Sea Horizon beats Sea Esta with total land ration and number of units which implies that it may have more options for rent in the future.
Rental
As for rental, Pasir Ris Drive 3 is home to new projects and landed houses. Watercolours though already launched, is an EC that has yet to fulfil its five year MOP. The closest range would be condominiums at Jalan Loyang Besar, where developments like Watercrest and Celadon View are.
In Watercrest, 3 & 4 bedroom apartments average $2,200 to $3,300 per month. Median rental yield there is 2.7%. Sea Esta, though it has yet to be completed, has started renting out units. According to URA, a 65 sqm 2-bedroom unit has a monthly rate of $2,100.
For a beach front property condominium (by Singapore standards), this is quite low. Likely the price takes a hit from being further from the shopping mall, though it is still within walking distance.
For Sea Horizon, the units are larger though based on the rental yield percentage in Loyang Jalan Besar, rental per month averages $1,600 for a rental yield of about 3.2% per annum. It is likely that owners will be able to rent out 2-bedroom units above $2,100.
The Seastrand, a condominium next to Sea Horizon and along Pasir Ris Link shows rental for units between 65 sqm and 74 sqm start at $2,150 per month with the highest being $2,500. Sea Horizon landlords may follow Seastrand’s rental pricing more so than Sea Esta.
Given that Sea Horizon is also a lot closer to the mall, interchange and schools, it won’t be a surprise if the lowest rental amount starts at $2,500 for a 2-bedroom room.
Summary
With no showflat available for viewing, it is hard to discuss how the units look, outside of the materials used. And those materials are going to be mostly similar with other mass-marketed projects.
But Sea Horizon does have more going for it than some of its immediate competitors like Watercolours. It is a sprawling development with a large middle communal area and a view of the sea in the near distance.
Living in Pasir Ris would be like living in East Coast; the view is a major selling point and Sea Horizon wears this on its sleeve.
Source: Sea Horizon e-brochure
Though prices are higher than Watercolours and Sea Esta, they’re still within the $1m – $1.5m range with a healthy number of units below the $1m mark.
This makes Sea Horizon a good buy as an investment because of its proximity to a shopping centre, the upcoming hawker centre and bus/MRT interchange.
Prices here will likely appreciate well with strong competition from Sea Esta. That condominium is more a beach front property than Sea Horizon. It also offers smaller, 1-bedroom units which traditionally is a favoured type for investors and singles.
Furthermore, as a condominium, there is no minimum occupation period (MOP) or restrictions on resale. Sea Horizon owners on the other hand will need to satisfy the MOP of five years before they can sell and even then, only to locals for the first 10 years of the project.
But a project like Sea Horizon appeals to both types and it certainly has the potential to satisfy the demands of both markets sufficiently.
