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
GuocoLand Limited (GuocoLand) and its subsidiaries are primarily involved in property development, property investment, hotel operations and property management. The Group has established property operations in their geographical markets of Singapore, China, Malaysia and Vietnam, comprising residential, hospitality, commercial and retail developments.
Project Name: Leedon Residence
Address: Leedon Heights
Site area: Approx. 522,326 sqft
Tenure: Freehold
District: 10
Configuration: 381 units
Unit types:
2-bedroom units (1,044 sqft)
3-bedroom units (2,088 – 2,131 sqft)
3-bedroom + study units (2,088 sqft)
4-bedroom units (2,486 – 2,669 sqft)
5-bedroom units (4,704 sqft)
Garden suites 3-bedroom + study units (3,789 – 4,047 sqft)
Garden suites 4-bedroom units (3,401 – 5,285 sqft)
Garden suites 5-bedroom units (6,566 – 8,051 sqft)
Sky suites 3-bedroom + study units (3,283 sqft)
Sky suites 4-bedroom units (3,617 – 3,767 sqft)
Penthouse units (5,694 – 6,125 sqft)
Penthouse w private lift units (7,007 – 7,718 sqft)
Maintenance fees: Approx. $492 to $1,312
Parking lots: Approx. 600 lots
TOP: 2015
Expected legal completion: December 2019
Project Details
Leedon Residence is a 381-unit freehold development located along Leedon Heights. At time of writing (Feb 2016), all unit types are still available.
Units range from 2- to 5-bedroom units and penthouse units. The lowest-priced unit on PropertyGuru is a 1,044 sqft 2-bedroom unit going for $2,300,000, which translates to around $2,203 psf. A 6,125 sqft 5-bedroom penthouse unit is going for $17,245,600 and this is an estimated $2,816 psf.
For interested buyers, the show suites are on site, at Leedon Heights.
Construction for the project is complete and it is ready for immediate occupation. The project consists of eleven 12-storey blocks and is designed by the award-winning SCDA Architects. It has also won the BCA Green Mark GoldPlus Award for its energy efficient features.
There is a fully air-conditioned lobby/waiting area at the basement of each block.
And a central concierge service lobby. Residents can easily get a cab at the concierge, should they need to.
Source: Developer’s Brochure
For functions or family gatherings, there is the club, the grill and the dining lounge.
This is part of the 200m nature trail that runs through the development. The Good Class Bungalows next to Leedon Residence are visible from here.
The 50m lap pool is ideal for adrenaline junkies. The pool cabanas by the side are perfect for evening lounging.
The photos in this review are from the 5-bedroom garden suite show suite.
First and foremost, the private lift which opens into the living room.
Cabinets with solid surface countertops and sinks come with the kitchen. There is a dry and wet kitchen area. Appliances provided include a built-in oven, a wine cellar, a gas cooker hob and hood, an electric cooker hob, a coffee machine and refrigerator. Fittings and appliances are from Miele and Smeg. Up to four people can move around comfortably at any one time.
The wet kitchen leads to the store, utility and water closet areas on its right. The space is ideal for your helper, should you have one.
The living room extends to the PES and the private swimming pool. You get double volume living space and there can be segregation of the living and dining areas.
The dining area is right in front of the kitchen.
The view of the living space from the upper deck. The views of the surroundings are also pretty spectacular.
Three out of the five bedrooms are on the upper deck.
The common bedrooms can generally fit a queen-sized bed and still have some leg room.
You could also turn one of the common bedrooms into a lounge or entertainment room of sorts.
Bathrooms have a wet and dry area as per usual and fittings are from Ixiss. 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 still have more than enough maneuvering space.
The master bedroom is connected to the study room. This area is ideal for a work station.
The walk-in wardrobe at the entrance of the master bathroom.
The master bathroom is big – let’s get that out of the way.
The shower area.
And of course, it comes with a bathtub.
Buyers of Leedon Residence are likely to be owner-occupiers who like the surrounding private residential enclave. For some, it may be a retirement home. Others own Good Class Bungalows next door which they let their children live in while they occupy a unit at Leedon Residence. An estimated 70% of buyers are Singaporeans.
Location
Etymology: Holland Village is a neighbourhood situated between the districts of Bukit Timah and Queenstown in central Singapore. It is also well known for its shopping and dining options, especially amongst younger Singaporeans and expatriates.
Holland Village is named after Holland Road, which in turn was named after Hugh Holland in 1907. He was an architect and early resident of Singapore. Holland Road is known as hue hng au in Hokkien, meaning ‘behind the flower garden’, with the flower garden referring to the Botanic Gardens.
Other areas considered to be part of Holland Village include Chip Bee Gardens and Holland Close. Holland Village is part of the larger Buona Vista division of the Tanjong Pagar GRC.
Source: Google Maps
Getting there: Leedon Residence is located along Leedon Heights, which is a short walk away from Farrer Road MRT. Leedon Heights links up with the arterial Farrer Road. For early-morning commuters, Raffles Place will be a 27-minute MRT ride away and City Hall, a 29-minute ride.
Farrer Road MRT is about a 5-minute walk away. From there, the next stop is Holland Village MRT and two stops down, it’s Buona Vista MRT, where you have Star Vista. One stop in the other direction will have you at Botanic Gardens.
The estate: Leedon Residence is situated next to the Leedon Park Good Class Bungalow enclave. It is also one of the largest freehold residential developments in District 10.
Source: Developer’s Brochure
It is a short drive to various lifestyle hubs and shopping malls including the Orchard Shopping Belt, Holland Village, and Coronation Plaza. Popular eateries at Dempsey Hill as well as Adam Food Centre are also a stone’s throw away from the project.
The nearest bus stop is along Farrer Road, opposite the Tulip Garden condo. Between them, these services cover Bedok, Marine Parade, Harbourfront, Queenstown, Braddell, Eunos, Toa Payoh, Kovan, Bukit Merah, Hougang, Ang Mo Kio, Thomson, Clementi, Jurong, Orchard, Raffles Place, Yishun, Woodlands and Kallang.
As for school options, there are a few reputable ones nearby.
International Schools:
- Anglo-Chinese School (International)
- Nexus International School
- Hwa Chong International School
- International School Singapore
- Overseas Family School
Source: Google Images
Coronation Plaza is about a 3-minute drive 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.
For some local hawker fare, Empress Market and Food Centre is a 4-minute walk away.
Source: Google Images
The more famous Adam Food Centre is a 3-minute drive away.
For some down time on weekends, residents can head to the Botanic Gardens, which is a 4 to 5-minute drive away. Recently honoured as a UNESCO World Heritage Site, its 74-hectare area is home to more than 10,000 species of flora. It’s a very pretty place and an ideal location for picnics or just relaxation.
Tanglin Public Golf Course is a 4-minute drive away for the golfers.
Source: Google Images
SAFRA Mount Faber is roughly a 6-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 Leedon Residence.
As for the healthcare needs of residents, there are a number of general and specialist clinics along Farrer Road. The above is just behind Express Market and Food Centre. Gleneagles Medical Centre is a 3-minute drive away making it very convenient for residents requiring specialized treatment or in case of an emergency.
Analysis
Caveated transactions for Leedon Residence at time of writing (Feb 2016) stands at 223. Recorded transaction prices range from $2.19M to $14.8M, with an estimated 66 percent of the transactions coming in at $5M or below (see Chart 1).
Sales Transactions
Source: PropertyGuru, URA
Source: URA
Honestly, it would be unfair to compare Leedon Residence with any other condo development in the vicinity, simply because its unit sizes raise the quantums quite substantially. Nevertheless, if we had to pick, Cluny Park Residence, located at Cluny Park Road right next to Botanic Gardens MRT, would come closest.
Its current median price is $2,936 psf to Leedon Residence’s $1,933 psf. Median prices over the past four quarters are $2,620 psf and $1,937 psf respectively. The price differential is likely due to the precise location of Cluny Park Residence as compared to that of Leedon Residence. Residents at both developments are more likely to be home buyers who like the respective locations.
Units at Leedon Residence range from 2- to 5-bedroom units and penthouse units while those at Cluny Park Residence come in 2- and 4-bedroom configurations which include penthouse units. We will be looking at 2-bedroom units in particular, across both developments.
According to caveats, Leedon Residence’s 2-bedroom units have a median price of $2,287 psf while Cluny Park Residence’s is $2,835 psf. Transactions for the units at Leedon Residence range from $2.19M to $2.675M, and from $1.92M to $2.67M at Cluny Park Residence.
Before deciding based on these numbers alone, we should look at unit sizing as well. By comparison, 2-bedroom units at Leedon Residence have more generous proportions and are 1,044 sqft. At Cluny Park Residence, they are between 753 sqft and 840 sqft.
Both projects are situated within or next to a Good Class Bungalow estate. Sale prices for both are similar as well, but you get much more space with Leedon Residence. It shouldn’t be hard seeing which one offers more value for money.
Future Rental Potential
To gauge what rental prices for Leedon 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, there are existing rental contracts for units at Leedon Residence and the median rental rate is $4.77 psf per month.
Based on this, a 2-bedroom unit around 1,044 sqft at Leedon Residence would go for around $5,500 to $5,700 a month, after factoring a 20% premium for its new build. With the median price for the unit being around $2.387M, the annual gross rental yield at the current rate would be an estimated 2.8%.
The median unit size of a 2-bedroom at Cluny Park Residence, on the other hand, would probably fetch around $4,600 a month at today’s rental rates. This translates to around 2.3% in annual gross rental yield.
According to the estimated figures, rental yield for Leedon Residence is slightly higher. 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 Leedon Residence being larger.
Summary
Location is a very big plus point for Leedon Residence. With Holland Village being practically next door and the project itself being so close to a Good Class Bungalow estate, residents will get privacy and convenience at the same time. It is also a good option for buyers looking for units with more space.
Residents 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 and Dempsey Hill. For families with children, the reputable schools nearby are another plus.
Farrer Road MRT is about a 5-7 minute walk away for those who would prefer to take public transport in the mornings.
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 amidst relative greenery, then Leedon Residence is ideal.
