The Reef at King’s Dock is a 429-unit, 99-year leasehold luxury condominium development by Mapletree and Keppel Land in District 4. The condo is located along Keppel Bay and features waterfront living and scenic sea views.
Project Name: Lloyd SixtyFive
Address: 65 Lloyd Road 239114
Site area: 35,921 sqft
Configuration: 76 units in a 10-storey block
Unit types: 1BR (592 – 904 sqft)
1BR + study (710 – 1,055 sqft)
2BR + study (1,668 – 1,701 sqft)
2BR attic (1,604 – 2,045 sqft)
3BR (2,422 sqft)
3BR loft (1,733 sqft)
3BR attic (3,638 sqft)
4BR (6,620 sqft)
Est. TOP: 1st half 2017
Propshort: Units at Lloyd SixtyFive aim to be and deliver a poshness to discerning buyers that expect such things from a high-end development. High ceilings, high quality imported flooring and expansive balconies that meld uniquely with the living room are just some of the noteworthy fixtures included. Most of the units are good with ample spacing, though there are some curious placements for the kitchen and yard space in the bigger units.
District 9 projects tend to be built with luxury first, in mind and one of the showcases of luxury happen to be through high ceilings. Lloyd SixtyFive offers high ceilings of 5.9 to 6m of which the double volume air space is considered a posh addition by high-end buyers.
Things like chandeliers and furniture decks aren’t provided by the developer however. Some buyers may balk at that but the absence of additions on the developer’s part is better for the purchaser to renovate or add as per their design whims.
Aside from this, developer TG Development had taken to outfitting all units with white-oak flooring. As natural hard wood, this is leaps and bounds above the more common vinyl or laminate flooring used in other developments. Of course, white-oak is imported and therefore far costlier.
White-oak while prone to having its colour fade due to exposure from sunlight is very hard, stable and extremely durable, even in our high humid climate. The wood won’t shrink or expand in extreme weathers and thus has a long lifespan with good resistance against decay. Even the color change is a natural process that adds more character and beauty to the flooring over the years.
White-oak wood may be the most prominent display of luxury next to the double volume ceiling, but high-end appliances by brands like Miele are also provided.
Bay windows are happily absent despite some of the bigger units having the floor space for them. Household shelters, however, are still part of the layout and though these are large additions that, should they be used as a maid’s room, will provide far more space than common household shelters in other developments, they still take up usable space for small 1BR units.
For the 1BR unit, the household shelter is located next to the kitchen and the main entrance which as far as locations go, is fairly unobtrusive. The 3BR units which are two-storeys, however, have an unconventional and frankly, weird layout.
The back entrance opens up into the yard space – space that is shared with a water closet, the household shelter and part of the powder room. Should the household shelter be used as a maid’s room, it raises security concerns as the maid can sneak in and out. However, it does help with the helper transporting heavy things to and fro the kitchen and yard without having to lug it through the living room from the main entrance.
The unit comes with its own private lift lobby which opens up into the living room, making this is the main door and main entrance while the maid has her own backdoor exit. That entire area is almost like an additional bedroom for your helper which is as mentioned above, good and concerning.
Past the yard is yet another strange choice; the kitchen. The kitchen is fairly big and is enclosed but past the kitchen is the corridor to the first floor’s bedroom and bathroom. This means after cooking, you’ll walk past the bathroom and past the stairs leading up to the second floor to get to the dining area which is shared with the generous sized living room and bordered by an equally generous balcony.
The balcony is outfitted with a sliding door so opening them fully will double the living space. And since these balconies are framed by sunshades to protect from the sun and rain, the space that was split down the line can be modified for day to day use as the resident sees fit.
Other than these two slightly unconventional locations for the household shelter and the kitchen, the unit is as luxurious as it can possibly be, with the master bedroom and second bedroom (junior master) located above. All three bedrooms essentially have their own bathrooms – bathrooms that are stylishly done.
All in all, there’s much to love for the discerning buyer of a unit at Lloyd SixtyFive. Other than the odd kitchen placement for the big units and household shelters, the double volume air space generates an air of elegance befitting a development in district 9.
Keep in mind that buyers will be paying for all the unusable space as well, which includes the double volume air space if they choose not to build a deck to take advantage of it. This implies that actual marketed usable space is potentially lesser than advertised although the usable space on hand is already large and spacious.
Propshort: Lloyd Road is both an exclusive and extremely well-connected area. The din of traffic no more than a minute’s walk from its front gates are surprisingly absent along this private road. A horde of shops, hawker centres, restaurants and grocery stores are all within walking distance, not to mention Somerset MRT station and the entirety of Orchard Road.
It is difficult to find fault with the location of Lloyd Road.
As an arterial on the main vein of Killiney Road that bridges Orchard Road and Somerset Road with River Valley, the narrow two-way road may be a victim of congestion during peak hours but even the drumming of vehicles thundering past fails to threaten the numerous positives of living here.
As problematic as traffic may get here, it never quite reaches the heights of Geylang or Stevens Road. Even if it did, the many eateries, including a hawker centre just down the road, about a minute from Lloyd SixtyFive, more than balances the scale.
Add Orchard Grand Court, which is Lloyd SixtyFive’s neighbour, on which the ground floor is where you’ll find a POSB and OCBC ATM next to a Fairprice supermarket and the balanced scales tip strongly in favour of Lloyd SixtyFive.
On account of general conveniences centred around eateries and grocery shopping, Lloyd SixtyFive scores full points. Some might be wary of the noise, given that Lloyd SixtyFive is just next to Orchard Grand Court, which is by the side of the Killiney Road, but surprisingly upon entering Lloyd Road the vagrant sounds of traffic and human chatter almost disappear.
It’s akin to stepping into a bubble where the entirety of Lloyd Road, which rests on a slight hill, appear to be inoculated from the constant commotion not more than a minute from its front gates.
Peer toward the other condominiums that lie on either side of Lloyd Road and the general serenity of the area is at odds with the liveliness down the road which in itself is a terrific boon as residents of Lloyd SixtyFive are untroubled by noise but do not have to live far at all from conveniences. There is even an SPC petrol kiosk just across the road from Orchard Grand Court.
But individuals to whom a view is paramount when purchasing property may find that this 10-storey building can’t quite offer that in spades. Granted the plot of land directly in front of Lloyd SixtyFive, owned by UOB, is likely to remain undeveloped for the foreseeable future on account of the road’s proximity to Lee Kuan Yew’s family home (all buildings here on account of his home have a height restriction imposed on them), but the zinc fences are an eyesore.
Should the home be demolished, then the height restriction would be lifted and taller buildings may be erected thus blockingwhat little view there already is but for now, the familiar Singtel building is a constant companion every time you lounge by the balcony for units facing in that direction.
The takeaway here, however, is for interested buyers to put the thought of views out of their heads. You simply will not get it here.
But you do get everything else.
As if having eateries and grocery stops less than a minute’s walk from the front gate isn’t enough, Lloyd SixtyFive had to go and be extremely well-connected just for good measure. There are two bus stops nearby and between those two, there are direct buses that go toward almost everywhere in Singapore, even Sentosa.
Somerset MRT station, which is the closest station to Lloyd SixtyFive is about a six-minute walk away from the back of 313 @ Somerset. You’ll know you’re on the right path when you see the skate park across the road and you’re walking away from it, in the direction of Dhoby Gaut.
Cross the traffic lights and go down from where KPO bar is toward Winsland House and continue walking to reach Killiney Road, marked by the Orchard Neighbourhood Police Centre on one side of the road (the side you should stay on) and Singtel on the other.
Minus the wait at the traffic lights, the walk would be quicker. Also, Dhoby Gaut is certainly within walkable range, though it will take a bit longer, about 10 minutes or so. But a straight bus and a train there make this unnecessary.
Also, and this must be mentioned; Lloyd SixtyFive is being built for people with deeper pockets as the high value of the area currently sets prices at a much higher quantum. Therefore, buyers who can comfortably afford a unit here are also able to buy vehicles.
For drivers, the numerous roads such as River Valley, Exeter and Fort Canning that snake all over the island, make it exceedingly convenient – traffic congestion barring – to travel from one point to another.
To date, 10 out of 76 units have been purchased with a large majority being 3BR loft units and one being the 4BR unit at an astounding $10,400,000.
Slow sales as always is due to market sentiment as well as the higher quantum of the units. However, for Lloyd SixtyFive, slow sales can be a result of their ELS (Experiential Leasing Scheme).
TG is the first private developer in Singapore to offer a rental scheme like this and Lloyd SixtyFive, as a result, is the first private property in the country to call this a selling point. TG’s other development, Peak @ Cairnhill 2 will be adopting this scheme as well.
Before discussing the ELS scheme, let’s look at the conventional rental yield for the property. The median psf for Lloyd Road is $4.46. Taking the more popular 3BR loft units at 1,733 sqft that have seen the majority seven transactions, monthly rental is approximately $7,729. The 3BR loft units were all transacted at $3,725,950 so rental yield comes up to about 2.5%.
PSF value of transacted units so far are:
It is low but consider the fact that properties along Lloyd Road and Killiney Road as a whole are generally have a higher quantum and given the freehold status, connectivity and high-end address of the area, most would buy for personal stay rather than as an investment. Rental yield is low as a result of the smaller pool of renters and is not indicative of the actual worth of the location.
The ELS requires interested parties to sign a two-year Tenancy Agreement (TA) as well as make full and upfront payment of the deposit and rent once the Letter of Intent (LOI) and TA are signed. The rent and security deposit is 10% and 2.5% respectively of the property price. The 2.5% deposit is returnable pending any deductions due to damages during the tenancy after the TA is up. The 10% rent however, is not.
In the event that the client decides to purchase a unit and not necessarily the unit that was rented, the 12.5% collected will be refunded in totality, and the unit can be purchased at the agreed price, including relevant taxes. Should the unit in question be unavailable, the tenant may select a different unit in the prescribed list enclosed with the TA at the agreed price or upgrade to a different unit and pay what the market price for that one is. Should the tenant wish to purchase the unit, the intent must be exercised not less than four months before the expiry of the two-year term.
Tenants can, under agreement with the landlord (TG Development), sublet the property. There are several benefits to going with the ELS first, before buying said property:
- Cash outlay is low until completion
- The unique ability to experience living in the property and getting accustomed to the location before committing
- Gives you time to plan for financing due to TDSR
- Gives you more time to sell existing property in order to fall in the lower ABSD bracket
- No maintenance fees payable during tenancy period
- No loan required, thus no interest payable during tenancy period
- Flexibility to exit if market is down two years later
- If market improves, you can capitalise
- Flexibility to make changes due to circumstances
Leases are not subjected to extension after the two years is up so tenants will either progress to purchasing the unit (or any other unit in the prescribed list upon signing of the Express of Interest at the agreed price) or have the six-month security deposit of 2.5% of the purchase price refunded, pending any damage costs incurred and move on from there.
For foreigners who may need to exercise their diplomatic clause if the work contract or relevant permit is terminated in Singapore, the same policy follows. The two-year, 10% rental is non-refundable but the 2.5% will be after deduction of relevant costs upon the termination of the TA.
Finally, units can be leased under ‘Corporate Lease’, provided the tenant holds a valid employment pass issued by ICA.
Due to the ELS, tenants upon purchasing the unit after the TA may, in fact, pay much lesser.
As an aside, rental yield is likely to increase to reflect this new scheme coming onto the market and specifically to Lloyd Road.
For more information on TG Development’s ELS for Lloyd SixtyFive, please click here .
Location is the most important thing when picking a property. While property price and unit sizes are divisive but just as crucial, the location is truly what makes investing in a property a worthy enterprise or a busted deal.
Though the tired rhetoric of Singapore’s small size has been played to death, it does not by any stretch of the imagination imply that every single location on the island is well-connected and/or riddled with a healthy dose of amenities and other conveniences.
The location of Lloyd Road and Killiney Road, however, is good. That a height restriction is imposed also helps to give the area a slightly more suburbia like feel, with more visible sky instead of towering skyscrapers and claustrophobic streets. It is also a reasonably quiet location albeit its proximity to the otherwise busy Killiney Road.
Furthermore, the ELS put forth by the developer may, in fact, help Lloyd SixtyFive maintain longevity while promoting a separate revenue stream for TG. And should this innovative tactic be successful, it is a safe bet that almost every other developer will then jump onto the bandwagon in an effort to capitalise and diversify their methods of accruing profit.
While this may provide more opportunities for potential homeowners to try before they buy, the industry has more than sufficiently cannibalised each unique aspect to spark a trend that results in mediocre output for the eventual buyer. In some cases, there have been real improvements but in others, such as the over-use of planters, bay windows. and balconies in place of usable space has been a growing, detrimental trend.
So while this will likely work to the benefit of Lloyd SixtyFive, its future application across the board should be watched warily and wearily.
Since 1987, award-winning TG Development have built upon their corporate mission of redefining luxury housing for discerning urbanites. Several projects in their residential portfolio such as SkyPark and The Oliv have won industry related awards. With Lloyd SixtyFive, TG Development is expecting to inject another round of innovation into the property market.