Marina One Residences is a massive integrated development jointly developed by Malaysia and Singapore to be the defining icon of Marina Way.
Continue Reading ⋅ 11 January 2016
Project Name: Onze @ Tanjong Pagar
Address: 11 Kee Seng Street S089218
Type: Mixed
Site area: 14,781 sqft
Tenure: Freehold
District: 2
Configuration: 56 residential, 7 shops & 6 restaurants
Unit types: 1BR + 1 + PES (600 sqft)
1BR + Study (506 sqft)
1BR + 1 + Balcony (570 sqft)
3BR + Entertainment room + PES (1,109 sqft)
3BR + Entertainment room (1,044 sqft)
3BR + Entertainment room + Balcony (1,141 sqft)
TOP: 31st March 2018
Project Details
Propshort: Offering only 1BR and 3BR variants with different sizes, the units at Onze @ Tanjong Pagar are fairly luxurious with a healthy respect for livable and usable spaces. That all units come with a private lift and foyer only ups the standard one would expect from such a ritzy development.
Onze @ Tanjong Pagar only has 56 residential units but instead of spreading itself out thinly by providing all unit types with diminishing sizes, developer Heeton smartly keeps to the 1 and 3 bedroom variants and starts off explosively with the smallest bedroom – 1BR + study – at a generous 506 sqft.
When mentioned above that the view of the surrounding area shouldn’t be a deciding factor, it must also be said that the residential units start on the 5th floor, up to the 18th floor. In between are the 13 shops and restaurants and three levels of carparks from the 2nd to 4th floor.
The 1BR units have three types; 1BR + study + PES (600 sqft), 1BR + 1 + study (570 sqft) and the aforementioned 1BR + study (506sqft).
The smaller of these three (1BR + study) do not come with a balcony though it has a similar sized A/C ledge and a sunshade in the place of a balcony.
Onze 1BR + study Source: Sales brochure
While a large A/C ledge might put some people off, Heeton should be commended for not shoving a balcony there as well because doing so would mean far less usable space, for a smaller unit. Without the balcony, the proportions of the rooms are fair. And in every unit, a private lift brings the resident straight into the home.
The larger, 1BR + balcony 570 sqft unit looks like this:
Onze 1BR + balcony Source: Sales brochure
The middle 3BR variant – 3BR + entertainment room – is suitably bigger, with regular sized bedrooms and a master bedroom that is connected to its own bathroom and the titular L-shaped entertainment room.
The entire unit is framed by a combination of A/C ledges and sunshades. The balcony is opposite the kitchen and is the sole point of access should the owners wish to utilize the household shelter/bomb shelter.
Onze 3BR + entertainment Source: Sales brochure
The A/C ledges and sunshades can come across as space consuming, especially where the living room and how the dining table is arranged. However, the unit is a good size and has more positives than negatives. The sunshades too may indeed come in handy, especially when the afternoon sun is high in the sky and for that foresight, Heeton can be commended.
Location
Propshort: Onze @ Tanjong Pagar is one of the few properties in Singapore that can truly lay claim to the tired phrase ‘well-connected’. It boasts luxurious units in a mixed development building that sits next to Tanjong Pagar Plaza and across the road from 100am shopping mall. Tanjong Pagar MRT station is about a ten-minute walk away but there are buses from the bus stop in front of Tanjong Pagar Plaza with buses that go to and from the MRT station. Its closeness to the neighbouring buildings, however, may be an issue for some people.
At first glance, Onze @ Tanjong Pagar looks like a square peg shoved into a round hole. It comes across as being stationed on a crowded plot of land beset on all sides with various distractions. Across the narrow road from where Onze is currently being built is Keppel Towers.
Onze on the left and Keppel Towers on the right
In front of Onze, and separated by a two-way lane is Tanjong Pagar Plaza; an incredibly convenient place stocked with restaurants, food courts, little shops, banks, an NTUC Fairprice and ATMs. Across the road from that is the modern shopping mall 100AM and next to that, is Carlton City.
100am
Compared to the surrounding deluge of malls, restaurants and the like, Onze @ Tanjong Pagar seems hopelessly surrounded, fighting back with its small offering of shops and restaurants in an area already crowded with such things.
Even behind it, and up along the steep Yan Kit Road, there’s a small food centre – Ace Eating House – no more than a two-minute walk away. Just head up the staircase, walk across the road and you’re there.
Onze @ Tanjong Pagar
So while the idea of a ‘view’ so long considered a requirement by people buying condominiums in an increasingly cluttered Singapore, is non-existent, Onze @ Tanjong Pagar for its initial impression of crowdedness is actually one of the few condos in Singapore that can truly lay claim to the often tired phrase, ‘well-connected’.
Usually erroneously used by other condos, Onze @ Tanjong Pagar can proudly display this badge of honour and proclaim it as frequently as it wants, because residents need not travel far at all to have a bite or grocery shop. As the popular adage goes, ‘everything is at its doorstep’ and for Onze residents, this is literal rather than a stretch of the imagination.
Tanjong Pagar Plaza interior
Even the MRT station isn’t far. Though it is about a 10-minute walk to and from Tanjong Pagar MRT station, the walk itself is uncomplicated. Simply follow the path past 100am, make a left at the Mapletree building and the entrance to the MRT station is two minutes from there. Most of the path is sheltered, save from where you’ll need to cross the road to 100am.
Fortunately, there is little need to walk all the time as there is a bus-stop in front of Tanjong Pagar Plaza, less than five minutes away.
Tanjong Pagar Plaza bus stop
Another bus-stop across the road and in front of 100am means you can get to and from the MRT station easily without having to walk. The roads, however, can get quite crowded, especially during rush hours so sometimes the travel time on the bus may be a little longer than if you had walked, especially when you add in waiting time.
The takeaway here is, that there are plentiful options that are close by so as to make travel convenient. Onze @ Tanjong Pagar therefore is in a fantastic location.
Analysis
Out of 56 units, 21 have been transacted since 2013 with the last occurring in February of 2015. Due to the convenience and value of the location as well as the luxurious style of Onze, prices begin above $1m.
Source: URA, PropertyGuru
The PSF for the transacted units are as follows:
Source: URA, PropertyGuru
Rental
Based on rental transactions of other properties in district 2, units in the 500 to 600 sqft range are around the $3,400 range. With that as a guide and a median transacted price of $1,423,000, the gross rental yield is at a healthy 3%.
Onze residents may likely rent at a higher rate, due to the convenience of the location.
Summary
Onze @ Tanjong Pagar is a good choice. Despite its weird name, it has everything it needs to do well. Good location, relatively close to an MRT station (which happens to be on the east-west line), a few stops from Orchard, many amenities such as restaurants, banks, bakeries and other retail elements within walking distance and units with good space allocation props the mixed development up high and above many others.
Tanjong Pagar Plaza Market & Food Centre
Its only sticking point would be the higher quantum demand. However, many units are still well within the $1M – $1.5M range which is long considered ‘comfortable’ for buyers here. 3BR units jump quickly to $2M but they are suitable buys for families where the higher quantum is less of a big deal.
