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.
Tuan Sing Holdings Limited is primarily an investment holding company with interests in multiple industries, particularly in the areas of property development, property investment and hotels investment. Headquartered in Singapore, the Group has over 60 subsidiaries and a portfolio of residential, commercial and industrial properties in Singapore and China.
Project Name: Seletar Park Residence
Address: Seletar Road
Site area: Approx. 187,894 sqft
Tenure: 99-year leasehold from 15th March 2011
Configuration: 276 residential units
93 1-bedroom units (528 – 722 sqft)
40 2-bedroom units (797 – 1,012 sqft)
40 2-bedroom + study units (872 – 1,077 sqft)
32 3-bedroom units (1,292 – 1,604 sqft)
24 4-bedroom units (1,378 – 1,701 sqft)
33 2-bedroom + roof terrace units (1,433 – 1,993 sqft)
14 3-bedroom + roof terrace units (2,240 – 2,315 sqft)
TOP: September 2015
Expected legal completion: September 2018
Seletar Park Residence is a 276-unit development located along Seletar Road. At time of writing (Apr 2016), only a couple of 3-bedroom units and a penthouse unit remain on the market.
The project has already TOP-ed, so interested buyers will have to make an appointment to go down and take a look at the vacant units.
The development consists of three 5-storey blocks in a U-shape, with facilities right in the middle and is designed by the award-winning SCDA Architects.
The pool area.
The clubhouse is behind the pool and houses the gym, private dining room and function room.
The private reading room and gym in the clubhouse.
The view from the reading room.
The private dining area in the clubhouse.
The children’s playground area and treehouse structure right outside the clubhouse.
The photos in this review are from a vacant 3-bedroom (garden) unit.
- selected stone for living, dining areas, foyer and master bathroom
- timber flooring for exposed areas of all bedrooms
- homogeneous/porcelain/ceramic tiles for common bathrooms, kitchen, utility, store, yard and roof terrace
- timber deck for private enclosed space (PES) and balcony
- approved fire-rated timber door for entrance
- swing and/or sliding and/or pocket timber and/or glass door for bedrooms, bathrooms and kitchen
- PVC bi-fold and/or aluminium framed acrylic door for water closet and utility
- aluminium framed glass door for PES, balcony and roof terrace
- shower area with shower set, wash basin and mixer, water closet, paper holder and mirror for all bathrooms
- shower set, wash basin, water closet and paper holder for water closet
- built-in wardrobes for all bedrooms
- wall-mounted air-con from Mitsubishi Electric for living, dining areas and all bedrooms
Cabinets with solid surface countertops, a gas cooker and hob, refrigerator, built-in oven and stainless steel sink with mixer come with the kitchen. Appliances provided are from Smeg. The kitchen is also the first thing you see on the right, upon entering the unit.
The kitchen is connected to the utility and water closet area at the back.
The living area is right in front of the kitchen and extends to the balcony.
An artist’s impression of the living space. It is pretty wide and allows for segregation between the living and dining area.
The common bedrooms can just about fit a queen-sized bed. Going with the single option frees up space for more leg room. All bedrooms have access to the balcony.
Also important to note, is that the 3-bedroom (garden) units come with pretty high ceilings of 4.475m.
The common bathrooms have a wet and dry area as per usual and fittings are from Hansgrohe. They come with a rain shower too.
The master bedroom is slightly wider and can accommodate a king-sized bed.
The wardrobe area, leading to the master bathroom.
The master bathroom itself. Some residents may not like that the wet area is so close to the wardrobe.
The full balcony.
Lastly, the view of the unit from outside.
Seletar refers to the areas south of Yishun and west of Sungei Punggol, covering parts of Yio Chu Kang, the Lower Seletar Reservoir and part of Upper Thomson. The estate comprises mainly low rise homes; predominantly bungalows and semi-detached.
Getting there: Seletar Park Residence is located along Seletar Road of District 28. If you’re travelling by train in the mornings, Raffles Place MRT is a 25-minute ride from Ang Mo Kio MRT. By car, it is about a 15-minute drive to town via the Pan-Island Expressway (PIE) and the Central Expressway (CTE), assuming optimal traffic conditions.
Ang Mo Kio MRT is a 5-minute drive away. From there, it is six stops down to Orchard MRT, where you have the entire Orchard Shopping Belt. There are also MRT interchanges at Bishan, Dhoby Ghaut, Raffles Place and City Hall, for enhanced connectivity.
The estate: Seletar Park Residence is situated within the relatively quiet Seletar Hills Estate. Surrounding the development are more private projects and landed housing.
The nearest bus stop is the one in front of Greenwich V, along Yio Chu Kang Road with services 50, 70, 103 and 854. Between them, these services cover Bishan, Ang Mo Kio, Yio Chu Kang, Pasir Ris, Tampines, Toa Payoh, Punggol, Sengkang, Hougang, Yishun, Bedok, Eunos, Upper Serangoon and the CBD area.
As for school options, there are a few nearby.
- Chatsworth Kindergarten
- Lycee Francais de Singapour
- Dimensions International College
- James Cook University
Retail and lifestyle hub Greenwich V is right next door. The mall features alfresco dining and casual outdoor spaces. The place is great for a quick bite, grocery haul or just a stroll.
Ang Mo Kio Hub is a 6-minute drive away. Anchor tenants at the suburban mall include Cathay Cineplexes.
Hougang 1 is about a 3-minute drive away. The anchor tenant is FairPrice Xtra, so it should be quite convenient for residents.
For some good local fare, or to enjoy late night suppers, Jalan Kayu and its laidback charm is a 2-minute drive away.
For golfers, Seletar Country Club is a 4-minute drive away.
As for healthcare needs, the upcoming Sengkang General & Community Hospital will be a 5-minute drive away. There is a general clinic at Greenwich V, and there are clinics even under HDB blocks along Hougang Street 91 and Hougang Avenue 4.
Caveated transactions for Seletar Park Residence at time of writing (Apr 2016) stands at 262. Recorded transaction prices range from $634K to $1.88M, with an estimated 78 percent of the transactions coming in at $1.5M or below (see Chart 1).
Seletar Park Residence’s closest competitor would be The Greenwich, a mixed development located right next to it and also along Seletar Road. Launched in 2010, its median price is $1,155 psf to Seletar Park’s median of $1,191 psf. Residents at The Greenwich are also likely to be owner-occupiers and investors who like the surrounding areas.
Units at The Greenwich range from 1-3 bedroom units while Seletar Park Residence consists of 1-4 bedroom units and penthouse units.
To have a clearer picture, we will be looking at 3-bedroom and 1-bedroom units in particular, across both developments. According to caveats, Seletar Park Residence’ 3-bedroom units have a median price of $1,178 psf while The Greenwich’s is $1,279 psf. Transactions for the units at Seletar Park range from $1.491M to $1.76M, and are between $1.44M and $1.883M at The Greenwich.
As for 1-bedroom units, Seletar Park’s have a median price of $1,265 psf while The Greenwich’s is $1,303 psf. Transactions for the units at Seletar Park range from $634K to $931K, and are between $657K and $984K at The Greenwich.
Before deciding based on these numbers alone, we should look at unit sizing as well. 1-bedroom units at The Greenwich are slightly larger, ranging between 616 sqft and 738 sqft. 3-bedroom units however, are larger at Seletar Park Residence and range between 1,292 sqft and 1,604 sqft.
Future Rental Potential
To understand what rental prices will be like for Seletar Park Residence, we need to look at rental prices for other projects in the area.
The current median rental price for projects in District 28 (Seletar) is around $2.71 psf per month at time of writing, based on rental transactions for the past 4 quarters. The current median rental price for units at Seletar Park Residence however, is around $3.09 psf per month. At these rates, a 3-bedroom unit around 1,450 sqft at Seletar Park would go for around $5,300 a month, after factoring a premium for its new build. With the median price for the unit being around $1.609M, the annual gross rental yield at the current rate would be an estimated 3.9%.
For investors holding on to 1-bedroom units, rental price for a unit around 620 sqft at the current rates would be an estimated $2,200 a month. With the median price for the unit being around $729K, annual gross rental yield would be around 3.6%.
The median unit size of a 3-bedroom at The Greenwich, on the other hand, would probably fetch around $4,100 a month at today’s rental rates. This translates to around 3.1% in annual gross rental yield. A 1-bedroom unit at The Greenwich would go for an estimated $2,100 a month, meaning a 3.2% rental yield too.
According to the estimated figures, rental yield for Seletar Park Residence seems to be a bit higher. The choice of nearby amenities are pretty much the same with both developments being right next to each other. Unit sizing varies slightly with 3-bedroom units at Seletar Park Residence being a bit larger.
With Seletar Park Residence, location is a major factor. Residents are likely to value their privacy, living in the calm and idyllic Seletar Hills estate. Proximity to the upcoming Seletar Aerospace Park and the future North-South Expressway are added bonuses.
As for shopping amenities, dining and entertainment options, there is a wide array to choose from – Ang Mo Kio HUB, Greenwich V right next door, Hougang 1, Seletar Mall and even Jalan Kayu. For buyers thinking about educational institutions in the vicinity, there are a few schools nearby, spanning across the primary, secondary and tertiary levels.
A potential drawback would be the lack of an MRT station within walking distance of the development. However, there is a bus stop right in front of Greenwich V to hopefully help with this. For those who drive, major expressways like the CTE, TPE and SLE are easily accessible.
Buyers clearly see potential, since most of the units are already occupied. If you’re in the market for a unit in the Seletar area, Seletar Park Residence may be worth taking a look at.