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.
Bukit Sembawang Estates is a public-listed company whose portfolio includes landed residences and private apartments.
Project Name: Skyline Residences
Address: Telok Blangah Road
Site area: Approx. 154,810 sqft
Configuration: 283 units
44 1-bedroom units (484 sqft)
88 2-bedroom units (829 sqft)
88 3-bedroom units (1,292 ; 1,346 sqft)
20 3-bedroom + study units (1,475 sqft)
40 4-bedroom units (1,615 ; 1,722 sqft)
1 4+1-bedroom penthouse unit (3,165 sqft)
2 5-bedroom penthouse units (3,681 ; 3,251 sqft)
Maintenance fees: Approx. $275 to $385
296 normal lots
4 handicap lots
TOP: October 2015
Expected legal completion: October 2018
Skyline Residences is a 283-unit freehold development located along Telok Blangah Road. At time of writing (Mar 2016), only the 1- and 3-bedroom units are available.
Units range from 1- to 4-bedroom units and penthouse units. Prices for the 1- and 3-bedroom units range from $1m to $3m. As for the 4- and 5-bedroom penthouse units, price is on asking only.
For interested buyers, the show suites are on site, along Telok Blangah Road.
Construction for the project is complete and it is ready for immediate occupation. The project consists of three 24-storey blocks.
For functions or family gatherings, there is the clubhouse, the BBQ deck and the lounge deck.
For 1-bedroom units, both stacks 5 and 12 are outward facing.
Higher floor units will enjoy views of Gillman Barracks and Telok Blangah Hill Park, further ahead.
For 2-bedroom units, all the stacks are outward facing (stacks 4, 6, 11 and 13) and will similarly enjoy views of Gillman Barracks and Telok Blangah Hill Park, further ahead.
For 3-bedroom units, stacks 7 and 8 are inward facing with a full pool view.
Stack 9 is also inward facing, but with a partial pool view.
For 3+1-bedroom units, there is only one stack (stack 2) and it is inward facing with a partial pool view.
Lastly, for the 4-bedroom units, stacks 1 and 3 are inward facing, with a full pool view.
Residents in the 3+1-bedroom and 4-bedroom units will enjoy views of Keppel Golf Links and the sea beyond. Those in the higher units get a view of Reflections at Keppel Bay as well.
As for the orientation, the project is mainly North-South facing, which means that most units should be quite windy.
The pool with the hydro massage bed and seat is perfect for a midday dip. Or, residents can relax at the sun decks by the sides and the massage pavilion to the left.
The lap pool is ideal for the swimming enthusiasts.
The view of both the pools from the second storey terrace. The blocks are all raised, so most residents will have a nice view from their units.
This is one of the kids’ play areas. Parents or their helpers can relax by the side while the children have their fun.
The view from the sky gardens on the 24th floor is pretty spectacular. The space is perfect for mini gatherings and even just to relax at on evenings.
On the right, the sea stretches out and on the left, you have an impressive view of Reflections at Keppel Bay as well as the sea and Keppel Island beyond that. Market watchers however have urged caution that this view could only be temporary. The lease to the golf club expires at the end of 2021 and the land has been marked for redevelopment.
First and foremost, the private lift which opens into the living room of the 3-bedroom unit.
All units come with a digital lockset for the main entrance door.
The living room extends to the balcony and the view from there is what makes this unit different from most other 3-bedroom units.
Similar to the view from the sky gardens, the balcony offers an amazing view as well.
Cabinets with solid surface countertops and sinks come with the kitchen. Appliances provided include a built-in oven, a gas cooker hob and hood, washer cum dryer and a refrigerator all from Bosch. Two people could move around in it at any one time, if need be.
The kitchen leads to the utility, water closet and yard areas. The space is ideal for your helper, should you have one.
The dining area is right in front of the kitchen.
The living room per se, is on the left once you enter the unit.
With the common bedrooms, going with the single bed option may be ideal if you want some leg room.
Bathrooms have a wet and dry area as per usual and fittings are from Duravit and Grohe.
The master bedroom can accommodate a queen-sized bed and still have more than enough maneuvering space.
The master bathroom is much bigger than the common one and comes with a bathtub.
The shower area comes with a rain shower which some of you may be looking out for.
With the 1-bedroom units, it’s an open kitchen backed against the wall. You get an induction hob instead of a gas one. Also, with the newer units, residents will get smart home features.
This is the view from the entrance. The kitchen is on the right.
You could have a mini dining area of sorts if you wanted.
The bedroom in the 1-bedroom unit comes with a bi-fold door. The bay windows offer residents a fantastic view of the surroundings.
Lastly, the bathroom is similar to the master bathroom in the 3-bedroom unit, but with no bathtub.
Buyers of Skyline Residences are likely to be owner-occupiers who like the location and investors looking to lease. An estimated 85% of buyers are Singaporeans and Permanent Residents.
Telok Blangah is a housing estate to the southwest of the Singapore Central Business District. It is part of the Bukit Merah Planning Area, under the Urban Redevelopment Authority (URA).
Getting there: Skyline Residences is located along Telok Blangah Road, a short walk away from Telok Blangah MRT. Telok Blangah Road links up with the arterial Henderson Road and Alexandra Road. For early-morning commuters, Raffles Place will be a 10-minute MRT ride away.
Telok Blangah MRT is about a 5-minute walk away. From there, the next stop is Harbourfront MRT, where you have VivoCity and Sentosa. Dhoby Ghaut MRT is five stops down and from there, the Orchard Shopping Belt is not far off.
The estate: Skyline Residences is situated within the established Telok Blangah residential estates and offers residents a perfect view of the sea, Keppel Golf Links and Labrador Park.
The nearest bus stop is along Telok Blangah Road, just opposite Telok Blangah MRT. Between them, these services cover Clementi, Tampines, Bedok, Upper East Coast, Jurong, Boon Lay, Geylang, Little India, Bishan, Toa Payoh, Bukit Merah, Bukit Batok, Eunos, Thomson, Serangoon, Bugis, Tiong Bahru, Ang Mo Kio, Buona Vista, Clarke Quay, Woodlands, Bukit Panjang, Choa Chu Kang, Harbourfront and the CBD areas.
As for school options, there are a few reputable ones nearby.
- Canadian International School
- ISS International School Singapore (Preston Campus)
- SP Jain School of Global Management
- Global Indian International School
- Sir Manasseh Meyer International School
- United World College of Southeast Asia
VivoCity 8 is a 4-minute drive away. Anchor tenants at Singapore’s largest mall include Golden Village Cinemas, VivoMart and Tangs Department Store. The mall boasts 340 stores.
Other nearby malls include Queensway Shopping Centre, IKEA and the entire Orchard Shopping Belt with malls like 313@Somerset, Orchard Central, Paragon, Wisma Atria and ION Orchard.
Mapletree Business City is a 10-minute walk away, making Skyline Residences the perfect residence for professionals working there and possibly going to be employed there in future. The upcoming Mapletree Business City II is slated to open later this year, meaning more jobs as well.
For nature lovers, Labrador Park is also next to Skyline Residences. You could walk there if you wanted to. By car, it is a 3-minute drive. Mount Faber Park as well as Telok Blangah Hill Park, Hort Park and Kent Ridge Park are all also nearby.
Sentosa Island is a 6-minute drive away. Attractions at the island resort include a 2km long sheltered beach, Fort Siloso, two golf courses, the Merlion, 14 hotels and Resorts World Sentosa featuring the Universal Studios Singapore theme park.
Golfers won’t have to travel that far however, as Keppel Golf Links is just next door.
SAFRA Mount Faber is a 4-minute drive away. Kids will enjoy the indoor playground (Kidz Amaze) and the bowling facilities at the site. There are a few dining options there too.
As for healthcare needs, Alexandra Hospital and Singapore General Hospital are a 4-minute and 5-minute drive away, respectively.
Caveated transactions for Skyline Residences at time of writing (Apr 2016) stands at 216. Recorded transaction prices range from $941K to $4.869M, with an estimated 49 percent of the transactions coming in at $2M or below (see Chart 1).
Skyline Residences’ closest competitor would be The Foresta @ Mount Faber, located 950m away along Wishart Road. Launched in 2011, its median price is $1,909 psf to Skyline’s median of $1,931 psf. Residents at The Foresta @ Mount Faber are also likely to be owner-occupiers and investors who like the surrounding areas.
Units at The Foresta @ Mount Faber range from 1-3 bedroom units and penthouse units while Skyline Residences 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, Skyline Residences’ 3-bedroom units have a median price of $1,923 psf while The Foresta @ Mount Faber’s is $1,879 psf. Transactions for the units at Skyline range from $2.268M to $2.92M, and between $2.022M and $2.203M for The Foresta.
As for 1-bedroom units, Skyline’s have a median price of $2,178 psf while The Foresta’s is $2,024 psf. Transactions for the units at Skyline range from $941K to $1.18M, and are between $847K and $929K at The Foresta.
Before deciding based on these numbers alone, we should look at unit sizing as well. The units at Skyline Residences are generally larger with the 3-bedroom units having an area of either 1,292 sqft or 1,346 sqft. At The Foresta @ Mount Faber, they range from 1,076 sqft to 1,238 sqft. 1-bedroom units at Skyline Residences have a fixed area of 484 sqft. At The Foresta, they range from 431 sqft to 506 sqft.
Future Rental Potential
To understand what rental prices will be like for Skyline Residences, we need to look at rental prices for other projects in the area.
The current median rental price for projects in District 4 (Telok Blangah / Harbourfront) is around $4.40 psf per month at time of writing, based on rental transactions for the past 4 quarters. The current median rental price for units at Skyline Residences however, is around $5.09 psf per month. At these rates, a 3-bedroom unit around 1,320 sqft at Skyline would go for around $7,600 a month, after factoring a premium for its new build. With the median price for the unit being around $2.539M, the annual gross rental yield at the current rate would be an estimated 3.6%.
For investors holding on to 1-bedroom units, rental price for a 484 sqft unit at the current rates would be an estimated $2,800 a month. With the median price for the unit being around $1.054M, annual gross rental yield would be around 3.2%.
The median unit size of a 3-bedroom at The Foresta @ Mount Faber, on the other hand, would probably fetch around $5,700 a month at today’s rental rates. This translates to around 3.4% in annual gross rental yield. A 1-bedroom unit at The Foresta would go for an estimated $2,500 a month, meaning a 3.4% rental yield too.
According to the estimated figures, rental yield for both projects seem to be similar. The choice of nearby amenities differs slightly with the projects being 950m apart. Skyline Residences is a 3-minute walk away from Telok Blangah MRT and overlooks Keppel Golf Links and the sea further ahead. Unit sizing differs slightly with units at Skyline Residences being a bit larger.
Overall however, both developments seem to be safe bets in terms of rental yield.
Location is a very big plus point for Skyline Residences. The project is a short drive away from major landmarks including the Orchard Shopping Belt, VivoCity and the entire CBD area.
Residents will appreciate the easy access to major expressways like the CTE and AYE and the proximity to entertainment hubs like Resorts World Sentosa.
There are quite a few international schools surrounding Skyline Residences but residents will have to travel quite a bit for local schools, the nearest of which would be Blangah Rise Primary School. There are however, a host of reputable schools within a 5km radius including Anglo Chinese School, Junior College, the National University of Singapore and INSEAD.
Investment potential for the project is high with its 2-bedroom units all sold, and many even being currently rented out. If you’re in the market for a unit in prime District 4, Skyline Residences may be worth taking a look at.