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: Spottiswoode Suites
Address: 16 Spottiswoode Park Road
Site area: 40,259.18 sqft
Configuration: 183 units / 1 block / 36-storeys
Unit types: 19, 1 Bedroom: 452 – 463 sqft
58, 1 Bedroom + Study: 441 – 484 sqft
45, 2 Bedroom: 495 – 667 sqft
28, 3 Bedroom: 743 – 797 sqft
12, 2 Bedroom Duplex: 840 – 872 sqft
12, 3 Bedroom Duplex: 1012 – 1119 sqft
7, Penthouse 2 Bedroom: 1109 – 1259 sqft
2, Penthouse 3 bedroom: 1378 – 1410 sqft
TOP: 21st June 2017
With 183 units in a single block, Spottiswoode Suites is visible from the overhead bridge near Outram MRT station. It has a good amount of bedroom sizes, from 1BR to 3BR duplexes and 2 & 3BR penthouses.
The bedrooms’ layouts are standard and have varying degrees of success. The bigger units are fairly spacious and the duplex variants offer the best version, as the usable space is doubled and there’s a fair amount of privacy for each resident.
Common bedrooms from the floorplan appear small, which is the industry standard, better or worse. The large balcony here is just as questionable considering how much of that space could have been used for the living room or more importantly, the common bedrooms.
There’s a furniture deck included in the floor plan for the regular 3BR unit but such things are usually an indication that the space isn’t as big as it should be, to begin with. However, the 3BR units are still capable of accommodating a larger family.
The smaller bedrooms on the other hand, suffer a bit more given the existence of a large balcony, AC ledge and a housing shelter all taking up valuable usable space.
The 1+1BR shown above is slightly better, due to the extra ‘study room’ that can be converted into something complimentary to the buyer’s preference. In truth, the small bedroom unit does come across as decent and suitable for a single or a couple. Large balcony aside, it is compact and the furniture platform helps to make use of vertical space.
Overall, the units are decent and in many cases, ample. They do not steer far from the industry standard and are perfectly fine for families. The deciding factor for Spottiswoode Suites, however, is its location and in this, it rates highly.
TL; DR: It’s a fairly exclusive area, yet one that puts you within walking distance to bars, restaurants, a hospital and Outram MRT station. The old Tanjong Pagar railway is being turned into a new MRT station – Cantonment – which will be ready in 2025, giving Spottiswoode Suites residents more travel options coming to them that at about a five-minute walk from home. Despite all the modern conveniences, Spottiswoode Suites is backed by a forested area, providing nature lovers an alternative view to the bustling city life around them.
Tucked away at the end of Spottiswoode Park Road with Spottiswoode Residences and Spottiswoode 18 for company, Spottiswoode Suites completes the triangle of Spottiswoode-named condos, all of which are towering 36-storey developments.
It is a fairly simple task of getting to Spottiswoode Suites even if you do not drive. Outram MRT station is the closest, provided you take the exit leading to the hospital. Once on street level, cross the overhead bridge to the other side and continue in the direction of the towering Spottiswoode Suites standing firmly beyond the copses of trees.
While it is only one bus stop away, it is a quicker endeavour to walk rather than waste time waiting for the bus, only to alight less than a minute away. The walk is about 10 minutes, though getting to the entrance of Spottiswoode Park, identified by the many landed houses, shop houses, and restaurants reminiscent of Kampong Glam, is a quick 5-minute jaunt from the train station.
To say that there are bars, restaurants and shops within walking distance to Spottiswoode Suites is a gross understatement. Singapore General Hospital is also within walking distance, and currently being renovated just across the road from the entrance to Spottiswoode Park.
With refurbishment comes food centres and shops as well. With numerous modern conveniences within short walking distance from the condo, the property also manages to be in an area where there’s a considerable amount of natural environments to help ease the eyes.
Just down Spottiswoode Park Road is a large forested area sitting behind a clearing that’s been designated as a communal area. Further down the road, and after the HDB estates if you follow the pedestrian path, you’ll come to Raeburn Park road, where the Tanjong Pagar Railway station sits across the road.
The old railway will be the due Cantonment MRT station while the rail corridor will be redeveloped into a green community space, stretching 24km and segueing into housing estates around the island.
Spottiswoode Suites may come across as a little crowded since it’s sandwiched between the shop houses and Spottiswoode 18 but this likely won’t be much of an issue as the residents will be in a relatively peaceful, convenient and accessible location.
Out of 183 units, 124 have been transacted though the last was in August 2015. However, with the ongoing construction of the development where it’s taking shape nicely and a TOP for mid-2017, there’s ample time and opportunity for interested parties to snap up the remaining 59 units.
Due to the exclusive nature of the area coupled with the wide range of amenities, including hospital and two MRT stations (one upcoming in 2025) being within walking distance of the development, prices for the smallest 1BR unit start at a high quantum.
Units that form the $930K to $1.5M range are as expected, the 1 – 3BR (smallest size) types. Arguably and as evidenced by other property transactions, the purchasing power of buyers in Singapore have increased from the usual norm of $1M to $1.5M to include units priced at $2M and about the halfway mark to $3M.
The median PSF of the transacted units so far are:
PSF value are in the $2,000 range as a majority of units start at $1M.
Rental among the other three properties – Spottiswoode 18, Spottiswoode Residences and Spottiswoode Park – average out to 50 units rented combined. Among the three, Spottiswoode 18 is the closest in age to Spottiswoode Suites. It is also Suites’ direct neighbour as it is located just behind it while the much bigger Spottiswoode Residences is across the road. Spottiswoode Park is further down the road, closer to the Tanjong Pagar Railway.
Average rental for Spottiswoode 18 for 300 to 400 sqft units is $2,300 while 500 to 600 sqft units is $2,350. The median rental price for units in this area is $4.9 psf (at time of writing).
Taking this to the smallest 2BR unit at 538 sqft, with a 20% new build premium puts rental for Suites at $3,163. With a median price for this unit type at $1,215,000, the annual gross rental yield for the area will be 3.12%.
It’s not bad for the area but given its exclusive nature and convenience, Spottiswoode Suites is geared more toward personal stay than investment although the latter is certainly possible.
Spottiswoode Suites has a good design. Its striking visual is visible from Outram MRT station, where its single towering block stands firm as a landmark calling you home. There are restaurants and bars spread out right in front of the condo and further amenities like the hospital is less than a 10-minute walk away.
The aforementioned Outram MRT station is a 10-minute walk away while the upcoming Cantonment MRT station in 2025 is yet another MRT station 10-minutes out from Spottiswoode. The condo will be between two stations, one of which is an interchange (Outram) to and from the green (east-west) and purple (north-east) lines. It is also going to be home to a third, brown line (Thomson-East coast).
All of the conveniences within walking distance makes Spottiswoode Suites an incredibly attractive development. While it doesn’t vary much in terms of size allocation, the high ceilings, designer fittings and appliances augment its total offerings, thus making it quite a worthwhile investment, in spite of its higher quantum.