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: The Garden Residences
Address: Serangoon North View
Site area: approx. 185,022 sq ft.
Tenure: 99-years leasehold
Configuration: 613 units in five, 15-storey towers
Unit types: 86, 1BR units (452 – 570 sq ft.)
68, 1BR + study units (517 – 614 sq ft.)
97, 2BR units (614 – 732 sq ft.)
84, 2BR + study units (689 – 829 sq ft.)
127, 3BR units (786 – 1,066 sq ft.)
44, 3BR + study units (904 – 1,163 sq ft.)
54, 4BR + study units (1,119 – 1,442 sq ft.)
26, 4BR deluxe units (1,195 – 1,561 sq ft.)
27, 5BR units (1,539 – 1,981 sq ft.)
The Garden Residences, like many of its contemporaries, will be built with smart home features. Many of these are common enough like the smart air-con, locks, visitor management, audio intercom and smoke detector systems.
Others, like the keyless letterboxes, water heater control, community cameras (to survey facilities in use while at home) and the smart parcel collection system are infrequently seen so as to be considered features of The Garden Residences.
55 facilities of which a 75m swimming pool is part of, dot the development grounds. From a tennis court to a 24-hour gym and alfresco dining places and Gourmet Kitchens, there are many options for families to peruse and use at their leisure.
There are also meditation areas and reading pavilions atop a calm in-built stream that snakes throughout the development. On the higher floors, residents have an unblocked view, courtesy of the low-rise landed houses in Serangoon Gardens.
All units will be pre-fitted with appliances and fittings from Electrolux or Miele, depending on the unit type.
At the showflat, there are four showunits; 1-room + study (549 sq ft.), 2-room + study (753 sq ft.), 3-room + study (969 sq ft.) and a 5-room (1,981 sq ft.)
While of various sizes and layouts, every unit shares common traits. For example, there’s a flexi-storage with adjustable shelves, hooks and door clips for brooms and mops. Kitchens too are fully equipped.
LED strips as well as drying racks are also provided for all kitchens. Living spaces for the units, in particular the 1-room + study is exemplary of what a good layout and proper space allocation can do. For example, the balcony is shared by the living room and master bedroom which in turn promotes natural ventilation and illumination.
But overall, the 1-room + study unit is a great starting point for couples or singles. The other unit sizes share similar attributes in terms of layout.
Most impressive is of course the 5-room unit with its wet and dry kitchens, the high ceiling and even the balcony space which can be used for alfresco dining.
The Garden Residences doesn’t quite reinvent the wheel where design and layouts are concerned but it does well in optimising dead space to ensure every square foot is utilised to its best ability.
Having won the top bid at SGD448M, Keppel Land and Wing Tai’s new high-rise development will be built on a large plot of land approximately 185,022 sq ft. As part of a matured district, the plot of land that will become this new 99-year leasehold condominium called Garden Residences, was highly sought after. Garden Residences is close to the enclave of Serangoon Gardens and Serangoon North.
The upcoming project also counts popular locations like Chomp Chomp Food Centre, Serangoon Gardens Country Club and Serangoon Garden Market to be part of its circle of convenience. More shops and supermarkets at myVillage Shopping Mall is roughly a five-minute drive away. Nex Shopping Mall (MRT & Bus interchange as well) is relatively close by; at a five-minute car ride or around a 15-minute bus ride away.
There are several schools within the 1-2KM radius from Garden Residences such as Rosyth School, Lycee Francais De Singapour, Peicai Secondary, Serangoon Garden Secondary and Serangoon Junior College.
More: Family life in Serangoon
While the CTE and PIE are a short drive from the development, there will be a free shuttle bus service for a year to ferry residents to and from Serangoon MRT & Bus Interchange.
Before it launched, estimated psf for Garden Residences sat around SGD1,750 to SGD1,850. Its actual average is a lower SGD1,660. However, it is priced higher than its competitor, Affinity at Serangoon.
At time of writing, it has moved around 60-odd units; a surprising number considering how most reports cite a positive market outlook for 2018.
While it is tempting to view this as a swift kick back to reality for developers who are jumping on the ‘price increase’ bandwagon, one need only look toward Affinity which moved more units than Garden. Alternatively, consider the success of The Tapestry which launched a few months ago in a part of a district that’s under gentrification.
While genuine homebuyers are chafing at prices going up, it doesn’t play a huge role if the project in question justifies the quantum. Garden Residences is a perfectly fine development with serviceable and functionable layouts.
On paper, Gardens isn’t all that different in terms of price to all that have come before. A 452 sq ft. unit averages at SGD753,800. One might even argue that for a mature and well-connected district, this might be a little lower than expected.
But competition in a hot market probably isn’t doing it any favours.
Still, it’s a decent project to check out. It’s bad for the developers that units are moving slowly but that’s great news for potential buyers looking for a new home in the Serangoon area.
The average psf for district 19 in the past four quarters is SGD2.84. Using the 452 sq ft. unit as a gauge, monthly rent comes up to around SGD1,540 with a 20% new build premium added in.
Median rental yield therefore is about 2%. It’s neither a good nor bad number right now, but it does have potential to improve over the years.