Pasir Ris 8 is an upcoming 487-unit mixed-used development located right next to Pasir Ris MRT on the East-West Line (EWL) and above the Pasir Ris Bus Interchange. Read our review here.
Continue Reading ⋅ 28 July 2021
Project Name: The Rise @ Oxley
Address: 73 Oxley Rise (Residential)/71 Oxley Rise (Commercial)
Type: Mixed Development
Site area: Approx. 25,629 sqft
Tenure: Freehold
District: 09
Configuration: 120 residential, 13 restaurants, 16 shops in 1 block of 10 storeys
Unit types: 30, 1BR + study units (463 sqft)
58, 2BR units (614 – 646 sqft)
8, 3BR units (667 – 710 sqft)
16, 3BR DK units (818 – 1,163 sqft)
2, 2BR penthouses (753 – 872 sqft)
6, 4BR penthouses (1,023 – 1,195sqft)
Parking lots: 113
Expected TOP: By 31st Dec 2019
Project Details
The Rise @ Oxley aerial view resembles a right-angle triangle but the blocks are built along the straight albeit sloped edge with its back to the Singapore Shopping Centre and Clemenceau Avenue.
Source: Developer brochure
Facilities listed are, a large swimming pool that takes advantage of the right-angle design of the development, a gymnasium, Jacuzzi, barbeque pits and a pavilion. The size of the project does not permit a tennis court to be built but the facilities provided are arguably more than sufficient.
The 1+1 BR units are, based on their floorplans, are what you’d expect of the size. At 463 sqft, it’s decent for a single or a couple. The study area can be converted into a second bedroom for a child but as it is smaller than a regular bedroom, it won’t be as sufficient in the years to follow when the child grows up.
Source: Developer brochure
Aside from that, the 1+1 BR units look well put together. That its shape is a proper rectangle is doubly good. The Rise as mentioned, has an overall triangle shape and in many developments where the shape is non-square/rectangle, units tend to flow with whichever angle they’re in and many suffer as a result of the architects trying to integrate several things to be seamless with the overall shape.
In The Rise, for the 1+1 BRs, this isn’t a problem and the more conventional rectangular shape keeps odd angles out of the design and is more functional as a result.
All unit sizes except the 3BR and 3BR DK variants have a standard shape. The 3BR units are right angled but the area that hits it are the ones set aside for the terrace. The unit proper, meaning bedrooms and living area still benefit from the standard shape.
Source: Developer brochure
As for the DK units, the additional unit can seem rather small and less off an actual 1BR unit and more of a studio apartment. It does have its own bathroom and open kitchen and this self-sufficiency will go a long way toward making it attractive as rental or even something to be advertised for temporary lodging to tourists.
Source: Developer brochure
The main part of the DK units can be considered spacious, at least where the living area and master bedrooms are concerned. The common bedroom from the floorplans look small but some clever renovation can help mitigate some of the space woes. The bigger DK units have a comparatively larger balcony and living room than their smaller counterparts. It would have been nicer if more of that space was given to the common bedrooms but this is the industry standard and The Rise @ Oxley does not stray far from that.
Source: Developer brochure
The units do come with luxury fixtures and fittings from top brands and the overall design and layout are certainly going to be infused with more than just an idea of luxury. The Rise @ Oxley is very much a luxury development and being self-sufficient with commercial and retail elements built into it more than makes The Rise a strong and good buy.
Location
The Rise @ Oxley is an aptly named mixed development situated along the crest of Oxley Rise, just before the egress from Fort Canning Road and Jalan Rumbia. Directly across the narrow one way road is a synagogue while next to The Rise are several other developments like Visioncrest Residence and The Oxley.
The Rise @ Oxley
Oxley Rise from the development leads to Eber Road which is connected to Exeter Road and then Orchard Boulevard to where ION Orchard is. From Eber Road, you can also get onto Somerset Road, Penang Road, Orchard Road and Killiney Road which leads to River Valley Road. If you drive, The Rise @ Oxley is a city fringe project that is about 15 minutes away, barring traffic, to town.
Source: Developer brochure
Non-drivers aren’t left in the lurch however as the nearest MRT station – Dhoby Gaut – is about a 12 minute walk away from the street level, along Clemenceau Avenue which is flanked by Singapore Shopping Centre across the road. Dhoby Gaut MRT station is just after that and behind the bus stop along Penang Road.
It is possible to walk to Somerset once you’re along Penang Road overlooking Istana Park as the trek is more or less a straight path with an estimated time of 15 to 20 minutes.
Roads to Oxley Rise and to Somerset with Istana Park on the right
The MRT station is also an interchange with north-south trains that go past Orchard Road toward Jurong East or City Hall and Marina South Pier, north-east trains that go to Punggol or Harbourfront and circle line trains that go to Promenade, Paya Lebar, Harbourfront or Marina Bay (if you switch trains at Promenade).
Plaza Singapura and Dhoby Gaut Interchange in the distance
Next to Dhoby Gaut MRT station is Plaza Singapura Shopping Mall where the nearest cinema, grocery store, retail shopping and restaurants are found. Another cinema, The Cathay is a short walk down, past MDIS and the Fat Boys Restaurant, along Orchard Road. It is just before the School of the Arts (SOTA) and is extremely hard to miss.
Singapore Shopping Centre across the road from Oxley Rise
The abovementioned Singapore Shopping Centre also has several smaller eateries, including one restaurant. Next to that is a Fish and Co restaurant, following which is Park Mall. While the 13 restaurants expected to take up residence within the development negates most needs to walk down, that there are alternatives within walking distance adds options for future residents.
Fish & Co
Due to The Rise’s location, there aren’t any public schools in the area. There are however, private tertiary institutes like Singapore Management University (SMU), Chatsworth International School, and the abovementioned MDIS and SOTA.
The Rise @ Oxley may not be the only freehold property along Oxley Rise but it is the latest with the most modern aesthetic. That it comes self-sufficient with restaurants and shops makes it almost unnecessary for residents to venture out often, even if it is surrounded by many amenities.
The Visioncrest next to The Rise
This is also a boon for the existing tenants of the neighbouring properties and while being a focal point for the population in the area means overcrowding becomes an issue, it is unlikely to hurt The Rise @ Oxley’s status at all.
Aside from the amenities in the more popular Dhoby Gaut area, there are cheaper food that are arguably slightly easier to get to. From across the road to The Rise, walk downhill along Jalan Rumbia and turn right after the SHRM College toward Tank Road. If you see the Church of the Sacred Heart, you’re on the right path.
Sacred Heart Church 5 minutes from The Rise
This entire walk takes less than two minutes after you cross the traffic junction in front of The Rise. There being a church and a college (SHRM provides tertiary education in the Hospitality and Business Management fields with collaboration with the University of Wolverhampton) no more than a couple of minutes from The Rise @ Oxley will undoubtedly make the project more attractive for interested buyers to whom either one or both of these locations are important.
Teochew Building
As for the food options, continue past the church and the Teochew Building, both of which are next to one another. On the left and across the road, the ongoing construction of Fort Canning MRT station can be seen.
When it is completed sometime in 2017, it’ll add another MRT station within walking distance for residents of The Rise @ Oxley. Furthermore, as Fort Canning station overlooks ITS Centre and Liang Court, it is therefore much closer to the clubs and restaurants in Clarke Quay than Clarke Quay MRT is.
Fort Canning MRT station under construction
But that is a left turn at the traffic junction overlooking UE Square. The hawker centres are along River Valley Road so simply follow the path you’re on with UE Square being across the road from you, on your left and you will see the eateries in front.
Toward Mohd Sultan
There’s a 7-11 there as well but with Mohammad Sultan Road being just behind the eateries, there’s more than one 24 hour place located within walking distance to The Rise. That street is also where you’ll find some pubs/bars. There’s a staircase that leads up to Fort Canning Park and while it is a long trek uphill, it’s a great spot to jog or to walk around in.
Fort Canning Park
Where location is concerned, The Rise @ Oxley is central enough to various amenities that close enough to be viable alternatives to the retail/eateries of The Rise. It may take a bit longer to get to River Valley or Dhoby Gaut but the proximity to the roads make driving simple enough, traffic none withstanding. Even walking while taking a long time, is doable.
With the clubs at Clarke Quay and the bars along Mohammed Sultan Road within walking distance to The Rise, there won’t be a need to drive there or worse, deal with the hassle of finding a taxi at 2am in the morning.
Analysis
With 120 residential units up for grabs, slightly more than half – 66 – have been transacted thus far with the latest being in early May 2016.
The most popular so far, are the 1+1 BRs with 29 out of 30 currently transacted. Following behind are the 2BR units with 28 out of 58 transacted at the time of writing.
Source: URA, PropertyGuru
Sales started in 2014 and the highest number of transactions occurred then with a majority of the lowest priced 1+1 BR units – $1m – $1.1m – bought. Several 3BR DK units were also purchased then. While it is common for presales to include discounts of some kind, the PSF of all transacted units so far are high:
Source: URA, PropertyGuru
TOP is not due until 2019 so there is plenty of time for sales to pick up. However, as often seen in the industry, it is usually the bigger units that take the longest to go due to their higher quantums. That foreigners are eligible to purchase helps but the added ABSD of 15% (unless you’re of a country part of the Free trade Agreement) for foreign buyers is steep, especially when units at The Rise have a median quantum of $1.4m.
Compared to the nearest freehold property, The Oxley, units there have an average PSF of $1,856. The Rise’s minimum average PSF is $2,121 but this is due to annual inflation. The Oxley was completed in 1997 and while units there are likely bigger, with similar quantums, maintenance on old properties can sometimes make the difference.
Ultimately, it’s up to the buyer to decide if it’s worth paying similar amounts for either an older and bigger property or a newer one. However, The Rise @ Oxley is a mixed development and therefore as an investment, it has slightly better prospects.
Rental
Rental yield according to URA is at a high 5.6%. Renting out a unit at $9,000 minimum per month can be the norm here but given the number of competitors in the area, such high rental prices may have a counter effect.
The Oxley’s rental range is from $2,500 to $4,000 for 400 sqft to 800 sqft units. The Rise residents can opt for a 20% increase on account of the retail options and its new status but it may still be challenging. People traditionally buy for personal stay in this area but its location and The Rise’s restaurants and shops could very well be the positive factor that determines the viability of rental here.
Add in Dhoby Gaut MRT station, the upcoming Fort Canning station, River Valley and Clarke Quay that are within walking distance from The Rise and the property is a commodity.
However, keep in mind that if the rental prices are too high, people can rent at Visioncrest or other properties down the road.
Summary
The Rise @ Oxley has many things its nearby competitors do not. Retail elements, youth, easier ingress/egress by walking and all the improvements of modern architecture. Its luxury status makes it hard to ignore and it does occupy a plot of extremely prime land.
That the land is freehold further adds to its attractiveness.
All of this justifies its much higher quantum even if some of the units are small. But The Rise @ Oxley is a small development by comparison and the fact that it offers so much mitigates some of its design issues.
Source: Developer brochure
The Rise @ Oxley’s presence in Oxley Rise will only augment the existing properties around it while bringing much needed amenities to the other residents. As a result, The Rise @ Oxley becomes the deciding factor for the overall value of the area. This bodes well for the residents of The Rise as their self-sufficient freehold property is both a commodity to not just them, but everyone else in the area.
The Rise @ Oxley thus, is a rather decent addition to the Dhoby Gaut area. It’s an attractive piece of real estate that aside from its high price tag feels like it may be worth every cent if you can afford it.
