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
Kheng Leong Group started as an international commodity and spice trading company which later evolved into an investment group with interests in property development and real estate investment. Today the group has a portfolio of projects with strategic partners across the Asia Pacific region as well as in Sydney, London and Los Angeles.
Project Name: The Terrace
Address: Junction of Punggol Drive and Edgedale Plains
Type: Executive Condominium
Site area: Approx. 259,034 sqft
Tenure: 99 years from 30 Oct 2013
District: 19
Configuration: 747 units
Unit types:
143 3-bedroom units (1001 sqft)
401 3-bedroom premium units (1076 – 1173 sqft)
126 4-bedroom units (1313 sqft)
67 4-bedroom premium units (1442 sqft)
10 5-bedroom penthouse units (1711 sqft)
Maintenance fees: Approx. $270 – $500 per month
Parking lots: 747 normal lots
Expected TOP: March 2018
Expected legal completion: March 2021
Project Details
The Terrace is a 747-unit Executive Condominium (EC) at the junction of Punggol Drive and Edgedale Plains, right next to Kadaloor LRT. At time of writing (Nov 2015), all unit types are still available.
Unit sizes range from 3- to 4-bedroom units and 5-bedroom penthouse units. The lowest-priced unit on PropertyGuru is a 1001 sqft 3-bedroom unit going for $745,000, which translates to around $744 psf. A 1,711 sqft 5-bedroom penthouse unit is going for $1,426,900 at an estimated $834 psf.
Interested buyers should be aware that the show flat is not on site, but located near Riviera LRT, one stop before Kadaloor LRT.
Construction for the project is underway and the foundation is already standing.
This is the view behind The Terrace. Many projects are presently under construction, but it will be a pretty sight once everything is complete.
The project consists of three 13 – 16-storey blocks and nine 17-storey blocks. Facilities are spread out amongst the towers.
Source: Developer’s brochure
The project is designed with a three-tiered terrace that runs through it with distinct lifestyle facilities.
Facilities are as follows:
Source: Developer’s brochure
Source: Developer’s brochure
Source: Developer’s brochure
Source: Developer’s brochure
Stacks 5, 6, 9, 10, 13 and 14 all face Punggol Waterway.
If you’re looking at getting a 3-bedroom premium unit, stack 6 is a good option with a pool view and the waterway beyond. Stacks 7, 37 and 41 are internal-facing with a pool view. Stack 3 has a partial pool view.
For 4-bedroom premium units, premium stacks would be 5, 9, 10 and 13 each offering residents a full pool view with the waterway beyond. Stack 14 has a partial pool view.
For 4-bedroom units, stack 42 is internal-facing with a full pool view. Stack 8 has a partial pool view.
Showflat units are available for 3- and 4-bedroom units. Photos in this review are from both units.
Specifications:
Flooring
- homogenous tiles for living, dining, kitchen, bathrooms, balcony, water closet, yard and household shelter
- laminate flooring for all bedrooms
Doors
- timber door for entrance
- hollow core timber door for bedrooms, bathrooms
- hollow core timber sliding door with vision panel for kitchen
- powder coated finish aluminium framed glass doors for balcony
- bi-fold and slide door for water closet
- air-tight approved blast door for household shelter
Sanitary fittings
- shower area with shower set and glass door, vanity top with basin and mixer, water closet, mirror, towel rail, robe hook and paper holder for all bathrooms
- wash basin with tap, water closet, shower set and paper holder for water closet
Additional items
- 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 and a sink come with the kitchen. Appliances provided include a built-in oven and a gas stove and hood from Teka. With the 3-bedroom unit, two people can move around in the kitchen at any one time.
In the 4-bedroom unit, the kitchen comprises the dry kitchen and the wet kitchen.
The wet kitchen realistically, can accommodate only one person at a time.
Both units have a yard area with the water closet and household shelter, located behind the kitchen. The shelter is bigger than the usual utility space, so you could choose to use it as storage space or as sleeping quarters for your helper.
This is the view when you enter the 3-bedroom unit. The living area extends onto the balcony.
The balcony space is ideal as additional seating area when guests are over or even as a relaxation corner in the evenings.
The living space is larger and wider in the 4-bedroom unit, with the balcony stretching the same length.
There are more possibilities with the space in the 4-bedroom unit. It could even be made into a sort of alfresco dining area.
The common bedrooms can fit a queen-sized bed and have some space for movement.
Single beds may be better if you want more space.
Another option for maximizing space.
You could also convert one of the common bedrooms into a study or work space. Or even into an entertainment lounge.
Master bedrooms can accommodate a king-sized bed and still have ample maneuvering space.
The master bedroom in the 4-bedroom unit has a walkway leading to the bathroom and the wardrobe (much bigger than in other rooms) is located to its side.
Common bathrooms are decent-sized and have a wet area and dry area as per normal. Fittings are from Grohe.
Master bathrooms are similar to the common bathrooms, perhaps slightly wider.
Location
Etymology: Punggol is a neighbourhood in northeastern Singapore, currently undergoing development to become a waterfront housing estate.
Punggol means ‘hurling sticks at the branches of fruit trees to bring them to the ground’ in Malay. Another possibility is that it could refer to a place where fruits and forest produce are offered wholesale and carried away. The place is said to take its name from the river Sungei Ponggol.
The area used to be home to farmhouses and farm structures serviced by roads and dirt tracks. In the mid-19th century, Chinese villagers used to engage in poultry, pig and fish farming, in addition to plantation and farm produce.
These farms were phased out when redevelopment commenced in the 1970s. Prime Minister Lee Hsien Loong announced the ‘Punggol 21-plus’ project in 2007 to revitalize the town. Upon completion, Punggol New Town will have 96,000 residential units with an integrated waterfront commercial and residential development at the town centre – Waterway Point with condominium Watertown. Other plans for the town centre include a community club, regional library and a hawker centre.
Source: streetdirectory.com
Getting there: The Terrace is a 3-minute drive away from the Tampines Expressway (TPE). If you’re travelling by train in the mornings, Raffles Place MRT is a 34-minute ride from Kadaloor LRT. By car, it is a 19-minute drive to town via the Kallang-Paya Lebar Expressway (KPE), assuming optimal traffic conditions.
Staying on the side of The Terrace and driving down will take you to the TPE exit and from there you could head to Tampines, Pasir Ris and Changi or take the KPE exit further down if you need to get to town or the Central Business District (CBD). Driving down on the opposite side will get you to Sengkang Town Centre and the future Seletar Aerospace Park.
Kadaloor LRT is right next to The Terrace. It is the fifth stop on the east loop of the Punggol LRT route. You have to be careful with taking the LRT, especially if it’s your first time taking it from Punggol station.
There are the east and west loops and they run concurrently. On top of that, each LRT runs in a particular direction. So, you have to check the screen carefully before you board, or you may end up taking the wrong one and end up in a different part of Punggol.
The estate: The Terrace is mostly surrounded by residential area and schools. There is still however, undeveloped land beyond the waterway.
Source: Developer’s brochure
The project is a short drive away from malls like Punggol Plaza and Rivervale Mall. The upcoming Waterway Point will be a 3-minute drive away.
There is a bus stop right in front of The Terrace, along Punggol Drive. Bus service 50 covers parts of Bishan, Ang Mo Kio, Yio Chu Kang, Sengkang and Punggol.
As for school options, there are a selection of primary and secondary schools nearby.
Horizon Primary School and the upcoming Waterway Primary School are nearest to The Terrace.
International Schools
- Upcoming E-Bridge Pre-School
- Chatsworth International (Jalan Kayu)
Source: Google Images
Waterway Point is a 3-minute drive away from The Terrace. The Watertown development includes a residential component of over 900 units.
Anchor tenants at the mall include Shaw Theatres & IMAX, NTUC Fairprice Finest, Uniqlo and Daiso. Estimated to be around three times the size of Wisma Atria, the mall will have over 150 fashion and lifestyle brands, alfresco and thematic dining concepts and entertainment facilities.
Source: Google Street View
The integrated development will be right next to Punggol MRT and Punggol Bus Interchange.
Source: Google Images
Punggol Plaza is nearest to The Terrace. The tenant mix is not as varied however. It is within walking distance so residents can get their daily groceries at NTUC Fairprice there. There is also an education and enrichment cluster on the fourth floor of the mall.
For sudden hunger pangs, there is a food court directly opposite The Terrace. There is even a mini supermarket at the side, which will be very convenient in case of an emergency.
Source: Google Images
For some calm and greenery, you could head over to Sengkang Riverside Park, a 5-minute drive away. The park features a constructed wetland and rich biodiversity, making it a hit with nature lovers.
For golfers, there is a golf driving range (PAR Golf Range @ Punggol East) a short distance away from Punggol Plaza.
Source: Google Images
The upcoming SAFRA Punggol will also be a 5-minute drive away. Due to open in 2016, the waterfront clubhouse will boast a first of its kind indoor water playground in Singapore.
Source: Google Images
The recently opened Coney Island is less than a 2-minute drive away. Activities there include hiking, cycling, bird watching, and visiting the different beach pockets. The whole family could go down for a fun weekend adventure.
As for healthcare needs, Sengkang General and Community Hospital will be a 5-minute drive away from The Terrace. While it is under construction presently, it is slated to be completed in 2018.
Source: HDB
Punggol Polyclinic will be housed within the upcoming Oasis Terraces, a 500m walk away from The Terrace. Projected to be complete in 1H2016, the new generation neighbourhood centre will comprise childcare centres, the polyclinic, a community plaza as well as retail and dining facilities.
Analysis
Caveated transactions for The Terrace at time of writing (Nov 2015) stands at 243. Recorded transaction prices range from $748K to $1.473M, with an estimated 62 percent of the transactions coming in at $1M or below (see Chart 1).
Sales Transactions
Source: URA, PropertyGuru
Source: URA
The Terrace’s closest competitor would be The Amore, another EC located 300m away at the junction of Punggol Central and Edgedale Plains. Launched in January 2015, its current median price is $801 psf to The Terrace’s $805 psf.
Occupants of The Amore are going to be home buyers as well, with it being an EC. With the upcoming transformation of the Punggol district and the future Seletar Aerospace Park being less than a 10-minute drive away, property prices in the area are bound to increase. So, there could be investment potential, if buyers are willing to wait out the Minimum Occupation Period (MOP).
Units at The Amore range from 2-5 bedroom units while The Terrace consists of 3-4 bedroom units and 5-bedroom penthouse units.
To understand pricing better, we will be looking at 3-bedroom units in particular, across both developments. According to caveats, The Terrace’s 3-bedroom units have a median price of $801 psf while The Amore’s is $782 psf. Transactions for the units at The Terrace range from $748K to $942K, and from $674K to $850K at The Amore.
Before deciding based on these numbers alone, we should look at unit sizing as well. By comparison, 3-bedroom units at The Terrace have larger proportions and are between 1,001 sqft and 1,076 sqft. At The Amore, they range from 883 sqft to 1,001 sqft.
While The Amore seems to be just slightly more affordable, The Terrace is right next to Kadaloor LRT and overlooks the Punggol Waterway.
For one to be a clear winner, developers will have to price their projects more competitively.
Future Rental Potential
Buyers can only expect any form of yield after the Minimum Occupation Period (MOP) of five years, since The Terrace is an EC.
To have a general idea of what rental prices will be like for The Terrace, we need to look at rental prices for projects in the vicinity. The current median rental price for District 19 (Serangoon Garden / Sengkang / Hougang / Punggol) is around $3.07 psf per month at time of writing, based on rental transactions for the past 4 quarters.
At these rates, a 3-bedroom unit around 1,040 sqft at The Terrace would go for around $3,200 to $3,300 a month. With the median price for the unit being around $856K, the annual gross rental yield at the current rate would be an estimated 4.5%. Assuming that rental prices increase in future with the revamp of the Punggol area, the same 3-bedroom unit could possibly fetch up to $3,500. Gross rental yield then moves up to 4.9%.
The median unit size of a 3-bedroom at The Amore, on the other hand, would probably fetch around $3,000 a month at today’s rental rates. This translates to around 4.7% in annual gross rental yield. Rental could go up to $3,200 a month with future developments and annual gross rental yield would then be in the 5% range.
While the projects are only a short distance away from each other, there is a slight difference in terms of nearby amenities. Kadaloor LRT is at The Terrace’s doorstep. Unit sizing differs slightly with The Terrace having more generous proportions. Overall, rental yields for both developments seem to be in the safe zone.
Summary
The Terrace is poised to be part of the wave of revitalization surrounding the Punggol district. The project offers residents convenient access to major expressways and is also right next to Kadaloor LRT. Residents will have the mega Waterway Point as a nearby mall, with basically every facility you can think of.
The future Seletar Regional Centre and Seletar Aerospace Flyover are within a 10-minute drive from The Terrace and this will have an effect on residential prices in the future. The upcoming Sengkang Hospital will be a 5-minute drive away and combined, these developments will create a job market in the area as well.
A potential drawback however, is the lack of a range of educational institutions within short distance. Primary and secondary schools are plenty, which fits Punggol’s profile as a new estate, but there is a lack of tertiary institutes nearby.
Overall, units at The Terrace are decent-sized and the price tags are pretty affordable. In keeping with Punggol’s growth story, the project may be ideal for new couples or young families looking for a fresh start. If you want to be a part of and later enjoy the transformation of the neighbourhood, taking a look at The Terrace may be the first step.
