Of late, we have been seeing an increase in housing supply for District 3 (Queenstown, Redhill, Tiong Bahru), primarily as a result of several private condominium launches. In the last 5 years, 6 new condominiums were launched one after another: Alex Residences, Highline Residences, Commonwealth Towers, Principal Garden, Queens Peak, and more recently Artra.
The success (thus far) of these new private condominium launches is indicative evidence that there is still demand for homes in District 3. For example, one of the latest projects, Artra, was launched in April last year and sold 130 of the 200 released units on the first day of its Phase One launch – an impressive achievement for a new project coming into an already crowded residential area. But with so many new launches in District 3, how should you decide among the 6 new launches?
If you are interested in District 3, whether for own-stay or for investment, we have put together a side-by-side comparative analysis of the 6 recent condominium projects. You can also do your own comparison here
Let us zoom into two of the most critical considerations when buying a property – Location and Price
First, let’s talk about location…
All 6 of these projects are located within District 3, which is a great place to stay, especially for families and those working in the CBD. The area is also home to many shopping spots like IKEA, Queensway Shopping Centre and Tiong Bahru Plaza.
For a start, all of them are located within 1 km to its nearest primary school, and are also within 3-4 mins drive to a nearby shopping mall. Another similarity is that they are all within walking distance to a nearby MRT station. In terms of lifestyle, convenience and schooling options, the locations of these projects are truly great.
That said, in terms of transport and connectivity, Artra, Queens Peak and Commonwealth Towers stand out as they are no more than 3 minutes’ walk to the nearest MRT station, with Artra being the closest. It looks like the developer for Artra has also taken the emphasis on convenience one step further by developing it as a mixed-use project. Aside from the 400 residential units, Artra also has its own 5,000sqft childcare centre, 16 F&B-enabled outlets and a 10,000sqft NTUC Finest for residents. Our research indicates that Artra is likely to be the only mixed development in Alexandra.
Now, let’s take a look at the prices of the 6 projects…
While these projects are all fairly similar in terms of location, there is a wide range in terms of pricing. Average per-square-foot (“PSF”) price for Alex Residences tops the chart in the S$ 1900++ range (partly because a significant proportion, about 20% of the units, are 1 bedroom units). This feels a tad on the high side.
On the other end of the spectrum, projects like Artra, Queens Peak and Principal Garden are priced in the S$ 1600 – S$1700 range and is in our view fairly attractive for District 3, particularly given the quality of their location.
The Conclusion
On balance, Artra stands out among the recent condominium new launches in district 3. Not only is it priced most attractively compared to the other projects, it is also just a door-step away from Redhill MRT.
Artra’s mixed-use concept would likely give it a leg up over all the other developments in the area, as it is the only mixed development in Alexandra and will offer greater convenience to residents and maybe even better resale or rental potential in the future with its childcare, NTUC Finest and F&B enabled outlets.
Material factors aside, another reason why we are highly positive of Artra, is its developer, FEC Skyline. Widely known as one of the most thoughtful developers, projects by FEC Skyline have the reputation of being extremely detailed and caring for the residents. Artra for example, comprises of facilities and furnishing which are thoughtfully designed with residents’ lifestyle in mind, from non-slip flooring to built-in shoe cabinets and even kitchen drawers designed to maximize the utility of space.
As part of our review, we did a site tour of ARTRA. Watch our video here: