Far East Organization with New Property Launches - The Reserve Residences from S$2,300 psf.
FAR East Foundation and Sino Group will begin previewing New Launch Condos, the Reserve Residences in Bukit Timah on Friday (May 12), with prices starting at S$2,300 per square foot (psf).
Located at Beauty World, The Reserve Residences in District 21 will have 732 apartments divided into 8 blocks. The 99-year leased development will sit above a shopping mall with a total floor space of more than 215,278 square feet (sq ft) and offer direct access to Beauty World metro station. The hotel is within walking distance of Bukit Timah Nature Reserve and Rifle Range Nature Park.
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This New Launch Singapore Condo are 732 residential units ranging from one-bedroom to five-bedroom apartments, duplexes and penthouses across four collections.
One-bedroom apartments, ranging in size from 441 square feet to 495 square feet, start at around S$1.11 million. Two-bedroom apartments, ranging in size from 560 square feet to 807 square feet, start at S$1.45 million. Three-bedroom apartments ranging in size from 883 square feet to 1,324 square feet start at S$2.2 million.
Four-bedroom apartments, ranging in size from 1,475 square feet to 2,250 square feet, and larger units including penthouses, will cost from S$3.5 million onwards.
Speaking to the media on Wednesday (May 10), Shaw Lay See, chief executive officer of the Far East Organization's sales and rental group, said: "We know that with the additional tax increase recent buyer additions (ABSD), there will be some pressure on some groups of potential buyers…
“But we secretly believe this is a development that will take off, because of the location and (because) it is an integrated development.”
When asked if there would be an "early bird" discount, Shaw said: "We're definitely looking at that, but the list price will be considered."
Speaking to The Business Times (BT), Shaw said: “This is our most important development in a decade and we need to sell well. We know it will attract a lot of buyers and we will deliver a very good product.”
New Launch Condos, designed by Woha Architects, located on a 32,185 square meter site, was sold to Far East Foundation and Sino Group for S$1.028 billion in August 2021. Based on total floor space. allowed at a plot rate of 3.0, the price they paid for the land amounted to around S$989 psf per lot rate.
PropNex CEO Ismail Gafoor, who attended the press conference about The Reserve Residences, said he expects potential buyers to be a "mixed group".
“Investors will be looking at (apartment) one bedroom,” he said. There will be a lot of young families that we look forward to coming and buying the two bedroom apartment.”
Given that one- and two-bedroom units make up 55% of The Reserve Residences' total, Gafoor says: “I'm pretty confident and secretly hope that we'll pass the 40% mark.
The most recent new launch in the Upper Bukit Timah area was in March, when Sim Lian Group launched The Botany at Dairy Farm. The Out-of-Central Area (OCR) project was the month's best-selling project, having sold 184 out of 386 apartments at an average price of S$2,068 psf, which market watchers claim it lower price compared to other new suburban projects.
The Residential Reserve is located on the edge of the city, or the Rest of the Central Region (RCR). Nearby, The Linq @ Beauty World launches in November 2020 with prices ranging from S$1,998 to S$2,439. The most recent transaction at The Linq was a resale agreement signed in March 2023 for S$2,741 psf.
The Far East Organization's last launch before The Reserve Residences was One Holland Village Residences, developed jointly with Sekisui House and Sino Group. As of May 10, it has sold 93% of its 296 units, Shaw told BT.
The Reserve Residences will be available for sale from May 27 and is expected to obtain a temporary residence permit in the first quarter of 2028.
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