Condos hit the sweet spot, even without a tennis court
PAYING big money does not necessarily get you everything these days, at least when it comes to buying a private apartment.
New homes going for as much as $2,600 per square foot can offer designer furnishings and place you in a coveted district, but they may no longer come with large common spaces or even tennis courts traditionally associated with a private address.
In the core central region (CCR), home seekers would not find tennis courts in projects such as Marina Bay Suites, Sophia Residence and Illuminaire on Devonshire.
Further from town, buyers have paid as much as $1,345 psf at Alexis or $1,514 psf at Suites@Guillemard, where there is just a margin of space around the buildings, and swimming pools and gyms congregate on the rooftop. Tennis courts are also missing from the picture.
Nowadays, ‘you don’t really get developments with sprawling grounds, where there’s openness’, observes DTZ executive director Ong Choon Fah. ‘Those are actually more difficult to come by.’
Many projects cannot offer large landscaped grounds or a full range of facilities simply because their sites are not big enough. A tennis court alone measures 78 ft by 36 ft, taking up 2,808 sq ft. According to EL Development managing director Lim Yew Soon, a developer could try to tuck a court just nicely into a smallish site, but it could become a ‘disamenity’ to residents living too close to the noise.
In fact, there are buyers who do not expect to see tennis courts for smaller projects within or near town, he adds. ‘Even if they really see, they’ll be asking if it will be too near their units.’
EL Development has three projects in CCR which do not have tennis courts – Illuminaire on Devonshire, Parc Centennial and Rhapsody on Mount Elizabeth – but they are sold out.
Many projects are still able to command high prices because of their location. This is especially so if owners intend to rent the apartments out.
The absence of a tennis court, for instance, may mean a longer search for a tenant but consultants say rents are unlikely to be dented much. ‘That’s about property investment. Location is everything,’ says Savills residential director Phylicia Ang.
GuocoLand is banking on Sophia Residence’s location near Dhoby Ghaut MRT station to attract buyers. The project does not have a tennis court, but home seekers’ ‘main buying criterion was to be in the city, to have easy MRT access to all parts of Singapore and also a property which offered attractive rental yield’, it told BT. The development will be where Sophia Court used to be and the latter also did not have a tennis court.
Beyond site constraints, high land prices may be prompting developers to cut back on common spaces and certain facilities.
‘With land costs so high, most developers want to maximise the saleable area,’ says ERA Asia Pacific associate director Eugene Lim.
But that’s not to say that all developers have free rein on the site design. The Urban Redevelopment Authority (URA) has rules on site coverage, which indicate how much space buildings can occupy.
For developments classified as flats/apartments and condominiums, site coverage cannot exceed 40 per cent. Mixed-use developments are the ones which are not subject to this rule.
Still, developers are careful to keep features which most residents cannot seem to do without, namely swimming pools and gyms. Faced with a smaller site, ‘the priority is given to swimming pools’, says DP Architects director Tai Lee Siang. But ‘where possible, it is likely that developers will still want to incorporate tennis courts’.
As it becomes harder to find prime projects offering large ground spaces and complete facilities, existing developments with these features are likely to stand out. ‘One of the reasons why Ardmore Park is so popular is because it has a beautiful landscaped garden, and the grounds are sprawling. You don’t get many of these, these days,’ says DTZ’s Mrs Ong.
Source: Business Times, 6 Feb 2010
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