Sunday Times: Hotspot: Newton Circus - 17 Jun 07

[Daniel Leong]

June 17, 2007
PROPERTY
Hotspot: Newton Circus
By Nicholas Fang , Ng Sook Zhen

A stone's throw away from Orchard Road, but without the sky-high
prices of the prime district, Newton Circus has caught the eye of
many a buyer and offers an eclectic mix of sparkling new condominiums
and quaint black-and-white bungalows. Nicholas Fang and Ng Sook Zhen
explore the area.

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CAIRNHILL
Constantly evolving landscape

IN THE Cairnhill area, the old is juxtaposed against the new, with
the latest Cairnhill Crest just across the road from a much older The
Cairnhill.

But this picture is far from complete. The area is fast evolving with
developments such as Hilltops Apartments still under construction,
older boutique condominiums like Silver Towers about to be
redeveloped and properties like Orchard Scotts completed recently.

The theme of the area is one of constant change, reinforced by the
frequent heavy traffic in the surrounding areas.

The attrition, development and movement are all set against the
backdrop of the bustling main shopping belt of Orchard Road.

The area also presents interesting contradictions in the form of high-
end, trendy apartments such as The Light contrasting with the smaller
one- and two-bedroom units of the Vida along Peck Hay Road.

Freehold units at Scotts 28 and The Light have been commanding prices
of $1,978 per sq ft (psf) and $1,700 psf respectively on average,
according to Savills Singapore.

Mr Ku Swee Yong, Savills Singapore marketing and business development
director, said that the benchmark had been set by Helios Residences,
located next to The Light at Cairnhill Circle, which had been priced
at between $2,500 psf and $3,000 psf.

'The Edge has been going for up to $1,500 psf as well, which was
pulled up when The Light sold well.'

Rumour has it that there will be a hotel-branded residence coming up
along Cairnhill Road.

And while negotiations with a five-star hotel are understood to be
ongoing, the development is widely expected to push up prices when it
comes on line, said Mr Ku.

Meanwhile, the flagging sales of the one- and two-bedroom units of
the Vida on Peck Hay Road have been attributed to the lack of
interest in small units in the area.

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CAVENAGH
Peaceful cloister in heart of town

APTLY named Monk's Hill for its serenity and quietude, this area is
almost a temple of peace next to busy Newton Circus with its throng
of diners and downtown traffic.

The tranquillity is further enhanced - except perhaps when school's
out - by Monk's Hill Secondary School and a madrasah (religious
school) nearby.

The apartments and terrace houses, a mainstay at Monk's Hill, are
gnarled with age, but the rustic charm of old-school architecture and
a monochrome palette give the area a soothing appeal.

Also a lure is the great food at the famed Newton Hawker Centre a
stone's throw away.

However, having the Istana close by on the other side of Cavenagh
Road has limited the possibilities for developments in the vicinity.

For example, condominiums lining that stretch of road, such as
Cavenagh Court and the Townhouse Apartments, have height restrictions
and are also prevented from having clear windows on the side facing
the Istana. As a result, the area has not proved to be as attractive
as might be expected, though it is located next to the prime Orchard
Road district.

Of note is the collective sale potential of the 99-year-old Townhouse
Apartments, which has seen its average price per sq ft hovering at
$420, said Savills.

An interesting characteristic of the area is the presence of several
black-and-white bungalows around Monk's Hill Road, which have made it
a hit with expatriates.

But hardly any transactions of these Premas-run units have been
recorded because of their conservation status.

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BALMORAL
Scenic spot with bungalows, condos

THE Goodwood Hill loop at Balmoral offers a glimpse back in time.

Large colonial bungalows painted simply in monotones are nestled in
lush greenery, giving the area a peaceful, nostalgic feel, with a
tinge of faded grandeur.

Beyond the bungalows, low-rise condominium developments such as Casa
Rosita and Balmoral Heights are also a defining feature, adding much
needed variety to the area.

According to Savills, the average price per sq ft (psf) in the area
is $1,460, with average asking rentals for two- to three-bedrooms
ranging between $6,000 and $8,000.

City Developments' The Solitaire, a 59-unit freehold development
priced at $1,950 psf, sold out after it was launched in April.

Other recent benchmarks in the area include Eden Spring in Balmoral
Road which sold at $1,004 psf per plot ratio (ppr) last month to TG
Development, and One Balmoral - sold to Hong Leong Group in March for
$1,188 psf ppr.

Savills Singapore director of marketing and business development Ku
Swee Yong highlighted Belmond Green as a property to look out for.

'It's a large piece of land overlooking nice landed properties at the
back.

'When Naga Court and Casa Rosita along Bukit Timah Road launch at an
expected $2,000 psf, this will see prices along Balmoral going up as
well,' he said.

Casa Rosita was acquired by GuocoLand in a collective sale
acquisition in April last year for $280 million.

And Mr Ku believes that it is another development buyers looking for
a scenic home could consider.

'It actually overlooks the bungalows on Goodwood Hill and we
understand that it will be developed with a small footprint and large
grounds.'

No indication has been given as to when it will be launched.

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CHANCERY
Mature estate on verge of change

TAKE a cheerful mix of bungalows, boutique apartments and yet-to-be-
built condominiums such as Newton One, and you have Gilstead, a
mature residential area hinting at changes to come.

Newer gems such as Newton 18 and Gilstead 38 sprinkle the area, but
the larger, slightly older developments such as Chancery Court and
Jade Gardens define the location.

Clusters of bungalows and semi-detached houses are also popular,
although these tend to be older.

The Residences @ Evelyn has set the tone for the area with its $1,418
per sq ft (psf) average price and largest number of transactions,
said Savills Singapore director of marketing and business development
Ku Swee Yong.

Most of the developments are upmarket so he believes the best buys
are condominiums with better facilities such as sizeable swimming
pools.

'These include Residences @ Evelyn, Park Infinia and Amaryllis
Ville,' Mr Ku said.

He added that the average psf price in the area was $1,250, with
average asking rents for two- to three-bedroom units ranging from
$6,000 to $8,000.

One of the higher-end developments is the freehold Setia Residences,
which was launched four years ago.

With an average price of $1,654 psf, a standard 3,348 sq ft unit in
the project commands upwards of $5.4 million, with the asking rental
ranging between $15,000 and $18,000.

Some of the new launches include Newton Suites and Buckley 18, both
freehold projects. They have recorded average prices of $1,203 psf
and $1,420 psf respectively this year.

Mr Ku noted that the Gilstead Road condos further away from Dunearn
Road offered a peaceful environment coupled with the convenience of
being a stone's throw from the Newton MRT Station.