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journo
02-09-22, 11:08
After a 10-year absence, Sky Eden@Bedok will test the $2,000 psf ceiling

September 2, 2022

On August 27 and 28, more than 4,000 people attended the weekend preview of Sky Eden@Bedok, which was hosted by Singapore-listed Frasers Property. The proposed construction will consist of two towers that are each 16 stories tall and will be connected to one another by "sky bridges." The apartment towers sit atop a retail pedestal that features twelve different storefronts that face the street. The Bedok MRT Station on the East-West Line is within walking distance of the development, which can be reached in only three minutes.

The town centre is the primary focus of activity in Bedok, just as it is in the majority of HDB estates. In this specific instance, the location in question is either Bedok Town Centre or Bedok Central. It was here in 2013 that Singapore's very first true shopping mall, Bedok Mall, which boasts over 200 stores and a FairPrice Finest supermarket, opened its doors to the public. There is a direct connection between Bedok Mall and the Bedok MRT Station, in addition to a bus interchange and a hawker centre.

Sky Eden@Bedok at 1 Bedok Central is located smack dab in the middle of the action in the main part of town. Heartbeat @ Bedok is a community hub that is located just two blocks away from Sky Eden@Bedok. It features a public library, the Bedok Swimming Complex, the Kampong Chai Chee Community Centre, a hawker centre, and a wet market. There is a FairPrice supermarket and a Sheng Siong supermarket located in Bedok Central. Both of these supermarkets are open nonstop. Scarlett, there is in fact a third grocery store located in that area. A reconstruction of what was formerly the Princess Theatre can be seen behind the bus interchange. This mall is called Djitsun Mall. It was opened in 2018, and it is a shopping centre that includes F&B establishments as well as a Golden Village theatre.

The subsequent incarnation

Sky Eden@Bedok is a refurbishment of the four-storey shopping mall formerly known as Bedok Point, which first opened its doors on December 16, 2010. In September of 2020, Frasers Property paid a total of $108 million to acquire Bedok Point from its retail mall REIT, Frasers Centrepoint Trust (FCT), with the goal of redeveloping the property.

Bedok Point was, in turn, a renovation of the neighbouring Bedok and Changi theatres, both of which had been bought by Frasers Property in November 2006 for a total price of $40.8 million. Bedok Point was renamed Bedok Point. Bedok Point was the result of the company's redevelopment of the combined lands. After it had reached a stable state, the shopping centre was added to FCT's portfolio.

"We applied for a change of use into a mixed-use residential building because the region is already well-served by retail malls," explains Elson Poo, senior vice president, sales & marketing, residential at Frasers Property Singapore. "The area is already well-served by retail malls."

CapitaLand Development, which is the development arm of CapitaLand Group, is another another real estate developer that has used this approach. It was reported in January that it will be purchasing JCube from CapitaLand Integrated Commercial Trust for a total price of $340 million. JCube is the first mall in Singapore to have an Olympic-sized ice-skating rink. The property will be redeveloped by CapitaLand Development into a brand-new mixed-use residential building, according to their plans. JCube is situated in Jurong East, which was the site of the debut of the most recent new condominium, JGateway, in 2013.

The completion of the last new project in December 2011

The introduction of the 583-unit Bedok Residences in December 2011 was the most recent new private residential project to be introduced in Bedok Central. Over seventy-five percent of the apartments were purchased within the first month of the project's opening at an average price of $1,334 per square foot (psf). Bedok Residences are connected to the integrated transport hub, which is comprised of the Bedok MRT Station as well as the bus interchange, and are located on top of Bedok Mall. According to caveats that have been submitted to far, prices for apartments that have changed hands this year range from $1,080 psf for a unit on the fourth level to $1,694 psf for a unit on the 11th floor, with a median price of $1,471 psf. The building was finished in 2015.

According to a statement made by Frasers Property on August 25, Sky Eden@Bedok is "the first residential launch in Bedok Town Centre in 10 years." This information was provided in a press release. The residential apartments in the complex range in size from 657 to 1,302 square feet and feature anywhere from two to four bedrooms. Prices begin at $1.31 million ($1,994 psf) for a two-bedroom unit that is 657 square feet in size; $1.73 million ($1,937 psf) for a three-bedroom unit that is 893 square feet in size; and $2.6 million ($1,997 psf) for a four-bedroom unit that is 1,302 square feet in size. On Saturday, September 10, it is anticipated that sales booking will begin.

According to Lee Sze Teck, the senior director of research at Huttons Asia, the majority of interest is coming from upgraders in the region. After all, when compared to the population of people in other planning areas in Singapore, Bedok has the greatest count. According to the results of the Singapore Census in the year 2020, there are now 276,990 people living in Singapore.

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Homebuyers are anticipated to show interest from other parts of the eastern region, such as Tampines, Pasir Ris, and Changi, in addition to the Bedok neighbourhood specifically. "Sky Eden@Bedok will be appealing to them, particularly if they still want to reside in the east but want to be closer to the metropolitan area. " According to Poo of Frasers Property, Bedok Central is a desirable location.

All twelve of the strata retail stores in Sky Eden@Bedok have been given permission to operate as food and beverage establishments. In this particular phase, the store units will not be made available for purchase.

A number of elementary schools are located in the area, including Red Swastika Primary School and Yu Neng Primary School, all of which are within a range of one kilometre of the location in question. Other local conveniences include public transportation, shopping malls, and places to eat. In the neighbourhood, you'll also find Temasek Junior College, St. Stephen's School, and Anglican High School. The Temasek Polytechnic and the Singapore University of Technology and Design may be found farther to the east.

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Adapting one's lifestyle to that of working from home

Sky Eden@Bedok is located on a plot that has a 99-year leasehold and is 44,526 square feet in size. Tinderbox is serving as the landscape consultant for the project, while ADDP Architects is serving as the design architect for the endeavour. The front of the property is where you'll find the many facilities, such as the swimming pool, clubhouse, and event rooms, while the back of the property is where you'll find the two residential blocks. "The facilities provide both a sound and visual barrier for the inhabitants," explains Tang Kok Thye, associate partner at ADDP Architects. "The amenities also give a sense of community for the residents."

The property developer is providing a "co-working sanctuary" as a service to residents who conduct business from their homes. Included in this amenity is a shared office space for residents to use, workpods for residents who need to participate in video conference calls, and meeting rooms for residents to hold discussions. The "co-working sanctuary" may be found in a peaceful nook on the same level as the other facilities, although it is situated in a different part of the building than the swimming pool and the event rooms.

"Even though there are just 158 apartments within the property, we are giving complete condominium facilities," adds Poo. "We are quite excited about this opportunity." "Those interested in playing tennis will find the tennis centre at Heartbeat At Bedok to be conveniently located."

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The sky bridges that connect every floor of the two towers of Sky Eden@Bedok are another point of differentiation between the two buildings. Poo makes the observation that the majority of condominiums have just one or two sky bridges connecting the apartment blocks. "But we have a sky bridge on every floor, which allows you to utilise the area as an extension of your apartment," he explains. "You can perform yoga there, form relationships with your neighbours, and take pleasure in the view and the vegetation."

Plants chosen for their ability to attract butterflies will be used in the landscaping. According to Tang of ADDP, "The sky bridges are built as eco-links, in order to attract butterflies and birds." "We aim to increase the amount of vegetation that is present in the Bedok Central region." BCA Green Mark Gold accreditation for sustainability was bestowed upon Sky Eden@Bedok in recognition of the building's biophilic design.

Each level of each tower has a total of five individual apartments. A double-volume ceiling height of 4.8 metres is standard for all of the units located on the penthouse level. Residents are able to enjoy a high ceiling as a result of this, and they also have the option of installing a mezzanine deck measuring 5 square metres (53.8 square feet) on the upper level of their home if they would like to have more space. This deck could be used to create space for displays, a hobby area, or a small study.

In particular, there is storage space supplied in the corners of the room, such as the region of the kitchen that is closest to the primary entrance and the area of the closet. The master bedrooms are large enough to contain a king-sized bed, while the other bedrooms in the house each have enough space for a queen-sized bed.

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‘Well-subscribed’

Lee, an agent with Huttons, is certain that there will be a strong demand for the condominiums at Sky Eden@Bedok. "Bedok is a mature estate, where you can find amenities such as schools, hawker centres, supermarkets, coffee shops, retail malls, MRT station, and bus interchange," he adds. "Bedok is a good place to raise a family." "Those who wish to be in a handy location where all the facilities are within a short walking distance will find it appealing," says the author of this article.

In point of fact, Ismail Gafoor, the Chief Executive Officer of PropNex, believes that sales at Sky Eden@Bedok will reach the same levels as those at other developments like Piccadilly Grand in Farrer Park and Liv @ MB in Mountbatten. The two initiatives were both initiated in the month of May, and cumulative sales for both projects reached at least 75%. "The region hasn't seen a new residential project start in over ten years," adds Gafoor. "Besides Sky Eden@Bedok's closeness to an MRT station and placement within a mature estate, the area hasn't seen a new residential project launch."

According to his projections, the typical selling price of a square foot at Sky Eden At Bedok will fall somewhere "in the area of $2,000 to $2,100." Given the location of the development, Gafoor believes that there will be a group of investors who are interested in purchasing one of the two-bedroom apartments in the project. The demand for larger units with three or more bedrooms will be driven by owner-occupants.

According to Gafoor, Sky Eden@Bedok may be found in the Outside Central Region, which has a very small amount of unsold inventory at the moment. As a consequence of this, he anticipates that Sky Eden @ Bedok will "sell really well."

journo
12-09-22, 10:00
Frasers Property’s Sky Eden@Bedok 75% sold at S$2,100 psf average on opening day

Sep 08, 2022

On the first day of the property's inauguration on Wednesday, 118 of Sky Eden@Bedok's 158 residential apartments were sold at an average price of around S$2,100 per square foot (psf). This represents almost 75% of the total number of units available in the development (Sep 7).

The first pricing estimate provided by the developer for the project was 1,937 Singapore dollars per square foot (psf).

The developer, Frasers Property: TQ5 0%, issued a statement to the press on Thursday stating that all of the flats in the project with two bedrooms had been purchased. The remaining three-bedroom and four-bedroom apartments range in size from 1,087 to 1,302 square feet (square feet). In addition to the 158 apartments, Sky Eden At Bedok will contain 12 commercial units located on the ground level of the development.

During Wednesday's sales launch, Ismail Gafoor, the chief executive officer of PropNex Realty, saw that the company was mostly catering to Singaporean purchasers, and that "most of them are in their 30s and 40s." According to Lee Sze Teck, the senior director of research at Huttons, many people were purchasing the property for the purpose of investment. He pointed to the position of the building near the Bedok MRT station and its closeness to important employment centres.

Gafoor also mentioned that the Bedok project had a "quite comfortable pricing point for a new mixed-use development" in that area of eastern Singapore. He said thus about the Bedok project. "Additionally, many of the units were priced in the mass-market sweet spot quantum of between S$1.5 million and S$1.75 million, which appealed to a large number of Singaporean buyers."

According to a statement that was released by Frasers Property at the end of August, indicative prices for the project were expected to begin at approximately S$1.3 million for a 2-bedroom unit that was 657 square feet in size, S$1.7 million for a 3-bedroom unit that was 893 square feet in size, and S$2.6 million for a 4-bedroom unit that was 1,302 square feet in size.

The pricing of Sky Eden @ Bedok, which comes in at an average of S$2,100 psf, is almost 24 percent more than the prices of recent resale deals at Bedok Residences, the last condo to be introduced in the region in 2011. Bedok Residences was in 2011. According to the caveat data provided by URA Realis, there were 14 resale transactions at Bedok Residences this year, and prices reached an all-time high of about S$1,700 psf, as reported by Propnex.

Lorraine Shiow, acting chief operating officer of Frasers Property, made the following statement in response to the launch day sale results: "I am pleased that the development has been well-received. I attribute its success to Sky Eden@Bedok's accessible location in a mature estate, which has proven to be a huge draw for homebuyers."

On August 27 we began presenting previews of the project. The construction is expected to be finished in the first half of the year 2027.

Gafoor, who works for Propnex, believes that planned launches in the Outside Central Region, such as Lentor Modern, The Arden, and Sceneca Residences, will also do well. The largest of them, GuocoLand's Lentor Modern integrated mixed-use development in the region of Yio Chu Kang, opened to previews on Friday (September 2) with prices beginning at S$1,880 per square foot (psf) for its 605 residential units.

In the meanwhile, the Urban Redevelopment Authority in Singapore obtained a no-sale licence for the 268-unit Sceneca Residences in Tanah Merah Kechil near Bedok in May of this year. MCC Singapore is the company that is building these residences. The developer is allowed to begin building if they have a no-sale licence, but they are not allowed to sell any apartments unless they have received prior clearance from the Controller of Housing. MCC Singapore has announced that it plans to submit a new application for a selling licence in the month of October.

Separately on Thursday, Frasers Property announced that it is considering the possibility of issuing up to S$375 million in green notes with a maturity date of 2027 as part of its S$5 billion multicurrency debt issuance programme. These notes are intended to be listed on the mainboard of the Singapore Exchange.

The offer, which consists of a placement with institutional investors and a public offer tranche that would be accessible to retail investors in Singapore, has the potential to be increased to a maximum of S$650 million if it receives a higher number of applications than anticipated.

They will be issued in denominations of S$1,000 and at an intended issue price that is equal to one hundred percent of their principal value. Additionally, they will be guaranteed by the organisation. It is anticipated that applications for the public offer tranche will be made in multiples of S$1,000, whilst applications for the placement tranche for specified investors are required to be submitted in multiples of S$250,000.

It has been decided that DBS, OCBC, and UOB would work together as the offer's joint lead managers and bookrunners.

Frasers Property has stated that a bookbuilding procedure will soon begin with institutional investors and the necessary people, and that more details on the topic will be published when the bookbuilding process has concluded.

On Wednesday, shares of Frasers Property finished the trading day down by S$0.01, or 0.9 percent, at S$1.06 each.