The Reserve Residences (D21, 99 years leasehold, Far East Organization)

The Reserve Residences is an upcoming new mega launch by Far East Organisation. It is a proposed mixed development with integrated facilities such as a airconditioned bus interchange, direct underground link to Beauty World Mrt station, shopping malls, service apartments, and residential units on the upper floors of the tower.

Its location is on Jalan Anak Bukit on Upper Bukit Timah just beside Bukit Timah Plaza. The popular primary school amongst parents is Pei Hwa Presbytarian School which is just a stone's throw away. Another top choice of school amongst parents is Methodist Girl's School located at Blackmore Road.

The whole atmosphere of Upper Bukit Timah is going to be energised with the coming of The Reserve Residences.

https://propertynew.sg/property/the-reserve-residences/

Far East Organization to launch The Reserve Residences at prices from S$2,300 psf

May 10, 2023

FAR East Organization and Sino Group will start previews for The Reserve Residences in Bukit Timah on Friday (May 12), with prices starting from S$2,300 per square foot (psf).

Located at Beauty World, The Reserve Residences in District 21 will house 732 residential units split over eight blocks. The 99-year leasehold development will sit above a retail mall with over 215,278 square feet (sq ft) gross floor area and have direct access to Beauty World MRT station. It is within walking distance to Bukit Timah Nature Reserve and Rifle Range Nature Park.

There are 732 residential units ranging from one-bedroom to five-bedroom units, duplexes and penthouses under four collections.

One-bedroom units, which range from 441 sq ft to 495 sq ft, start at about S$1.11 million. Two-bedroom units, sized from 560 sq ft to 807 sq ft, start at S$1.45 million. Three-bedroom units at 883 sq ft to 1,324 sq ft start from S$2.2 million.

Four-bedroom units, ranging from 1,475 sq ft to 2,250 sq ft, and larger units including penthouses, will be priced from S$3.5 million onwards.

Speaking to the media on Wednesday (May 10), Shaw Lay See, chief operating officer of Far East Organization’s sales and leasing group, said: “We know that with the recent Additional Buyer’s Stamp Duty (ABSD) hike, there is going to be some pressure on certain groups of potential buyers…

“But we are quietly confident that this is a development that will take off, because of the location and (as) it is an integrated development.”

When asked whether there would be an “early bird” discount, Shaw said: “We are definitely looking into it, but the quoted price will have taken that into consideration.”

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’s going to appeal to a lot of buyers and we are going to deliver a very good product.”

The project, designed by Woha Architects, sits on a 32,185 square metre state land site that was sold to Far East Organization and Sino Group for S$1.028 billion in August 2021. Based on the maximum gross floor area allowed under the plot ratio of 3.0, the price they paid for the land amounts to about S$989 psf per plot ratio.

PropNex chief executive Ismail Gafoor, who attended the media briefing for The Reserve Residences, said he expects potential buyers to be a “mixed group”.

He said: “Investors will look at the one-bedroom (units). There will be a lot of younger families we are expecting to come in and buy the two-bedrooms.”

Given that one-bedroom and two-bedroom units comprise 55 per cent of The Reserve Residences’ unit mix, Gafoor said: “I’m pretty confident, quietly hoping, that we will cross the 40 per cent 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 Outside Central Region (OCR) project was the month’s bestseller, moving 184 of its 386 units at a median price of S$2,068 psf, which market watchers put down to it being priced lower than other new suburban projects.

The Reserve Residences sits in the city fringe, or Rest of Central Region (RCR). Nearby, The Linq @ Beauty World was launched in November 2020, at prices ranging from S$1,998 psf to S$2,439 psf. The latest transaction at The Linq was a resale deal inked in March 2023 at S$2,741 psf.

Far East Organization’s last launch before The Reserve Residences was One Holland Village Residences, which it developed with Sekisui House and Sino Group. As at May 10, it has sold 93 per cent of its 296 units, Shaw told BT.

The Reserve Residences will book sales from May 27, and is expected to achieve its temporary occupation permit in the first quarter of 2028.

https://www.businesstimes.com.sg/pro...ices-s2300-psf

The Reserve Residences to launch on May 27; 550 units to be released for sale under first phase

May 24, 2023

Residences at The Reserve Residences, the mixed-use integrated development by Far East Organization and Sino Group located at Jalan Anak Bukit in District 21’s Bukit Timah area, is set to launch this weekend on May 27.

550 out of the 99-year leasehold project’s 732 residential units will be released for sale in its first phase, according to the developer. Since its preview period commenced on May 12, visitors to The Reserve Residence’s sales gallery have crossed over 15,500.

Prices start from $2,300 psf, with one-bedroom units commencing from $1.11 million, two-bedroom units from $1.45 million and three-bedroom units from $2.2 million. Four-bedroom units and above are priced starting from $3.5 million.

Shaw Lay See, COO of the sales and leasing group a Far East Organization, notes that the development has received “very encouraging” feedback to date. “We are pleased that its meticulous design, thoughtful and well-curated spaces, over 70 recreational and social facilities and fair market pricing, have sparked keen interest amongst our potential homebuyers.”

The Reserve Residences has eight residential blocks, with 732 apartments spread across four collections: The Reserve Residences collection with 502 units of one- to three-bedroom apartments; the Horizon collection with 167 units of three- and four-bedders; the Creekside collection with 48 units of three- and four- bedders; and the Treetops collection with 15 premium residences of four- to five-bedroom units, duplexes and penthouses.

The development also has 160 serviced apartments and Bukit V, a three-storey retail mall. The development is integrated with a transport hub, a new air-conditioned bus interchange on the mall's second level and a direct underground link to Beauty World MRT Station.

More at: https://www.edgeprop.sg/property-new...er-first-phase

The Reserve Residences sells 520 units, or 71% of project, at average S$2,460 psf

May 28, 2023

FAR East Organization announced on Sunday (May 28) that it has sold 520 units of The Reserve Residences in Upper Bukit Timah – or 71 per cent of the project’s total units – at an average price of S$2,460 per square foot (psf).

Some 635 units out of the project’s 732 units were released for the weekend launch. The project, jointly developed with Sino Group, is part of an integrated development with the Beauty World transport hub.

The highest transacted unit was at S$2,790 psf for a five-bedroom Sky Terrace apartment.

All one-bedroom units were sold, with 99 per cent of buyers being Singaporeans and permanent residents. Three US nationals bought one-bedroom units, and they are subject to the same Additional Buyer’s Stamp Duty (ABSD) rate as Singaporeans under the free trade agreement between the two countries.

Those aged between 31 and 40 made up 41 per cent of all buyers, while those between 21 and 30 years of age comprised 22 per cent of buyers.

The 486 units sold on the first day on Saturday represent 83 per cent of the initial 587 units released.

“Selling 83 per cent of released units on the first day attests to the thoughtful design, strategic location, and the scarcity of integrated developments with a transport hub, which have made this project very attractive to homebuyers,” said Shaw Lay See, chief operating officer, sales and leasing group, Far East Organization.

The Reserve Residences is the best-selling project by units sold this year and in the Rest of Central Region (RCR), said Huttons Group chief executive officer Mark Yip.

“This is the second-highest first-day sales by number of units after Lentor Modern,” he said. GuocoLand’s Lentor Modern moved 508 units – or 84 per cent – of its 605 units over its launch weekend in September 2022, at prices ranging from S$1,856 psf to S$2,538 psf.

Previews for The Reserve Residences drew about 6,000 visitors, and a launch price which started from S$2,300 psf was seen as attractive.

“We think this is an attractive price point for an integrated development in the RCR, considering new launch condos in the Outside Central Region (OCR) were going at around S$2,000 psf to S$2,100 psf,” said PropNex CEO Ismail Gafoor.

Being an integrated development with a transport hub in a city fringe was a key point of interest for buyers.

Marcus Chu, the CEO of Apac Realty and ERA Asia-Pacific, noted that such a development is rare in Singapore. The sales were also driven by the high “rentability” of the project being in an integrated transport hub.

“A record number of salespersons have also purchased units as they are cognisant of the rarity and the investment value of an integrated transport hub,” said Hutton’s Yip.

New property launches are still performing relatively well in the wake of the market cooling measures, agents say, as recent hikes in ABSD have been aimed at taming investment demand. Local buyers who will be first-time homeowners are not affected by these cooling measures.

https://www.businesstimes.com.sg/pro...rage-s2460-psf