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Blossoms by the park is a new development by EL Development. Their latest portfolio includes Trivelis, Parc Riviera, Symphony Suites & Pullman Residences. The Developer has been honoured with several prestigious awards over the past few years – most notably at the Asia Property Awards Singapore and FIABCI Excellence Award. This proves their commitment to providing premium properties and their continuous effort to maintain excellence in their field.
When Is Blossoms By The Park Launching?
Blossoms By The Park is launching earliest on 11th March 2023 subject to changes by the Developer. In addition, there are 3 other new developments in 2023 expected in the South-West region. Terra Hill in Pasir Panjang opened its door on 10th February. The Hill @ One-North looks likely to be launching around Q3 2023.
How Much Would Blossoms By The Park Likely Be Priced From?
With a land cost of about S$1,245.60 psf ppr. After factoring in the construction cost, miscellaneous & marketing fees and profit margin, it is estimated that Blossoms By The Park may be priced from S$2,250 psf.
(Updated: 13th February 2023) For a price comparison, the starting price for the Freehold luxury development Terra Hill is around S$1.5 million for a two-bedroom unit. Sizes for two-bedroom units range from 624 ft² to 807 ft² which translates to about S$2,404 psf.
Around 10 Developers were eyeing the land parcel at Slim Barracks Rise (Parcel A) & Slim Barracks Rise (Parcel B). However, unlike the upcoming Lentor Hills Residences, only 4 Developers were bidding for the land parcel, perhaps due to an untested market at Lentor Hills or changing market sentiments in the year 2022, as evident in the bidding exercise for Lentor Central GLS.
Slim Barracks Rise (Parcel B) will likely be priced lower due to the lower land cost. However, although the cost is lower, there are disadvantages, such as proximity to MRT Station and a smaller site area.
Blossoms By The Park Comparative Market Analysis
Based on the estimated launch price of Blossoms By The Park, let’s examine whether it’s asking above market value. The last project launched in the vicinity was One-North Eden in 2021. 85% of the development was sold on the first day of the launch. This reflects the pent-up demand for new supply in the area.
Let’s look at how resale projects like One North Residences and The Rochester Residences are faring versus One-North Eden.
It can be easily mistaken that One-North Eden is sold way above market value but is it what it seems?
| Project | TOP Date | Unit Type | Size | Latest PSF |
|---|---|---|---|---|
| One North Residence | 2009 99 From 2005 | Studio | 592 ft² | $1,520 psf |
| One North Residence | 2 Bedroom | 980 ft² | $1,521 psf | |
| The Rochester Residences | 2011 99 From 2005 | 1 Bedroom | 861 ft² | $1,672 psf |
| The Rochester Residences | 2 Bedroom | 1206 ft² | $1,659 psf |
Both One North Residence & The Rochester Residences have huge unit layouts. There are no typical 1 Bedroom layouts in One North Residence (except for 1 Bedroom Loft Unit). Almost all the units below 980 ft² are Studio units, while 2 Bedroom units start from 980 ft², which is huge for today’s standard.
Meanwhile, The Rochester Residences’ 1 Bedroom starts from 861 ft², and 2 Bedroom starts from 1206 ft², which is again huge! Both projects also have planter boxes and bay windows which are wasted space to some.
Over at One-North Eden, 1 Bedroom starts from 517 ft², and 2 Bedroom starts from 689 ft²; hence even though the per square feet size is higher, the quantum is way lower than the 2 older projects. This is probably why One-North Eden receives very positive results during the launch. Generally, homeowners are looking for efficient space layouts with affordable quantum, and any unutilised area becomes a wasted space and burdens homeowners need to fork out.
| Project | Unit Type | Size | Latest PSF | Transaction Px |
|---|---|---|---|---|
| One North Residence | 2 Bedroom | 980 ft² | $1,521 psf | $1,490,580 |
| The Rochester Residences | 2 Bedroom | 1206 ft² | $1,659 psf | $2,000,754 |
| One-North Eden | 2 Bedroom | 689 ft² | $1,870 psf | $1,288,430 |
Moreover, the older 2 projects have 18 years of lease used up. Moving forward, Blossoms By The Park & Slim Barracks Rise (Parcel B) will set a new benchmark in the area. With a limited supply of land parcels available in the vicinity and an increase in R&D and high technology cluster at One-North, demand for residential properties will likely remain strong.
Blossoms By The Park Development Plan
Blossoms By The Park consist of a block of 27-storey apartments comprising 275 residential units. Commercial activities are located on the 1st storey, which will likely consist of 4 restaurants. There is also direct access to One-North Park. Apparently, the Developer decided against following the URA’s Development Plan guide, which initially had 2 blocks of residential apartments (As seen in the above image).
The land parcel sits on a slope located beside One-North Park. The topography naturally elevates the project higher than the surrounding buildings. An added 8m height clearance from the park level to the first residential unit minimises the chance of a direct view into the unit from the top of One North Park.
Further updates will be made once the development plan is finalised.
How Easily Accessible Is It To Blossoms By The Park?
Schools
There are several reputable schools near Blossoms By The Park. Schools within a 2km radius are Fairfield Methodist Primary, Henry Park Primary & New Town Primary. Secondary Schools include but are not limited to Fairfield Methodist Secondary, Anglo-Chinese School (Independent), Nan Hua High School & Queensway Secondary. Post-Secondary options include but are not limited to NUS High School of Mathematics & Science, Anglo Chinese Junior College & Singapore Polytechnic.
The availability of educational institutions within close proximity will undoubtedly sustain the demand for residential properties in the area.
Daily Necessities
The Star Vista, about 350m away, is a short 5 minutes leisure stroll from Blossoms By The Park. There are plenty of Food & Beverage varieties, Home & Furnishing needs & Supermarkets like Cold Storage available to cater to the different needs of individuals. Banking facilities are also available within the mall, making it a one-stop place for daily necessities.
Across the street, The Rochester Mall is another option for those who prefer a quieter ambience. Although not as packed with retail stores like the Star Vista, there are still several Food & Beverage options, Educational Centres & Healthcare Centres within.
The new Rochester Common has 5 exclusive black & white heritage bungalows repurposed for alfresco dining. A short distance away will bring more options like One Holland Village, Clementi Mall & Dempsey Hills.
Transportation
Buona Vista MRT Station (Circle Line) is a short 2 minutes walking distance away. The Buona Vista MRT Station’s entrance is easily accessible via a short stroll down from One North Park. In addition, Buona Vista MRT Station is within 6 stops of other interchange stations that connect to all lines in Singapore, making travelling to other parts of the island a breeze.
Several roads lead to Slim Barracks Rise from Ayer Rajah Expressway (AYE), North Buona Vista Road, Portsdown Road & Commonwealth Avenue. Such excellent connectivity makes commuting to and fro Blossoms By The Park easier. In the event of traffic congestion in a single area, others are still available to travel via.
Sports & Fitness
At the doorstep, One North Park is a beautiful 3.24-hectare park located in the heart of One North, close to Biopolis. You’ll find lush greenery and magnificent trees and shrubs here, perfect for a relaxing stroll or an enjoyable picnic. It’s also a shared space for the working, playing and living communities in One North – so everyone can enjoy its beauty together!
The Rail Corridor is located at the North Buona Vista Road & Commonwealth Avenue Junction. Fitness enthusiasts can easily hike to Tanjong Pagar or Woodlands while enjoying the beautiful scenery. Cyclists can utilise the Ulu Pandan Park Connector right behind the Star Vista to access the West region of Singapore.
Other nature parks near Blossoms By The Park are West Coast Park, Kent Ridge Park, Labrador Nature Reserve & Southern Ridges.
Bottom Line: Is It Worth It?
Blossoms By The Park is probably one of the anticipated and recommended new launches to consider in 2023! However, Sceneca Residence at Tanah Merah, in my own opinion, may not be worth it despite all the hype generated.
Firstly, only limited land parcels are available at One North for residential development. The land surrounding Woking Road had been earmarked for detailed planning, but it remains to be seen if Government will demolish the black-and-white colonial housing. With more and more businesses moving into the One North Business Park, housing demand will also gradually increase.
Secondly, rental markets around Holland Village & Ghim Moh are hot commodities due to a lack of supply within One North. As explored earlier, the current stocks at One North are either tiny or super spacious, contributing to unrealistic rental rates. One-North Eden will likely be a hot rental property when it achieves TOP in 2023 due to its modern layout.
Lastly, with other new launches in the RCR hitting close to S$2,000psf, Blossoms By The Park is like a steal! 2023 will likely set another new high in the Primary Market. With land scarcity being a significant issue in Singapore, finding a project with future potential is essential.
