Sky Everton is a rare freehold development located just at the fringe of Singapore’s Central Business District (CBD). This is perhaps one of the best performing new project launches in recent times in terms of the percentage of units sold.
Details about the development
Sky Everton is a freehold condominium located along Everton Road. It is located right next to Spottiswoode Park. It will be built on the site of the former Asia Gardens. Asia Gardens was a 23-storey development with 80 apartment units and 4 penthouses on a land with an area of 72,059 square feet. In April 2018, a consortium led by Sustained Land obtained the site through a collective sale for SGD$343 million or SGD$1,722 per square foot per plot ratio (psf ppr). This was higher than the asking price of SGD$338 million when the tender was launched in March 2018. The owners received between SGD$3.476 million and SGD$77.3 million per unit.
Sky Everton will consist of a single 36-storey residential tower with a total of 262 units. There will be a 4-storey carpark with a basement. Its expected date of legal completion is September 2023. Here is the unit mix of Sky Everton:
1 bedroom, 463 and 592 sq ft: 34 units
1 bedroom + study, 506 and 635 sq ft: 16 units
2 bedroom, 624, 646, 764 and 807 sq ft: 74 units
2 bedroom + study, 657, 678 and 840 sq ft: 38 units
3 bedroom, 915 and 1066 sq ft: 40 units
3 bedroom + study with private lift, 958 and 1108 sq ft: 34 units
4 bedroom with private lift, 1345 sq ft: 22 units
5 bedroom penthouse, 1808 sq ft: 2 units
6 bedroom penthouse with private lift, 2228 sq ft: 2 units
Where is the development located?
Sky Everton is located along Everton Road. It is just next to Spottiswoode Park and behind Spottiswoode Suites and Spottiswoode 18. It is walking distance to the upcoming Cantonment MRT Station which will be built underneath the Tanjong Pagar railway station. Cantonment MRT Station is part of stage 6 of the Circle Line and is expected to be completed in 2025.
Current MRT Stations that are close to Sky Everton are Outram Park and Tanjong Pagar. This will get you onto the East-West Line, the North-East Line and the upcoming Thomson-East Coast Line. The great interest in Sky Everton is due to the fact that it is located very close to the planned Greater Southern Waterfront District which is just south of the development. It is also just on the fringe of Singapore’s CBD.
The walk to Outram Park MRT Station will take about 7 minutes and the distance covered will be about 550 meters. The walk is rather unsheltered. I have previously done a review on One Pearl Bank and in that review, I showed the time taken as well the cost to travel from Outram MRT Station to Raffles Place MRT Station and Orchard MRT Station. Since Sky Everton’s nearest available MRT Station is also Outram Park MRT Station, you can refer to my review of One Pearl Bank for the train ride and car journey timing. Here is the review:
The selling points of the development
The location of Sky Everton is perhaps the best selling point of this development. To the west of the development is Tanjong Pagar, where Singapore’s CBD is located. To the north of the development is Singapore General Hospital. The upcoming Greater Southern Waterfront District is down south from the development. There is a huge natural catchment area when it comes to looking for tenants. I do think that for most residents, they will utilise the Cantonment station as it is closer than Outram Park MRT Station but to have easy access to four MRT lines, the East-West Line, the North-East Line, the Thomson-East Coast Line and the Circle Line is very unique.
In terms of pricing, if we were to compare to recent transactions in Spottiswoode 18 and Spottiswoode Suites, Sky Everton is priced at about SGD$2,600 psf. This represents a slight premium over the resale market for Spottiswoode 18 and Spottiswoode Suites. This is perhaps the reason why sales for this new project launch have been rather brisk.
Possible bad points about the development
I still think that prices are elevated and developers are pricing ahead of time. That being said, this is perhaps one of the few projects where the prices are just a small premium over the resale market.
My thoughts about the development
I do believe in the Greater Southern Waterfront District. I do think that like what Jewel @ Changi is for air travellers into Singapore, something to that similar effect will come about at the Keppel area for ships docking into Singapore. A great deal of emphasis has been placed on these plans and out of all the rejuvenation plans in every region of Singapore, I do think that this will be the most significant.
There are also no other plots of land that can be developed in this area. Sky Everton will join Spottiswoode Residences, Spottiswoode Suites and Spottiswoode 18 as the four condominiums in this cluster. There is no empty plot of land in the area for development.
Perhaps one of the more reasonably priced new project launch in terms of the premium you would have to pay over the resale market. Moreover, this is a freehold condominium located just at the fringe of Singapore’s CBD. However, as always, I do think that property prices are a tad high and thus I’ve never given too high a score for this segment.
Sky Everton is located very close to the upcoming Cantonment MRT Station and the Greater Southern Waterfront District which will take over the Keppel Terminal and Tanjong Pagar Terminal. It is very centrally located and it should be easy to find tenants. I do think that a property around Outram Park MRT Station would be a better location in terms of connectivity.
Recent new project launches have been impressive in terms of the design concept and developer profile and thus when comparing to developments like One Pearl Bank by CapitaLand, Sky Everton does feel like as though it is not architecturally as impressive nor does it have a very comprehensive suite of facilities. However, Sustained Land is an experienced developer and their past projects include Suites De Laurel, 38 iSuites and Tivoli Grande. They are a mid-sized developer and their track record is made up of boutique developments.
p.s. Disclaimer: I am a licensed real estate salesperson at the point of writing this review. My real estate agency is the marketing agency for Sky Everton. Buyers can approach me to purchase Sky Everton and I will earn a commission from the developer. My reason for writing this review is to share my personal view about the developments not as a real estate salesperson but in the neutral context of a buyer and hopefully share some insight to help buyers make a more informed buying decision.
My other Singapore Property Reviews