The recession which we are in may be the worst recession since independence but private home prices in Singapore have been bucking the trend and are rising. The overall price index for private residential properties rose by 0.8 per cent, faster than the 0.3 per cent rise in the second quarter. To temper demand, the Urban Redevelopment Authority (URA) clamped down on the practice of reissuing options to purchase for private homes. Many believe that such practices helped fuel demand for new launches and thus helped contribute to the recession-defying rise in property prices. The Landmark is one of the first projects to be launched after the implementation of the new ruling and it would be interesting to see how this affects buying behaviour.
Details about the development
The Landmark is a 99-year leasehold development comprising of a 39 storey single block with 396 units and a basement car park. The development will be jointly developed by a consortium called Landmark JV which consists of SSLE Development Pte Ltd, MCC Land (Singapore) Pte Ltd and ZACD Group Ltd. The Landmark was formerly Landmark Tower and it was launched for collective sale in April 2018, 11 years after its first unsuccessful attempt. The 139-unit Landmark Tower was eventually sold to a joint venture company Landmark JV for SGD$286 million. The 60,821 square feet unit is zoned for residential use with a plot ratio of 4.0. This translates to a sale price of SGD$1,406 per square foot per plot ratio (psf ppr) which is lower than the SGD$1,515 psf ppr which CapitaLand paid for Pearl Bank Apartments. The owners of Landmark Tower received gross proceeds of between SGD$1.6 million and SGD$4.9 million from the collective sale. The resulting development, The Landmark, is expected to be completed in 2025.
Here is the unit mix of The Landmark:
1-bedroom: 144 units, 495 to 517 sq ft
2-bedroom: 180 units, 678 to 764 sq ft
3-bedroom: 72 units, 1076 to 1141 sq ft
Where is the development located?
The Landmark is located at 173 Chin Swee Road, just next to Pearl’s Hill City Park. It is within walking distance to both Chinatown MRT Station and Outram Park MRT Station.
The Landmark location map
According to Google Maps, the walk to Outram MRT Station will take about 16 or 17 minutes depending on the chosen route. The distance covered is approximately 1.2 to 1.4 kilometres. This route is relatively unsheltered.
The walk to Outram MRT Station
According to Google Maps, the walk to Chinatown MRT Station will take about 7 minutes and cover about 550 metres. This is the closest train station to The Landmark and the walk is relatively sheltered once you navigate to Pearl’s Hill Road.
The walk to Chinatown MRT Station
The train journey from Outram Park MRT Station to Raffles Place MRT Station will take approximately 5 minutes over 2 MRT Stations and will cost $0.92. Raffles Place MRT Station is also on the Green MRT Line.
Outram Park MRT Station to Raffles Place MRT Station
The train journey from Outram Park MRT Station to Orchard MRT Station will take approximately 10 minutes over 5 MRT Stations and will cost $1.12. You will need to make a transfer to the Red MRT Line at Dhoby Ghaut MRT Station.
Outram Park MRT Station to Orchard MRT Station
The train journey from Chinatown MRT Station to Raffles Place MRT Station will take approximately 6 minutes over 3 MRT Stations and will cost $0.92. You will need to transfer over to the Green MRT Line. However, Raffles Place is very close to Chinatown MRT Station. I would think that commuters might just walk to their workplace if they were to navigate their way to Chinatown MRT Station from The Landmark.
Chinatown MRT Station to Raffles Place MRT Station
The train journey from Chinatown MRT Station to Orchard MRT Station will take approximately 9 minutes over 4 MRT Stations and will cost $1.02. You will need to make a switch to the Red MRT Line at Dhoby Ghaut MRT Station.
Chinatown MRT Station to Orchard MRT Station
The drive from The Landmark to Raffles Place will take 5 minutes and will cover a distance of about 3.1 kilometres. That being said, The Landmark is located right on the edge of the central business district (CBD) and if residents were working in Raffles Place, I would think that they might take public transport to work.
The drive from The Landmark to Raffles Place
The drive from The Landmark to Orchard Road will take about 6 minutes and cover a distance of about 3.4 kilometres. Do note that this Google Maps query was done at about midnight so road conditions were optimal. Do factor in the usual peak hour traffic on top of the time shown in this Google Maps query.
The drive from The Landmark to Orchard Road
The selling points of the development
The location. Recent launches have been performing rather well but instead of solely attributing that to a resilient property market, I would also attribute a large part to the good locational qualities of the recent launches. The Landmark sits right on the fringe of Singapore’s CBD. Demand from tenants working in the CBD should be healthy and if this development is priced right, could prove to be an attractive investment proposition for investors.
The availability of amenities right in the heart of the city is another huge plus. Typically with developments right in the city, you would expect not to have frills like coffee shops and convenience store. However, The Landmark is surrounded by HDB flats. There are coffee shops and convenience stores in the vicinity and there is even a Sheng Shiong supermart at Blk 52 Upper Cross Street. This is a huge plus for families looking to buy for their own stay or tenants alike.
I do think that the close proximity to Pearl’s Hill City Park is a huge plus. Singapore is a very built-up city and at times it can look like a concrete jungle but when you have a massive park right next to the city and a condominium right next to it, I do think that this is a huge draw.
The area around Outram MRT Station is an area which I feel will develop greatly. We have the Greater Southern Waterfront where Singapore’s CBD will be extended. On top of that, the 20-year Master Plan for Singapore General Hospital Campus should translate into higher demand for properties in the vicinity.
Possible bad points of the development
It is not exactly next to either Outram MRT Station or Chinatown MRT Station. You would need to walk a bit to get to either train stations. On top of that, there should be some road noise from the Central Expressway (CTE) and Chin Swee Road.
My thoughts about the development
I have reiterated this on multiple occasions. Location is key to renting and reselling. I am looking forward to the Greater Southern Waterfront taking shape and I had previously recommended One Pearl Bank. It is unique and rare to have an interchange with 3 MRT train lines. With the Thomson East Coast Line passing through Outram MRT Station, Outram MRT Station will have 3 MRT train lines passing through.
The Landmark
Pricing TBC
As of writing, pricing had yet to be released.
Location 4.5/5
This is right on the edge of Singapore’s CBD. Moreover, it is located within walking distance to both Outram MRT Station and Chinatown MRT Station. Demand for properties in this area should remain strong. In recent times, we have been seeing some high profile companies set up office in Singapore’s CBD. I do expect this trend to persist as Singapore aims to be a fund management hub.
Quality 4/5
The developers are not unknown. MCC Land had previously developed developments like The Poiz Residences, The Santorini and The Nautical among many others.
Yours Sincerely,
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 The Landmark. Buyers can approach me to purchase a unit at The Landmark 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
My review of Normanton Park by Kingsford Development
My review of Penrose by CDL and Hong Leong Holdings
My review of Forett at Bukit Timah by Qingjian Realty
My review of Clavon by UOL Group
My review of The M by Wingtai Asia
My review of Kopar at Newton by CEL Development
My review of The Avenir by Hong Leong Holdings and GuocoLand
My review of One Holland Village Residences by Far East Organisation
My review of Neu at Novena and Fyve Derbyshire by Roxy Pacific Holdings
My review of Midwood by Hong Leong Holdings
My review of Royalgreen and Juniper Hill by Allgreen Properties
My review of Sky Everton by Sustained Land
My review of Sengkang Grand Residences by Capitaland and City Developments Limited
My review of One Pearl Bank by Capitaland
My review of The Antares by FSKH Development
My review of Parc Clematis by SingHaiyi Group
My review of Piermont Grand by City Developments Limited
My review of Parc Komo by CEL development
My review of Riviere by Frasers Property
My review of Avenue South Residence
My review of 1953 by Oxley Holdings
My review of Uptown @ Farrer
My review of The Florence Residences
My review of Treasure at Tampines
My review of Fourth Avenue Residences
My review of The Woodleigh Residences
My review of Kent Ridge Hill Residences
My review of Arena Residences
My review of Whistler Grand and Twin Vew
My review of Mayfair Gardens and Daintree Residence
My review of Parc Esta
My review of Jui Residences
My review of The Jovell
My review of JadeScape
My review of Stirling Residences and Margaret Ville
My review of The Tre Ver and Riverfront Residences
My review of Park Colonial
My review of Affinity at Serangoon and The Garden Residences
