IRWELL HILL RESIDENCES
New Homes at Irwell Bank Road . River Valley . By CDL Singapore
We review here the launch of the upcoming Irwell Hill Residences by CDL Perseus, a unit of City Developments Pte Ltd. This will be the newest high-rise private residential development at Irwell Bank Road in the River Valley area, on the fringe of the Orchard Road shopping belt.
Note: This is NOT an advertisement for sale.
The location of this Irwell Hills condo is considered a pretty good one. It is in District 9, one of the most upmarket districts of Singapore. It is surrounded by high-end private residences, and is less than 15 minutes walk from Orchard Road.
And it is also within easy walking distance to the dining hotspots at Robertson Quay, along the Singapore River.
For families, there is the advantage of being within 1 KM radius of River Valley Primary School, one of the most well regarded primary schools in Singapore. In fact, less than 15 minutes walk from it.
The site is fairly convenient for moving around too, being both central as well as accessible. It is 200 metres or less than 3 minutes walk from the nearest exit of the Great World MRT station on the Thomson-East Coast (TEL) Line. This stage of the TEL line is slated to open by about 2022, before the completion of Irwell Hills Residences.
View from Irwell Bank Road of the slightly elevated Site
Given its proximity to the CBD, this place would likely appeal to those who work in the central part of Singapore, possibly in the Downtown area. Particularly as it is just about 10 minutes drive from the Raffles Place / Marina Bay / Shenton Way Business and Financial District.
Irwell Hill Residence basically presents an opportunity to own a home or investment property on the edge of Orchard Road, at a more affordable quantum than is generally found in the District 9 neighbourhood.
And the fact that it is being built by City Developments, one of the most established and trusted developers with a reputation for quality, is another point in its favour.
The Irwell Hill Residences . Highlights
In its immediate vicinity, we have Great World City mall about 250 metres down Kim Seng Road. Residents would likely find this the most convenient place for one-stop shopping, with its shops, supermarket, F&B outlets and food court, and lifestyle services.
Slightly beyond that, are Kim Seng Park and the Singapore River, where it winds its way around the upcoming Fraser Residence Promenade, and down past Robertson Quay. This stretch marks the start of a vibrant night life scene along the river, with a wide variety of wining & dining options.
Incidentally, Fraser Residence Promenade is a mixed development currently under construction, with its own residential component, the Rivière. Rivière is comparable to Irwell Hills Residences in being a 99 year leasehold property too. It re-launched for sale end 2020, and has been selling at roughly between $2,400 to $3,000 PSF.
In general, prices in the vicinity for 99 year leasehold launches range between SGD$2,680 to $2,860 PSF, according to industry experts. However CDL Perseus managed to clinch this new Irwell Bank site at a lower-than-expected land rate rate of SGD$1,515 PSF. At such a land cost, they can well afford to price below the market rate here, and still take a profit.
There is a flourishing community of expatriate residents around here, who are drawn to the vibe and character of the neighbourhood. Hence this Irwell Hills condo could also interest investors looking for a place with strong tenant appeal.
|Name||Irwell Hill Residences|
|Developer||CDL Perseus Pte Ltd|
|Status||Condominium (Foreigners eligible to buy)|
|Address||Irwell Bank Road Singapore|
|Site Area||12,786.38 m² (137,632 sq ft)|
|Floor Area||35,801.86 m² (385,371 sq ft)|
|Tenure||99 Year Leasehold|
Irwell Hill Residences Floor Plans
The Irwell Hill condo floor plans are pending approval by the relevant authorities. Please drop us a note via the Contact Form if you would like the full set of Irwell Hills floor plans to be emailed to you when finalised.
Irwell Hill Residences Site Plan
Irwell Hills Residence occupies a mid size, fairly longish corner site, of around 137,000 square feet. Its longest boundary is on its west, fronting Irwell Bank Road, with a short stretch on its south along River Valley Road.
To its north is a new short cul-de-sac road that provides access to the site, across which is an empty plot zoned for reserve land. To the east of the site are a couple of old developments, the Riva Lodge apartments, and Leonie Towers condominium.
Both are not very big, with Riva Lodge at 13 storeys high. Leonie Towers, the larger and taller of the two at 24 storeys high, comprises two blocks set quite wide apart, with its pool and facilities at the centre of the site. So this section offers unblocked views eastwards for Irwell Hill condo residents.
Across Irwell Bank Road westwards are some old low-rise apartments and houses. The land here is zoned 1.4, which means they will continue to be low-rise, even when re-built in future. So views to the west from the Irwell Hill site should continue to be unblocked.
Irwell Hill Residence Showflat · Viewing
The Irwell Hills showflat is not ready for viewing yet. Please drop a note via the Contact Form if you wish to be alerted when the Irwell Hill condo showflat is scheduled for opening.
Irwell Hill Residences Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of Units||Strata Area
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
IRWELL HILL CONDO PRICE RANGES
The Irwell Hills Residences price list is not finalised yet. Please let us know via the Contact Form if you wish to be kept updated when the indicative pricing is finalised.
IRWELL HILL RESIDENCES PRICING BACKGROUND
CDL Perseus, a subsidiary of City Developments Pte Ltd, clinched this 137,632.6 sq ft GLS (Government Land Sale) Irwell Bank site with a top bid of SGD$583.9 million, out of a field of seven bidders. According to the senior director of research and consultancy at JLL, Ong Teck Hui, the top bid for this site was lower than expected.
Under the URA Master Plan, the site is zoned residential with plot ratio of 2.8 (built-in floor to land area). This translates to a permissible maximum GFA (Gross Floor Area) of 385,379.9 square feet.
It works out to a land rate of around $1,515 PSF PPR (per square foot per plot ratio). After adding in all the financing, regulatory, and construction and related costs, the break even to the developer could come up to around $2,100 PSF. Any launch pricing north of that would represent a profit for CDL.
Head of research and consultancy at ERA Realty, Mr Nicholas Mak has noted that, “The median transacted prices of 99-year leasehold condo in the vicinity range between $2,680 psf and $2,860 psf. With a land rate of $1,515 PSF PPR for the Irwell Bank Road site, the developer could earn a reasonable profit if the future condo on this site is launched at the current condo prices.”
About the Developer
CDL is a major global real estate company with operations across 106 locations in 29 regions & countries. Listed on the SGX since 1963, the Group is one of Singapore’s largest companies by market capitalisation. It is also a leading international hotel and property conglomerate.
It is linked to a network of more than 300 associated companies and subsidiaries worldwide too. Seven of these are listed on the stock exchanges of London, the Philippines, New Zealand, and Hong Kong.
Here in Singapore, CDL is one of the most trusted and reliable of the local developers, with a track record spanning 55 years in real estate development, management, and investment. The Group has developed over 46,000 homes in Singapore, and key overseas markets like the UK, Australia, Japan, and China.
It also owns more than 24 million square feet of gross floor space in commercial, residential, and hospitality assets worldwide.
Among its many local developments are ones like St Regis Residences, Nouvel 18, Boulevard 88, Gramercy Park, Cliveden @ Grange, New Futura at Leonie Hill, Residences @ Evelyn, The Glyndebourne, The Sail @ Marina Bay, The Pier at Robertson, The Oceanfront @ Sentosa Cove, Golden Hill Villas, Amber Park, MeyeRise, Goldenhill Park, and South Beach with South Beach Residences (a mixed development) at Beach Road.
For further details about City Developments, see www.cdl.com.sg (opens in new window).
The Irwell Hills Location · Features
The Irwell Hill site occupies quite a plum location at Irwell Bank Road, off River Valley Road. This is on the fringe of the upmarket Orchard Road shopping district, and around 5 to 10 minutes drive to the Central Business and Marina Bay financial districts.
Retail, F&B, Supermarkets, Hotels, Banks.
This section of River Valley Road certainly does not lack for shopping, dining and banking options. Close by to its north is the retail haven of Orchard Road. A less than 15 minute walk up Paterson Hill takes residents to the Orchard Road / Paterson Road intersection, and Ion Orchard. A 12 minute walk via Grange Road brings one to Scape and Ngee Ann City, right smack in the middle of the shopping belt.
Closer at hand, less than five minutes walk from the Irwell Hill Residences location, is Great Word City mall. This offers one-stop shopping, with its food court, fast food outlets, cafes & restaurants, supermarket, and retail and lifestyle outlets.
The Irwell Hills location is about 7 minutes stroll from the start of the Singapore River, and Kim Seng Park. From here a promenade runs along the bank of the river to Robertson Quay, and down to Clarke Quay, Boat Quay and the CBD. (Which means that Irwell Hill condo residents can walk or cycle to work in the CBD if they wish to.)
These nodes along the Singapore River Lifestyle Corridor offer a vibrant nightlife destination, with its mix of wine bars, bistros & pubs, hotel cafes, speciality cafes & restaurants, alfresco dining, and art houses.
There is an attractive hang loose ambience here that seems to come from the cosmopolitan vibe, mixed with the rich character and old world charm of the conserved shophouses along the quays. It makes for a pleasant place for chilling out with friends and colleagues, or an intimate dinner by the river.
For families looking for a home within 1 km of River Valley Primary School, the Irwell Hill Residence location could suit them. As the crow flies, it is about 600 metres from the school. On foot, like walking down to the river and cutting across Kim Seng Park, is a 900 metres or roughly 12 minute walk.
While within a 2 km radius, we have St Margaret’s Primary at Wilkie Road, Anglo-Chinese School (Junior) at Winstedt Road, and Alexandra Primary School at Prince Charles Crescent.
There are international schools nearby as well, such as Chatsworth International (Orchard Campus) at Cairnhill Road, and the International School Singapore (Paterson Campus).
Nearest MRT Station.
The Irwell Hill Residences location is roughly 900 metres or 12 minutes walk to Orchard MRT station on the North-South Line. However when the Great World MRT station opens in 2022 or so, the nearest entrance to that station will be 200 metres, less than 3 minutes walk away. This will be well before Irwell Hills completes, which should work out nicely.
Great World station is on the Thomson-East Coast Line that runs up to Orchard Road and the north, and down to Shenton Way, Marina Bay, and the East Coast of Singapore.
The Irwell Hill Residences location lies in the Core Central Region (CCR), near Singapore’s central business and financial districts. It is less than 10 minutes drive off-peak from Marina Bay / Raffles Place / Tanjong Pagar, which should appeal to potential tenants working there.