PEAK RESIDENCE CONDOMINIUM
Freehold Launch at Thomson Road Singapore
Here we Review the upcoming launch of the Peak Residence. This is a new freehold low-rise residential development in a cul-de-sac at 333 Thomson Road in the prime District 11 Novena area.
The Peak condo is being developed by SGX-listed Tuan Sing Holdings who are known for their emphasis on quality products, in conjunction with Rich Capital Holdings.
Note: This is NOT an advertisement for sale.
This review will cover the features of the Peak Residences, and its possible pricing and rental potential in light of surrounding developments.
The Peak Residence · Features & Attributes
Peak Residences is being developed on the site of the freehold former Peak Court, that sits in the landed housing enclave stretching between Thomson and Dunearn Roads.
Given the 1.4 plot ratio of this estate, Peak Residence will likely go up to 5-storeys high only.
According to Edmund Tie & Co, that handled the en bloc sale of Peak Court, “The site is ideal for redevelopment into an upscale resort-like boutique condominium project with about 106 units. It also overlooks a two-storey landed enclave which provides unobstructed panoramic views of the surrounding area.”
The site itself is located behind Thomson Medical Centre, and buffered by it from the the main Thomson Road.
This is within the Novena precinct, something like 10 to 12 minutes walk to Novena Square and MRT station. Not exactly very close to those amenities, but not impossibly far either.
The cluster of Novena Square, Square 2, and United Square slightly further down, does provide quite a good range of retail, F&B, banking and other services.
United Square is especially well-known for its stuff geared towards families with young children. There are a number of shops and enrichment / educational centres catering to the needs of kids.
And if not sufficient, this segment of Thomson Road is of course within 10 minutes ride from the Orchard Road downtown and CBD. In that sense, the Peak condo is considered pretty central.
The Peak Residence location could also appeal to families looking for a home within the 1 KM radius of a good school. There are three sought-after primary schools within this radius. Namely Anglo-Chinese Primary (Barker Road), St Joseph’s Institution Junior at Essex Road, and CHIJ Primary (Toa Payoh).
The Peak Residences Condo · Development Background
The developers purchased the Peak Court site through a collective sale tender in May 2018.
At the time of the purchase, William Liem, CEO of Tuan Sing Holdings, mentioned that, “The acquisition is in line with Tuan Sing’s focus on offering quality homes in central locations.”
He went on to say, “The site’s strategic location and proximity to lifestyle and premium medical facilities such as Thomson Medical Centre, the future Health City Novena, Novena Square, United Square and the excellent transport connectivity, opens up various exciting redevelopment opportunities.”
Kelvin Soong, executive director of Rich Capital, added that, “The Thomson area is sought after for its proximity to highly popular schools, Orchard Road and the central business district and we believe that there is good upside for redeveloped properties in this vicinity.”
The Peak Residence · Investment Angle
From the sound of it, the developers appear pretty upbeat about the prospects for this site. They must have been anyway, to have put their money on it.
And undoubtedly this seems a rather nice place to stay. Pleasant neighbourhood, good schools, central location.
But how would the Peak Residence fare from an investment perspective? Either as a potential passive income stream, or from a capital appreciation angle.
The main drawback of this project is likely its distance to the nearest MRT station at Novena. At 11 to 12 minutes walk, it might not appeal to some prospective tenants.
Being beside Thomson Medical Centre could be another put-off. Having said that, the landed houses around don’t seem to be minding it much.
It appears to be balanced out by the central location, and convenience to the CBD, from where the Peak condo could possibly draw tenants.
The Novena area is also growing in importance and scale as a medical cluster. According to the URA Master Plan, it is set to become one of Singapore’s largest healthcare hubs.
This could form another potential tenant pool. And in the long run, it could likely help to push up real estate values in the neighbourhood.
Even without that, Novena has traditionally drawn strong rental interest. It supports a thriving tenant community, while data from URA shows a healthy number of new leases each month.
For the closest comparison, we show here the leasing activity of 368 Thomson. This is coming to 5 years old and the nearest relatively new condo in the vicinity. If anything, 368 Thomson is even further from Novena MRT station. And at 157 units, quite a comparable size to Peak Residence.
Register interest for updates here.
|Developer||Tuan Sing Holdings + Rich Capital Holdings|
|Status||Condominium (No restrictions on ownership)|
|Address||333 Thomson Road Singapore 307675|
|Site Area||5,330.5 m² (57,378 sq ft)|
|Floor Area||7,462.76 m² (80,329 sq ft)|
|Description||Private low-rise condominium development with communal facilities, pool and basement carpark|
Peak Residence Floor Plans
The Peak Residence floor plan layouts are currently not available yet. Please drop your contact details in the Contact Form if you would like the Peak Residences floor plans to be emailed to you once ready.
Peak Residence Site Plan
Peak Residence Singapore is a low-rise boutique condominium nestled within a sprawling private landed housing estate. This estate comprises mainly landed houses and condominiums, stretching between Bukit Timah, Whitley, and Thomson.
The site itself is a rather irregular-shaped plot, orientated in an almost north-south direction.
Besides Thomson Medical Centre to its east, we have another low-rise condominium, the Amaninda, to its south across the access lane. This lane is a short cul-de-sac, serving only the 5-storey high Balinese resort-style Amaninda, and the Peak condo itself.
While on the other two sides, Peak Residences is flanked by one to three storey high bungalows and semi-detached houses along Dyson and Tan Sim Boh Roads, set in green gardens.
Along Tan Sim Boh Road to the north of the site:
Higher floor units at Peak Residences should be able to enjoy wind flows and unblocked views across the surrounding area, for quite a distance.
Peak Residence Showflat · Viewing
The Peak Residence showflat is currently not available for viewing. Please send us your contact details via the Contact Form if you wish to be notified once the Peak Residences showflat is scheduled to open.
Peak Residence Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
PEAK RESIDENCE PRICE RANGES
The Peak condo prices have not been finalised yet. Please let us know via the Contact Form if you wish to be kept posted when the pricing is released.
PEAK RESIDENCE PRICE BACKGROUND
The land for the development of Peak Residence Singapore is that of former Peak Court. It was acquired by Tuan Sing and Rich Capital Holdings on 11 May 2018, for $118.88 million in a collective sale tender.
The freehold Peak Residences site covers an area of 57,378 square feet. Based on its plot ratio of 1.4 under the URA Master Plan, this works out to a permissible gross floor area of 80,329 square feet.
Which reflects a land rate of $1,558 per sq ft per plot ratio (PSF PPR).
After adding up all the costs involved in developing the site, the break even for the project could come to around $2,100 to $2,150 PSF.
This could give Tuan Sing a bit of margin to play with, though probably not much.
As a comparison, the nearest recent launch Neu at Novena, sold over 70% of its units within a month of its preview at around $2,5xx PSF. But it is worth noting that Neu is much closer to Novena MRT station.
About the Developer
Tuan Sing Holdings will hold a 70% stack in the joint venture, while Rich Capital Holdings takes the remaining 30%.
About Tuan Sing Holdings (“Tuan Sing” or “The Group”)
Tuan Sing Holdings Limited started operations in Singapore in 1969, and is a property and hotel group. It listed on the SGX Mainboard in 1973.
Tuan Sing will lead the development of Peak Residences. Its main business focus is in hotel and property investment, in addition to property development.
While headquartered in Singapore, the Group has over 60 subsidiary companies across Australia, South East Asia, and China. Its property portfolio is a diversified one, that includes five-star hotels in prime locations in Australia.
Tuan Sing seeks to go beyond the run-of-the-mill, to deliver iconic quality developments. It demonstrates this in the many award-winning projects it has built, with interesting architecture and functional designs.
Examples of their track record are Seletar Park Residence (Architecture Multiple Residence for Singapore, Asia Pacific Award), Botanika (Award-Winning Architectural Design), Leedon Park (GCB), Mont Timah (Green Mark Gold Award from BCA), Sennett Residence, The Oxley, Cluny Park Residence, Adam Park, Robinson Point, and their latest, Mont Botanik.
About Rich Capital Holdings (“Rich Capital” or “The Group”)
Rich Capital Holdings Limited was formerly Infinio Group Limited. It is an investment holding company, also headquartered and based in Singapore, and listed on the SGX.
The Group, through its subsidiaries, offers residential and industrial property development, investment management, and construction services.
Peak Residence Location · Features
Location. The Peak Residence location is in the Novena district, 10 minutes drive to Orchard Road, and about 20 minutes to the Central Business and Financial districts of Singapore.
Projects around Novena MRT station and Novena Square tend to draw investors, who are attracted by their proximity to the CBD and lower price point than within the CBD. You can get a freehold property here for the price of (or less than) a leasehold one there.
- Nearest MRT Station. The Peak condo location is roughly 800 metres, or 10 to 12 minutes walk to Exit B of Novena MRT station, via Thomson Road. This is 6 stops or a 15 minute ride from Raffles Place, and two stops from Orchard Road.
Shopping, F&B, Lifestyle Outlets, Banks, Supermarkets. The nearest shopping complex to the Peak Residences is located around Novena MRT station. Here you can find Novena Square, Velocity @ Novena Square, and Square 2. As well as another mall, United Square diagonally across the Thomson / Newton Road junction.
So while these are not precisely very close by, at least it has quite a good range of retail and shopping outlets within a 15 minute walk. But for food, there are actually more interesting options closer by. Balestier Road starts almost just opposite the site, with its huge variety of hawker stalls, old time coffee shops and cafes, and traditional snacks strung along its length.
Medical Amenities. Novena is being transformed into one of Singapore’s biggest medical clusters, under the URA Master Plan. In fact, the Thomson Medical Centre next to the Peak condo site, is but one node in it.
Around Tan Tock Seng Hospital, Health City Novena will be a 17-hectare modern integrated healthcare hub that incorporates the Lee Kong Chian School of Medicine (Novena branch), and related healthcare centres. The whole cluster is set to complete by 2030.
HEALTH CITY NOVENA NEAR THE PEAK CONDO LOCATION
Besides healthcare, Health City Novena will incorporate a wholistic eco-system underpinned by education and research, as well as supporting services. To enable this will require an ever larger staff of healthcare professionals, many of whom will be expatriates. This is very likely to boost demand for accommodation in the area.
Schools. For residents with young children, having three sought-after schools in the vicinity, within one KM radius, could add to the attractions of the project. For the girls, there is CHIJ Primary School at Toa Payoh. And for the boys, there is a choice of Anglo-Chinese Primary at Barker Road, or St Joseph’s Institution Junior opposite United Square.
- Island-wide Accessibility. For drivers, the Peak Residence location has the advantage of being really close, within 3 minutes ride, to the nearest PIE (Pan-Island Expressway) exit. In both directions, whether westwards or eastwards.
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