THE LANDMARK CONDOMINIUM
This is a review of the Landmark, an upcoming 396-unit high-rise residential development set to launch for sale in early 2020. It will occupy the site of the former Landmark Tower at Chin Swee Road.
The Landmark condo is being developed by Landmark JV, a joint venture of ZACD Group, SSLE Development, and Singapore-based MCC Land.
Note: This is NOT an advertisement for sale.
This 99-year leasehold project is perched on top of Pearl’s Hill City Park, between Outram and Havelock on the fringe of the CBD.
It will comprise a single 39-storey tower block housing a mix of unit types, from one to three bedroom apartments. Sizes of these range from 484 sq ft for the smallest, to around 1,152 sq ft for the largest.
With its advantage of an elevated position, the Landmark condominium will get unobstructed views of the park and city skyline. The developers chose the site for this reason, as it provides an opportunity to create something that offers ‘urban city living next to a green park’.
Not many projects in land-scarce Singapore get to enjoy so much greenery on its doorstep, with open views thrown in, especially so close to the city centre.
The architects are Swan & Maclaren, the oldest architectural firm in Singapore, with a long track record.
The main drawback here is that there is no MRT station next door. Probably the closest on foot is Chinatown station.
By cutting across Pearl’s Hill Park and down Upper Cross Street, you could get there in about 7 to 8 minutes.
And it makes up for the lack of closeness to a station, by offering other choices if you don’t mind a longer walk. There is Clarke Quay station (and Clarke Quay itself) within 11 to 12 minutes.
There is also Outram Park station a similar distance away, by the main road. But if you could cut across Pearl’s Hill southwards, you could get there faster. Especially if you enter via the nearest entrance of the Thomson-East Coast MRT Line (TEL).
Outram Park station is a triple-line interchange station, that connects the East-West, North-East, and Thomson-East Coast lines. This stage of the Thomson line is scheduled to start running in 2021, way before the Landmark condo completes.
It has the advantage of bringing residents on a direct line, within 3 to 4 stops, southwards to the Raffles Place / Marina Bay business district and northwards to Orchard Road.
Video of the former Landmark Tower on the site
The closest comparison is probably One Pearl Bank, that is situated on the other side of Pearl’s Hill City Park. This is also a 99-year leasehold project, and launched in July 2019.
As of November 2019, it had sold 242 units at an average pricing of $2,387 PSF. It should be noted that One Pearl Bank has the advantage of being nearer to Outram Park MRT station.
However, the Landmark condo is likely to have the advantage of more competitive pricing. For buyers who are cost-conscious, this could present a viable alternative.
Especially as it still enjoys the other locational attributes that made One Pearl Bank one of the most successful launches of 2019.
Apart from its proximity to the CBD, The Landmark condo’s appeal lies in its proximity to the Singapore River and Robertson Quay, as well as Chinatown and Tiong Bahru. These areas each offer their own attractions, with some having gentrified into lifestyle precincts with lots of popular dining places and a flourishing night scene.
Close at hand, we also have the Singapore General Hospital (SGH). There is a 20-year master plan to expand this into a larger medical complex, that will become a major healthcare hub.
This proximity to the future SGH campus ought to attract investors, as has been seen in other similar cases. The medical professionals and ancillary healthcare staff there are likely to form a strong potential tenant pool in future.
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THE FACTSHEET · PROJECT DETAILS
|Developer||Landmark JV Pte Ltd
(Joint Venture of ZACD Group + MCC Land + SSLE Development)
|Status||Condominium (Foreigners eligible to buy)|
|Address||173 Chin Swee Rd, Singapore 169878|
|Site Area||6,706.8 m² (72,192 sq ft)|
|Floor Area||26,256 m² (282,624 sq ft)|
|Tenure||99 years leasehold|
|No. of Storeys||39|
|No. of Units||396|
|Architect||Swan & Maclaren Architects Pte Ltd|
THE LANDMARK FLOOR PLANS
The Landmark condo floor plans are not available yet. Kindly let us know via the Contact Form below if you would like the Landmark floor plans to be emailed to you once ready.
THE LANDMARK CONDO SITE PLAN
The Landmark site is an irregular-shaped parcel of land fronting Chin Swee Road. It is backed against Pearl’s Hill, with the Pearl’s Hill City Park just beside it, sweeping round from its east to its south.
So on this side it enjoys quite panoramic open views, at least 180° wide. Lower floor units facing this way see the greenery of the park, or perhaps overlook the bush and tree tops. While high floor units get views to the distance, over the rooftops of Chinatown to the CBD city skyline and beyond.
Even on the north and north-west there is a relatively open outlook, since it faces the road with the CTE tunnel below that. Given the distance across, there could be pocket views to Robertson Quay and River Valley for high floor units on this side.
Altogether, the views at night are quite something.
THE LANDMARK CONDO SHOWFLAT · VIEWING
The Landmark showflat is not ready for viewing yet. Please drop us a note in the Contact Form if you wish to be notified when the showflat is due to open for the VIP Preview.
THE LANDMARK PRICES · UNIT TYPES
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|1 Bedroom||A||144||44 – 48||480 – 520|
|2 Bedroom||B||180||62 – 69||670 – 750|
|3 Bedroom||C||72||99 – 106||1,070 – 1,150|
|Total Number of Units||396|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
THE LANDMARK PRICE RANGES
The Landmark pricing has not been decided yet. Just drop us a line via the Contact Form if you wish us to keep you updated on the prices.
The Landmark condo’s site area is 60,822 square feet. The land is zoned “residential” with a plot ratio of 4 under the URA Master Plan. This works out to a permissible GFA (Gross Floor Area) of close to 243,288 square feet.
At the SGD$286 million that the developer paid for the site in May 2018, together with a lease upgrade premium of around SGD$57 million, the land costs roughly SGD$1,406 per square foot per plot ratio (PSF PPR).
After adding the development, construction, financing and marketing costs, the break even could work out to about $1,960 PSF PPR.
This is roughly $130 PSF lower than the break even for One Pearl Bank.
Which is expected to translate to a lower selling price for this project, compared to the close-to-$2,400 PSF average that One Pearl Bank transacted at.
ABOUT THE DEVELOPER
The Landmark condo is being developed by Landmark JV, a collaboration led by ZACD Group with its joint-venture partners MCC Land and SSLE Development.
MCC Land is the Singapore-based property development arm of a Chinese state-owned enterprise, the MCC Group. SSLE Development, on the other hand, is an investment vehicle of construction company Sin Soon Lee, and its real estate development arm, Elitist Development.
The ZACD Group and SSLE Development together own a 70% share of Landmark JV, while MCC Land holds the remaining 30% stake.
About the ZACD Group Limited (“ZACD” or the “Group)
ZACD Group was established in 2005. Over the last three years, the Group has re-positioned itself into a property development & management, asset management, fund management and financial services company.
It is now an integrated asset manager headquartered in Singapore and listed in Hong Kong, that offers integrated solutions spanning the real estate value chain, across the Asia Pacific.
Powered by a management team with in-depth experience & knowledge in real estate & finance, the Group has a reputation for identifying and seizing opportunities early, to capture first-mover advantages in advance of market cycles.
While the Landmark condo is the first development where ZACD has taken a leading role, it has for some time held smaller stakes in several residential projects. These include JadeScape in the Thomson-Marymount area, Le Quest in Bukit Batok, Parc Centros, Flo Residences, Vue 8, iNz Residence, and RiverParc Residence.
ZACD has also made a series of investments overseas, in Malaysia, and particularly in Australia. These range from commercial buildings to serviced apartments, and a portfolio of hotels across major cities in Australia.
About MCC Land (Singapore) Limited (“MCC Land”)
Established since 2010, MCC Land has played an active role in Singapore’s real estate scene. It has developed five projects, co-developed two projects, and manages five others. The company has been ranked among Singapore’s top 10 developers for three years running, and has won an “Asia’s Top Influential Brands” award.
Among local developments that MCC Land has had a hand in, are ones like Poiz Residences at Potong Pasir MRT station, Canberra Residences, The Canopy, The Nautical and One Canberra.
THE LANDMARK CONDO LOCATION · FEATURES
- Location. The site is perched on the north-western side of Pearl’s Hill, in the Havelock-Outram-Chinatown neighbourhood. This is situated on the fringe of the Central Business and Financial District, at the Tanjong Pagar end of it. It is also not far from Orchard Road, about 5 minutes drive via Clemenceau Avenue.
Retail, Dining, Banks, Supermarkets, Hotels. The Landmark location is around 7 minutes walk across Pearl’s Hill Park from Chinatown. There are lots of older shopping centres here, including People’s Park Centre, People’s Park Complex, and Chinatown Complex. The first two are prime candidates for en bloc sale and redevelopment or rejuvenation.
Meanwhile there is always the Orchard Road shopping belt 5 minutes drive away, for more upmarket shopping and dining experiences. And closer at hand, residents can take a 10 to 15 minute walk to Liang Court, or Clarke Quay with its wide array of eateries.
Nearest MRT Station. From the site, the quickest walk to an MRT station is by cutting across a corner of Pearl’s Hill City Park, to Pearl’s Hill Road and Upper Cross Street, to Chinatown station on the North-East MRT line. That should take roughly 7 to 8 minutes.
Alternatively, if you cut across the park southwards to Outram Park Road, you could possibly get to the nearest Thomson-East Coast Line entrance of Outram Park station in about the same, or even shorter time.
The advantage of this is that it is an interchange station that connects three MRT lines. The North-East Line, the East-West Line, and the Thomson-East Coast Line slated for completion by 2021 (for this stage).
- Lifestyle Destinations. Not too far from the Landmark condo location, is the future Greater Southern Waterfront city, around the corner down Cantonment Road.
This is one of the grandest visions to come out of the URA Master Plan, that will extend the CBD westwards, past Tanjong Pagar towards Pasir Panjang. It will be a lifestyle destination too, with lots of dining and shopping options, and a 30 KM long waterfront promenade. With a green corridor running from Gardens by the Bay, to Labrador Park.
- Accessibility. The Landmark location is in the Core Central Region, on the fringe of the CBD and the Orchard Road area. It should appeal to investors who want to tap the tenant pools in these locations. It also offers fast access from and to the expressway network via the Central Expressway (CTE) just down the road.
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