I’ve recently caught wind of an exciting upcoming condominium project in Singapore called The Reserve Residences at Bukit Timah. As someone who typically approaches new property launches with caution due to their tendency to be overpriced.
My personal mantra is to “buy new for HDB and buy resale for private.”
The reason is rooted in the disparity between HDB BTO and resale prices. HDB BTO flats are typically offered at subsidized rates, reflecting their affordability, whereas HDB resale align with prevailing market prices. Conversely, the case for new launches in the private property market is often quite the opposite, as they are commonly priced above the prevailing market rates.
However, I must admit that The Reserve Residences has managed to earn my appreciation. It is indeed a rarity for me to commend new private property launches, but there’s something about The Reserve Residences that has piqued my interest.
A mirror of The Woodleigh Residences
There are striking resemblances between The Reserve Residences and The Woodleigh Residences that cannot go unnoticed. Firstly, both developments serve as convenient transport hubs. The Woodleigh Residences is strategically positioned above the Woodleigh MRT station along the Northeast Line, while The Reserve Residences boasts a prime location above the Beauty World Station along the Downtown Line. Additionally, both stations are just one stop away from interchange stations. Woodleigh station provides easy access to the Circle Line via Serangoon interchange, and Beauty World station is one stop away from King Albert Park station which connection to other the Cross Island Line.
Moreover, these two projects share the distinction of featuring underground air-conditioned bus interchanges, further enhancing their connectivity and convenience. Another common feature is their integrated development concept, comprising residential units and a shopping mall below. The Woodleigh Mall has recently opened its doors, while The Woodleigh Residences’ residential units are on the verge of achieving Temporary Occupation Permit (TOP). The presence of an array of dining options within the mall is a boon for residents who can now enjoy easy access to food without having to travel far.
Furthermore, both developments have plans for future amenities, including community centers, markets, and hawker centers. Proximity to reputable educational institutions is another shared advantage. The Reserve Residences benefits from its close proximity to Methodist Girls School and Pei Hwa Presbyterian School, while The Woodleigh Residences enjoys its location near Maris Stella High School and St. Andrew’s School.
The similarities observed between these two projects are not mere coincidences; they are the result of deliberate town planning pursued by the Urban Redevelopment Authority (URA) over the years. This deliberate approach hints at the possibility of more such projects in the near future, as the URA continues to shape and enhance Singapore’s urban landscape.
Or even better
Setting aside the shared similarities, The Reserve Residences holds certain advantages over The Woodleigh Residences that are worth highlighting.
Firstly, The Reserve Residences enjoys a greater abundance of nearby shopping options. In addition to its own mall, residents have easy access to Bukit Timah Plaza, Bukit Timah Shopping Centre, Beauty World Plaza, Beauty World Centre, and KAP Mall. In contrast, the closest mall to The Woodleigh Residences is NEX.
Secondly, The Reserve Residences boasts superior access to green spaces. Notably, it is in close proximity to Bukit Timah Hill and Nature Reserve, which proudly boasts the title of the tallest hill in Singapore. Additionally, the 24km Rail Corridor adds to the allure of greenery. These iconic natural spaces offer unparalleled opportunities for outdoor exploration and relaxation.
Although The Woodleigh Residences will soon have the added advantage of a new Alkaff Park with a lake, The Reserve Residences clearly surpasses it in terms of available green spaces.
In terms of pricing, both developments exhibit a similar price range. The Reserve Residences was launched at a price of S$2,300 per square foot (psf) and above, while The Woodleigh Residences last recorded transaction was at approximately S$2,274.58 psf according to PropertyGuru.
However, it is worth noting that The Woodleigh Residences had a lower launch price of S$1,909 psf in 2018, which was further reduced to S$1,733 psf in 2019. This indicates a price appreciation of around 31% since then. While we cannot directly compare prices in different time periods, it does appear that The Reserve Residences is currently being sold at a comparable price level to The Woodleigh Residences. Considering their similarities, this seems to be a fair price range.
Who should buy?
In general, I hold the view that new property launches may not necessarily be favorable for investments. However, this doesn’t mean that one cannot profit from them. It simply implies that success would heavily rely on luck and the sustained bullish nature of the property market in the coming years.
Looking back, The Woodleigh Residences experienced a significant gain of 31% since its initial launch. However, this gain was heavily influenced by a strong property market recovery following the Covid-19 pandemic. It’s important to remember that past performance does not guarantee future results, and we cannot assume that history will repeat itself over the next four years.
If you are an individual who doesn’t want to rely on luck as a primary strategy, you should think hard about new launches unless you have a strong level of confidence in their potential profitability.
That being said, purchasing for homestay is a different consideration altogether. In the case of The Reserve Residences, the integrated transport hub and the presence of nearby amenities make it an incredibly convenient and appealing living environment. The surrounding green spaces also contribute to a positive atmosphere and encourage an active lifestyle. Undoubtedly, it is an enticing place to reside, and if money can buy a good living environment is not a misguided idea.
However, as a responsible financial website, I need to emphasize that any property purchase should only be made if your financial situation comfortably allows for it.
“The Reserve Residences’ residential units are on the verge of achieving Temporary Occupation Permit (TOP)”? Reserve Residences just launched this weekend
Should be The Woodleigh Residences. Corrected