Great value emerging at Sims Urban Oasis

Even larger-sized units of existing projects have become more affordable in light of recent bullish land bids

A flurry of residential land sites sold recently at much higher prices is prompting analysts to project higher selling prices in upcoming property launches.

As a result, some existing projects are looking more attractive.

PropNex Realty CEO Ismail Gafoor posits that even new city fringe projects in the Rest of Central Region (RCR) may have to be launched closer to $2,000 per square foot (psf) next year given their estimated break-even prices.

There is a rising trend of existing projects in the RCR selling at below the land bid prices of recently sold sites, he says. “This being the case, with
the likelihood of developers trying to revise their existing prices, city-fringe projects like Sims Urban Oasis are a value proposition in terms of pricing.”

Even larger-sized units of existing projects have become more affordable in light of recent bullish land bids, he adds.

Indeed, the property market recovery seems to have gathered pace in recent months, driven by an en bloc fever and developers’ hunger for land.

An uptick in private home prices in the third-quarter of 2017, after 15 quarters of decline, has further strengthened the view that prices have bottomed out. A strong transactions recovery this year has also pared developers’ inventory of unsold homes to near historical lows.

In that context, it is not surprising that developers are pricing in higher premiums in their land bids, stoking projections of higher selling prices in upcoming launches.

Some 42 per cent of the winning land bids in 2017 are suggesting an increase of 10 per cent or more in selling prices of new projects, according to a recent study by property
consultancy JLL.

About 15 per cent of winning land bids this year may result in an increase of 20 per cent or more in selling prices of new projects.

Among sites sold this year, analysts are projecting a selling price of about $1,600 psf for the upcoming project on the collective sale site of Eunosville, and an eventual sale price of about $1,800 psf for the new project on the Woodleigh Lane site that was sold under state tender. GuocoLand’s condominium project Sims Urban Oasis, whose current asking prices start from $1,480 psf, is thus looking very compelling.

STRATEGIC SPOT

The 1,024-unit project located at the junction of Sims Drive and Aljunied Road is a quiet enclave within a five-minute walk of the Aljunied MRT station. It is also a short drive from Marina Bay and the CBD.

Sims Urban Oasis is right in the centre of various catalytic developments, including the upcoming Paya Lebar Sub-Regional Centre to the east, the new Kallang Riverside waterfront district to the West, and the future Bidadari Estate to the North.

Residents can enjoy a plethora of food options in the vicinity, including popular local delights in Aljunied. They can also look forward to new dining and recreation options along the Kallang River as a major makeover of the river is underway.

The opening of international schools in the vicinity such as James Cook University and Nexus International School by 2020 will further bolster the appeal of Sims Urban Oasis for rental or owner-occupation.

Having obtained its temporary occupation permit this quarter, Sims Urban Oasis is ready for immediate occupation. It has sold over 900 of the 1,024 units, with 3- to 5-BR units available for sale.

Another value proposition for home owners and investors is a limited selection of 4-BR dual-key units that provide flexible options. They can either choose to stay in the main unit while renting out the studio or use the dual-key unit for multi-generational living.

Alternatively, they can also be turned into a home office, with a separation of the family living space and the workplace.

There are 3- to 5-BR units of family friendly sizes suitable for big families with growing children. The larger spaces and number of rooms allow for better family planning or for more specific space-planning such as an entertainment room or a workstation.

The 2.4ha development houses a wide range of facilities — more than 50 in all. This includes the two Olympic-length swimming pools and other activity pools, a grand lawn, six shops and a childcare centre. These facilities appeal to growing families and upgraders. From the sky park, residents will be able to get spectacular views of fireworks, given the project’s proximity to Marina Bay and the Singapore Sports Hub.

The living spaces at Sims Urban Oasis are planned for efficient and functional lifestyle and growing families will appreciate the benefits of living in the city-fringe with amenities and reputable schools within their reach.

For enquiries, call 6225 9000 or visit simsurbanoasis.com.sg.