I’ve been writing about my forex journey for the past few months, so today, I thought of writing about something different. And that brings me to the upcoming exciting condo project right here in the heart of Pasir Ris.
While I’ll admit the naming could be something a little more creative…
I guess this review of the condo Pasir Ris 8 is rather straight to the point.
You won’t have to guess where it’s located at because it’s all in the name.
Yeeeap… it’s address is 8 Pasir Ris central. (Alright… a no-brainer)
But it wasn’t always meant to be that way.
In fact, it was previously named The Ryse Residences. You may still find this name on some of the property websites on the internet.
Honestly, I think between the two, I’m glad they made that change.
It took me a while to figure out what they were originally going for with a Middle English version of the word “rise” and I can only conclude that…
The sun rises from the east?
Yeah… terrible, I know.
The Big Minds Behind Pasir Ris 8 Condo
But back to the main points about this condo project…
The first thing any interested home buyer or investor will look at is the winning bid price of the land parcel. A quick search of HDB’s website on the award of tender will provide us with the information we seek.
Interestingly, there are only 2 shortlisted tenderers in their Annex 3.
One of which is Phoenix Residential Pte. Ltd. & Phoenix Commercial Pte. Ltd. the awarded developers of Pasir Ris 8 condo with their bid of $699,999,999.99. Both companies are subsidiaries of the joint venture companies of Allgreen Properties Limited and Kerry Properties Limited. And again both of these companies are part of the Kuok Group, a company founded in 1949 in Johor, Malaysia.
Phew… that’s many years of history summarised into a paragraph.
And frankly, I wonder whether their bid was meant to be a joke… were they trying to save a grand 1 cent from making it 700 mil?
It’s almost like how I would bid on an online auction… except their amount is way larger than anything I could ever hope to match.
But all kidding aside…
The land tender price is one of the first things any property agent, property investor, and savvy home owner will look at.
Why?
Because it sort of sets the estimated price on the launch date.
None of the sites have released the pricing details for Pasir Ris 8 yet, including the site I’m following, and that’s simply because it isn’t available.
However, we can work out an estimate.
The Maths of New Launch Prices
A few things to take note of here…
- Land cost (psf): The average price of the land per square foot which works out to be about $840.86
- Construction cost: This is the estimated cost of constructing the condo based on a 40% of each unit cost that gives us $273.8
- Breakeven Price: With the two figures we can now estimate the breakeven point which is about $1,114. This figure is important as the developer will not go below this otherwise they’re making a loss on the unit.
- Estimated Launch Price: From here the figures are based on the desired profit margin the developer wants to make on this profit. Typically, most new launches start around 30%, though, for mixed development projects, we may see a 20% premium. This works out to $1,671.98.
Again, this calculation is based largely on estimates, and also, I’m not a licenses agent. What I’m sharing here is based on my experience talking and working with agents so the figures might be terribly off.
But it does give us a gauge on what we can expect.
The question then is…
Is this Pasir Ris 8 condominium project worth $1,671.98?
What’s in the Area?
Naturally, the first thing to consider are the nearby amenities.
Pasir Ris as a town isn’t new. It has been around for many years which based on the Singapore government’s past records… suggest this town is due for some major overhaul and uplifting.
So, to confirm my suspicions, I did a quick search and guess what…
Looks like I was right…
URA has a masterplan brochure for the town.
Although, there might be a newer version as the one I found was dated 2013.
I guess I should have expected it considering I’ve already been to the revamped Downtown East, eHub, D’resort area. And that was before any of us ever heard of the term “Circuit Breaker” or C.B. for short. (Got to love our local acronyms yeah?)
In fact, just ask another secondary, JC, poly, or ITE student the one thing that comes to mind about Pasir Ris and I’m sure 90% of them will talk about the chalets.
It’s THE place for resort and staycation back before staycation was cool. School camps and retreats were always held at the chalets because of the beach and park just next to it.
And in my opinion, that would be the biggest draw for anyone considering this location.
Not to mention that with the mixed development plan… we just might get the best of both worlds… traditional quiet and serene coastal living with robust city features at your doorstep.
There’s a park, a beach, a pond (for prawning), park connectors to Loyang, Changi Village, Punggol, oh yeah, and Tampines. There are plenty of malls like White Sands, Elias Mall, and the upcoming Town Hub which hopefully would rival Our Tampines Hub and not the rather sad one in Bedok. (I don’t even remember the name and I don’t think I want to search for it either haha)
Our Tampines Hub was one of the first major government plans that convinced me about the efforts done in Singapore to review the “kampong” spirit we have seemingly lost.
In fact, that was why I had previously written about another condo project in Tampines, that I understand has now been fully sold out.
And if such a town hub were to come to Pasir Ris… I do believe we can expect even greater things here.
A Revised Integrated Transport Hub
But perhaps the first thing residents in the area have been waiting the longest for… is our transportation. (Or the lack of available public options)
I know… most people will say that the biggest perks of living in the East is how close we are to Changi airport… and yes that’s true… it takes me about 5 minutes? To reach home via cab.
But for the longest time… the only way to get to the northeastern part of Singapore is by bus. (We’re talking public transport here)
Which is rather rediculous is you think about it.
Bus number 3 takes like an hour to reach Punggol from Pasir Ris bus interchange. I used to cycle to Halus bridge in less than half that time.
So, with an upcoming integrated transport hub in the works, it is definitely a welcomed addition.
Plus, we’re expecting the Cross Island Line (CRL) in 2029 that will give us more options to go to… Jurong. (No more crowding with the bound-trip passengers from Tampines and Simei – that was like the only advantage of being the station at the end)
But Does It Justify a Premium Price?
At the end of the day, Pasir Ris is a “resort” town.
If you love the quiet, laid back atmosphere… that’s what you can expect here.
With the major changes coming, I do hope that this unique feature will be retained… but it’s hard to say.
Ultimately, we Singaporeans are a city-breed. We want convenience at our fingertips and I do believe the town will receive such a modern uplift.
Perhaps it may look similar to Punggol with the water town feature, which I love a lot…
But does it justify a premium price point?
I think anyone who loves the East wouldn’t mind paying that premium.
As for investors… once air travel between countries starts again… there will be plenty of air stewards and stewardess looking for a place to stay.
The east has always been their preferred place for renting an apartment due to how close we are to the airport… I used to fetch a few of them from around Flora Drive and also the SIA training centre.
Ultimately, I do believe it is a good choice for people who have lived in the east and love living in the east.
There’s a reason why you’ll always see online posts about East vs West with each side preferring where they’re already located at.
And that’s one of the reasons why I like this Pasir Ris new launch condo website out of the many others I’ve seen… to me if feels more focused on people who are already living in the east.
There’s not much convincing necessary as we know exactly why we love the eastern shores of Singapore so much and that site seems interested to reward Easterners.
So, if you’re considering this upcoming mixed development project… do check it out.
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