This project marks Singapore Johore Express’ first foray into the residential property market and a sign of more exciting things to come from the transport operator.
Kallang Riverside is a mid-scale (212 units) development consisting of units from 1BR to PH (530sqft to 3500sqft). When I first visited the launch in 2014, there were few buyers and little public interest, especially at its (very) high asking price of $2000psf. 2014 also marked the start of a 4 year dip in property prices. However, with the recent en-bloc fever, consumer sentiments seem to have picked up and here I am revisiting this project for all of you!
For easy reading, the yardsticks I have used are:
- Unit Layout
- Condo Facilities
- Growth Potential
1. Location/Accessibility (7/10)
Located just 470m (6 mins walk) away from Lavender MRT, Kallang Riverside gets high marks for its close proximity to Marina Bay and the CBD. This project would thus greatly appeal to professionals working within these areas who would be able to get to work in less than 15 mins. Moreover, from the very helpful isochone map created by Mr Justin Zhou, it is evident that 19.2% of Singapore is accessible within 45 mins of Kallang Riverside. The areas range from Pasir Ris to Thomson-Seletar, a very impressive feat!
Where I would fault its location is that the area that the condo’s location is still sparse with little amenities to offer. Granted, the famous Michelin-starred Tai Hwa Bak Chor Mee may just be a 10 min walk away but the whole Kampong Bugis area remains undeveloped. The nearby Aperia Mall should offer residents its fix of groceries and eateries. Personally however, I dislike its close proximity to CT Hub 2 and other light industrial properties. I feel that this would hinder the growth potential of the project but this is only personal view. Have a look at its location below!
2. Unit Layout (9/10)
The units are generally squarish with little wastage of space. The developer was certainly targeting families who are looking more towards their own stay as the units are large and very spacious by today’s measure. We are looking at 2BR units at around 1000 sqft and 3BR at 1140 sqft. That’s definitely a big, big plus for me as it conveys this sense of space and grandeur. Units also have high ceilings (3m if I don’t recall wrongly) so buyers could be creative in their renovations, including a loft or two would not be a problem! Kallang Riverside gets near-perfect points in this segment because of its attention to buyer needs!
3. Condo Facilities (8/10)
Great facilities offered at Kallang Riverside with the tennis court on the 5th storey Sky Terrace and the swimming pool on the 24th storey. I would say the facilities that condo buyers generally look out for are present in the project, and I especially like that the tennis court and pool are located “in the sky”. It’s good that there are no unnecessary facilities because they ultimately only result in higher maintenance costs.
4. Pricing (4/10)
It’s clear from the SRX/URA data that the psf prices have well crossed the average $2000/psf mark when I first viewed the project in 2014. As you can see, the quantum for each unit is not low, going well above $2mil on average. My gut feeling is that this project, notwithstanding all its very good points, is overpriced. I can see its appeal with its FH status but I do not think that its location in what is perceived to be in a ‘light industrial’ and ‘city fringe’ area justifies its high price.
If one is interested in the area, I would say that the nearby Riverine by the Park, which is also a FH project, carries way better value. Judging by the URA/SRX stats, you could potentially save more than 20% by purchasing a resale unit there instead!
Kallang Riverside is therefore a no-no for me in terms of pricing. Far too expensive, especially when its close condo is priced so competitively.
5. Growth Potential (7/10)
As part of the Kallang Riverside Masterplan by URA, the area will be an extension of Marina Bay precinct and a sought-after city-fringe location housing more than 4000 residential units. This is exciting news for the area and the project should benefit from being 1 of the only 2 FH projects expected in the area. I think growth potential is relatively strong but I have reservations given the already (very) high sale price at the Kallang Riverside project. I feel that its capital upside is therefore more limited compared to other projects in the area.
Total Score: 35/50 (Consider buying, but keep in mind the drawbacks!)
*Disclaimer* All photos are not my own and have been taken off the internet. This post represents my views as an individual and is not representative of my company or any organisation I am affiliated to.