In my previous post, I shared that the First / Third Ave GCBA also includes Second Ave and while that GCBA contains only the “odd” avenues, this one here contains only the “even” ones. Unsurprisingly again, it also includes houses on Fifth Ave, which is actually has a very steep incline as well.
As with First / Third Ave GCBA, it is in the heart of Bukit Timah with Hwa Chong and NJC close by. Its closest MRT is Sixth Ave, which is relatively near for many homes around the area. In fact, Fourth Avenue Residences will just be at the MRT’s doorstep, albeit being of a 99-year tenure. The 476 unit condo has an average psf of $2,414 and is about 73% sold. The other new launch around the vicinity is Royalgreen at Anamalai Avenue, which is a 285 unit condo with an average psf of $2,691 and is about 50% sold.
Compared to First / Third Ave, which consists of only landed properties, this GCBA has quite a few condos. Among them are Fifth Ave Condo, which set the record psf of $1,300 psf in the area when it launched in 1996, just before the 1997 Asian Financial Crisis. The latest transaction was for $2.5m for a 2 Bedroom 1,346 sqft unit ($1858 psf) so you could say that the original buyers did not make much of a killing.
On the other hand, the current The Sixth Ave Residences, was the largest enbloc site back in 1996 at 172,000 sqft. Because the property market went into doldrums in the years after, the developers Keppel Land actually had to write down its value significantly before launching the project in 2009 at just $1,000 psf. The latest transaction was for a 1,356 sqft 3 Bedroom unit for $2.61m ($1924 psf), which means that the original buyers made 90+% in just 12 years. Therefore, while we do not expect prices to crash, I think that timing we purchase the property still matters, even if you are not able to catch it at the absolute lowest point.
Although Sixth Avenue has the fewest number of GCBs compared to the other avenues, it is perhaps the most famous of the lot. It connects Bukit Timah Rd to Holland Rd and provides access to neighbouring GCBAs of Queen Astrid Park, Garlick Ave and Maryland Drive. With its location just across from Turf Club, Sixth Ave also used to be heavily congested on the weekends as punters thronged the area until Turf Club relocated in 1999.
There are a couple of more interesting looking houses on Fifth Avenue, which you should check out if you get the chance 🙂 Pretty great views up here as well.
Sixth Avenue is also known for its wide array of dining options – from coffee shops to slightly more upscale restaurants such as Pasta Fresca Da Salvatore. You can also buy your groceries at Cold Storage, have a cuppa at Coffee Bean & Tea Leaf and some kuehs at Bengawan Solo at Guthrie House. Sixth Avenue also has a number of famous religious sites close by including Masjid Al-Huda at Jalan Haji Alias and Fong Yun Thai Association at Holland Link.
Some of the past transactions include:
Fifth Ave – (2021) $22m (13,508 sqft, $1,629psf)
Sixth Ave – (2021) $5.4m (4,596 sqft, $1,171psf)
Sixth Ave – (2021) $11.2m (4,478sqft, $2,501psf)
24 Fourth Ave – (2017) $25.9m (20,204 sqft, $1,280psf)