Fourth Avenue Residences condominium located in 2 Fourth Avenue is all set to defy property market cool down. Set to be launched in the 4th quarter of 2018, the development will be launching amid market uncertainties.
This project is 99 year leasehold, and the developer is Allgreen Properties Ltd, considered to be one of the biggest property developers in Singapore with an impressive portfolio of developments including RV Residences, Cairnhill Residences, The Shaughnessy etc, which all garnered fantastic response and are fully sold. Fourth Avenue Residences condominium was bought when the government launch it under Government Land Sale in Dec 2017. This piece of land is very rare, as it is so strategically located and huge in size, which is uncommon in this area.
Fourth Avenue Residences condominium is conveniently sited besides Sixth Avenue MRT Station (Downtown Line). One of the main draw of Singapore Fourth Avenue Residences condo is that Sixth Avenue MRT Station is right besides, which grant residents easy access to the train station within a minute’s walk.
Despite its great location, the property will be launched at a period of property market cool down.
The property cooling measures was introduced by the Government on July 5 to counter the euphoria in the property market with changes to the Additional Buyer’s Stamp Duty (ABSD) and the Loan-To-Value (LTV) limits. This developers are not much perturbed by the property market cool down due to the curbs as the project has great potential. Buyers can also expect great capital appreciation in the mid to long term due to the central locality of this place, plus it is nestled in the heart of nature and has access to great transport infrastructure.
Besides the property market cool down, there may be some concern among some buyers and investors that the Fourth Avenue Residences Bukit Timah is only 99 years, while most of the surrounding condominiums and landed housing are freehold.
Buyers and investors should take note that all the developers bidding for this land were well aware of the leasehold status of this plot, but yet none of them were afraid to bid, as they were confident that the potential it can bring when the shortfall in land tenure is being made up the proximity to the MRT station.
A fierce bidding for this piece of land by the developers signified that the consumer demographic has changed; freehold land is not everything as the society progress, become more mobile and has more knowledge on investment. Buyers now are very savvy to know that being near to modes of transportation like MRT stations, makes it easier for their properties to be rented out, and also at a higher price, compared to the more expensive freehold properties which may not be near to the train station, and with a lower rental yield.
FOURTH AVENUE RESIDENCES CONDO PROJECT HIGHLIGHTS
Fourth Avenue Residences Condominium has a land size of about 359,065 sq ft and expected to house about 445 condo units. The 99-year lease tenure residential parcel is surrounded by different facilities such as schools, shopping centres that will serve the residents making it a highly sought-after spot.
The $1,540 per square foot Fourth Avenue Residences could attract an approximately $2,250 per square feet (psf) upon development assuming that the marginal profit margin is set at 10% of the property’s gross development value. Allgreen Holdings trumped other bidders to acquire the $533 million worth site where Fourth Avenue Residences is set to be developed. This is after Urban Redevelopment Authority offered the place for sale last year under the first phase of the Government Land Sales program rolled by the Singapore government.
The official developer of Fourth Avenue Residences Condominium, Allgreen Holdings, are well known across Singapore due to their established track record. They build high-quality residential units which are unmatched in the market, and the upcoming Fourth Avenue Residences is not an exception.
Despite the property market cool down, Fourth Avenue Residences is the ultimate destination for buyers that are looking for a perfect spot to make a home. The area is suitable where both small and large families can thrive. This is because it brings about comfort and convenience which is exactly what you need in your next living space.
CREDITS: THE INDEPENDENT