Artist’s impression of Kandis Residence in Sembawang. (Source: Tuan Sing Holdings)
Singapore-listed Tuan Sing Holdings is targeting to launch Kandis Residence in Sembawang as early as this month, PropertyGuru understands.
The 130-unit condominium at Kandis Link will comprise four low-rise blocks. Conceptualised by award-winning architectural firm Ong & Ong, the project is designed to look like “homes in the woods” due to its location next to a forested area.
There will be a range of one- to three-bedroom apartments from 485 sq ft to 1,034 sq ft. Around 65 percent are the two-bedroom type, while some higher floor units will offer sea views.
Scheduled for completion in 2021, the 99-year leasehold project has an indicative average price of $1,250 psf.
Tuan Sing beat out eight other developers with a top bid of $51.07 million for the 75,851 sq ft site in a Government Land Sales exercise in April 2016. This works out to a land rate of $481 psf per plot ratio.
SEE ALSO: Tuan Sing subsidiary awarded Sembawang site
“Pricing is expected to be attractive, given the relatively low land cost,” said Wong Xian Yang, Head of Research & Consultancy at OrangeTee. “Attractive pricing, coupled with a limited supply of units could see demand surprise on the upside for Kandis Residence.”
In addition, this is the first non-landed project to be developed in the landed enclave, he noted.
He believes that buyers who are looking to stay away from the hustle and bustle of city life will find the project attractive. “Demand is likely to come mainly from owner-occupiers rather than investors due to its non-central location,” said Wong.
Situated close to the Sembawang and upcoming Canberra MRT stations on the North-South Line, nearby amenities include shops and eateries at Sun Plaza and Sembawang Shopping Centre. New roads and future development will also transform the area.
In an SGX filing last week, Tuan Sing said its three other projects – Seletar Park Residence, Sennett Residence and Cluny Park Residence – have been completed and substantially sold.
Meanwhile, the purchase of a freehold vacant lot at No.1 Jalan Remaja in the Hillview area was completed in June. The group aims to develop the site into a new condo of about 100 units, and plans to launch it in Q2 2018.
Tuan Sing’s net profit for the first half of 2017 fell 51 percent to $7.2 million, from $14.7 million a year ago. Group revenue also dropped 25 percent to $158.9 million, compared to $212 million last year.
The group stated that its lower revenue and profit were due to the decrease in sales of residential projects.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
