Saturday, March 20, 2010
Condo Review: The Estuary
About The Estuary
Yishun's latest condo is one we've been watching for some time now. This District 27 condo saw brisk sales with many of the small 1 and 2 BR units taken up before the showroom doors opened on 25 February.
Yishun has a distinct lack of new condos and judging by the strong interest, it shows that there is a demand for condos in that area. Developers have taken note too with the EC site in Yishun Avenue 11 seeing some 10 bids recently.
As we've mentioned in our previous Condo Watch: 2010 article, The Estuary was bought at a record price by MCL Land back in 2007. Prices however, were lower than what analysts predicted.
Tenure: 99-year leasehold
Developer: MCL Land
Site Area: 290,077 sqft
Estimated TOP: 31 December 2013
Units: 608 total, 1BR (85), 2BR (153), 2+1BR (50), 3BR (265) and 4BR (55)
Unit Sizes (without PES / with PES):
1BR (592 - 603 sqft / 678 sqft and 689 sqft)
2BR (904 - 1,130 sqft / 1,098 - 1,119sqft)
2+1BR (1,119 and 1,281 sqft)
3BR (1,184 - 1,302 sqft / 1,302 - 1,442 sqft)
4BR (1,453 and 1,528 sqft / 1,614 sqft)
Full condo facilities - i.e. Swimming Pool, Gym, Function Rooms, etc.
Not one but TWO tennis courts!!
Quite a crowd on opening day
Very obviously the main selling point of The Estuary is the view of Lower Seletar Reservoir. It's what we would call "untouched". Looking across the reservoir, one can see trees and trees with nary a single building in sight.
A view like this is quite rare. Even Bedok Reservoir doesn't offer such a picturesque view.
Some might notice the MRT tracks close to the development, but we hardly heard any trains go by while we were there at noon.
Khatib MRT is about a 10 minute walk away. Fans of local soccer would be able to catch a free match at Yishun Stadium just next door.
Visitors unfamiliar with the area need to know of the Khatib 'town centre', which has shops, NTUC Fairprice and a number of coffeeshops. It's about a 10 minute walk.
Let's also not forget that Seletar Aerospace Hub is not too far away, this could be a suitable place for expats working at Rolls Royce or Eurocopter.
Images: Google Maps
When we were there for the opening, prices were going at about $735 to $830 psf. But these were prices with a 10% "developer launch" discount. Back then, a 915sqft 2BRs are going at around $830 to $870 psf (or about $760,00 - $810,000) and a 1,200 sqft 3BR was going for about $735 psf after discount (about $817 before).
Prices were much lower than the analysts' initial prediction of $900psf. Sadly, brand new condos with a psf of $750 - $800 are becoming a thing of the past. The Estuary could be the cheapest condo to launch in 2010.
Orchid Park Condominium (1994, 99 years), just up the street and located opposite Orchid Golf and Country Club, saw caveats lodged at an average of $580.40 psf for Jan-Feb 2010. Lilydale, an executive condominium nearby, saw caveats average $513 psf in the same period.
District 27 average for Jan 2010 was $542.40psf.
View of Lower Seletar Reservoir from Blk 816 11th floor
View of Yishun Stadium from Blk 816 11th floor
Contruction has already begun
Choice of units
We'd go for high floor 3BR units in stacks 8, 9, 17 and 16. They are a good distance from the main road, close enough to the side entrance, face the condo pool and with a decent view of the reservoir.
Did we mention that those units are shielded from the ugly bright floodlights of the Orchid Country Club at night?
4BR units in stacks 25 and 33 might be also worth considering. They are open on both sides so one gets a view of the main condo pool as well as the reservoir.
Image: Google Maps. Note: Site overlay is approximate. Circled numbers indicate ideal units. Green arrows = good views, orange = fair, red = poor.
Facilities and Layout
People who live in the North will find this place attractive, especially Yishun/Khatib/Sembawang HDB upgraders. There aren't many new condos to choose from in those areas. It's proxmity to Seletar Aerospace Hub is a plus to those looking for rental yield.
The price is on the high side for a District 27 condo, but then no condos in that area offer such a view and such proximity to MRT and amenities. Furthermore, in this climate of increasing buyer confidence, a brand new condo at launch prices of $750-$800 is a rarity these days.
Head down to the showroom to take a look. There are still plenty of choice units to choose from.
A sample of floorplans below:
Images: Brochure and tipster Simon L.
As posted in h88.com.sg by John