“Residential oasis near the city”
From Straits Times – June 10, 2007
ALONG THE WATERFRONT, residents at (from left) Casuarina Cove, Water Place and Pebble Bay can enjoy views of the Kallang Basin.
TANJONG Rhu is a large upmarket condo belt with views of the Kallang Basin – and even the sea for some units.
The lungs of the area are the many large plots of greenery interspersed between the condos, which are fairly new, big and well-designed. Most sit on 99-year leasehold land rather than freehold.
They are valued for their proximity to the city and the sea. Residents also have easy access to the National Stadium – or the future Kallang sports hub – and several restaurants.
There are no new launches here, though prices have risen in line with the market and new projects in nearby areas, such as Meyer Road and Marina Bay.
In the past year, prices have risen 50 to 60 per cent, to an average of $800 to $1,000 per sq ft (psf) in the first quarter, said CB Richard Ellis (CBRE).
Buyers have shown keen interest in the past year. Last month, at least eight deals were done at Costa Rhu for about $877 psf on average. The 737-unit condo was launched in 1995 at $750 psf on average.
Agents said buyers prefer projects with views of the Kallang Basin, like Pebble Bay.
Rents in the area have also risen. For instance, monthly rents at Pebble Bay are up by nearly 27 per cent, going from $2.29 psf to $2.90 psf in the first quarter, CBRE said, citing data from the Urban Redevelopment Authority.
That means a three-bedroom unit at Pebble Bay will cost about $5,500 a month to lease. Asking rents are even higher, at $6,000 to $8,000 a month, said Savills Research. In general, asking rents for a two- to three-bedroom unit in the area come to $4,000 to $6,000 a month, it said.