Chancery

From Straits Times – June 17, 2007

“Mature estate on verge of change

THE CHANCERY AREA IS DEFINED by a cheerful mix of bungalows, boutique apartments and yet-to-be-built condominiums such as Newton One. — ALPHONSUS CHERN

TAKE a cheerful mix of bungalows, boutique apartments and yet-to-be-built condominiums such as Newton One, and you have Gilstead, a mature residential area hinting at changes to come.

Newer gems such as Newton 18 and Gilstead 38 sprinkle the area, but the larger, slightly older developments such as Chancery Court and Jade Gardens define the location.

Clusters of bungalows and semi-detached houses are also popular, although these tend to be older.

The Residences @ Evelyn has set the tone for the area with its $1,418 per sq ft (psf) average price and largest number of transactions, said Savills Singapore director of marketing and business development Ku Swee Yong.

Most of the developments are upmarket so he believes the best buys are condominiums with better facilities such as sizeable swimming pools.

‘These include Residences @ Evelyn, Park Infinia and Amaryllis Ville,’ Mr Ku said.

He added that the average psf price in the area was $1,250, with average asking rents for two- to three-bedroom units ranging from $6,000 to $8,000.

One of the higher-end developments is the freehold Setia Residences, which was launched four years ago.

With an average price of $1,654 psf, a standard 3,348 sq ft unit in the project commands upwards of $5.4 million, with the asking rental ranging between $15,000 and $18,000.

Some of the new launches include Newton Suites and Buckley 18, both freehold projects. They have recorded average prices of $1,203 psf and $1,420 psf respectively this year.

Mr Ku noted that the Gilstead Road condos further away from Dunearn Road offered a peaceful environment coupled with the convenience of being a stone’s throw from the Newton MRT Station.”

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