New launches ramp up, with The Myst debuting on June 24 at prices starting at $1,862 psf

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As the June school holiday is closing in, property developers are ramping up the launch of their projects. The weekend between June 24 and 25 will be the unveiling of the City Developments Limited’s (CDL) 4-08-unit The Myst at Upper Bukit Timah Road as well as the 598-unit Lentor Hill Residences developed by the joint venture of Hong Leong Holdings, TID and GuocoLand.

For the listed property the giant CDL The Myst is an opportunity to returning back to this area of Upper Bukit Timah Road area after more than 30 years. CDL built the 596-unit neighboring Cashew Heights Condo on Cashew Road in 1992. Cashew Heights has a 999-year lease beginning in 1882. The next door property to it is the 6,96-unit Hazel Park Condo and the 80-unit Hazel Park Terrace that was designed by CDL’s sister firm Hong Leong Holdings and completed in the year 2000. Each of CDL as well as Hong Leong Holdings are part of the Kwek family-owned Hong Leong Group. The two developments have leases of 999 years starting in 1882.

In addition to Cashew Heights, CDL is also well-versed in the area as it has also developed various other developments in District 23 such as four29 units of Tree House at Chestnut Avenue (completed in 2013) which was a joint project by CDL together with Hong Leong as well as four66 units The Rainforest executive condo (EC) located at Choa Chu Kang Avenue 3 (completed in 2015) and sixty2-unit Blossom Residences EC (completed in 2014) located on Segar Road.

CDL additionally has the EC development site located at Bukit Batok West Avenue which it was awarded in September of last year by submitting an offer of $336.068 million, or $626 per square foot for a plot. The new EC will be estimated to contain 500 units and is set to launch in 1H2024. CDL has also been working on several initiatives in the Hillview region.

The 99-year leasehold condominium The Myst is an redevelopment of the former Tan Chong Industrial Park, which CDL bought for $126.3 million. The purchase concluded on April 20, 2022. “When we bought this sprawling 179,009 sq feet site by way of an off-market purchase we were amazed by the surrounding area that is lush with tropical greenery Nature parks, reservoirs and nature parks,” comments Sherman Kwek, CDL Group CEO, in a press release. “We were looking for a great chance to create a beautiful green masterpiece that is harmoniously with the lush landscape in Upper Bukit Timah.”

Close proximity to greenery and amenities
According to CDL The site draws people who appreciate being near to nature. In addition to its proximity to green areas such as those of the Bukit Timah Nature Park, as well as the Rail Corridor It also has numerous amenities for living, such as restaurants, schools and transportation connectivity.

In the future, for residents from The Myst, the nearest MRT station is Cashew located on the Downtown Line, a fiveseven-minute walk. There is a Bukit Panjang MRT Station is just a 10-minute walk or an MRT station near The Cashew Station. The closest shopping mall to Hillion Mall. Hillion Mall, which is connected to a transport hub, which includes Bukit Panjang MRT Station, Bus Interchange Bukit Panjang MRT Station, LRT station, as well as a bus interchange.

“The natural environment is perfect for those who would like to be away from the hustle and bustle of city centre and be more in tune with the natural world,” says ERA Realty Network the chief Executive Officer Eugene Lim.

In addition to in addition to the Bukit Timah Nature Reserve It is also located near other nature parks like Chestnut Nature Park, Dairy Farm Nature Park and the recently launched Rifle Range Nature Park, says Mark Yip, CEO of Huttons Asia.

The schools in the area vary between Bukit Panjang Primary School to Greenridge Secondary School, Assumption English School, CHIJ Our Lady Queen of Peace and St Francis Methodist School. An international school German European School Singapore is located nearby.

Within the Schools, Bukit Panjang Primary and CHIJ Our Lady Queen of Peace are located within a 1-km distance of The Myst The Myst, according to Huttons Yip. This will be a great choice for parents with children who are of the age of schooling.

‘Unblocked views’
“With an exclusive access road that runs from Upper Bukit Timah Road, The Myst is tucked away from the main road, giving the Myst a mysterious and exclusive atmosphere,” says Markus Cheng as the associate at ADDP Architects, the design architect of The Myst.

The development is comprised of two towers of 24 stories, that are set back by at most 45m (in the east) and 60m (in the south) from the boundaries of the neighboring Hazel Park Condo. The towers are north-south orientation and the they are designed to maximize views, as per ADDP’s Cheng.

Units that face south will enjoy an unobstructed view of Bukit Timah Nature Reserve starting from 10th Floor. North-facing units will get an unobstructed view at and the Rail Corridor. The towers’ units will also be able to see the low-rise residential estate as well as The Greenridge Secondary School field as well as the lush greenery and swimming pools of the gardens of The Myst.

The two towers share a an area of only 25% on the site area, which leaves 75% for facilities and greenery. “As these two towers are not overlapping certain stacks will have two views,” says ERA’s Lim. “With the majority of% part of the site area used for grounds and landscaping, we’ve got 100% view that is unblockable.”

The landscaping, developed in conjunction with the landscape architects Ecoplan Asia, is geared towards creating an “hideaway” as well as the concept of a “Morning misty forest” according to Cheng which is also the inspiration behind the development’s name. Cheng says that the amenities and the landscaping are laid out in an “courtyard design” and includes a number of pavilions, including an elevated lounge with a view of the lap pool of 50m and an outdoor lounge that has the possibility of a relaxing pavilion.

“One of the cheapest priced cars in 2023′
For a diverse variety of buyers for homes, The Myst has a variety of one-to five-bedroom apartments ranging between 517 sq. ft. to 1,690 sq feet. One-bedders with 517 sq feet comprise 48 units. Two-bedroom and two-bedroom-plus-study units of 678 to 732 sq ft comprise 145 units.

The remaining 143 units are three-bedroom units, which range between 850 and 1,153 sq feet. Four-bedroom units that range from 1,453 to 1,518 sq ft comprise 49 units, and five-bedroom units that measure 1,690 sq ft comprise the remaining 23 units.

Three-bedroom and two-bedroom units make up the majority of the units — 288 properties (70.6%) — within The Myst.

As per Ismail Gafoor, CEO of PropNex, The Myst will probably appeal to HDB upgraders from the neighboring areas that include Bukit Panjang Teck Whye and Choa Chu Kang. The project could also attract owners who are looking to upgrade from older condos or properties close by.

Yet, Gafoor does not rule out investors, as they tend to favor two-bedroom and one-bedroom properties due to their smaller size. “I anticipate The Myst to be one of the cheapest new condo launches coming in 2023.” Gafoor says.

According to CDL, one-bedroom-plus-study of 517 sq ft are priced from $998,000 ($1,930 psf), and two-bedroom of 678 sq ft are upwards of $1.33 million ($1,962 psf). Three-bedroom models starting from 850 sq ft start at $1.708 million ($2,009 per square foot) 4 bedroom units beginning at 1,518 sq ft start at $2.826 million ($1,862 per square foot). Five-bedroom units with 1,690 square feet cost $3.18 million ($1,882 per square foot).

A third of the units in Myst are for sale. Myst have been priced “at the sweet spot” in the range of $1.5 million or less, “making it a desirable option for buyers and investors” CDL says. CDL.

New major launch in over two decades
The last launch in the region was a small development of only 34 units Bukit 828 developed by Roxy Pacific Holdings. It was officially launched in the year 2018. Similar projects of a similar size, the most recent new development in the enclave is the neighboring Hazel Park Condo, launched around the middle of the 1990s, and finished in the year 2000.

“It has been over twenty years since the first major construction project was announced within Bukit Timah. Upper Bukit Timah area,” claims Huttons Yip. “Hence there may be waiting for the construction of new houses in the area.”

The most recent sale in Hazel Park Condo was for 135 square feet, three-bedroom apartment on the 17th floor. It was sold at $2.13 million ($1,596 per square foot) in April of this year. In March, a third three-bedroom apartment of 1,324 square feet, situated on the 8th floor was purchased at $2.268 million ($1,713 per square foot).

In the meantime, Bukit 828 was launched in September of 2018 and was sold for a price of $1,599 psf.

The Myst could be the final lot of land that can be used to be used as a residential property within The Upper Bukit Timah area, making it more scarce as per Yip. It is planned to completion in March 2029.

Upcoming launches
Alongside The Myst in addition to The Myst Lentor Hills Residences, the upcoming releases include the 520 unit Pinetree Hills in Pine Grove developed by UOL Group and Singapore Land Group SingHaiyi’s 1 008 unit Grand Dunman on Dunman Road and The 360-unit Novo Place executive condominium at Bukit Batok West Avenue 8. owned by Qingjian Realty.

“There was no launch during the school holidays of June in addition, the Lunar Seventh Month starts on August 16,” According to Yip. “Thus we anticipate for more launch launches in the months of July through the middle of August.”

The majority of developers will begin launching their venture after they’ve received the required approvals, which includes the green signal by the Controller of Housing for the show flats, according to PropNex’s Gafoor. “Developers are less worried about what developer is launching or previewing at the same time,” he adds. “They are confident about their product’s strengths and are confident that they can attract buyers from surrounding regions. For buyers looking for homes this means that they’ll have a lot of projects to anticipate.”

With the rising interest rates and macroeconomic issues, many developers want to hit an average of 40% sales figure on the weekend of the launch, says Gafoor. “Selling hundreds of units during the weekend of launch means strong performance.”

In 1H2023 around 9 new ventures were unveiled (see the table). Huttons believes that this year will be finished with 20-30 projects being launched, based on the approvals of regulators, according to Yip. This is a far cry from the initial estimates of more than 40 launches in the beginning of the year.

“The rate of take-up for the recent launch have been high and could continue to increase for the forthcoming launch,” says Yip. “The number of units that are not sold in the market is at a low level, and there is plenty of liquidity. The buyers believe that property as an asset in tangible form is a safe security against inflation, and it is likely to appreciate in the mid to long.”