The Gardens at Bishan hits $1,006 psf

THEEDGE SINGAPORE | February 27 2012 •

A 1,572 sq ft, four-bedroom unit of The Gardens at Bishan transacted at $1.36 million ($865 psf) on Feb

| BY jo-ann huang |

Guoco Land Group’s The Gardens at Bishan saw two units snapped up recently.The first unit is an 883 sq ft, two-bedroom unit on the 16^th floor of the 99-year leasehold property. It changed hands for $888,000 ($1,006 psf) onFeb 3. The unit had been transacted three times before. It was last sold to a buyer with an HDB address in May 2009 for $608,000 ($689 psf). In June 2007, itwas sold for $558,000 ($632 psf). The original buyer purchased the unit for$455,480 ($516 psf) in 2003 from the developer. The capital value of the unit has appreciated 95% since then.

The other unit sold recently is a fifth floor, 1,572 sq ft, four-bedroom unit that was transacted at $1.36 million ($865 psf) on Feb 1, according to a caveat lodged with URA Realis. Its original owner purchased the unit at $698,000 or $444 psf in September 2005, hence also realizing a price appreciation of about 95%.

The 756 units at The Gardens at Bishan are spread out in four20-storey blocks. The project is located along Sin Ming Walk, off Upper Thomson Road. High-floor units enjoy views of Bishan Park, the golf courses of Singapore Island Country Club, or the Lower Peirce Reservoir. Facilities include an Olympic-size swimming pool, landscaped courtyard and water features, a gym,clubhouse, BBQ pits and tennis courts.

Its European-style concept for the sprawling gardens and architecture differentiate it from other condominiums in the vicinity, such as Faber Garden Condominium, Bishan Park Condo and the upcoming Thomson Grand. The property is a short walk away from the eatery enclave of Upper Thomson Road, a short drive away from the shopping amenities of Thomson Plaza and Junction 8, and is close to Bishan Park Secondary School and Ai Tong Primary. The condo has a mix of small and large units, with studio units starting from 947 sq ft, as well as two- to four-bedroom units ranging from 861 to 2,616,sq ft. Maisonette units ranging from 1,690 to 2,745 sq ft are also available.

Property agents who specialise in marketing units at The Gardens at Bishan say its main draw to families with children of school-going age, which make up most of its residents, is its proximity to Ai Tong Primary School, one of the top primary schools in the country. Another attraction is the revamped Bishan Park. The $77 million makeover of the park includes the conversion of a canal into a river, new playgrounds and food and beverage outlets,says Edmund Lim, a team director at ERA. Lim brokered the recent sale of the883 sq ft unit on Feb 3.

“Most importantly, in the whole of Bishan, The Gardens at Bishan’s pricing is affordable compared with other condos such as Bishan 8 and Rafflesia, where units have seen prices exceed $1,000 psf,” says Lim. Both the 200-unit Bishan 8, completed 12 years ago, and the 230-unit Rafflesia Condo, completed a decade ago, are 99-year leasehold projects developed by Far East Organization. Bishan 8 contains mainly two- and three-bedroom units with sizes ranging from 980 to 1,561 sq ft, while Rafflesia, which also contains mainly twoand three-bedroom apartments, has unit sizesranging from 915 to 1,442 sq ft.

At Bishan 8, located opposite Junction 8 mall and the Bishan MRT station, a 1,163 sq ft three bedroom unit was transacted in December at $1.47million ($1,265 psf). Meanwhile, at Rafflesia, located across the road from Raffles Institution, the most recent transaction (based on caveats lodged with URA Realis) was in October when a 12th floor, 1,302 sq ft unit went for $1.35million ($1,037 psf).

The Gardens at Bishan is also popular among South Koreanexpatriates, with a large community living there. It’s also sought after amongFrench expatriates, as the condo is located within a short driving distance to the French School in Ang Mo Kio Avenue 3. But most residents at the condo areowneroccupiers, Lim says. “Residents like the units’ square layout. The absenceof bay windows and bomb shelters also free up more space for the rooms,” says Lim.

Two-bedroom, 883 sq ft units at The Gardens at Bishan can fetch rental rates of about $3,300 a month. Come 2015, when Cheung Kong (Holdings)completes its 361-unit Thomson Grand condo with nine 20-storey tower blocks, someof The Gardens at Bishan units facing the golf courses of Singapore Island Country Club and Peirce Reservoirmay have their views obstructed. Piling works at Thomson Grand have begun andare only expected to end in 4Q2012.

While rentals at Blocks 7 and 9 may be affected owing to the noise levels, overall rentals at The Gardens at Bishan are on the rise.

 As at end-January, 191 units at Thomson Grand have been sold with recent transaction prices ranging from $1,187 to $1,353 sq ft. The development is also pitched as the most luxurious in the Upper Thomson neighbourhood.“There’s definitely room for prices at The Gardens at Bishan to grow,” says Lim.