Property in Singapore: District 10 - Ardmore, Bukit Timah, Farrer, Holland, Tanglin Rd

Saturday, August 28, 2010

District 10 - Ardmore, Bukit Timah, Farrer, Holland, Tanglin Rd

Famous celebrity haunts, luxury homes, delectable food, a forest reserve, a horse racing track and the highest hill in Singapore are some of the highlights of District 10. Comprising of Bukit Timah, Farrer Park, Holland Village and Tanglin, it is a place that offers both the scenic view of nature and the closeness of city life.

Introduction/History

Bukit Timah
Towering the Bukit Timah Planning Area at an altitude of 164 metres is the highest hill in Singapore, Bukit Timah. It is part of the Central Region about 10 kilometres from the Central Business District (CBD). A favourite among property owners, it has a number of luxury bungalows and condominiums in the area. The Bukit Timah Nature Reserve is located there, which adds to its high land value thanks to the abundant foliage beautifying the area compared to other parts of Singapore. The area is mainly populated by expatriates or well-to-do Singaporeans as it is expensive to own landed properties in Singapore. Bukit Timah was extended to Upper Bukit Timah later on. The Keretapi Tanah Melayu (KTM) from Malaysia has a station here along its railway network from Johor Bahru to Tanjong Pagar. The longest road in Singapore, the 25-km long Bukit Timah Road which runs from the north to the south of the island, got its name from the hill. In 1933, the Bukit Timah Race Course was opened and served as a Thoroughbred horse racing facility until it closed in 1999.

Farrer Park
The historic neighbourhood of Farrer Park is located within the urban planning area of Kallang. It is bounded by Dorset Road, Hampshire Road and Northumberland Road. This park is where the first Singapore racecourse was built and where Singapore’s aviation history began. Named after R.F. Farrer, the President of the Municipal Commissioners in the 1920s, Farrer Park and Farrer Road often cause for confusion as both places are located differently. In 1952 there was an abortive attempt to change the name of the road.

Holland Village
A small township near Buona Vista MRT Station, Holland Village is a popular food haunt among younger Singaporeans and expatriates. Nicknamed “Holland V”, its low-rise buildings are surrounded by high-rise HDB flats in the area. There will be a Holland Village MRT Station in 2010.

Tanglin
The Tanglin Planning Area is the name of the urban planning area in the Central Region of Singapore. In 2006, the Singapore Land Authority (SLA) proposed to give the area a new facelift. It will be revamped to a lifestyle, education and arts centre. There are two tenders to be called by the end of 2006, one to revitalize six blocks of colonial buildings, opening a fencing school and a pet café and another one for the single colonial building next to Minden Road – used as a dance studio or childcare centre.

Amenities/Facilities

A number of educational institutions can be found in Bukit Timah including Anglo-Chinese School (Barker Road), Singapore Chinese Girls' School, Methodist Girls' School, Hwa Chong Institution, National Junior College, Raffles Girls' Primary School, Nanyang Primary School, Nanyang Girls' High School, Pei Hwa Presbyterian Primary School and Saint Joseph's Institution, amongst others. Fine dining and prominent bars can be found in Holland Village, such as Marmalade Pantry, Tapas Wine Bistro, Tango’s, Baden-Baden, Harry’s Bar and the most famous of all, Wala Wala. In Tanglin Village, alfresco bars like Hacienda and the celebrity haunt PS Café provides good food and entertainment.

Transportation

Buona Vista MRT station, Newton MRT Station as well as various bus services provide accessibility to other major parts of Singapore.

*Visit http://chorkim.goh.virtualhomes.sg/ for property listings

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GOOD CLASS BUNGALOWS

Buying the ultimate home

With only about 2,400 units of good class bungalows in the market, almost any GCB would be a rare find.

By Arthur SimPublished: August 13 2009,The Business Times
THEY are wealthy and successful people who can probably afford to buy any home they want, but many of them are being drawn towards good class bungalows (GCBs). There are only 39 designated GCB areas in Singapore and Binjai Park is one of them.

However, these areas are not all equal. Some GCB locations are more prestigious than others. For instance, the current asking price for GCB land in the Nassim area is between $1,500-$2,000 per square foot (psf) whereas in Chestnut Drive, GCBs have been known to have transacted at around $550 psf.

There are also pros and cons to buying either an old bungalow or a newly built one. 'Some old GCBs have unique architectural features and come with a rich heritage. Buyers, however, have to be prepared to set aside some money to refurbish and upgrade the building and fit it out with modern conveniences,'

New buildings, he says, can be tailored to specific tastes but also be expensive. But what usually pushes up prices is the location. A martial arts movie star who picked up a GCB at Binjai Park for $19.8 million at around $871.36 psf earlier this year appears to have gotten a good buy. It was reported that the seller of the house had incurred a loss of $1.2 million on the deal, having bought the property in early 2007 for $21 million, or $924 psf. The selling price for a newly built GCB will generally be higher than that of an old GCB. 'The choice normally depends on whether the buyer is price sensitive,'. A new house might take as long as two years to build although it is more likely to be built to the owner's precise specifications.

If one is looking for exclusivity, the most expensive GCBs are generally in the Nassim and Lady Hill areas. This is followed by those in the Tanglin vicinity such as the Rochalie, Bishopsgate and Chatsworth areas.On the prices, GCBs in the Tanglin vicinity range from $1,200-$1,400 psf for the top of this category.

'Other popular GCB areas are in the Swettenham, Pierce, Dalvey, Cluny Park areas where prices can range from $1,100-$1,300 psf', '1,000 psf is the standard price for an average GCB. Prices have been moving up over the last six months. Permanent residents are permitted to buy landed property, but only with permission from the government. Foreigners cannot easily buy a GCB or any other landed home here as the government restricts foreign ownership of residential property. However, foreigners who take up Singapore citizenship may buy landed property. The exception to the restrictions is the gated residential enclave of Sentosa Cove, where ownership rules were eased to allow foreigners who are not permanent residents to buy landed homes or land plots, though permission is still needed.

Apart from some restrictions on ownership, one of the common misconceptions when buying a GCB is that some buyers unknowingly pay a premium for a home that actually falls outside the designated GCB areas. 'Some buyers think that as long as a bungalow has a land area of 15,070 sq ft, it is considered a GCB, not knowing there are only 39 designated areas,' he added. Before buying any home, it is also useful to do some checks. For instance, it is useful for a surveyor to be called in to assess and ascertain the site boundary for issues such as encroachment. A structural surveyor or engineer can also be engaged to assess the structural integrity of a house, especially if it is an old or conserved bungalow. It is also important to check with the relevant authorities about possible drainage and road reserves as this could affect the the boundary setbacks. Finally, the terrain, shape of the site and frontage are other physical characteristics that are important, especially if one is going to build a new house. But with only about 2,400 units of GCBs in the market, almost any GCB would be a rare find. 'The majority are owned by the who's who - and are seldom placed for sale in the market. On the contrary, there's an increasing pool of buyers made up of high net worth individuals, GCB collectors as well as permanent residents who are looking to buy GCBs for their own use,' he adds.

GCB buyers are a discerning group of investors who also have a different view on what makes a good investment. 'Yields are not part of the investment criteria - which is typically less than 2 per cent,' said Mr Han. Instead most see GCBs as a good long-term asset class of investment, 'especially in land-scarce Singapore where land value appreciates over time'. And Mr Han believes that the outlook for GCBs is also good.