Sims Urban Oasis will revitalize the Aljunied area once it is completed in the first quarter 2019. The condo whose construction is underway is by GuocoLand and will have 1,024 units.
GuocoLand acquired the site in April 2014 through a $530.9m or $688 psf ppr government land tender. The condo was launched in February 2015 and so far, 59% has been sold.
(An artist's impression of Sims Urban Oasis)
The 257,260 sq ft site will hold eight blocks, each with 18 storeys. They range from 1 bedroom units measuring 409 sq ft to 5 bedroom units measuring 1,722 sq ft. The ground floors have 6 retail units of from 232 to 517 sq ft. It also has a childcare centre of 3,254 sq ft. The childcare centre and retail units are yet to be launched for sale.
Sims Urban Oasis has experienced steady sales with 6 units being sold in November based on the caveat lodged. A 1-bedder of 484 sq ft was sold at $726,000 or $1,498 psf and a 3-bedder of 1,033 sq ft was sold at $1.37m or $1,325 psf.
“Selling an average of 4 to 5 units per week is encouraging in the present environment of economic slowdown and uncertainty,” said Alice Tan, Knight Frank head of research.
Owner occupiers are the majority buyers at 70%. Also, 75% buyers are Singaporeans and remainder is foreigners.
The project has spacious grounds, enough amenities and separate zones for families that have children and that need privacy.
Furthermore, the Sims Urban Oasis is being gentrified with 3 old HDB blocks being set aside for SERS –Selective en bloc redevelopment scheme. The site could be sold under the government land sale program for private residential development, rejuvenating the neighborhood further.
Another project in the Aljunied area is TRE Residences jointly developed by MCC Land, Great View Development, and Sustained Land. The project on a 99-year lease has 250 units and it is set for completion in 2019. Since its launch in November 2014, only 26% (65 units) have been sold with a 1-bedroom unit of 570 sq ft fetching an average price of $1,519 psf or $867,000.
Central Grove located at Geylang East Avenue 1 is next to TRE Residences. The project by CapitaLand has 262 units and it is on leasehold of 99 years. The condo whose completion was 15 years ago seems like it’s the first in the area. A November transaction of a 3 bedroom unit was sold at $912 psf (1.13m) having been purchased in December 2007 at $626 psf( $775,000). The unit had cost $489 psf in Dec 1998 when it was launched.
The latest private condos including TRE Residences and Sims Urban Oasis are set to lift the price of residential properties in Aljunied with their price range of $1500 psf.
Aljunied area is close Raffles place and Paya Lebar Central and Paya Lebar Quarter. Shopping malls such as Paya Lebar Square and One KM are also close by.
For matters of education, John Cook University and Geylang Methodist schools are in the area.