Market watchers urge caution on Skyline Residences

Showflats for the 283-unit freehold apartment by Bukit Sembawang View will be ready on Friday, July 1 but while it almost has what it takes for buyers not to miss it, market watchers also cite downsides.

Agents from Huttons Real Estate Group which market the property would say that Skyline Residences is in close proximity to everywhere that matters – it is just a moment away from the Central Business District, entertainment establishments like Vivo City & Resort World Sentosa, and upcoming Telok Blangah MRT. Plus, the property, according to them offers “breathtaking” sea views. Also, a major selling point is the “unblocked” views towards the Keppel Golf Course Club. Market watchers interviewed by Singapore Business Review however note that the “unblocked” views could just be “temporary” as just in a matter of ten years from now, the prime location of the golf club would be replaced by high rise development.

“The 30-year lease to the golf club’s site near Telok Blangah is about to expire in end 2021 and chances are it might not be renewed as the land has been earmarked for redevelopment, “an industry observer who requested anonymity said.

“If Skyline Residences is just about to TOP in end 2015, then buyers would just have less than five years to enjoy the unblocked views,” he added.

Skyline Residences is located along Telok Blangah Road but that alone discourages buyers, another observer said.

“The area is quite noisy as there are a number of huge container trucks passing through Telok Blangah Road,” he said.

Market watchers however note there are still reasons to believe that it will sell out like Hoi Hup’s Foresta, a 141-unit development within the vicinity which is almost 80% sold already since May 11 launch according to sources. This provided that the market price is right, according to them.

The average price for Skyline Residences is $1800-$1,900 psf, slightly below Foresta’s $2,000 psf. Price guide for Skyline Residences is as follows:

1 Bedroom (484 sft) - $950K - $1.2 mil

2 Bedroom (829 sft) - $1.46mil - $1.77mi

3 Bedroom (1292/1346 sft) - $2.32mil - $2.83mil

4 Bedroom (1615/1722) - $2.89mil - $3.23mil

Agents from Huttons claim that rental yield at Skyline Residences is 4%.

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