Sunday 30 September 2012

Riversails Review (NorthEast District)

Details of this project
Developer: Allgreen Properties Limited
Property Address: Upper Serangoon Crescent (New side road to be built)
Legal Description: Lot 9557A MK22
Site Area:24,620 sqm/Approx. 265,000 sqft
Type of Development: Full condominium facilities
No. of Blocks / Storey / units 12 blocks / 18-storeys / 920 units
No. of Car park lots 930 carpark lots (Extra 10 lots)
Tenure 99 years commencing from 7 December 2011
Expected T.O.P date 30 September 2017
Expected Legal Completion Date 30 Sep 2020

 This is the plot of land that Allgreen got at a steep discount relative to surrounding sites such as Riversound and Boat Quay. The psf ppr approximately S$290 however, Allgreen is launching this project in line with the surrounding market pricing. Reason is that there were many cheques offered in particularly for the 4 bedders and which leads to preview pricing of S$840-S$850psf on is making supernormal profits out of this! The 1 bedders were itself 3 times oversubscribed. During my visit today, noted lots of cars and potential buyers swamping the showflat....demand is still hot for private properties despite the economy slow down.

Nice water features outside the showflat

Another shot of the water feature

Carpark lots were fully taken!
Location and Amenities

There will be a mini commercial centre from the BTO opposite Riversails. This will benefit the all residents staying in the area. The park connector will also bring one to the Punggol good for those who likes cycling and jogging. This location is also just next to the KPE exit thus making it extremely convenient for those who drive. The nearest LRT will be Kangkar station which will take one to Seng Kang MRT (10-15mins walk). But no worries, the developer Allgreen will be providing complimentary shuttle bus services to Hougang MRT/Bus Interchange for the first 2 years....extremely generous of them.

I actually like how the neighbouring area are being developed with modern clean cutting BTO, DBSS, Executive Condominiums (Austville and Heron Bay) and Private Condominiums (Riversound and Boat House) which give rise to an exclusive and unqiue district. Riversails is also set to benefit from the up and coming Selatar Aerospace industry.

Site Plan: Part 1 of 2 (Ground Level)

Site Plan: Part 2 of 2 (Sky Lounge)

Unit Distribution of Riversails

Showflat and finishing

There are 4 models on display: (i) 1 Bedroom; (ii) 2+1 Study (914sqft); (iii) 3 Bedroom (1108sqft) and 4 bedroom (1367sqft). For all units, built in shoerack outside main door and also built in fridge. The rubbish chutes are built within the units. Toilet bowls given are also of the silent type. Marble floor finishing (timber flooring for bedrooms and study) by Allgreen. Good quality finishing by the developer. But I am not exactly a huge fan of marble floor and marble walls in the Master Bathroom, just think that it is not practical. My personal preference would be non slip tiles over perceived grandness.

My favourite layout and facing are actually those 2+1 Study units that are facing the 50M main pool or the dip pool. Get low floor (2nd to 6th floor) to enjoy the pool view. The 2+1 units are also suprisingly spacious and decent size. Rare these days to get 2+1 over 900sqft. The balcony is also spacious enough for the dining table to be shifted there if the buyer choose to do so. This will free up even more area in the unit.

2+1 Floorplan of Showflat on Display

On the other hand, the 3 bedder on display is quite disappointing. A unique selling point here is the transparent glass installed in the Master bedroom and bathroom. This allows couples to see what each other are doing in the toilet. I was told the developer would not accept any request for customisation. For those who wanted privacy has to settle this issue themselves when it TOP. 3 bedder also a little too small for comfort. Just do not like the feel of the Masterbedroom which was more cramped than I expected. My personal advice would be to stay clear of units facing the busy Upper Serangoon Road as it does get very noisy.
3 Bedroom Floorplan of Showflat on Display

The 4 bedroom also has the same issue as the 3 bedder: It felt cramped. Strange that developer are still building junior master bathroom. For better and more efficient usage of space, one common toilet/washroom is actually more than enough. Why waste precious space? Good thing about 4 bedder is that they come with bathtubs in the Master....awesome!

4 Bedroom Floorplan of Showflat on Display

Ending Note:
I think that for the price on offer, the units at Riversails are still very much value for money. But if Allgreen had not revised upwards the prices for the 4 bedders (the last I heard was going for 800psf or less during the intial planning), it would have even been better for buyers. The cheques gathering exercise has shown a strong and robust underlying demand for private properties despite the huge supply in this area as well as weak global economic condition.

Sunday 23 September 2012

Sep'12- Returns on Investments

Quite good dividends received for past 2 months. Singapore REITS also performing well.

Below is the total returns (unrealised gains and dividends received so far):

Sep'12 Investment Allocation

S$210K allocation:

Wednesday 12 September 2012

Investment Philosophy

This is so awesome!
  • Buy companies on substantial discounts to net asset value
  • investment holding companies on wide discounts
  • companies with a strong balance sheet and good quality of underlying assets
  • seek anomalies
  • under-researched situations
  • situations where the underlying assets are not recognized or are misunderstood by the market

Sunday 9 September 2012

Investment Updates

Was extremely busy recently with my new Financial Controller role, hence did not have the time to update the blog frequently. Singapore REITS have performed extremely well over the past 3 months. Based on an average dividend yield of 6.4%, it is offering good values for investors who want to still mop up more Singapore REITS. This average yield is higher than say Hong Kong and Australia of approximately 5%. As for me, I do not think that it is a good time to buy more. Once the herd rushed in, no point joining them for limited upside. 

My portfolio has done well as a result of the strong rally in REITS. Wilmar turned out to be a huge disappointment. But I think the strong management team will pull Wilmar through this difficult time of low market value for it's stock.

Bartley Residences - Hong Leong and CDL

Went to the show flat. Was extremely diasppointed with Hong Leong and CDL gang....a real bunch of blood difference from Far East. Heard on radio advertisment that says very well utilisation of space and thus still look spacious. The common bedrooms sizes actually very small....even if you try pushing bed to wall to try squeeze 2 beds, still a tough fit. In addition, ceiling height only least Far East projects has higher ceiling height. 100sqm for 3 bedders....n 1250psf. Even more disgusting is that Kwek keep telling the media he got a strong balance sheet and will not lower price. Think the general public should seriously give other property developers a second look and stay away from Hong Leong and Far East. Say no to exorbitant pricing and product.

But I must say the finishing given (such as Kitchen Cabinets and wardrobe) are of extremely good quality.

Seletar Mall- First Cineplex in Seng Kang

Extracted from Singapore Business Review (good news for property investors of H2O Residences and Seletar Park Residences):

SPH's Seletar Mall to be completed by end-2014

284,000-sqft mall to open in Sengkang West Avenue and Fernvale Road junction.

"The design intent is to create a friendly, comfortable and pleasant environment to encourage shoppers to spend longer quality time in the mall. This is achieved through the clarity of retail circulation and space planning both horizontally and vertically, creating interesting architectural spaces, the introduction of natural lighting and thoughtful material selection," said SPH in a release.

"The mall is positioned to cater to the convenience, lifestyle and dining needs of existing residents as well as those in the upcoming new residential developments in the vicinity, consisting of HDB Built-To-Order flats, private condominiums and landed properties at the Seletar estate. The new mall will enjoy a catchment (within 5 km) of 730,000 residents and a working population of 47,000, including the Aerospace Park, slated for completion in 2013," it said.

"The mall will have a gross floor area of 284,000 sq ft and net let table area of 188,000 sq ft, spread over four levels above ground, and two basement levels. The four- storey retail podium above the ground creates a less imposing building facade, and allows a friendlier suburban shopping experience. A variety of key anchor tenants are strategically planned to attract shoppers to various locations within the mall. These include a Cineplex on the 4th storey, a food court on the 3rd level, anchor retail shops at the 1st, 2nd and 3rd storey, and a good-sized supermarket at Basement 2," it added.

Providing more details, SPH said the unique triangular-shaped site with three corner nodal points allows entry from Fernvale LRT station, corner junction of Fernvale Road and Sengkang West Avenue, as well as Fernvale Road. All entrances direct pedestrians to a four-storey high atrium, serving as the central feature of the whole mall. Within this atrium is the main event space flanked at two ends by the escalators that connect to basement levels and upper floors.

"The retail planning is based on a wide single loaded retail corridor organised around the voluminous atrium space. This provides a simple and friendly shopping experience and also allows visual connectivity between floors. A large clerestory skylight perched above the atrium allows natural light to enter the mall, thereby ensuring a cheerful atmosphere throughout the day. The shopping floors recede from the 2nd storey to the 4th storey in a terracing manner, allowing a clear view of activities at the lower levels, and particularly, the main event space. Roof gardens outside the food court and the Cineplex offer an outdoor experience with views of lush greenery," it said.

About 390 car park lots are provided at Basements 3, 4 and 5. To ensure user friendliness, the driveway, ramp and car park lots are designed with widths wider than the norm.

Environmentally-sustainable design features and energy efficient mechanical and electrical systems are carefully selected such as high efficiency water cooled chiller plants, installation of LED lights within the mall, lift cars and escalators with sleep mode function, and carbon monoxide sensors in the carpark to regulate demand for mechanical ventilation. Non-potable water including rain water harvesting will be used for landscape irrigation and washing of some areas in the mall.  

"The Seletar Mall is easily accessible to all shoppers - it is connected to the Fernvale Light Rail Transit (LRT) which is seamlessly linked to the Sengkang North East Line (NEL) MRT/LRT station and the Sengkang bus interchange. It is also located near expressways, including the Tampines Expressway and Central Expressway," SPH said.