Proximity to Greater Southern Waterfront spurs condo sales in Tanjong Pagar, Shenton Way
Condos in the Shenton Way, Tanjong Pagar and Spottiswoode Park neighbourhoods have seen a pick-up in transactions, especially in the week of March 5-12.
The most noticeable is at Wallich Residence at Tanjong Pagar Centre where four high-floor units were sold, of which caveats were lodged for three. Two of the transactions were for 614 sq ft, one-bedroom units: the one on the 51st floor fetched $2.38 million ($3,879 psf), and was the highest achieved for a one-bedder; while the other was on the 43rd floor, and went for $2.15 million ($3,504 psf), according to URA Realis. The third unit transacted at Wallich Residence where a caveat was lodged is a 1,098 sq ft, three-bedroom unit that went for $3.53 million ($3,211 psf).
A fourth unit was also sold this month, but no caveat was lodged. It is a 1,313 sq ft, three-bedroom unit which fetched $4.15 million ($3,157 psf).
The buyers were said to comprise a wide spectrum of nationalities: a Singaporean, a permanent resident, an American citizen and a Chinese national. The 181-unit luxury residences span the 39th to 64th storeys – the top 25 floors of Singapore’s tallest tower, which stands 290m tall.
Other transactions in the Tanjong Pagar neighbourhood included a 506 sq ft, one-bedroom unit at Skysuites@Anson that was sold for $1.35 million ($2,668 psf), and a 1,001 sq ft two-bedder at the nearby Icon that changed hands for $1.67 million ($1,668 psf).
In the adjacent Spottiswoode Park area, a 797 sq ft, two-bedroom at Spottiswoode Residenceschanged hands for $1.6 million ($2,009 psf), and the neighbouring Spottiswoode 18 saw an 893 sq ft, one-bedroom penthouse sold for $1.45 million ($1,623 psf).
Even The Beacon on Cantonment Road, a condo completed 11 years ago, saw two units sold in the first week of March: a 1,109 sq ft unit on the fifth floor and a 1,163 sq ft unit on the 13th floor that went for $1.5 million each.
Along Shenton Way, two units at V on Shenton (pictured below) also found buyers. One was a 474 sq ft, one-bedroom unit on the 33rd floor that was sold for $1.12 million ($2,369 psf), and the other was a 1,518 sq ft, four-bedroom unit that fetched $3.15 million ($2,075 psf).
Tang Wei Leng, managing director of Colliers International, commented last year: “Areas such as Shenton Way stand to benefit from the development of the Greater Southern Waterfront.” These include buildings that sit on the fringe of Shenton Way and Tanjong Pagar. “They will find themselves directly at the doorstep of Singapore’s new premier waterfront destination,” she says.
The Greater Southern Waterfront is a 1,000ha site – 2.5 times the size of Marina Bay – that will be freed up following the relocation of the ports at Tanjong Pagar and Pasir Panjang to Tuas from 2025. The government plans to redevelop the land for new mixed-use developments. “This will also better optimise and intensify the use of prime CBD land,” said National Development Minister Lawrence Wong, during this year’s Committee of Supply debate on March 7.
Tanjong Pagar Centre has become “a key catalyst, leading the rejuvenation and transformation of the district”, says Dora Chng, general manager of residential at GuocoLand Singapore. GuocoLand is the developer of Tanjong Pagar Centre, an integrated development that includes Wallich Residence.
“Soon, Tanjong Pagar will become the gateway to the Greater Southern Waterfront,” says Chng. She sees Wallich Residence continuing to be “attractive to international property buyers” and expects sales to continue at a steady pace.