The Crest Review

Project:The Crest Review
District:D03 Central South
Region:Rest of Central Region (RCR)
Address:Prince Charles Crescent
Tenure:99 Year Leasehold
Site Area:256,026 sqft
No. of Units:469
Expected T.O.P:2018
Developer:Wingstar Investment Pte Ltd., Metro Australia Holdings Pte Ltd and Maxidin Pte Ltd
PSF ($):1500 - 1800
Information to Note

With the slew of developments completed or being developed next to Redhill MRT, The Crest project is the next in line to join in the private property fiesta happening in the Redhill / Alexandra Road area. With so many residential projects in the area having been sold or launched, The Crest is probably late to the party.  However, The Crest does have a single factor going for it. The Crest has a large site area (256,026 sqft) which means it has an inherent appeal to buyers who prefer to avoid living in the high density towers at Alexandra View. And that will probably be the major selling point of The Crest to buyers who have been inundated by the slew of projects in this area in the past few years.

Also of significance is the fact that the Prince Charles Crescent site has been in the developer’s inventory for almost 1.5 years and we are fairly puzzled as to why the developer is planning to launch in a down leg of the property cycle right now. 

If you would like to purchase a unit at The Crest project through our ProperSquare team after reading our review, or you have a question that we have not answered in our review, do drop us a call/SMS at 9081-5456 or email us at contactus@propersquare.com and we will get in touch with you shortly. Thank you for supporting our site and reviews!

Sincerely,

Team@ProperSquare

Now, let’s head on to see what The Crest holds for potential buyers!

 

External (Location)

Surroundings (General)

Sited at the edge of the Jervois Hill low rise private housing estate and bordered by Crescent Girls School (west), the vacated former school of the deaf site (north), Prince Charles Crescent site B (east) and Alexandra Canal (south), The Crest’s site should be a very private and quiet area. 

Do note that Crescent Girls School is just next door though. So expect some noise from the school area during school morning assembly, recess and dismissal times. Other than that, the area should be a very peaceful area well shielded from traffic and other noise.

There is little in the way of big new developments in the Redhill area, except for the new Alexandra Central Hotel-Mall (next to Ikea) as can be seen from the Masterplan draft 2013 for Bukit Merah. This development is too distant away from The Crest’s area to be considered an amenity of much significance in our opinion, though it might actually boost property prices in the vicinity in the future.

The following picture shows the stretch for those who are accessing The Crest on foot via Alexandra Road. It is about 150 meters from Alexandra Road to the pedestrian side gate.

 

Amenities

Some things come at a cost. With the high degree of privacy and quiet provided by this site, the walking distance to amenities take a hit. We do not see much amenities near The Crest. The nearest major amenities centres are located at either Valley Point Shopping Centre or the Redhill Market area. Distance? 600 metres. And that is the direct line distance that we are talking about. Add in some detours here and there and the walking distance will easily become 700 to 800 metres. A more than ten minutes’ walk will be required to get to either of these places. For groceries shopping, a vehicle is definitely required if you do not wish to lug all your groceries back on foot or even from the bus stops along Alexandra Road. For drivers, there are many places within a very short drive. You get the Alexandra Food Centre, IKEA, Brickworks Food Centre, Tiong Bahru Plaza and Great World City.

In short, the dearth of amenities within short walking distance is something buyers should take into account if they do not intend to drive or own a car.

 

Transport (MRT/Buses)

Redhill MRT is quite some distance away from The Crest. We estimate it to be at least 500 to 600 metres away on foot, inclusive of an overhead bridge crossing. Ascentia Sky and The Echelon will probably block the most direct path to Redhill MRT and this will extend the walk to the higher end of 500 meters.

Computing using a 4km/hr walking speed, it is at least a ten minutes’ walk away. Expect to have a healthy walk everyday if you require the MRT for your daily transport needs!

From Redhill MRT, it is an easy two stops to Outram Park Interchange in the east direction or three stops to Buona Vista Interchange. The central Raffles Place and City Hall MRT stations are also within a short 4 and 5 MRT stops away. In short, Redhill MRT is very convenient for MRT commuters. For The Crest’s residents, the problem is the long walk there in the first place!

Buses

For bus services, the nearest bus stop towards town is about 250 metres away from the Prince Charles Crescent pedestrian side gate opposite Crescent Girls School. 

Bus Service

From / To

Frequency

Areas served

59

Bishan Int / Changi Village Ter

8 – 20 mins

Toa Payoh, Eunos, Bedok Reservoir, Tampines, Loyang

139

Toa Payoh Int / Bt Merah Int

7 – 17 mins

Balestier, Jalan Besar, Bugis, Orchard, River Valley Rd, Alexandra Rd

186

Shenton Way Ter / St Michael’s Ter

7 – 18 mins

Tanjong Pagar, Havelock Rd, Alexandra Rd,  Farrer Rd, Balestier Rd

 There are only three buses that ply along this stretch of Alexandra Road. The buses serve mainly the central and eastern regions of Singapore. Town (Dhoby Ghaut) is 11 bus-stops away by bus service 139 and bus 186 services the Raffles Place / Tanjong Pagar area (again, ten bus stops away)

 

Driving

Thankfully, the vehicles access road for Crescent Girls School are not sharing Prince Charles Crescent road; this means no morning traffic jams as parents rush to drop off their kids for school.

Once on Alexandra Road, drivers can use Lower Delta Road to access the AYE/ECP expressway, or River Valley Road to link to several of the roads that lead to the Orchard Road area. Going straight on Ganges Avenue will bring drivers to the CTE expressway and beyond that the CBD area. For someone who drives, this location is fantastic for accessibility. 

 

Schools

Schools within the area include:

  • Alexandra Primary
  • Queenstown Primary
  • Zhangde Primary
  • Gan Eng Seng Primary and Secondary
  • River Valley Primary
  • Bukit Timah Secondary
  • Crescent Girls School
  • Henderson Secondary School
  • Outram Secondary
  • Queenstown Secondary
  • Overseas Family School

Primary Schools within a 1km radius include Gan Eng Seng Primary School and Alexandra Primary School. Crescent Girls School (Secondary) is also just next door.

 

In short,

The Crest is located in a good private location next to the Jervois estate. This also means that there is plenty of distance from the development to the nearest transportation infrastructure (both bus stop and MRT station) and amenities. If residents appreciate the quiet and peace in this area and can live with these inconveniences, we actually think The Crest is a great place to stay at! 

 

External (Pricing)

 We will start by looking at the land prices that developers paid for land in the area.

Prince Charles Crescent Parcel A (Wing Tai): $960 psf ppr (Sept 2012) ; $516.3 million

Prince Charles Crescent Parcel B (UOL): $821 psfppr (April 2014) ; $463.1 million

Echelon (CDL): $745 psf ppr (Dec 2011); $396 million

Alex Residences (SingLand): $970 psf ppr (Dec 2012); $332.7 million

From the data above, we can see quite clearly who got the short end of the stick for the Prince Charles Crescent area on a psf ppr basis. Do note that the site area for The Crest is huge; much larger than the sites at Alexandra View next to Redhill MRT station, though the plot ratio is lower. The Crest’s site is almost the same size as Ascentia Sky and The Echelon put together. 

 For more information on land prices sold to developers, click here to go to our article!

The recent sale of Prince Charles Crescent site B at $140 psf ppr less than The Crest's site reflects the more cautious approach taken by developers following the almost reckless bullishness in the past few years. They are not throwing their cash around anymore just to secure more sites for their land banks.

We personally think the developer would be suicidal to try to launch their project at any price above Alex Residences’ price point considering the current property market atmosphere and the many rounds of cooling measures put in place by the Singapore Government.

We expect pricing to be very competitive for The Crest development. To be honest, if the pricing is not competitive, the developer will definitely have trouble selling The Crest. The Crest project faces two major hurdles

  • The demand for units in this area has already been temporarily soaked up by the glut of new residential projects next to Redhill MRT station (namely Ascentia Sky, Echelon and Alex Residences).
  •  Prince Charles Crescent Parcel B next door was also recently sold for a lower $821 psf ppr to a UOL consortium, which could develop it into another residential project with a lower pricing/more comfortable margins.

 

Launching The Crest in the current market atmosphere will definitely be uncomfortable for the developers but they have been holding on to the site for almost 1.5 years now and that is a long time by local standards.

Expect pricing to be from at least $1,500 psf onwards. (The developers do have to answer to their own shareholders!), though the developers will definitely be enjoying slim margins due to the high price they paid for the site. (Lucky Echelon developers CDL!) Meanwhile, here is the pricing chart for developments in the area!

We will update this section again when the launch date draws nearer or when we get hold of pricing developments….

 

Development (Unit)

To be updated when showflat opens...

 

Development (Building)

There will be a total of 469 units divided into three blocks of 23 storey towers and four blocks of 5 storey villas block. From pictures released by the developer, the tower blocks will be nearer to Alexandra Canal whilst the villa blocks will face towards the direction of the Jervois Hill area.  

The Crest’s land space is really large.  Compared to the other high density developments at Alexandra View, The Crest’s site area is much more spacious and its lower plot ratio of 2.1 (which limits the building to 24 stories) enabled the developer to build on a larger area rather than upwards. The Crest’s site area is at almost the same size as that of Ascentia Sky and Echelon put together. Granted there will be no great views from a 40 storey high vantage point, but we believe certain buyers will prefer the relative spaciousness of The Crest to the built up, high density developments such as Ascentia Sky, Echelon and Alex Residences and those are probably the buyers that The Crest’s developer is targeting.

Both the tower and villa blocks will apparently be facing in four directions (NE, NW, SE, SW). The architect / developer has cleverly tilted the directions of the tower blocks so that the units within the development will not be looking into each other. This should prove a boon for buyers as they will be able to choose a direction of their liking, be it facing north towards the low rise private housing estate towards the north direction, facing south towards the Redhill MRT area, or the west direction right over Crescent Girls School, without too much worries of having their view restricted to a neighbouring block’s façade. Do note that the east direction faces the land parcel B recently won by a UOL consortium. Thus, this direction will most probably see another condominium project being built in the next few years. The south direction over Alexandra Canal might see future residential developments as well on the residential zoned land parcel with plot ratio of 3.5.

The north and east directions will probably house the premium stacks as these will have a guaranteed unblocked view in the future due to their facing a low lying private residential estate and a school respectively. The south and east directions face potential and a confirmed residential site respectively. Potential buyers should keep these factors in mind when choosing units.

 

 

Final Thoughts/ Summary

We actually like the site of The Crest and it will offer a good alternative to the high density tower condominiums next to Redhill MRT. The site does offer good privacy and great views over the Jervois Hill area, but the trade-off would be the dearth of nearby amenities and the distance to the nearest bus stop and Redhill MRT (500+ metres away).

Much will depend on The Crest's psf price point. The developers bought this site for almost the same psf ppr ($960 psf ppr) as Alex Residences’ site and we think it will be hard for them to price down too much and still be able to answer to their shareholders. Yet the current property market atmosphere will dictate that the developers price down accordingly instead of wishfully dreaming for bucket loads of profit from overly eager buyers (who have turned cautious).

On a end note, if you are interested in purchasing a unit at this property, do let us know via contactus@propersquare.com or 9081-5456 and our team will help you evaluate your options further. At the same time, your property purchase through us will help us to keep this review site running and make the property landscape a better one for everyone!

Sincerely,

Team ProperSquare

If not, we will see you again at the next review!

 

Reviewed on 19 May 2014
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