The Panorama Review

Project:The Panorama Review
District:20
Region:Outside Central Region (OCR)
Address:Ang Mio Kio Avenue 2 / Ang Mio Kio Street 13
Tenure:99 Year Leasehold
Site Area:198,942 sqft
No. of Units:698
Expected T.O.P:Est End 2019
Developer:Pinehill Investments Pte Ltd (Wheelock Properties Singapore Ltd)
PSF ($):1234 - 1591
Information to Note

The Panorama is the first private property to be launched in Ang Mio Kio since the Centro Residences in 2009. The developer Wheelock Properties (Singapore) bought The Panorama's site for a high price of $790 ppr in 2013 near the last peak of the current property cycle in early 2013. Following a weak launch, we dig in to review this property for its strengths and weaknesses and the reasons for the weak response. 

Latest updates on The Panorama:

10 May 2014:

The developer has relaunched the project. Prices seems to have only dipped slightly to $1,16x psf compared to initial launch prices north of $1,200 and a current average price of $1,367. 

 1 Bedroom: From $565k  ($1,310 psf)

 2 Bedroom: From $820k  ($1,209 psf)

 2 Bedroom + Study: From $905k  ($1,167 psf)

 3 Bedroom: From $1,175k ($1,186 psf)

 

 27 March 2014:

February 2014 sales was pretty shocking for this project. 1 unit sold! We do think it has to do with the pricing for this project. But the developer's hands are pretty much tied by the high cost of the land. Wheelock has also writen down S$110 million for The Panorama in the lastest update(25 Feb 2014), probably as a precuationary measure. Several buyers also backed out of their purchases in the launch month of January as the units listed as sold by the developer actually decreased from January to February. 

Link: http://www.channelnewsasia.com/news/business/singapore/wheelock-s-write-down-for/1012210.html

19 Jan 2014:

http://www.straitstimes.com/breaking-news/money/story/half-the-120-units-panorama-sold-first-day-20140119

The project did not sell that well upon launch, selling only half of the 120 units released by the developer.

If you would like to purchase a unit at The Panorama development 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! 

External (Location)

Located at the junction of Ang Mio Kio Avenue 2 and Ang Mio Kio Street 13, the site is a fairly sizeable piece of land as seen from the site picture below. Total site area is 198,942 sqft.

 

Amenities

The main amenities place will be located nearby at the mom and pop shops at Ang Mio Kio Avenue 4 at Block 163 next to the future Mayflower MRT station.  There are several food courts and eateries in this area and should be able to satisfy the daily eating needs for residents who prefer not to cook. It is a fairly reasonable 400 meters walk from the side gate along Ang Mio Kio Street 13 to this area. Here, you will also find a Giant supermarket which should serve your daily necessities needs well.

A walk from the main gate down Ang Mio Kio Avenue 2 towards Avenue 5 will also bring you to some shops and a coffeeshop located below Block 608 next to the Ang Mio Kio Avenue 5 ESSO gas station.

In summary, there are amenities around within a reasonable 400m walking distance. But do not expect modern day gleaming malls and shopping centres. For that, you will have to travel to AMK Hub at Ang Mio Kio Central where you will find a cinema and plenty of other amenities in air conditioned comfort.

 

Schools

Being located next to Saint Nicholas Girls’ Primary School is one of the selling point of The Panorama. The school is located just directly opposite across the road at Ang Mio Kio Street 13. Parents with daughters will definitely get priority in entry to this prestigious all girls primary school. However, this also means traffic woes during morning school opening and dismissal timings.

Besides St Nicholas Girls’ School, there are also many other schools in the town of Ang Mio Kio. Notable ones include Ang Mio Kio Secondary School, Anderson Junior College and Nanyang Polytechnic. Nearby Bishan also houses the prestigious Raffles Institution and Junior College as well as Catholic High School (Primary and Secondary) and Ai Tong School (Primary).  

 

Transport

There is only one bus stop right outside The Panorama along Ang Mio Kio Avenue 2. Only two bus services (SBS Transit service 265 and 761) call at this bus stop. Taking 265 for 7 stops will take commuters to Ang Mio Kio Interchange where Ang Mio Kio MRT station / Bus interchange / AMK Hub is located. The bus runs in both directions, so residents can hop onto the same bus for the journey back. Frequency is from 8 to 15 minutes. Bus 761 is a premium bus service running only during peak hours which bring commuters from the Ang Mio Kio estate to the Tanjong Pagar and Raffles Place business district for a flat fee of $3.80.

The future Mayflower MRT station of the Thomson Line (Phase 2 opening 2020; Full line by 2021) will be situated down Ang Mio Kio Street 13 towards Kebun Bahru CC. It will be accessible by a side gate located along Ang Mio Kio Street 13. We measured the distance and it should be a roughly 400m walk down a gentle slope (from the side gate) to the MRT. (Conversely, an uphill effort is required on the way back) 

There are also bus stops at the site of the future Mayflower MRT which are served by more buses, most of which will travel to the Ang Mio Kio Central area. 

 

Driving

Drivers can look forward to the North South Highway opening in 2020. However, the bad news is that according to the alignment maps from LTA, the nearest in-ramp towards town is along Marymount Road near to Pemimpin Place. So it is some distance to the North-South Expressway. Towards the Woodlands direction, the nearest in-ramp is along Ang Mio Kio Avenue 6 next to Yio Chu Kang MRT station. Out-ramps can be found at Lentor Avenue and along Marymount Road.

Link to North-South Expressway information page:

http://www.onemotoring.com.sg/publish/onemotoring/en/on_the_roads/road_projects/north-south_expressway.html

On another note, Ang Mio Kio Street 13 will be widened under the Masterplan Draft 2013. So drivers will have easier access to Ang Mio Kio Avenue 4 and the school start and dismissal traffic jams at SNGS will be alleviated.

Nearest gas station is very nearby, at the ESSO station along Ang Mio Kio Avenue 5, just off Avenue 2. 

 

Ang Mio Kio area development under Masterplan Draft 2013:

 

External (Pricing)

8 May 2014 pricing update:

1 Bedroom: From $565k  ($1,310 psf)

2 Bedroom: From $820k  ($1,209 psf)

2 Bedroom + Study: From $905k  ($1,167 psf)

3 Bedroom: From $1,175k ($1,186 psf)

 

Wheelock Properties seems to have mis-priced/mis-timed this property considering the current property market. Response is pretty lack-lustre at the price that Wheelock is asking for The Panorama. (February 2014 saw a single sale for the entire project.)

Back in January 2013, property developer Wheelock Properties Ltd paid $550 million dollars for a 18,482.2 square meter (198,941 sqft) site at the corner of Ang Mio Kio Avenue 2 and Ang Mio Kio Street 13. With a plot ratio of 3.5, this worked out to a psf/plot ratio (ppr) of $790 ppr. This was one of the highest prices paid for a non CCR site and just before a massive round of cooling measures were implemented by the Government.  Fast forward to today and we have The Panorama condominium development being built on this site. Much has changed since one year ago. The slews of cooling measures have started to rein in the property market and the developer looks like it is going to face strong headwinds in trying to sell this new development at a price which it estimated to be $1,400 to $1,500 back in 2013. News article here. http://www.propertyguru.com.sg/property-management-news/2013/1/34981/ura-receives-12-bids-for-ang-mo-kio-site   The Panorama’s estimated breakeven pricing is expected to be between $1,180 and $1,300 psf.

For the currently released batch of 120 units, the selling prices are in a range of $1,234 to $1,591 with an average of $1,364. However, we do have to note that the units released and sold are not representative of the entire project (only 120 out of 698)

The Panorama’s competitor, Thomson Three ($1,362 psf average) which has an arguably better location has sold well since its launch in September 2013, moving more than 85% of its units. Centro Residences ($1,672 psf average) at Ang Mio Kio Central took a long time to sell its units after launching at an all time high for the Ang Mio Kio area  during the 2008/2009 Financial Crisis. In fact, it is only 92% sold as of February 2014. Grandeur 8 (completed 2005), located near to Ang Mio Kio Central is surprisingly transacting for a lowly $1,113 psf based on last six months’ data.  

Based on the competition’s pricing that we see here, it is quite unsurprising to see the reason for The Panorama’s lack of sales. But Wheelock Properties’ hands are pretty much tied considering the amount they paid for the land. Considering the recent $110 million writedown on The Panorama, we harbour hope that the developer will actually soften their prices in order to move sales. It would be surprising to see too much of a discount though.  

Price Comparison with neighbouring projects: 

 

Development (Unit)

Development's unit mix is as follows: 

We will be only covering the Type 3c (94sqm / 1012sqft) 3-bedroom showflat unit in this section as most units in this development will be 2 bedrooms and 3 bedrooms units. There are only ninteen 5-bedroom units which is the other showflat unit.

 

A decent 2.8 meters ceiling height for the living/dining areas. Good rectangular shape for the living/dining area. Big balcony area extends straight out from living area and gives the living space a sense of spaciousness that belies its small area.  Living/Dining area is laid with marble and gives a sense of luxury compared to normal tiles that are seen in lower end projects. Space wasted in the showflat unit layout due to a long hallway used to access the rooms. (we have never really liked hallways)

 

Turning right upon entering the apartment will bring us to the kitchen. It is segregated from the living/dining area. Thus heavier cooking can be done without the worries of having the smell of food lingering in the living/dining areas. Kitchen comes furnished with appliances and built in cabinets. Thankfully there are plenty of windows to air the kitchen space for fans of cooking. Further in from the kitchen area, a small yard and water closet can be found. For the showflat unit, the yard was converted to a maid’s room. This is one part of the unit design we find puzzling. If you are not going to use this yard area as a maid’s room and want to repurpose it, then the water closet here essentially becomes useless and buyers will be paying for a WC they will hardly use at all! 

 

 

 

Moving on to the bedrooms. Built in wardrobes are provided.  Small bedrooms. But that does seem to be getting to be the norm nowadays as developers try to attract buyers through lower quantums (smaller floor areas). Directly opposite the two bedrooms is the common bathroom.

 

 

At the end of a hallway, we find the master bedroom. Accessible at the end of the hallway, the entrance to the master bedroom is also a semi hallway. Great for nothing much except hanging a mirror or a few picture frames? The master bedroom is decently sized and there is still plenty of space left after placing a queen sized bed in the area. The master bath uses a sliding door, just like bathroom 2 opposite the two other bedrooms.

 

To our horror, we found in the plans that there is a second AC ledge right outside the master bathroom! We wonder what the developer was thinking when they designed the second AC ledge.  We simply do not see the need for TWO aircon ledges. (One is already more than enough for us!)

 

Key things to note:

Marble flooring for Living/Dining area and Engineered timber flooring for bedrooms

Decently sized and designed Bathrooms equipped with sliding doors

Kitchen Appliances provided (types depending on unit type)

WC at yard area is poorly placed in layout

Two AC ledges!

Small bedrooms and decently sized master bedroom

 

Development (Building)

Reserved for updates.

Final Thoughts/ Summary

We do like The Panorama with the panoramic views (only for higher floor units) it will offer over the low-rise private estates in the project's north, south and west directions. Transport and amenities are reasonable as well, with plenty of amenities within a 400 meters walk away. We should think the main issue for this project is its current price / quantum (although the developer's hands are pretty tied by the price it paid for the site during the property cycle boom). If pricing is revised in line with market expectations (based on neighbouring projects), we do believe The Panorama will sell well based on its merits...

To note: Do look out for sensibility in the layouts of the units if you are thinknig of buying a unit at the project as well. We spotted a few layouts which did not really make sense to us. 

On an ending note, if you are interested in purchasing a unit at this property and require further advice, 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

Reviewed on 27 March 2014
Leave your contact details
and we will be in touch shortly.
Or Call/SMS us at +65 9081-5456
* Mandatory Fields