The Wisteria, at the corner of Yishun Avenue 4 and Yishun Ring Road, will be launched soon.
Half or 108 of the project's 216 residential units will be offered in the initial launch at an average price of S$1,030-1,050 per square foot (after a 5 per cent early bird discount). The preview starts this Saturday (Feb 27) with sales slated to begin a fortnight later, on March 12.
Eighty apartments, or 74 per cent of the 108 units in the initial launch, will be priced below S$1 million each. In terms of per square foot pricing, 25 apartments or 23 per cent of the 108 units will cost under S$1,000 psf.
Absolute prices of the 108 units range from S$469,600 for a one-bedder of 441 sq ft to slightly over S$1.19 million for the priciest four-bedroom apartment with a study of 1,173 sq ft.
The Wisteria will be part of a 12-storey mixed development that will also include 83,361 sq ft net lettable area of retail space, Wisteria Mall, to be held for rental income by the developers - a consortium that includes BBR, Santarli group and private equity investors.
The project is coming up on a 99-year leasehold site sold at state tender that closed in January 2015. The S$185.09 million winning bid translates to S$629.24 per square foot of potential gross floor area.
Slated for completion in 2018, the project will have 12 storeys and a basement level. The retail space will be housed in the basement and on level one. Car parking lots will be located on levels two and three, with apartments filling levels four to 12.
"This will be one of the most affordable homes above a lifestyle mall," said Michael Leong, CEO of Keppel Land Retail Management (KLRM), which has been appointed as the project and marketing manager for the mixed development. KLRM is 75 per cent owned by Keppel Land, with the rest held by ex-staff of the property management and services contract division of Guthrie.
The development is being undertaken by Northern Resi and Northern Retail, which are fully-owned subsidiaries of NorthernOne Development.
A consortium led by BBR holds a 50.1 per cent stake in NorthernOne Development. Santarli Venture, which is a consortium led by Santarli group, holds 29.9 per cent interest. MUSE Capital, comprising private equity investors from Singapore, holds 18 per cent interest and AHPL (Investments), the remaining 2 per cent.
Leasing has started at Wisteria Mall, with two anchor tenants secured so far. NTUC FairPrice will operate a FairPrice Finest supermarket of nearly 15,000 sq ft, while Kopitiam will operate a 16,000 sq ft food court.
Rentals at Wisteria Mall will generally range from S$10-25 per square foot a month. On top of that, tenants will pay a cut of their turnover to the mall owner. While the plan currently is for the developer to hold the mall, it could potentially sell it on an en-bloc basis in future. All the retail space in the development has to be held under a single strata lot - that is, subdivision into smaller strata units is not allowed - under the conditions of tender for the site.
The development will have a single car park entrance but separate access points for shoppers and residents. This will be one of the first projects that is required to adopt the prefabricated prefinished volumetric construction (PPVC) method under the site's sales conditions.
All apartments at The Wisteria will be equipped with smart home features which will enable residents to remotely control air-conditioning and lighting in the living/dining area and master bedroom as well as the digital main door lock.
ERA will market the apartments for sale.
Adapted from: The Business Times, 25 February 2016