The City Developments Ltd, a Singapore-listed property company, will launch Irwell Hill Residences in April. This launch follows Midtown Modern’s March 19-21 launch — 61% of 558 units sold at an average price of $2,800 per square foot.
The Midtown Modern penthouse with the larger floor was purchased for $14.83 million ($4,213 per square foot). According to reports, the buyer is a Singaporean citizen who purchased the penthouse for himself. SRI brokered the deal.
The Edge Singapore interviewed property agents and consultants who believe that Irwell Hill Residences sales will be strong. It’s in District 9 and the absolute price for a studio unit is $998,000. We can expect another positive take up rate two weeks later,” said Ismail Gafoor CEO of PropNex. PropNex is one of five joint marketing agencies that will market the development along with Huttons Asia and OrangeTee & Tie.
80 percent of units have one- or two-bedders
About 25% of the units at Irwell Hill Residences location map, located at Irwell Bank Road (off River Valley Road), are studios, one-bedroom and one-bedroom-plus-study units, sized from about 400 to 660 sq ft. Prices of studio apartments start from $998,000 ($2,508 psf), and one-bedroom units are from $1.1 million. Another 55% of the units are two-bedroom or two-bedroom premium models. Prices start at $1.4 million for sizes ranging from 600 to 800 square feet.
Ken Low, SRI managing Partner, says that 80% of units are one- or two-bedroom apartments. Buyers have many options to choose from, with prices starting at $1 million and rising.
Irwell Hill Residences offers 99 units (18.3%), which include three- and four-bedroom units measuring 850 to 1,500 square feet. These units are available starting at $2.1 million. The four-bedroom, premium unit with private lift is priced at $4 million ($2,582 per square foot).
Han Huan Mei (director of research at List Sotheby’s International Realty) estimates that the average price for Irwell Hill could exceed $2,800 per square foot.
Only three penthouses are available in the twin 36-storey tower developments. The smallest penthouse is 2,185 square feet and the largest penthouse is 2,606 square feet.
Irwell Hill Residences: Capital appreciation potential
CDL had secured the 99-year, 137,634 square foot, 99-year leasehold property at Irwell Bank Road with a bid for $538.9 million ($1,515 per plot ratio). Low of SRI states that the developer obtained the site for a fair price and was able to price the project and position it well. The Great World MRT Station is only five minutes walk from Irwell Hill Residences. Shenton Way is three stops away. Marina Bay and Orchard Road can be reached in four stations.
SRI’s Low says that Irwell Hill Residences is comparable in design and site attributes to only one 99-year leasehold development, the 450-unit Martin Modern. Martin Modern was launched in July 2017 at a price average of $2,191 per square foot. The project is almost complete and has already been sold at 93.6%.
The average price per square foot for the project has increased to $2,696 since August 2018. Based on an August 2019 caveat, the highest psf price was achieved for a 1,098 square foot three-bedroom unit at the top level of the twin 30-storey blocks. It cost $5.85 million ($3,254 per sq.
“Based on Martin Modern’s selling prices, which steadily increased over the course of the project, we expect Irwell Hill Residences buyers to experience the same level of capital appreciation over the long-term,” states Low, SRI’s.
The lowest floor units at Irwell Hill were raised 10m above the ground. The towers are 36 stories tall. Dominic Lee, PropNex’s head of luxury team, said that high-floor units would be highly sought-after because of the view. However, they will likely command a premium and cost upwards of $3,000 per square foot.