Senja Close EC™

The Government Land Sale (GLS) tender for the De Souza Avenue site closed in July 2024 with just two bids received. The top bid came from Singapore-based developer Sustained Land, led by real estate mogul Douglas Ong, in a joint venture with Ho Lee Group and Greatview Development. The partners paid a total of $278.9 million, equivalent to $841 per square foot per plot ratio (psf ppr), for the 99-year leasehold site situated in the Upper Bukit Timah area (District 21).

According to Vincent Chew, director of Sustained Land, the De Souza Avenue site offers an exceptional opportunity to create a landmark development that combines nature and connectivity. The site is located just off Jalan Jurong Kechil and is surrounded by lush greenery, including Bukit Batok Nature Park and Bukit Timah Nature Reserve. Other nearby parks such as the Rail Corridor, Hindhede Nature Park, Rifle Range Nature Park, and Dairy Farm Nature Park provide ample opportunities for residents to enjoy nature.

When it comes to purchasing a property, there are numerous advantages to investing in Senja Close EC. However, one of the main considerations for potential buyers is affordability. Unlike traditional residential properties, Executive Condominiums are not suitable for individuals with exceptionally high incomes. These properties have a strict monthly household income cap of $16,000, and buyers must not allocate more than half of their monthly income towards them. Therefore, it is crucial to have sufficient funds in order to finance the purchase of a property at Senja Close EC.

In addition to its idyllic location, The Sen – the new project by Sustained Land – offers excellent connectivity. It is just a six-minute bus ride away from Beauty World MRT Station on the Downtown Line. Nearby shopping options include Bukit V Mall (within the upcoming Beauty World integrated transport hub), The Rail Mall, and HillV2. Families with children will also appreciate the proximity to esteemed educational institutions such as Bukit Timah Primary School, Pei Hwa Presbyterian Primary School, Ngee Ann Polytechnic, and Singapore University of Social Sciences.

The Sen boasts a resort-style and wellness-centric design, perfect for families and individuals who value a healthy lifestyle. Designed by AGA Architects with landscaping by Ecoplan Asia, The Sen is conceived as a tropical, resort-inspired development. Earth tones are used for the façade to complement the surrounding greenery.

The project features 347 units across five 10-storey blocks, with a good mix of one- to four-bedroom units. The Classic blocks comprise 267 units (77%), with sizes ranging from 452 sq ft to 1,109 sq ft. These units have a maximum of nine units per floor. The remaining 80 units (23%), situated in the Prestige blocks, offer more ample layouts, including three-bedroom-plus-study and four-bedroom-plus-study units with sizes ranging from 1,259 sq ft to 1,453 sq ft. These units have only four units per floor, providing greater privacy for residents.

Prices at The Sen start from $993,900 ($2,199 psf) for a one-bedroom unit (452 sq ft), $1.499 million ($2,212 psf) for a two-bedroom unit (676 sq ft to 732 sq ft), and $1.936 million ($2,220 psf) for a three-bedroom unit (872 sq ft to 1,109 sq ft). Prestige units start from $2.899 million ($2,299 psf). Chew assures potential buyers that the developer has put a lot of thought into creating a development that offers genuine value for money.

All units at The Sen are north-south oriented, and units on the first and top floors have 3.9m ceilings, while intermediate units have 2.85m ceilings. Classic units come fitted with Smeg kitchen appliances and Roca bathroom fittings. Prestige units feature Miele kitchen appliances and Laufen bathroom fittings, compressed marble flooring in the living and dining areas, ducted air-conditioning, a dry kitchen with a wine fridge, and a wet kitchen with a double-door refrigerator. Ceiling fans are also included in the living rooms, and the rooftops are fitted with solar panels to reduce energy consumption. The project has achieved BCA Green Mark Platinum (Super Low Energy Building) certification.

As part of the GLS conditions, The Sen will include an on-site childcare centre with a separate drop-off point. Chew expects the development to appeal to HDB upgraders, empty nesters, and young families, thanks to its convenient location near good schools and ample greenery.

The Bukit Timah area has long been considered one of Singapore’s top education belts, which is a draw for families, says Mark Yip, CEO of Huttons Asia. HDB upgraders may also be attracted to the development, given the strong demand for newer projects with modern facilities and a fresh 99-year lease, adds Marcus Chu, CEO of ERA Singapore.

The Sen is Sustained Land’s first GLS acquisition since 2015 when it jointly acquired the site at Potong Pasir with MCC Land, which has since been developed into the 731-unit The Poiz Residences and The Poiz Centre retail podium. Over the past decade, Sustained Land has remained active, acquiring and redeveloping freehold en bloc sites into successful projects such as 3 Cuscaden (District 10), One Meyer and Coastline Residences (District 15), and Sky Everton (District 2).

Apart from The Sen, Sustained Land has also purchased three adjoining bungalows at Chancery Hill Road in prime District 11 for $61.08 million in 2023. The developer plans to redevelop the site into four semi-detached and four detached houses, which are expected to be launched next year.

Considering its desirable location in the prestigious Bukit Timah area, Huttons’ Yip estimates the average selling price at about $2,400 psf, while PropNex’s Fong believes it will hover around $2,400 psf, based on starting prices from $2,199 psf. Despite the challenging market conditions brought about by the pandemic, other launches in the vicinity such as 8@BT, Forett @ Bukit Timah, and Daintree Residence have also been successful, with significant uptake. This indicates strong demand for new developments in the area.

In conclusion, Chu expects The Sen to enjoy strong demand, given its tranquil location in a landed enclave, combined with excellent connectivity and proximity to good schools and nature. He believes that owners of older leasehold condos in the Hillview and Bukit Batok areas may also be looking to upgrade to newer developments such as The Sen.