My hobby is visiting show flats. This has been the case ever since I started working. Weekends were spent visiting show flats with my then boyfriend and now husband. We graduated to looking at landed properties and even commercial properties in more recent years. Lest I hear some agents cursing at us who think that we just browse show flats for fun, well, yes, it is fun for us only because this is how I do my market research. To get a feel of the place I will eventually buy. And given that we have bought 10 properties since we started working (over a span of 25 years, that’s roughly 1 property every 2.5 years), I can say that it has worked out well for the few agents who persisted in rendering good service.

Property has been the best investment for us, over shares, bonds and other instruments. Our day job is demanding and we do not have time to keep constant tabs of instruments such as the stock market. Property is a long-term investment. You must be able to hold on to a property for 5 to 10 years. We have been lucky in most of the properties we buy. The capital appreciation from one property enabled us to buy the next one and then the next. Yes, luck plays a large part but also I believe my passion in keeping my nose in the property market and love of visiting show flats, dirty industrial buildings, and even old, empty houses, help sharpen my scent for a good buy.

Fast forward to 2021. My fingers are itchy again. I am on the look out for perhaps one of my last investment properties (meaning to re-sell or for rental yield) before I retire in 8-10 years. The landscape is different and difficult. we are smack in the middle of covid and post Cooling Measures. It is a much harder landscape to read. The firesales that many agents told me will happen with covid never came. Prices of properties are higher than ever. Re-sale HDB are so hot in demand that there could be 10-15 buyers for one flat at a time. Most resale HDBs are sold COV (‘Cash-over-value’ – meaning higher than the bank valuation).

Should one be buying in this climate? For the sake of this article, I will just focus on the residential market and buying for investment.

For me, it’s a ‘yes’ if one has the holding power and is not expecting the kinds of astronomical capital appreciation and yield that one could possibly make pre-cooling measures. Please note that the below is purely my opinion, research and mine only. Please feel free to disagree and do your own research and analysis before you buy any property. 

I visited several new launches and some re-sale properties over the past months and drilled down to the final two I like/love. Before that let me give a lightning-speed rundown on some of the new properties I have explored or viewed.

Normanton Park – Too big, too mass-market (almost 2000 units!) for investment – good for upgraders. It’s like a mini-city a la developments in China. Not convenient for transport. Good views though for units facing greens. (I didn’t explore the price point in detail as I moved past this quickly but I suspected it is targeted more at upgraders than investors). I’m also not hot about the developer at all (read news and you will understand why)!

The Landmark – Nope. next to CTE and directly facing older blocks of HDB flats. Although they lean on Pearl’s Hill, its proposition is vastly different from another property just on the other side of the hill. I’m also not so hot about the developers. The only plus… they are priced roughly 200-300psf lower than their next nearest competitor. Will this make the difference? For some I’m sure but not for me. One thing though… their showroom is really impressive with its imposing automatic wooden doors. Though this is one thing I always warn the people who come to me for advice – don’t be fooled by showrooms and show flats!!

One Bernam – This is just me. I hate living next to where I work. So when I visited the site of One Bernam, I immediately thought that this is simply too congested for me. To be smack in the middle of other tall commercial buildings is too claustrophobic. I imagined if I were working overseas, I would want a place I can get away after work to decompress, a place that is not too far from work (but far enough) – a place with convenience of transport, food and leisure activities, even places nearby to explore. I’m sure there are workaholics who will love a place like Bernam though. And given the psf, it could be good investment for some. But I always put myself in the shoes of my potential tenants – be it a single or a small family, my instincts tell me most will prefer not to stay next door to their offices, unless their offices are in a park.

Sky Everton – I actually like this area but this development and some other condos near by are side by side with many HDB flats. Before you scream ‘elitism’ on me, let me explain. I love the HDB flats there and wish I could buy one (but I’m not allowed) – just like I love those in Tiong Bahru. What I couldn’t buy is why am I paying a huge premium for condos side by side with HDBs when they both have similar views! How much more would someone who could rent a HDB for much less rent a condo just next door?  But the psf for a freehold development in Everton is attractive I must say. And also given that there will be an MRT nearby – 5-10 mins walk – that’s a plus.

Irwell Hills – Nice location and reputable local developer CDL (the developer of the iconic The Sail and many more). However, Orchard area is not my favourite area for investment – mostly wealthy and some showy people who want to buy their second home. Also Irwell is a leasehold amongst many freehold development. No doubt the psf (price per square foot) is much lower at roughly 2700psf average than those demanded by the likes of the freehold 3 Cuscaden ($3000-$4000psf) or the trophy home Park Nova ($4000-$5000+ psf)- I just don’t think there is a big pool of people who want to rent in the Orchard area unless they work in Orchard road.

Riviere – Nice proposition and decent developer (Frasers). I just don’t like to be in a mass of condos nearby whether new or old. Too crowded. Too many choices for potential tenants. But if you have good memories of Zouk and a fondness for the river… why not. Price point also not the most attractive though developers may start giving better discounts soon.

Midtown Modern – Congrats to those who rushed down and snatched the units with the lowest psf. Prices are simply too high for me when I got down to it months after the initial launch. And also for me, integrated development can be a double-edged sword. But Guccoland is as a good a developer as they come and this will be a good development for sure. Just not my cup of tea and I’m not sure if it is a good investment for the units that are priced very high. (meaning 3000psf and above)

Reef at King’s Dock – This is one area I always have a soft spot for, ever since I explored looking at The Caribbean almost 20 years ago. But I chose to buy The Sail in the end (and luckily so for me investment-wise). I came back this time and fell in love with the development. If you were one of the lucky ones who came during the soft launch and secured units at preferential pricing and good facing, I congratulate you. Despite my soft spot for the location, I hesitated in visiting the showroom knowing that I could be more affected by emotions than sense. When I finally dragged my ass down to the showroom, I realised I was right. Emotions did come to the fore and I had to remind myself that I am buying for investment! Not buying a home!

Of the 3 developments at the docks – Caribbean, Corals and Reef, Reef has the best location in terms of proximity to MRT and VivoCity – a family-oriented shopping centre with good food and decent shopping. There were two units left with good facing – one that faces Sentosa and another facing the first ever floating pool and coral conservation nursery. (That appealed to my son!) If I had a ton of money or if I were looking for a home, I would probably have sunk my money into a 3-bedder. But I was not looking to stay nor do I have money to squander. My next buy had to be an investment that will see my child to university and bring in comfortable passive income when we retire.

So looking at it from that perspective, I did a check on the surrounding properties and true enough the resale prices were substantially lower than the Reef. No doubt they were older properties, but even then, their prices didn’t hold as well as for example, The Sail and the properties at Marina Bay like One Shenton (which incidentally is a good buy now before the MRT comes up). The rental market for the docks area is also not half as robust as the rental market in the Marina Bay with prices quite a bit lower.

Now, the agents will scream – “first mover advantage” and “great Southern Water Front” “Urban Transformation” for the Reef. Yes, the Great Southern Waterfront will be developed over the next 5 to 15 years. But my focus in on the next 5. Also the Reef is hardly a first mover in the area. Caribbean was and so was Reflections – a really lovely architectural wonder. The Sail was a first mover and remains solidly so. And so is the next property I am going to be talking about, in my opinion of course.

So I bade a sad farewell to the Reef as an investment property and said bye-bye to the docks once again.

One Pearl Bank (OPB)– I have always been a bit of a heritage and history buff. So when I heard that the iconic Pearl Bank Apartment was going to be demolished, I was a bit sad. Then I saw the sad state that most of the apartments had degenerated into and I could understand why the owners voted to en bloc. So silly me was a bit stubborn in not wanting to attend the launch of OPB when it soft launched in 2019 even though I was invited by several agents.

Then recently my interest was peaked when I started looking into properties to invest and asked to relook at One Pearl Bank. When I saw the architecture of the building my heart skipped a beat. I was just thinking to myself how boring all the different launches were and I couldn’t tell one rectangular building from the next, until this. I loved the old Pearl bank apartments but I must say the Brutalist architectural style was just a tad too claustophobic and brutal for me. And I always thought that the wind couldn’t possibly flow nicely through the horseshoe structure.

The new Pearl Bank pays homage to the old apartment with its circular twin towers but yet looks light and airy and I could almost feel the wind flowing through the interlocking towers joined by their eye-catching skywalk link. Plus I always liked buildings with lots of greens. This one has the much touted ‘sky allotment gardens’ scattered throughout different levels of the towers as well as a planter in almost every balcony. At night I can imagine it glittering not so much like a pearl but like a sparkling jewel.

But I am a hard-nosed investor and will not give in easily to emotions right? So what are the other pluses I can unearth to be able to convince the left-brained side of me that this is indeed a good investment.

1. Transportation convenience – Outram MRT is just next to OPB. At about the same time OPB TOPs, the Outram MRT will  be home to 3 MRT lines being a key MRT exchange terminal, making travel to different parts of Singapore extremely convenient for residents whether owners or tenants.
2. Nature – nestled against Pearl’s Hill (which will be refreshed and linked to Fort Canning Hill in the URA masterplans), this is a rare development which has a nature park and hill at its doorstep or backyard depending on which unit you buy.
3. Convenience – food galore just steps away in Chinatown, Tiong Bahru – the Chinatown hawker centre and market et cetera.
4. Tenant pool – CBD is 1-2 MRT stops away and the new SGH Campus will be the biggest medical hub in Asia. And as I mentioned before, most tenants I know do not want to live too close to work but close enough. They also want their development to have other winning propositions like good views, facilities or nature nearby for themselves or their family. OPB has both!
5. Potential Buyers – this development will appeal to both local and foreign buyers thinking of making a home. (I wanna stay in there myself!)
6. Heritage – there are various heritage walks and sites nearby from Chinatown to Hindu and Chinese temples and conservation shophouses, heritage trees and so on.
7. One of a kind – One Pearl Bank will be a distinctive addition to the skyline of Singapore with its iconic architecture. Like the old Pearl Bank Apartment, it will be a memorable landmark in Singapore in time to come.
8. The views!! the right units will give you a view towards the South (downtown and Sentosa)  or towards the park and northwards towards the river and Orchard road… but only if you buy the right floors and units. Unlike other development, I can say that at least 70% of the units will have good facings.
9. Cap appreciation – shhh… we don’t want the developer to hear this. Given how Midtown Modern and surrounds are pricing at 3000psf… I think there is just that little a bit of room for capital appreciation. (fingers crossed!)

Anyhow it’s real late and the above is my two cents on the recent launches. No prizes for guessing which property I will put my money on, and none for guessing which is the coral, the gem and the pearl.