Pricing

Soleil was first launched in Aug 2007, just before Singapore market being hit by US subprime crisis. The average pricing of the transaction was reported as $1500 psf.  As for today, there are still unsold units from developers launching at higher pricing.  

advertisement 8 May 10

2 bedroom unit of 936 sf                   = from $1.6 mil (from $1709 psf)

2 bedroom Loft of 1464 sf                = from $1.94 mil  (from $1325 psf, for 344 sf as void area)

4 bedroom unit of 1722 sf                = from $2.6 mil (from $1510 psf)

We are seeing many subsale transactions than the new sales directly from the developer’s sales team. As long as the Soleil sellers are welling to market their units lower than the developer, the buyers will be more active in the subsale market.

In comparison to the freehold new launches nearby, Soleil may appear to investors looking for higher yield return in the rental market. With more hospital facilities to be completed in the near future, there will be a housing demand from the professionals who would like to live near to the workplace and amenities.

In Novena & Newton area, Amaryllis Ville is another existing project of 99 year leasehold. As reported in the Edge: “Amaryllis Ville units going for more than $1,200 psf. In January, prices at the 311-unit twin-tower condo development came close to the 2007 peak of $1,514 psf, when a 656 sq ft unit was sold for $900,000, or $1,371 psf. Lately, the number of transactions has also started to pick up, with 20 transactions from Jan 1 to March 9, compared with only 10 from October to December 2009. Apart from the overall buoyant property market lifting prices higher, the proximity of the development, completed in 2004, to new launches like Wing Tai’s L’Viv and Ho Bee’s Trilight on the other side of Newton Road could have contributed to the pick-up in sales and rise in prices at Amaryllis Ville.”

Soleil is currently transacted higherthan Amaryllis Ville which is an older development. In terms of location, Soleil is more superior to Amaryllis Ville as it is just located adjacent to MRT station and shopping centre. There is a price margin of $400 psf should a property decides to purchase Soleil over Amaryllis Ville based on its location and other factors such as it is newer, more lifestyle driven and etc.

Award

Though the project is not completed, Soleil @ Sinaran has been awarded BCA Green Mark Gold category. If you are not familiar with the term, Green Mark is a scheme by Government to promote sustainability in the built environment and raise environmental awareness among developers, designers and builders when they start project conceptualisation and design, as well as during construction. In the near future, more and more projects will be slated with Green Mark title. And the target is to have all projects included in the Greenmark scheme. There are all altogether 4 categories to it, from the highest category of Platinum, Gold Plus, Gold to Certified, depending on the Green Mark points scored. Incentives in terms of cash or bonus GFA will be granted to developer who attaining the Green mark.

Lifestyle Concept

Soleil is selling a lifestyle. So what exactly is lifestyle? While many developers are hitching on marketing terms of such, it is important that the facilities and provision of the development must be able to create the value other than tapping on the gimmicky slogan. In Soleil, it has set to tie up with Aramsa Spa, as a lifestyle concept to jazz up the development at the entertainment and spa pavilions and sports bar. I am not sure if this spa concept is going to work out well.  Personally I thought it works for me since I am a person do not like to travel after enjoy the spa. Just imagine I can just take a lift back to my home for sleep after a good massage at the end of a stressful working. It is indeed not a bad idea: )

To me, this has somehow elevated the idea of ‘lifestyle’ concept to developments. Most of time it is not just the provision of the hardwares such as the spa corner, or the private lounge, or an open air bath tub. Lifestyle encompasses more of it, and most of time the software is just more important to provide a new dimension to developer in coming up with the concept for development.

Main Contractor

To the savvy property buyers, they are not only concerned with the choice of developer during the selection of project, the choice of main contractor is equally important. Afterall the residential units will be constructed by the main contractor. We cannot deny that some contractors are much more skillful than others, therefore giving us less of headache during the unit handover as well as during the defects liability period.

China Construction (South Pacific) Development Co Pte Ltd (CCDC) is the appointed main contractor for the Soleil work at $238 mil contract sum. You may have noticed that the main contractor of the hotel site adjacent to Soleil owned by Far East Organization is also China Construction. It is with no coincidence, since most of the time the contractor is able to give a good price for the two projects with the economies of scale in the material and equipment procurement. However the resources allocation has to be clear and they are seldom shared in terms of equipments and materials, since they are under two separate contracts.

CCDC is a BCA-registered contractor of A1 status. The A1 status means that they are able to enjoy unlimited tendering capability.  Some completed residential projects of CCDC are appended below for your easy reference:

-Cote d’Azur, Edelweiss Park Condominium, Ris Grandeur Condominium, The Warren View Condominium, Garden Vista Condominium, The Linear Condominium, Lakeholmz Condominium, Faber Crest Condominium, Bishan Point Condominium, Seletaris Condominium,  Kallang Basin MUP17, Woodlands N6C5, Kallang Basin Precinct MUP14, Bedok Town Center C6.

Development Design & Facilities provision

Soleil @ Sinaran consists of twin towers of 36 storeys. With each tower rising high, more open space is being freed up for communal activities and landscaping. Their advertisement also boasts of Soleil being the tallest development in Novena area.

Completed Superstructure

The facades appear elegant yet exciting, with wavy organic cladding wrapping up the built form. With the superstructure almost completed, I look forward to the architectural finishes with great anticipation. I am curious how the architect is going to execute the materialization of the interesting façade. The architect appointed for the job is Architects 61. They are also the architect who designs the Cosmopolitan in River Valley area.

If you have been following my blog, you would know my preference for condominium status project. Just take a look at Soleil, it provides the full fledged facilities with extensive landscaping. One thing worth highlighting is that it provides not 1 but 2 tennis courts. Just not long ago I read about “Condos hit the sweet spot, even without a tennis court”. It is especially true in the prime areas that we do not get much of get developments with sprawling grounds, where there’s openness. Therefore for a project with such complete facilities and beautiful landscaping will stand out from the rest. Other than that, we are seeing extensive water element in the site plan, not forgetting to mention that there is a 50m lap pool with recreational pools.

Designed to suit city-dwellers, Soleil @ Sinaran features a flagship partnership with Aramsa Spas under which residents can enjoy private spa treatments at their doorstep. Soleil includes three spa pavilions, seven entertainment pavilions with private spa pools, tennis courts and various sundecks. There are also themed lounges and expansive sky gardens, complete with gymnasiums on the 20th floor of each tower.

Carpark

Soleil provides a basement carpark, with a total of 417 lots inclusive of 3 handicap lots. As there are 417 units in the developments, it implies that each of unit has only carpark lot. Either you own a studio apartment or a 5 bedroom penthouse unit, you are only allocated for 1 carpark lot. Ha, the development does not even provide an additional carpark lot for washing bay, let alone additional bays for visitors.

We discussed this issue in the earlier article: Car ownership & Carpark tales. Of course, the rationale of the developer may be the development is near to MRT station, therefore most residents especially the expatriates will not be driving, However this assumption has created much woes in several developments. And it has especially created a headache for a family owning more than one car.

Unit Types

When completed, there will be 417 residential units ranging from studios to loft apartments and penthouses, making it the biggest development in the area to date.

2 bed loft unit

Loft apartments are an “in” thing. The unit comes with a double volume space at the living area, with a smaller bedroom unit at the upstairs. Due to the design provision, many people love loft apartments with its tall ceilings and window which granting paranomic views and offering creative interior design option. This marks as a new unique lifestyle for the new age groups, the well-heeled trendy professionals and young couples.

Most of the layouts are quite well planned out, with generous spaces provided. Floor-to-ceiling glazing and open-plan designs optimise natural light and views of the city. A fully equipped, open-kitchen concept is provided in each apartment. Each kitchen comes equipped with cooker hood, hob, refrigerator, built-in oven, built-in microwave, washer and dryer. Penthouses come with an additional wet kitchen, wine cooler and steamer. For a upmarket project as Soleil, they provide reputable brands such as Hansgrohe and Tekka.

IS SOLEIL @ SINARAN FOR YOU?

The project will be for the young professionals looking for luxury and lifestyle. Despite of the 99 year old lease, it will fetch a relatively higher yield for investors looking for renting out the units. With the bullish sales in the nearby developments in Newton, we also expect to see a healthy overspill of price appreciation to Soleil. With the completion of Parkway Hospital just steps away as well as the adjacent Far East Organization Hotel, many work classes, doctors and the professionals working in the vicinity and nearby will find the place attractive.

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