Avenue South Residence, SingaporeAvenue South Residence, a new launch condominium development conveniently located next to Outram and the Central Business District (CBD). Units comprise one-, two-, three- and four-bedroom units ranging from 474 square feet (sq ft) to 1,668 sq ft. In addition, the development will offer close to 10,000 sq ft of commercial facilities, including food & beverage outlets and a childcare centre.
The $1.04 billion submitted by UOL Group, UIC and Kheng Leong has raised tons of questions from the property market as it seems like the developer has avenue south condo somehow overpaid for the Silat Avenue site, which is situated in a relatively ‘untested' area with almost no private residential developments around.
Based on the land cost of the Silat Avenue site at $1,138 psf ppr, it's clear that UOL Group is setting a realistic average price for Avenue South Residence from as low as $1,780 psf for the Heritage units to $2,250 psf for the Peak units (from 40th floor upwards).
In particular, properties that are near to the city centre is highly sought after as there is a limit of available land for new launches since the Central Business District is almost fully build up including areas near to Outram MRT Station and Outram Park.
The tender for Avenue South Residence Silat Avenue government land site successfully won by Singapore-listed UOL Group in a joint venture with sister companies, United Industrial Corp and Kheng Leong Company of $1,035 billion or $1,138 psf per plot ratio (ppr).
The consortium behind Avenue South Residence - UOL Group (UOL), its subsidiary United Industrial Corporation Limited (UIC) and Kheng Leong Company - expects it to draw interest from both owner-occupiers and investors, pointing to upcoming projects in the vicinity such as the Greater Southern Waterfront.
The easy access to the Ayer Rajah Expressway, Marina Coastal Expressway and Central Expressway will keep residents connected to all the main areas of Singapore, while being surrounded by three MRT stations and all sorts of bus stops just a walk away just adds to the connectivity.
As the government recently released more information on future development plans for the Greater Southern Waterfront and the CBD under the 2019 URA Master Plan , it does seem to be a big draw for those who are considering to buy a unit at Avenue South Residence.
With plans already in motion to seamlessly combine Sentosa, Marina Bay and Labrador Park into a single incredible waterfront living experience that will span nearly twice the size of Punggol, residents can expect a couple more high-rise frontiers popping up (potentially blocking bay views) alongside increased access to various parks and nature trails linking the waterfront.