The 2019 Master Plan, as presented by URA, featured a notable site at Jalan Anak Bukit that encompasses both residential and commercial areas, and is integrated with a transport hub.
This hub includes the Beauty World MRT Station that is along the Downtown Line, as well as a newly constructed air-conditioned indoor bus interchange.
In June 2020, the site was made available for tender through the dual-envelope system, which evaluated proposals based on both concept and price.
Far East Organisation and Sino Group secured the site for a sum of $1.03 billion through a collaborative effort.
The upcoming construction project, namely The Reserve Residences comprise 8 blocks accommodating 732 private residential units and 160 units of serviced apartments.
These will be above a lifestyle deck and a 3-storey mall, called Bukit V that has 215,280 square feet of commercial space.
The upcoming mall is set to be connected to the recently constructed bus interchange on the 2nd floor, and an underground pathway will be established to connect it with the Beauty World MRT Station.
The integration of a transport hub with residential and commercial development is expected to be a unique feature within the Bukit Timah precinct.
According to the developer, The Reserve Residences’ sales gallery has attracted more than 15,500 visitors since its public preview on 12 May 2023.
On May 27, 2023, The Reserve Residences commenced sales bookings, with 71 per cent of the overall units being sold at an average price of $2,460 per square foot.
More green areas and re-zoning for business and living
When comparing the 2014 Master Plan and the 2019 Master Plan, an analyst points out that the residential and commercial site at Jalan Anak Bukit was once zoned for medical/healthcare use.
The latest Master Plan also includes a greater allocation of land for parks within Jalan Anak Bukit.
Some of the nature areas, such as the Bukit Timah Hill and Nature Reserve, the Rifle Range Nature Park, and Bukit Batok Nature Park are likely to attract individuals with an affinity for nature and a penchant for cycling and trekking.
The 24-km Rail Corridor is a verdant passageway that links Woodlands and Tanjong Pagar, with Bukit Timah situated at its epicentre.
The Bukit-Timah-Rochor Green Corridor, which is situated along the Bukit Timah Canal, is also an upcoming green space.
The initial stage of the Bukit Timah-Rochor Green Corridor comprises a raised sky park situated above the Bukit Timah Canal, which measures 1 km in length.
This sky park extends from the Rail Corridor located at Rifle Range Road to Jalan Kampong Chantek, which is situated off Dunearn Road.
The Bukit Timah-Rochor Green Corridor is set to become an integral component of the extensive 360-km network of greenery that spans across the island.
Located in the Bukit Timah region, Holland Plain is situated in close proximity to the King Albert Park MRT Station.
In 2021, the national water agency of Singapore, PUB, finalised the Active, Beautiful, Clean Waters (ABC Waters) project, resulting in the public opening of a fresh 800-meter expanse of verdant space along the Bukit Timah First Diversion Canal, situated between Holland Green and Holland Plain.
The Urban Redevelopment Authority (URA) has designated a 34-hectare area at Holland Plain to accommodate 2,500 residential units.
In September 2021, the Urban Redevelopment Authority (URA) declared that the former Bukit Timah Fire Station is slated to undergo a conversion into a community node.
The site will showcase a lifestyle centre that incorporates urban agriculture, health and wellness, and outdoor activities with a focus on environmental sustainability.
The concepts of connectivity and accessibility are of paramount importance in various fields of study.
Connectivity and accessibility
In addition to enhanced convenience, the integration of transport facilities also results in increased connectivity.
King Albert Park Station is an MRT interchange located one stop away from Beauty World MRT Station on the Downtown MRT Line.
It serves as an interchange for both the Downtown Line and the upcoming Cross Island MRT Line.
The Cross Island Line is set to facilitate the transportation of commuters from Jurong Lake located in the western region of Singapore to Changi Airport situated in the eastern region, with an additional branch extending to Punggol located in the northeastern region.
The anticipated timeline for the completion of Phase 2 of the Cross Island Line, which spans from Jurong Lake District to Bright Hill, is set for the year 2032. This stage encompasses the stations of Clementi, Turf City, and King Albert Park.
Upon reaching full operational capacity in the 2040s, the 58 km-long line will supersede the East-West Line as the most extensive route within the MRT network, encompassing a total of 27 stations.
In addition to the availability of public transportation, The Reserve Residences boasts a favourable location with convenient access to prominent expressways in Singapore.
On top of that, The Reserve Residences boasts a highly desirable District 21 location and close proximity to esteemed educational institutions in the Bukit Timah vicinity.
The property is situated in close proximity, specifically within a radius of 1km, to highly sought-after primary educational institutions such as Methodist Girls’ School and Pei Hwa Presbyterian School.
As per the analysis conducted by market experts, the Bukit Timah region exhibits a substantial concentration of tenants, thereby rendering it an attractive prospect for potential investors.
Well-established enclave with various amenities
The Bukit Timah region is a well-established enclave that boasts numerous shopping and food and beverage amenities.
The aforementioned establishments comprise Bukit Timah Market and Food Centre, dining establishments situated along Cheong Chin Nam Road and Bukit Timah Plaza shopping mall, etc.
A forthcoming development in Bukit Timah will feature a comprehensive integrated facility that will house a community club, as well as a redeveloped grocery market and hawker centre, conveniently located in close proximity to the Beauty World MRT Station.
The community club is set to introduce additional facilities, including an indoor sports hall, a communal library, and a facility catering to the elderly population.
All recently launched private residential projects in District 21, from the year 2018 to 2020, have been fully sold as of the present.
Several residential developments have been constructed in the area, namely, the Daintree Residences comprising 327 units developed by SP Setia, Mayfair Gardens and Mayfair Modern consisting of 215 and 171 units respectively developed by Oxley Holdings, Forett Residences comprising 633 units developed by Qingjian Realty and Perennial Holdings, and Verdale comprising 258 units developed by CSC Group.
The strong, proven appeal of mixed-use projects
Mixed-use developments, particularly those that are in close proximity or have a direct connection to an MRT station, have exhibited a robust uptake rate.
An exemplar of this is the One Holland Village Residences, comprising 296 units, which was introduced in November 2019 and has achieved a sales rate of over 94 per cent at an average price of $2,800 per square foot.
The development in question is a mixed-use complex that encompasses various components such as offices, retail spaces, serviced apartments and residential units. It is conveniently located within a short walking distance of three to four minutes from Holland Village MRT Station, which is part of the Circle Line.
Since its launch in January 2023, the Sceneca Residence, comprising 268 units and featuring a 21,528 square feet mall as well as a direct link to the Tanah Merah MRT Station, has achieved a sales rate of 62 per cent, with 165 units sold at an average price of $2,082 psf.
The Piccadilly Grand, comprising 407 units, has achieved a sales rate of 93 per cent since its launch in May 2022.
Notably, the development is connected via an underground link to the Farrer Park MRT Station and the nearby City Square Mall.
The median price per square foot of units transacted is $2,121.
Since its launch in September of last year, the Lentor Modern, which boasts a direct link to the Lentor MRT Station, has achieved an impressive sales rate of 89 per cent for its 605 available units.
The median per square foot price of units transacted is $2,102.