Myra Review

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Verdict:
6/10

ūüĎćThe good

  • Freehold tenure adds long-term value.
  • Proximity to Potong Pasir MRT station.
  • Amalgamation of 17 land plots for scale.
  • Exclusivity with only 85 units.
  • Strong take-up rate since launch.
  • Potential for attractiveness as a rental.
  • Integrated development feel.

ūüĎéThe bad

  • The TOP date is still a few years away.
  • Relatively higher pricing compared to neighboring projects.
  • Pricing may be a concern for potential investors.
  • Questions about the pricing gap compared to nearby projects.
Project:
Myra
District:
District 13
Address:
9 Meyappa Chettiar Road · 358456
Tenure:
Freehold
No. of Units:
85
Site Area:
2,851.1 sqm / 30,689.24sqft
TOP:
30-Nov-24

Overview

Project Overview:

– Developer and Philosophy: Selangor Dredging Berhad (SDB) emphasizes the value of freehold projects.

– Tenure: The Myra is a freehold project, demonstrating a commitment to lasting value.

– Land Acquisition: The project occupies an amalgamation of 17 land plots, collectively purchased in 2018 for $60.2 million.

Timeline and Uptake:

– TOP Date: The estimated TOP date for The Myra is end-November 2024.

– Current Status: Since its launch three months ago, the project has achieved a near 20% take-up rate for its 85 units.

Location and Accessibility:

– Proximity to Transportation: The Myra is strategically located near the Potong Pasir MRT station.

– Commercial Spaces: It is in close proximity to commercial spaces like the Poiz Centre.

Considerations:

– Pricing Analysis: The project is priced at an average of $2,000+ per square foot, showing a premium compared to neighboring projects.

– Comparison with Neighbors: The pricing gap raises questions about whether the tenure and exclusivity justify the additional cost.

– Investment Concerns: Potential investors and homeowners may have concerns about the relatively higher pricing.

Future Outlook:

– Long-Term Value: The freehold tenure adds long-term value to the project, making it an attractive option for the future.

– Potential Challenges: The relatively higher pricing might pose challenges, and questions about the pricing gap need to be addressed.

Inside Tour

Overview:

– Showflat next to Shopping Mall.

– Land shielded from Upper Serangoon Road pollution.

– 85 units on a 30,000 sq ft land.

Development Context:

– Developed by Selangor Dredging Berhad (SDB).

– Freehold project amalgamating 17 land plots.

– Purchased collectively for $60.2m in 2018.

– Estimated TOP by end-Nov 2024.

– Nearly 20% take-up rate since the launch.

Differentiation and Features:

– Small boutique condo project.

– Rectangular plot with 85 units.

– Units range from 1 to 4 bedrooms.

– Land size per unit: 361 sq ft.

– Building facade changes from champagne to gold.

– Two blocks combined due to constricted space.

Design and Facilities:

– 8 units per floor (level 2 to 9), 7 units per floor (level 10 to 12).

– 2 lifts serving all floors without private lift access.

– Variation in unit tiers, offering 10 inter-unit variations.

– Arrival point seems cozy with an oculus for sunlight.

North Site Facilities:

– Units elevated above ground, lowest on the 2nd floor.

– Added ceiling height to ground floor for a walkway.

– Facilities include a 25m lap pool facing Woodsville 28.

South Site Facilities:

– Hydrotherapy pool and hydro gym adjacent to the lap pool.

– Sheltered outdoor gym, shallow play pool, children’s playground, and leisure lawn.

– Small shallow kids swimming pool.

Additional Amenities:

– 80% lot allocation for underground parking.

– Total of 68 lots, 2 handicapped lots, and 22 bicycle bays.

– Lots allocated on a first-come-first-serve basis.

– Car park usage monitored post-TOP.

– Owners with additional vehicles may get lots on a season parking/monthly-fee basis.

3 Bedroom Premium + Study Type CPS1

 Unit Details:

  •  Type: 3 Bedroom Premium + Study Type CPS1
  •    Size: 106 sqm/1,141 sqft
  •    Generously sized, especially for families
  •    Marble floors for common areas, timber for bedrooms
  •    Ceiling height: 2.79m

 Entrance and Foyer:

  •  Foyer area with potential for additional shoe cabinets
  •  Long walkway design for privacy

 Kitchen:

  •  Enclosed kitchen (9.1 sqm) with glass cutout window
  •  De Dietrich appliances for premium units
  •  Abundance of storage cabinets and designated yard space
  •  Additional w/c beside the yard

 Dining:

  •  Spacious dining area accommodating a 6 seater table comfortably
  •  Glass cutout at the kitchen for enhanced aesthetics

 Living Room:

  •  Living room width: 3m
  •  Sufficient space for a 3 seater couch, coffee table, and small TV console
  •  Sizable balcony (6.9 sqm) offering various utility options

 Storage:

  •  Inclusion of a home shelter (4 sqm) for storage or alternative use

 Bedrooms and Study:

  •  Common Bedrooms 2 and 3 (8.8 sqm each) with timber floors and full height windows
  •  Common Bathroom 2 (4.4 sqm) with windows for natural ventilation
  •  Study room (4 sqm) with windows and aircon, suitable for work from home

 Master Bedroom and Bath:

  •  Master Bedroom size: 19.5 sqm
  •  Builtin wardrobe and additional inbuilt accessory panel
  •  Master Bathroom with Gessi rain shower set and orange cabinetry
  •  Natural ventilation provided through a window

 Overall Design:

  •  Emphasis on spaciousness and practical family living
  •  Thoughtful layout with designated spaces for various activities

4 Bedroom Type D1

 Unit Details:

  •  Type: 4 Bedroom Type D1
  •    Size: 120 sqm/1,292 sqft
  •    Private lift included
  •    Marble floors for common areas, timber floors for bedrooms
  •    Ceiling height: 2.79m

 Private Lift Lobby:

  •  Dedicated private lift lobby (4.1 sqm) for exclusivity and convenience
  •  Space for a bench and additional shoe cabinets

 Dining Area:

  •  Spacious rectangular dining area with a long mirror for an expanded perception of space
  •  Potential for an 8 seater dining table
  •  Corner space for additional storage console

 Kitchen:

  •  Enclosed kitchen (11.6 sqm) with Franke sink and De Dietrich appliances
  •  Limited countertop space, ample cabinets, and condiments rack
  •  Back door leading to the common lift lobby, yard, and home shelter

 Living Room:

  •  Living room width: 3.2m, accommodating a large L’Shaped couch
  •  Sizable balcony (7.3 sqm) with potential for various uses
  •  Careful furniture choice to ensure free movement

 Storage:

  •  Inclusion of a home shelter (4.1 sqm) for storage or alternative use

 Bedrooms:

  •  Four bedrooms with timber floors and full height windows
  •  Bedroom 4 (8.8 sqm) with a spare/music room setup
  •  Bedroom 3 (8.8 sqm) with a Single bed and options for additional furniture
  •  Bedroom 2 (Junior Master, 16.8 sqm) with ensuite/jack and jill bathroom
  •  Master Bedroom (19.7 sqm) with full length windows and small window

 Bathrooms:

  •  Common bathroom with a unique layout for efficient use
  •  Quality fixtures and fittings from European brands in all bathrooms
  •  Master Bathroom with a color scheme of wood like tiles, brushed metal, beige, black porcelain tiles, and an orange vanity counter

 Overall Design:

  •  Balancing practicality and comfort for larger families
  •  Thoughtful layout with a private lift, spacious living areas, and designated storage spaces
  •  Unique bathroom layout for efficient use and convenience
  •  Quality European fixtures and fittings throughout

Location Overview: (Neighborhood and Accessibility)

1.   Quiet Environment:   AMO Residence is located in a serene and quieter part of Ang Mo Kio, making it ideal for those who prefer a peaceful living environment.

2.   Proximity to Parks:   The presence of nearby parks such as BishanAng Mo Kio Park, Lower Peirce Reservoir Park, and Windsor Nature Park enhances the appeal for residents seeking a nature centric lifestyle.

3.   Nearby Amenities:   Daily necessities and food options are readily available, with supermarkets like Ang Mo Supermarket and Sheng Siong, as well as wet markets and popular eateries like Hong Heng Beef Noodle Soup & Laksa nearby.

4.   Educational Institutions:   The development is within 1km proximity to renowned primary schools like CHIJ St Nicholas Girls School and Ai Tong School, providing convenience for families with school going children.

5.   Access to Top PreUniversity Institutions:   The location is close to prestigious preuniversity institutions like Raffles Institution (RI), Raffles Girls’ School (RGS), and RI (JC).

Location Review

Proximity to Public Transport:

 Mayflower MRT is conveniently located just 500m away via the side gate, providing easy access to transportation.

 Bus stations “Aft Ang Mo Kio Ave 2” and “Bef Ang Mo Kio Avenue 2” service various routes, making public transportation readily accessible.

Nearby Schools:

 Amo Residence is within a 1km radius of two popular primary schools: CHIJ St Nicholas‚Äô Girls School and Ai Tong School.

 Additionally, Ang Mo Kio Primary School is within a 1km radius, offering flexibility in school choices.

Educational Institutions:

 The development is close to renowned pre university institutions such as RI, RGS, and RI (JC), all less than a 10 minute drive away.

 These institutions have a track record of producing top scholars and are considered feeder schools to prestigious international universities.

Shopping and Dining:

 AMK Hub, the nearest mall, is a 6 minute drive away, offering a wide range of retail and dining options.

Central Location:

 Ang Mo Kio is centrally located, with key destinations such as Orchard Road, CBD, and Suntec City all within a 20km radius.

DestinationDistance From CondoFastest Time at Peak Hour Drive Time
CBD (Raffles Place)14.0km18 mins
Orchard Road11.6km14 mins
Suntec City12.1km16 mins
Changi Airport20.9km20 mins
Tuas Port (By 2040)43.1km45 mins
Paya Lebar Quarters/Airbase10.5km14 mins
Mediapolis (and surroundings)13.4km18 mins
Mapletree Business City15.4km24 mins
Tuas Checkpoint32.6km30 mins
Woodlands Checkpoint15.8km16 mins
Jurong Cluster (JCube)18.1km22 mins
Woodlands Cluster (Causeway Point)12.7km14 mins
HarbourFront Cluster (Vivo City)16.9km20 mins
Punggol Cluster (Waterway Point)13.9km14 mins

Immediate Road Exits:

 1 exit onto Ang Mo Kio Avenue 1, connecting residents to the CTE for easy access to the rest of Singapore.

Developer Review:  

 Developers:  

1.UOL Group:   A well established and publicly listed company on the SGX, UOL Group has a long history in property development, investments, and hotel operations. They have a solid reputation with iconic projects dating back to the 1970s, including recent launches like Clavon and Avenue South Residence.

2.Kheng Leong:   Founded in 1949, Kheng Leong has evolved into an investment holding company with diverse property interests. Owned by the Wee family, they have engaged in a wide range of developments, from ultra luxurious projects like Nassim Park Residences to mass market ones such as The Topiary and Double Bay Residences. Their recent launches include Avenue South Residence and Meyerhouse.

DEVELOPER SPOTLIGHT: SINGAPORE LAND GROUP: Operating under United Industrial Corporation Limited (UIC), Singapore Land Group Limited specializes in real estate activities, including investment, consultancy, development and management, information technology, and property management. The company, a subsidiary of UIC, is involved in the trading of computers and related products, as well as investments in retail centers and hotels. With a presence in the UK and China, Singapore Land Group is committed to leveraging its strengths to deliver distinctive products and ensure sustainable growth in the real estate industry.

Price Review

When considering Amo Residence, it’s essential to compare it with neighboring developments to assess its value proposition. Here’s how it stacks up against similar properties:

DevelopmentUnitsPsfTOPTenurePrice Gap
Amo Residence372$2,100202699 Years
The Panorama698$1,711201799 Years23%
Thomson Grand339$1,510201599 Years39%
Centro Residences329$1,567201499 Years34%
Grandeur 8579$1,215200599 Years73%
Lattice One48$1,9072022Freehold10%
Jadescape1,206$1,863202299 Years13%

Notes:

  •  Amo Residence is priced at $2,100 psf and is set to TOP in 2026 with a 99year lease.
  •  The Panorama and Thomson Grand, though similar in age and unblocked views, cost 23% and 39% more, respectively. Thomson Grand’s lower psf might be attributed to larger unit sizes.
  •  Amo Residence’s size similarity to The Panorama, despite being almost a decade apart, makes it competitively priced, especially for units secured at $1,890 psf.
  •  Centro Residences’ strategic location near AMK Hub contributes to its sustained value, while Grandeur 8, 17 years old, faces a 73% price difference.
  • ¬†Comparisons with newer developments like Lattice One and Jadescape show justified price gaps, with Amo Residence balancing size and facilities effectively.

Detailed Price Breakdown:

Amo Residence, purchased at $381,381,000, has an estimated breakeven of $1,822 psf after accounting for additional costs.

Bedroom TypeSizeEst. PriceEst. $PSF
2 Bedroom614$1,260,000$2,052
3 Bedroom958$1,810,000$1,889
4 Bedroom1292$2,480,000$1,920
5 Bedroom1475$2,850,000$1,932

Note: Estimated prices for different bedroom types within Amo Residence compared with other new launches within district 20 and the Outside of Central Region (OCR).

Districts

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